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FED ER AL R E S E R V E BANK O F N E W YORK r Circular No. 7 8 0 2 L January 23, 1976 SIXTY-FIRST ANNUAL STATEMENT 7\? o/ DMfricf; H erew ith is a statem ent of condition of the Federal Reserve Bank of New Y ork at the close of the year 1975, and of earnings and expenses for that year. F or convenient comparison, the corresponding hgures for 1974 are also shown. The regular annual report of the Bank, containing a review of economic and hnancial developments and of Bank operations in 1975, is now being prepared. W hen it is issued, a copy will be sent to each member bank in the D istrict. PAUL A . VOLCKER, Statement of Condition ASSETS Gold certificate account ____________ ___ __ .. . $ 3,330,061,781 $ 3,413,162,149 Special D raw ing Rights certificate account .... 124,000,000 93,000,000 Federal Reserve notes of other B a n k s _______ 275,087,350 232,852,190 O ther c a s h _____________________ ___ ______ 22,551,259 14,250,442 Total _________ __ ______ _____ _______ .... $ 3,751,700,390 $ 3,753,264,781 Advances ____ _________________ __ ________ ..... $ 78,290,000 $ 90,750,000 Acceptances: Bought outright _______________________ 741,485,034 578,949,486 Held under repurchase a g reem en ts_______ 385,095,974 420,270,980 20,810,610,000 17,783,692,000 1,216,700,000 443,350,000 Bought outright _______________________ 1,457,196,416 1,044,519,193 Held under repurchase ag reem en ts_______ 118,200,000 510,500,000 $24,807,577,424 $20,872,031,659 Cash items in process of collection ___ _____..... $ 1,784,801,951 $ 1,456,275,750 Bank premises ________________________ 20,107,521 11,736,752 Due from F D I C f ______________________ 1,125,000,000 1,723,472,055 All other^ _____________________________ 724,396,964 305,377,071 Total other a s s e ts ________________ __ - ..... $ 3,654,306,436 $ 3,496,861,628 U.S. Government securities: Bought outright"" ______________________ ..... Held under repurchase a g reem en ts_______ Federal agency obligations: Total loans and secu rities_____________ .... O ther assets: Interdistrict settlement acco u n t§ ___________ .....($ 2,609,895,974) T O T A L A S S E T S ............ ......................... ..... $29,603,688,276 * Includes securities loaned—fully secured............................ t In connection with the closing of Franklin National Bank. i Includes assets denominated in foreign currencies. § Effective May 1, 1975, this account was established to reflect the settlement of interdistrict transactions. 2 $114,645,000 -0 — $28,122,158,068 $154,600,000 Statement of Condition (Continued) LIABILITIES zp73 Federal Reserve n o te s ___________ ____________ $19,703,279,957 Pf<r. 7p74 $17,979,728,841 D eposits: Member bank reserve a cc o u n ts....... ....... - ........ $ 4,717,700,951 $ 6,139,479,997 U. S. T reasury— general a c c o u n t__________ 2,292,381,380 1,080,151,319 159,007,957 201,978,234 O th e r ____________________________________ 769,063,124 Total d e p o sits--------------------- ------------------ $ 7,938,153,412 812,646,165 $ 8,234,255,715 Foreign* __ O ther liabilities: D eferred availability cash ite m s ........................ $ 1,202,944,267 $ 1,157,281,010 280,699,540 281,588,702 Total other liabilities ........... ........................... $ 1,483,643,807 $ 1,438,869,712 T O T A L L I A B I L I T I E S ____ ___ ________ $29,125,077,176 $27,652,854,268 All o t h e r ________________________________ C A P IT A L A C C O U N T S Capital paid i n ............................................................. $ 239,305,550 Surplus ____________________________________ 239,305,550 T O T A L C A P IT A L A C C O U N T S ........ . $ 478,611,100 T O T A L L IA B IL IT IE S A N D C A P IT A L A C C O U N T S ................................................ $29,603,688,276 * After deducting participations of other Federal Reserve Banks amounting t o ................................................................................ Contingent liability on acceptances purchased for foreign correspondents (after deducting participations of other Federal Reserve Banks amounting to $732,186,000 on December 31, 1974). The guaranteeing by the Federal Reserve System of acceptances purchased for foreign correspondents was discontinued on November 12, 1974 .................................................................................... 3 $193,798,800 -0 - $ 234,651,900 234,651,900 $ 469,303,800 $28,122,158,068 $216,050,000 $248,632,059 Statement of Earnings and Expenses Total current e a rn in g s ______________________ ip73 $1,660,070,216 ip74 $1,686,669,672 N et expenses_______________________________ 125,660,806 118,226,676 C urrent net e arn in g s____________________ $1,534,409,410 $1,568,442,996 $ $ Additions to current net e arn in g s: Profit on sales of U. S. Government securities and Federal agency obligations (n e t) -------- 1,252,160 1,024,713 All other ________________________________ Total a d d itio n s_________________________ 8,824,743 $ 9,849,456 $ 1,252,160 $ 10,575,644 Deductions from current net earn in g s: Loss on sales of U. S. Government securi ties and Federal agency obligations (n et) $ 8,661,015 63,350,936* Loss on foreign exchange transactions (n e t) .. 1,598,928 716,231 All other ____ ______.____ _____________ ___ Total deductions ..................................... ......... $ 64,067,167 $ 20,835,587 Net deductions ................................ .......................... $ 54,217,711 $ 19,583,427 $1,480,191,699 $1,548,859,569 Dividends paid _____________________________ $ $ Paym ents to U. S. T reasury (interest on Federal Reserve notes) ___________________________ $1,461,619,158 $1,515,542,484 T ransferred to s u rp lu s ______________________ $ $ Net earnings available for d istrib u tio n ...... 13,918,891 4,653,650 13,627,935 19,689,150 SU RPLU S ACCOUNT T ransferred from net earnings for year ............... 4,653,650 $ 214,962,750 19,689,150 Surplus— end of y e a r ___________________ ____ $ 239,305,550 $ 234,651,900 Surplus— beginning of y e a r __________________ * Reflects revaluation of pre-1971 SW AP drawings. 4 $ 234,651,900 Federal Reserve Bank of New York D IRECTO RS F R A N K R. M l L L I K E N (C-1978*), President, Kennecott Copper Corporation, New York, N. Y. CAainMOM, aad /v'&'ra/ F. GRANVILLE (B-1976), Chairman of the Board, Texaco Inc., MAURICE ALAN New York, N. Y. (Eiected by Group 1 banks) JA C K P l F E R (C-1976), President, Carnegie Corporation of New York, New York, N. Y. (A-1976), Chairman of the Board, The Chase Manhattan Bank (National Association), New York, N. Y. (Elected by Group 1 banks) D A V ID R O C K E F E L L E R B. J A C K S O N (B-1978), President, J. C. Penney Co., Inc., New York, N. Y. (Eiected by Group 3 banks) (A-1977), President, First-City National Bank of Binghamton, Binghamton, N. Y. (Elected by Group 2 banks) STUART McCARTY S . S N E A T H (B-1977), President, Union Carbide Corporation, New York, N. Y. (Elected by Group 2 banks) W IL L IA M (A-1978), President, First National Bank of Cortland, Cortland, N. Y. (Elected by Group 3 banks) HARRY J . TA W M EM BER OF FE D E R A L ADVISORY COUNCIL ELLM ORE C. PA TTER SO N , Chairman of the Board, Morgan Guaranty Trust Company of New York, New York, N. Y. 5 Federal Reserve Bank of New York OFFICERS PAUL R IC H A R D ALAN R. Enw A R D HO LM ES, A. A. PreiZden/ FZri/ EZee PreiZden/ VOLCKER, DEBS, D-vecn/Zre EZee PreiZden/ THOM AS P^recn/Zre EZee PreiZden/ G. Guy, GenZor EZee PreiZden/ and Genera/ Connie/ F R E D W. P iD E R iT , J R . , GenZor EZee PreiZden/ T H O M A S C. S L O A N E , GenZor EZee PreiZden/ W I L L I A M H. B R A U N , JR., EZce PreiZden/ R O B E R T L . C O O P E R , EZee PreiZdew/ P A U L M E E K , M o n e / a r y H d m 'i e r J A M E S H. O L T M A N , De/m/y Genera/ Connie/ ScoTT E. P A R D E E , EZee PreiZden/ A. M A R S H A L L P u c K E T T , EZee PreiZden/ G. DAVis, EZee PreiZden/ KARL L. EcE, EZee PreiZdeaf C H E S T E R B. P'ELD BER G , EZee PreiZden/ P E T E R F o u S E K , PconomZe Hdm'ier P A U L B. H E N D E R S O N , J R . , EZee PreiZden/ J O H N T. K E A N E , EZee PreiZden/ ROBERT E. LLOYD, J R ., EZee PreiZden/ R ic H A R D O. A S T O N , HiiZi/an/ EZee PreiZden/ Louis J . B R E N D E L , HiiZi/an/ EZee PreiZden/ A. THOMAS C o M B A D E R , PnZ/dZn<7i HdmZnZi/ra/or E. G E R A L D C O R R IG A N , HduZier, and Geere/ary R O B E R T J. C R O W L E Y , HiiZi/an/ EZee PreiZden/ H O W A R D F. C R U M B , H d z d i e r H E N R Y S. F u j A R S K i , J R ., H iiii/n n / EZee PreiZden/ M A R G A R E T L. G R E E N E , HiiZi/an/ EZee PreiZden/ WHITNEY R. IRWIN, HiiZi/an/ EZee PreiZden/ FR ED H . K L O PST O C K , ^ d d v Z ie r RO BERT Y O U N G , BRUCE G. ALEXANDER, .Manager, Perionne/ De^ar/men/ MARCELLE V. ARAK, GenZor PeonomZi/ THOMAS C. BARMAN, PoreZ^n P.ve/ianiye G ^eer L E O N A R D 1. B E N N E T T S , Manager, C/iee^ HdjMi/men/ and Pe/nrn Dem i DeJ-ar/men/ J E R R Y B E R K O W IT Z , O/'era/Zoni Hna/yiZi O^Zeer D o N A L D L. B iT T K E R , HiiZi/an/ Connie/ J A M E S H. BooTH, Manager, Pan^ Peiyn/a/Zoni De^ar/nien/ KAREN J. Bopp, O^era/Zoni Hna/yiZi O ^eer GEORGE H. BossY, ATanaj/er, PoreZi/n Depar/men/ JoRGE A. BRATHWAiTE, APana^er, GeenrZ/y Cni/ody Depar/men/ R A L P H A. C A N N , III, Opera/Zoni Hna/yiZi O^icer T E R R E N C E J. C H E C K i , APana^er, Perionne/ Depar/men/ J O H N C H O W A N S K Y , APanaper, CaiA Cni/ody Depar/men/, and A/ana^er, Co//ee/Zon Depar/men/ P A U L J. C i E U R Z o , Afana^er, Corernmen/ Pond and Gafe^eepZnp Depar/men/ M A R Y R . C u A R K iN , GeenrZ/Zei PradZni/ Oj^Zeer L o u i s J. CONROY, Opera/Zoni Hna/yiZi O^eer D E N i s L. C o N W A Y , Afana^er, D ier Opera/Zoni Depar/men/ R i c H A R D D. C o o P E R S M iT H , HiioeZa/e Connie/, and HiiZi/an/ Geere/ary S u z A N N E C u T L E R , HiiZi/an/ Geere/ary R O B E R T N. D A V E N P O R T , J R ., HiiZi/an/ Connie/ F R E D A. D E N E S E V I C H , APana^er, CAeeA ProeeiiZn^ Depar/men/ MATTHEW C. DREXLER, ATana^er, PnZ/dZn^ Opera/Zn^ Depar/men/ EDNA E. EHRLICH, Manager, In/erna/Zona/ PeieareA Depar/men/ EUGENE P. EMOND, Afanag'er, CredZ/ and DZiconn/ Depar/men/ F R E D E R IC K L. F R E Y , CAZe/ F.va?aZner P E T E R J. F u L L E N , APana.9er, Pe/eeomwnnZea/Zoni Depar/men/ R O B E R T A J. G R E E N , ATana^er, Perionne/ Depar/men/ GERALD HAYDEN, Da/a GerrZeeiO^eer J O H N S. H i L L , GenZor PeononiZi/ OLEG H o F F M A N , ATonager, Compn/er Opera/Zoni Depar/men/ L E O N R. H o L M E s , Manager, CaiA Depar/men/ J o H N C. H o u H O U L i s , APonag'er, Daymen/ Gyi/emi Depar/men/ R. AN DERSON , ATana^er, HndZ/Zn(7 S. R. N issE N , ROBERT A . JA C O B SEN , HiiZi/an/ CAZe/ pAainZner A N G U S J . K E N N E D Y , Da/a GerrZeei O ^eer EDWARD F. K iP F S T U H L , APanaper, PoreZpn PanAZn# HppZZea/Zoni Depar/men/ ROGER M. K u B A R Y C H , ForeZ^n P^reAan^e O^Zeer FRED J. L E V IN , Afana^er, Domei/Ze PeieareA De/<ar/nien/ C L IF F O R D N. L i P S c o M B , HiiZi/an/ Connie/ R O N A L D E. L O N G , Afana^er, P/annZnp Depar/men/ FRANKLIN T. LovE, Afana^er, PanA Pe/a/Zoni Depar/men/ CHARLES M. LucAs, Afanag'er, G/a/Zi/Zci Depar/men/ FRANK W . LuNDBLAD, JR., APanayer, Prc/ec/Zon Depar/men/ CATHY E. MiNEHAN, Opera/Zoni Hna/yiZi O ^eer JOSEPH M. O'CoNNELL, Manager, CAeeA ProeeiiZn^ Depar/men/ THEODORE N. OPPENHEIMER, HiiZi/an/ Geere/ary EDWARD J. Ozoc, Afana<?er, Hecep/ance Depar/men/, and ATanag'er, GeenrZ/Zei Depar/men/ ERNEST T. PATRiKis, HiioeZa/e Connie/ JE R O M E P . P E R L O N G O , ATanaper, Vor/A Jeriey PepZona/ CAeeA ProeeiiZn^ Cen/er HERBERT M. QuiNN, ATana^er, Cni/om Gyi/enii De/)ar/wen/ DoN N. RiNGSMUTH, HiiZi/an/ Connie/ M A R Y J. R o D G E R S , HiiocZa/e Connie/ F R A N C I S H. R o H R B A C H , ATanatier, GavZni/i P o n d De^ar/men/ H E R B E R T H. R u E S S , ATanag'er, CredZ/ and DZiconn/ De^ar/tnen/ GEORGE W. RYAN, ATanatier, PoreZ^n De/<ar/inen/ R A L P H C. S c H i N D L E R , Da/a GerMeei O ^eer D o N A L D E. S c H M i D , ATana^er, PanA Hna/yiZi De^ar/wen/ IS R A E L S E N D R O V ic , ATana^er, Common Gyi/emi De/<ar/men/ C E C I L A. S H E P H E R D , Fqna/ O^or/nnZ/y O^icer B E N J A M I N S T A C K H O U S E , ATanog'er, Domei/Ze PanAZnp H/'/'/Zea/Zoni De^ar/men/ GARY H. STERN,* ATana^er, Domei/Ze PeieareA De/<ar/men/ J O H N J . S T R i c K , ATanai7er, ^ d e e o n n / Z n (7 De^ar/men/ S T E P H E N G. T H i E K E , APana^er, ATana^emen/ /n/orma/Zon De^ar/men/, and HiiZi/an/ Geere/ary R u T H A N N T Y L E R , ATona^or, GervZee De^ar/men/ ATanaper, Gorernmen/ GafeAeeDn^ De^ar/men/ R ic H A R D V o L L K O M M E R , STEPH EN P o n d and P. WEis, O/'era/toni rlna/yiZi O ^eer G B O R G E C. S M I T H , Genera/ HndZ/or E. F L A N A G A N , HiiZi/an/ Genera/ HndZ/or De^ar/men/ W. W i L L i A M B A U M G A R D T * G E RA L D 1. IS A A C S O N , * On leave. EZee PreiZden/ K oR O B O w , ANTON EZee PreiZden/ JO H N ScH A D R A C K , HiiZi/an/ EZee PreiZden/ HiiZi/an/ EZee PreiZden/ E D W IN P O W E R S , ^diiii/an/ EZee PreiZden/ B E N E D IC T R A F A N E L L O , HiiZi/an/ EZee PreiZden/ L E O P O L D S. R A S S N i c K , HiiZi/an/ Genera/ Connie/ W A L T E R S. R u s H M O R E , HiiZi/an/ EZee PreiZden/ I R W I N D. S A N D B E R G , HiiZi/an/ EZee PreiZden/ W i L L i A M M. S c H U L T z , HiiZi/an/ EZee PreiZden/ R U D O L F T H U N B E R G , HiiZi/an/ EZee PreiZden/ S H E I L A L. T s C H I N K E L , H d m i e r P H i L i p V A N O R M A N , ^diiZi/an/ EZee PreiZden/ W i L L i A M M. W A L S H , ^IiiZi/an/ EZee PreiZden/ W i L L i A M H. W E T E N D O R F , HiiZi/an/ EZee PreiZden/ J R . , L e ( / a / HdvZier LEON M IC H A E L J . H A M B U R G E R , H d r Z i e r R I C H A R D H . H O E N I G , HiiZi/an/ M A TTH EW J . H oE Y , H d rZ ie r C. F R E D E R IC K F R E D E R IC K L. S M E D L E Y , EZee PreiZden/ P E T E R D. S T E R N L iG H T , EZee PreiZden/ R O B E R T C. T H O M A N , EZee PreiZden/ H. D A V ID W iL L E Y , EZee PreiZdZen/ JA M E S DONALD M . T iM L E N , ATanayer, HndZ/Zn^ De^ar/men/ ATana^er, HndZ/ Hna/yiZi De^ar/men/ 6 Buffalo Branch of Federal Reserve Bank of New York DIRECTORS RUPERT W ARREN , C A a ir M ia M , Former President, Trico Products Corporation, Buffalo, N. Y. J. PA UL A . W ALLACE ELY , AVERY M lL L E R , President, Rochester Institute of Technology, Rochester, N. Y. Chairman of the Board, Security New York State Corporation, Rochester, N. Y. R. N E S B I T T , Owner and operator, Silver Creek Farms, Albion, N. Y. H. F O N D A , President, Liberty National Bank and Trust Company, Buffalo, N. Y. DONALD A. M A R K S , President, Alden State Bank, Alden, N. Y. D A N IE L G. R A N S O M , President, The Wm. Hengerer Co., Buffalo, N. Y. CHARLES OFFICERS RONALD B. GRAY, Fief D. PETER HARRY A. C uR TH , JR., LUCE, Ca-fAicr GARY S. aad Rrawc^ .Manager Ca-fAt'cr ROBERT W E IN T R A U B , 7 J. Ca-fAi^r M cD oN N E L L , Caj/n'^r
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