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FED ER A L R ESER VE BANK O F N EW YORK [ Circular No. 8040 January 26, 1977 SIXTY-SECOND ANNUAL STATEMENT To the Member Banks of the Second Federal Reserve District: Herewith is a statement of condition of the Federal Reserve Bank of New York at the close of the year 1976, and of earnings and expenses for that year. For comparison purposes, the corresponding figures for 1975 are also shown. In addition, printed on the following pages are current listings of the directors and officers of this Bank and its Buffalo Branch. The regular annual report of the Bank, containing a review of economic and financial developments and of Bank operations in 1976, is now being prepared. When it is issued, a copy will be sent to each member bank in the District. P aul A. V olcker, President. Statement of Condition ASSETS Gold certificate account .... .... Dec. 31, 1976 ... . $ 3,349,952,359 $ 3,330,061,781 300,000,000 124,000,000 360,651,560 275,087,350 29,340,214 22,551,259 ..... $ 4,039,944,133 $ 3,751,700,390 ... $ $ Special Drawing- Rights certificate account... Federal Reserve notes of other Ranks Other cash____ Total ____ . Advances____ Dec. 31,1975 2,875,000 78,290,000 Acceptances: Bought outright .... 196,305,703 741,485,034 Held under repurchase agreements .. ____ 794,831,023 385,095,974 21,937,483,000 20,810,610,000 3,752,800,000 1,216,700,000 1,597,951,337 1,457,196,416 278,100,000 118,200,000 $28,560,346,063 $24,807,577,424 $ 1,831,543,968 $ 1,784,801,951 17,355,589 20,107,521 650,000,000 1,125,000,000 688,454,768 724,396,964 _ $ 3,187,354,325 $ 3,654,306,436 U.S. Government securities: Bought outright* . Held under repurchase agreements______ Federal agency obligations: Bought outright _____ _____ Held under repurchase agreements______ Total loans and securities_____________... Other assets: Cash items in process of collection_______ Bank premises ______________ Due from F D I C f _______ All other! _____ ... ... Total other assets____ .. _ Interdistrict settlement account . . . ($ 3,763,077,956) ($ 2,609,895,974) TOTAL ASSETS $32,024,566,565 * Includes securities loaned—fully secured $195,425,000 t In connection with the closing of Franklin National Bank. $ Includes assets denominated in foreign currencies. 2 $29,603,688,276 $114,645,000 Statement of Condition ( Continued!) Dec. 31, 1976 Dec. 31,1975 Federal Reserve notes $21,692,385,770 $19,703,279,957 Deposits: Member bank reserve accounts-------- $ 4,820,158,559 $ 4,717,700,951 Due to other Federal Reserve Banks— collected funds--------------------------- 164,577,396 U. S. Treasury—general account----- 2,464,102,743 2,292,381,380 Foreign* ------------------------------------ 176,558,876 159,007,957 O th e r___________________________ Total deposits_________________ 885,675,171 $ 8,511,072,745 769,063,124 $ 7,938,153,412 Other liabilities: Deferred availability cash item s____ $ 1,041,267,832 $ 1,202,944,267 All other _______________________ 277,326,318 280,699,540 Total other liabilities___________ $ 1,318,594,150 $ 1,483,643,807 TOTAL L IA B IL IT IE S ________ $31,522,052,665 $29,125,077,176 LIA B ILIT IES CAPITAL ACCOUNTS Capital paid in ____________________________ $ 251,256,950 Surplus -------------------------------------------------- 251,256,950 239,305,550 502,513,900 $__ 478,611,100 TOTAL LIA B ILITIES AND CAPITAL ACCOUNTS --------------------------------- $32,024,566,565 $29,603,688,276 TOTAL CAPITAL A C C O U N T S_____ * After deducting participations of other Federal Reserve Banks amounting t o ................................................................................ $ $175,125,100 $ 239,305,550 $193,798,800 Statement of Earnings and Expenses Total current earnings_____________________ 1976 $1,708,961,080 W5 $1,660,070,216 Net expenses_____________________________ 136,593,653 125,660,806 Current net earnings___________________ $1,572,367,427 $1,534,409,410 Additions to current net earnings: Profit on sales of U. S. Government securities and Federal agency obligations (net) ____ All other ______________________________ Total additions $ 7,911,034 $ 458,243 8,824,743 1,024,713 $ 8,369,277 $ 9,849,456 $ 6,444,044 $ 63,350,936* Deductions from current net earnings: Loss on foreign exchange transactions (net) .. All other __________ Total deductions_____ ... Net deductions _____ Net earnings available for distribution 3,827,499 $ 10,271,543 $ 64,067,167 $ 1,902,266 $ 54,217,711 $1,570,465,161 Dividends paid $ Payments to U. S. Treasury (interest on Federal Reserve notes) __ $1,543,777,313 Transferred to surplus $ SURPLUS ACCOUNT Surplus—beginning of year 716,231 14,736,448 11,951,400 $1,480,191,699 $ 13,918,891 $1,461,619,158 $ 4,653,650 Transferred from net earnings for year $ 239,305,550 11,951,400 $ 234,651,900 4,653,650 Surplus—end of year $ 251,256,950 $ 239,305,550 * Reflects revaluation of pre-1971 SW A P drawings. 4 i Federal Reserve Bank of New York DIRECTORS F rank R. M illiken (C-1978*), President, Kennecott Copper Corporation, New York, N. Y. C h a ir m a n , a n d F e d e r a l R e s e r v e A g e n t R obert H. K night (C-1977), Partner, Shearman & Sterling, Attorneys, New York, N. Y. D e p u t y C h a ir m a n E llmore C. P atterson (A-1979), M aurice F. Granville (B-1979), Chairman of the Board, Morgan Guaranty Trust Company of New York, New York, N. Y. (Elected by Group 1 banks) Chairman of the Board, Texaco Inc., New York, N. Y. (Elected by Group 1 banks) J ack B. J ackson (B-1978), W illiam S. S neath (B-1977), Former President, J. C. Penney Co., Inc., New York, N. Y. (Elected by Group 3 banks) Chairman of the Board, Union Carbide Corporation, New York, N. Y. (Elected by Group 2 banks) H arry J. T aw (A-1978), S tuart M cCarty (A-1977), President, First National Bank of Cortland, Cortland, N. Y. (Elected by Group 3 banks) President, First-City National Bank of Binghamton, Binghamton, N. Y. (Elected by Group 2 banks) •The letter indicates the class of directors; term expires December 31 of the year indicated. MEMBER OF FEDERAL ADVISORY COUNCIL W alter B. W riston, Chairman of the Board, Citibank, N.A., New York, N. Y. S Federal Reserve Bank of New York OFFICERS P a u l A . V o lc k er , P r e s i d e n t T h o m a s M . T i m l e n , F i r s t V ic e P r e s i d e n t A l a n R . H o l m e s , E x e c u ti v e V ic e P r e s i d e n t E dw ard G. G u y , S e n io r V ic e P r e s i d e n t a n d G e n e r a l C o u n s e l F red W . P id e r it , J r ., S e n io r V ic e P r e s i d e n t T h o m a s C. S l o a n e , S e n io r V ic e P r e s i d e n t P et er D. S t e r n l ig h t , S e n io r V ic e P r e s i d e n t J a m e s O . A s t o n , V ic e P r e s i d e n t P et er B a k s t a n s k y , V ic e P r e s i d e n t W il l ia m H . B r a u n , J r ., V ic e P r e s id e n t R obert L. C ooper , V ic e P r e s i d e n t E . G erald C o r r ig a n , V ic e P r e s i d e n t R ic h a r d G. D a v is , S e n io r E c o n o m ic A d v i s e r K a rl L. E ge , V ic e P r e s i d e n t a n d O p e r a tio n s A d v i s e r C h e s t e r B. F eldberg , V ic e P r e s i d e n t P eter F o u s e k , V ic e P r e s i d e n t a n d D i r e c t o r o f R e s e a r c h R o n a ld B . G r a y , V ic e P r e s i d e n t P a u l B . H e n d e r s o n , J r ., V ic e P r e s id e n t R obert E . L loyd , J r ., V ic e P r e s i d e n t P a u l M e e k , M o n e ta r y A d v i s e r J a m e s H. O l t m a n , D e p u t y G e n e r a l C o u n s e l S cott E . P ardee , V ic e P r e s id e n t E d w in R . P o w e r s , V ic e P r e s i d e n t A . M a r s h a l l P u c k e t t , V ic e P r e s id e n t F r ed er ic k C. S c h a d r a c k , V ic e P r e s id e n t F r ed e r ic k L. S m e d l e y , V ic e P r e s i d e n t R obert C . T h o m a n , V ic e P r e s i d e n t H. D avid W il l e y , V ic e P r e s i d e n t L o u is J. B r e n d e l , A s s i s t a n t V ic e P r e s i d e n t A . T h o m a s C om bader , B u ild in g s A d m i n i s t r a t o r R obert J. C r o w l ey , A s s i s t a n t V ic e P r e s i d e n t H ow ard F . C r u m b , A d v i s e r S u z a n n e C u t l e r , A s s i s t a n t V ic e P r e s i d e n t H e n r y S . F u j a r s k i , J r ., A s s i s t a n t V ic e P r e s id e n t M a r garet L. G r e e n e , A s s i s t a n t V ic e P r e s i d e n t M ic h a e l J . H a m b u r g e r , A d v i s e r J o h n H o p k in s H e ir e s , A d v i s e r R ic h a r d H . H o e n ig , A s s i s t a n t V ic e P r e s i d e n t M a t t h e w J . H oey ,* A d v i s e r W h it n e y R . I r w i n , A s s i s t a n t V ic e P r e s i d e n t F red H . K lo p st o c k , A d v i s e r L e o n K orobow , A s s i s t a n t V ic e P r e s i d e n t L a w r e n c e A . M a y er , A d v i s e r A n t o n S. N i s s e n , A s s i s t a n t V ic e P r e s i d e n t J o s e p h M . O ’C o n n e l l , A s s i s t a n t V ic e P r e s i d e n t B e n e d ic t R a f a n e l l o , A s s i s t a n t V ic e P r e s i d e n t L eopold S. R a s s n i c k , A s s i s t a n t G e n e r a l C o u n s e l W a l t er S. R u s h m o r e ,* A s s i s t a n t V ic e P r e s i d e n t I r w i n D. S a ndberg , A s s i s t a n t V ic e P r e s i d e n t C e c il A . S h e p h e r d , A s s i s t a n t V ic e P r e s i d e n t R udolf T h u n b e r g , A s s i s t a n t V ic e P r e s i d e n t S h e il a L . T s c h i n k e l , A d v i s e r P h i l i p V a n O r m a n , A s s i s t a n t V ic e P r e s i d e n t R ic h a r d V o l l k o m m e r , A s s i s t a n t V ic e P r e s i d e n t W il l ia m H . W et e n d o r f , A s s i s t a n t V ic e P r e s i d e n t B r u c e G. A le x a n d e r , M a n a g e r , P e r s o n n e l D e p a r tm e n t M a r c e ll e V. A r a k , S e n io r E c o n o m is t T h o m a s C. B a r m a n , F o r e ig n E x c h a n g e O ffic e r L eonar d I. B e n n e t t s , M a n a g e r , C h e c k A d j u s t m e n t J ohn • ----------------— M a n a g e r, P a y m e n t S y s te m s R obert A . J a c o b se n , C h ie f E x a m i n e r A n g u s J . K e n n e d y , M a n a g e r , U s e r O p e r a tio n s D e p a r tm e n t E dw ard F . K i p f s t u h l , M a n a g e r , B a n k R e g u la tio n s a n d R e tu r n I t e m s D e p a r tm e n t J erry B e r k o w it z , O p e r a tio n s A n a l y s i s O ffic e r D o n a l d L. B it t k e r , A s s i s t a n t C o u n s e l G eorge H . B o ssy , M a n a g e r , F o r e ig n D e p a r tm e n t J orge A. B r a t h w a it e , M a n a g e r , G o v e r n m e n t D e p a r tm e n t R oger M . K u b a r y c h , F o r e ig n E x c h a n g e O ffic e r F red J . L e v in , S e n i o r E c o n o m is t C liffo r d N. L ip s c o m b , A s s i s t a n t C o u n s e l R o n a ld E. L o ng , M a n a g e r , P la n n in g D e p a r tm e n t F r a n k l in T . L ove, M a n a g e r , B a n k R e la tio n s D e p a r tm e n t J o a n E. L ovett , S e c u r i t i e s T r a d in g O ffic e r C h a r l e s M . L u c a s , M a n a g e r , S t a t i s t i c s D e p a r tm e n t F r a n k W . L u n d b l a d , J r ., M a n a g e r , P r o te c tio n D e p a r tm e n t A . J o h n M a h e r , A s s i s t a n t C h ie f E x a m in e r C a t h y E. M i n e h a n , M a n a g e r , M a n a g e m e n t I n f o r m a tio n B o n d a n d S a f e k e e p in g D e p a r tm e n t R a l p h A. C a n n , III, O p e r a tio n s A n a l y s i s O ffic e r J o h n M . C a s a z z a , A s s i s t a n t C h ie f E x a m in e r T e r r e n c e J . C h e c k i , M a n a g e r , P e r s o n n e l D e p a r tm e n t J o h n C h o w a n s k y , M a n a g e r , C a s h D e p a r tm e n t P a u l J. C ie u r z o , M a n a g e r , G o v e r n m e n t B o n d a n d S a f e k e e p in g D e p a r tm e n t M ary R . C l a r k in , S e c u r i t i e s T r a d in g O ffic e r Louis J. C o n r o y , M a n a g e r , R e c o r d s M a n a g e m e n t a n d D e p a r tm e n t T N . O p p e n h e im e r , M a n a g e r , F o r e ig n B a n k in g A p p l i c a t i o n s D e p a r tm e n t E dw ard J . O zog , M a n a g e r , S e c u r i t i e s D e p a r tm e n t E r n e s t T . P a t r ik is , A s s o c ia te C o u n s e l a n d A s s i s t a n t S e c r e ta r y J er o m e P . P erlongo , M a n a g e r , C h e c k P r o c e s s in g D e p a r tm e n t D o n N. R i n g s m u t h , A s s i s t a n t C o u n s e l M ary J . R odgers , A s s o c i a t e C o u n s e l F r a n c is H. R o h r b a c h , M a n a g e r , S a v i n g s B o n d D e p a r tm e n t H erbert H. R u e s s , M a n a g e r , C r e d it a n d D is c o u n t D e p a r tm e n t G eorge W . R y a n , M a n a g e r , F o r e ig n D e p a r tm e n t R a l p h C . S c h in d l e r , D a t a S e r v i c e s O ffic e r D o n a ld E . S c h m id , M a n a g e r , B a n k A n a l y s i s D e p a r tm e n t I sr a el S en d r o v ic , M a n a g e r , C o m m o n S y s t e m s D e p a r tm e n t J o h n F . S o bala , M a n a g e r , C h e c k P r o c e s s in g D e p a r tm e n t G a ry H. S t e r n , M a n a g e r , D o m e s tic R e s e a r c h D e p a r tm e n t J o h n J . S t r ic k , M a n a g e r , A c c o u n tin g D e p a r tm e n t S t e p h e n G. T h i e k e , S e c r e t a r y R u t h A n n T yler , E q u a l O p p o r tu n ity O ffic e r S t e p h e n P . W e is , M a n a g e r , G o v e r n m e n t B o n d a n d S a f e k e e p in g D e p a r tm e n t H e n r y F . W ie n e r , M a n a g e r , S e r v i c e D e p a r tm e n t E m e r g e n c y P la n n in g D e p a r tm e n t D e n i s L. C o n w a y , M a n a g e r , C u s to m S y s t e m s D e p a r tm e n t R ic h a r d D . C o o p e r s m it h , A s s o c i a t e C o u n s e l R obert N. D a v e n po r t , J r ., A s s i s t a n t C o u n s e l F red A . D e n e s e v ic h , O p e r a tio n s O f f ic e r , C r a n f o r d O f fic e E dw ard H . D e n h o f f , O p e r a tio n s O f r e e r , U tic a O ffic e J a n e L. D e t r a , A s s i s t a n t S e c r e t a r y a n d A s s i s t a n t C o u n s e l M a t t h e w C. D rexler , M a n a g e r , B u ild in g O p e r a tin g D e p a r ttn e n t E d n a E . E h r l ic h , M a n a g e r , I n te r n a tio n a l R e s e a r c h D e p a r tm e n t E u g e n e P . E m o n d , M a n a g e r , C r e d it a n d D is c o u n t D e p a r tm e n t L aw rence D . F r u c h t m a n , A s s is ta n t C ou n sel P eter J . F u l l e n , M a n a g e r , T e le c o m m u n ic a tio n s D e p a r tm e n t R oberta J . G r e e n , M a n a g e r , P e r s o n n e l D e p a r tm e n t G erald H a y d e n , M a n a g e r , C a s h C u s to d y D e p a r tm e n t, a n d M a n a g e r , C o lle c tio n D e p a r tm e n t F red C. H e r r im a n , J r ., M a n a g e r , D o m e s tic B a n k in g A p p l i c a t i o n s D e p a r tm e n t J o h n S. H il l , S e n io r E c o n o m is t O leg H o f f m a n , M a n a g e r , C o m p u te r O p e r a tio n s D e p a r tm e n t L eo n R . H o l m e s , M a n a g e r , S e c u r i t y C u s to d y D e p a r tm e n t heodore J o h n E . F la n agan, G en era l A u d ito r M . S c h u l t z , A s s is ta n t G en era l A u d ito r R . A n d e r s o n , M a n a g e r , A u d i t i n g D e p a r tm e n t W . W il l ia m B a u m g a r d t ,! M a n a g e r , A u d itin g D e p a r tm e n t G erald L I s a a c s o n , M a n a g e r , A u d i t A n a l y s i s D e p a r tm e n t W D o n a ld C. H o u h o u l is , D e p a r tm e n t il l ia m * Retires February 1, 1977. f On leave of absence to October 1977. 6 Buffalo Branch of Federal Reserve Bank of New York DIRECTORS P a u l A. M il l e r , C h a ir m a n President, Rochester Institute of Technology, Rochester, N. Y. K e n t 0 . P a r m in g t o n , M . J a n e D ic k m a n , Regional President, Western Region, Partner, Touche Ross & Co., The Bank of New York, Buffalo, N. Y. Buffalo, N. Y. A. M a r k s , President, Alden State Bank, Alden, N. Y. C harles W B. W ebber , Chairman of the Board, Lincoln First Bank of Rochester, il l ia m Rochester, N. Y. D o n a ld R . N e s b it t , S r ., Owner and operator, Silver Creek Farms, Albion, N. Y. OFFICERS J o h n T . K e a n e , V ic e P r e s i d e n t a n d B r a n c h M a n a g e r P et er D . L u c e , C a s h ie r H arry A. Curth , J r ., A s s i s t a n t C a s h ie r G ary S . W R obert J . M c D o n n e l l , A s s i s t a n t C a s h ie r e in t r a u b , A s s i s t a n t C a s h ie r 7
@FedFRASER