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FED ER AL RESERVE BANK O F N E W YORK Circular No. 8 5 0 0 January 19, 1979 SIXTY-FOURTH 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 1978, and of earnings and expenses for that year. For comparison purposes, the corresponding figures for 1977 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 1978, is now being prepared. When it is issued, a copy will be sent to each member bank in the District. P au l A. V olcker , President. Statement of Condition ASSETS D ec. s i , 1 9 7 8 Gold certificate account _____________________ D ec. s i , 1 9 7 7 $ 3,205,935,246 $ 3,492,174,498 Special Drawing Rights certificate account___ 330,000,000 313,000,000 Coin ________________________________________ 20,732,835 18,079,848 Total __________________________________ $ 3,556,668,081 $ 3,823,254,346 $ $ Advances___________________________________ Acceptances held under repurchase agreements 310,780,000 102,800,000 587,128,600 953,597,256 Bought outright* _________________________ 26,632,041,344 23,819,212,000 Held under repurchase agreements_________ 1,083,900,000 1,901,000,000 Bought outright __________________________ 1,920,695,909 1,889,089,015 Held under repurchase agreements_________ 133,000,000 451,000,000 Total loans and securities_____________ ... $30,667,545,853 $29,116,698,271 $ 1,359,756,205 $ 1,450,436,176 Bank premises ... ________________________ 9,965,152 9,207,030 All otherf ________________________________ 1,039,906,461 492,282,697 $ 2,409,627,818 $ 1,951,925,903 U.S. Government securities: Federal agency obligations: Other assets: Cash items in process of collection_________ Total other assets______________________ Interdistrict settlement account _____________ T O T A L A S S E T S _____________________ $ 854,493,329 $37,488,335,081 ($ 1,312,886,283) $33,578,992,237 ♦Includes securities loaned—$257,930,000 as of December 31, 1978, and $135,935,000 as of December 31, 1977. f Includes assets denominated in foreign currencies. The amount of such assets on December 31, 1978 reflects re valuations made at market rates as of December 29, 1978. 2 ' i .. Statement of Condition ( C on tin u ed ) L IA B IL IT IE S D ec. 3 1 , 1 9 7 7 D ec. 3 1 , 1 9 7 8 $26,335,259,348 $23,678,138,605 Member bank reserve accounts------------------- $ 6,884,225,999 $ 5,783,978,634 U.S. Treasury— general account___________ 1,032,980,458 1,398,528,731 Foreign ---------------------------------------------------- 217,335,351 173,647,386 O th er____________________________________ 814,920,098 688,984,628 $ 8,949,461,906 $ 8,045,139,379 $ $ Federal Reserve notes ---------------------------------- Deposits: Total deposits---------------------------------------Other liabilities: Deferred availability cash item s----------------- 919,995,734 990,862,184 All other* — ...------------------------------------------- 723,933,593 331,434,169 Total other liabilities ___________________ $ 1,643,929,327 $ 1,322,296,353 T O T A L L IA B IL IT IE S _______ _____ - $36,928,650,581 $33,045,574,337 $ $ C A P IT A L ACCO U N TS Capital paid i n _____________________________ 279,842,250 266,708,950 279,842,250 Surplus -------------------------------------------------------T O T A L C A P IT A L A C C O U N T S _____ $ 559,684,500 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 ____________ $37,488,335,081 266,708,950 $ 533,417,900 $33,578,992,237 * The December 31, 1978 amount includes exchange translation account balance reflecting the revaluation of out standing foreign exchange commitments as of December 29, 1978. 3 Statement of Earnings and Expenses 1978 $ 2,108,679,754 $ 1,702,740,726 135,546,130 131,678,202 $ 1,973,133,624 Total current earn in gs____ 1977 $ 1,571,062,524 Net expenses_________ Current net earnings _____ . Additions to current net earnings $ 361,442 $ 3,740,033 $ 130,971,648 $ 37,474,391 Deductions from current net earnings: Loss on foreign exchange (n e t)* Loss on sales o f U.S. Government securities and Federal agency obligations (net) 31,579,498 Total deductions_____ 11,783,645 582,453 All other _________ 659,296 $ 163,133,599 $ 49,917,332 Net deductions ____________ $ 162,772,157 .$ 46,177,299 Assessment for the Board o f Governors $ 13,851,000 $ 12,048,600 Net earnings available for distribution Transferred to surplus ______ Payments to U.S. Treasury (interest on Federal Reserve notes) $ 1,512,836,625 $ $ Dividends paid _______ _ _ $ 1,796,510,467 $ $ 16,518,453 13,133,300 15,319,899 15,452,000 $ 1,766,858,714 $ 1,482,064,726 $ $ SURPLUS ACCOU N T Surplus— beginning o f year . .. Transferred from net earnings for year 266,708,950 13,133,300 Surplus— end o f y e a r _______ $ 279,842,250 251,256,950 15,452,000 $ 266,708,950 * ^he amount shown for 1978 includes N ew Y ork ’s share of realized losses on foreign exchange transactions of $77.0 million and unrealized losses of $54.0 million resulting from revaluing foreign exchange holdings and outstanding commitments at current market exchange rates. O f these amounts, $68.3 million and $38.9 million, respectively, reflect New Y ork ’s share of losses associated with Swiss franc commitments entered into before August 15, 1971. The unrealized net loss is calculated using market exchange rates of December 29, 1978 to value the System’s foreign currency holdings and foreign currency commitments; liquidation or payment may actually take place at exchange rates that differ from these rates. 4 Federal Reserve Bank o f N ew Y ork DIRECTORS R obert H . K n ig h t (C -1 9 8 0 * ), Partner, Shearman & Sterling, Attorneys, N ew Y ork, N .Y . Chairman, and Federal Reserve Agent B o r is Y a v it z (C -1 9 7 9 ), Dean, Graduate School of Business, Columbia University, N ew Y ork, N .Y . Deputy Chairman R aym ond W . B a u e r ( A -1 9 8 0 ) , J o h n R. M Chairman and President, ulhearn United Counties Trust Company, Elizabeth, N . J. Telephone Company, N ew Y ork, N . Y . (Elected by Group 2 banks) M a u r ic e (B -1 9 8 1 ), President, N ew Y ork (Elected by Group 3 banks) F. G r a n v i l l e (B -1 9 7 9 ), E l l m o r e C. P a t t e r s o n (A -1 9 7 9 ), Chairman of the Board, Texaco Inc., Former Chairman of the Board, W hite Plains, N . Y . M organ Guaranty Trust Company of N ew Y ork, (Elected by Group 1 banks) N ew Y ork, N . Y . (Elected by Group 1 banks) G e r t r u d e G. M ic h e l s o n (C -1 9 8 1 ), W il l ia m S. S n e a t h (B -1 9 8 0 ), Chairman of the Board, Union Carbide Corporation, Senior Vice President, N ew Y ork, N . Y . M acy’s New York, (Elected by Group 2 banks) N ew Y ork, N . Y . Jam es W helden (A -1 9 8 1 ) , President, Ballston Spa National Bank, Ballston Spa, N . Y . (Elected by Group 3 banks) * The letter indicates the class of directors; term expires December 31 o f the year indicated. MEMBER OF FEDERAL ADVISORY COUNCIL W alter B. W r is t o n , Chairman of the Board, Citibank, N .A ., N ew Y ork, N . Y . 5 Federal Reserve Bank of New York OFFICERS P aul A . V T A homas lan M. T R. H President First Vice President Executive Vice President o lcker, im l e n , olm es, Senior Vice President and Director of Research E d w a r d G. G u y ,Senior Vice President and Counsel to the President P a u l B . H e n d e r s o n , J r ., Senior Vice President J a m e s H . O l t m a n , General Counsel Senior Vice President J r ., Senior Vice President T h o m a s C . S l o a n e , Senior Vice President and Senior Adviser P e t e r D . S t e r n l i g h t , Senior Vice President J a m e s O . A s t o n , Vice President P e t e r B a k s t a n s k y , Vice President W i l l i a m H . B r a u n , J r ., Vice President E . G e r a l d C o r r i g a n , Vice President R i c h a r d G . D a v i s , Senior Economic Adviser C h e s t e r B . F e l d b e r g , Vice President H e n r y S . F u j a r s k i , Vice President R o n a l d B . G r a y , Vice President M a r g a r e t L . G r e e n e , Vice President W h i t n e y R . I r w i n , Vice President P a u l M e e k , Monetary Adviser E r n e s t T . P a t r i k i s , Deputy General Counsel E d w i n R . P o w e r s , Vice A . M ar sh all P uckett, President Vice President G e r i M . R ie g g e r , Vice President F r e d e r ic k C . S c h a d r a c k , Vice President* F r e d e r ic k L . S m e d l e y , Vice President f R o b e r t C . T h o m a n , Vice President R u d o l f T h u n b e r g , Vice President and Assistant Director of Research R i c h a r d V o l l k o m m e r , Vice President H e r b e r t W . W h i t e m a n , J r ., Vice President H . D a v id W i l l e y , Vice President J orge A . B r a t h w a i t e , Assistant Vice President L ou is J. B r e n d e l , Adviser R a l p h A . C a n n I II , Assistant Vice President D e n i s L. C o n w a y , Assistant Vice President H o w a r d F . C r u m b , Adviser S u z a n n e C u t l e r , Assistant Vice President P e t e r J. F u l l e n , Assistant Vice President R o b e r t a J. G r e e n , Assistant Vice President M i c h a e l J. H a m b u r g e r , Adviser J o h n H o p k i n s H e ir e s , Adviser R i c h a r d H . H o e n i g , Assistant Vice President R o b e r t A . J a c o b s e n , Chief Examiner L e o n K o r o b o w , Assistant Vice President R oger M . K u b a r y c h , Assistant Vice President * J o s e p h M . O ’ C o n n e l l , Assistant Vice President C a r o l R . A g i n s , Manager, Common Systems Department M a r c e l l e V . A r a k , Research Officer and Senior Economist L e o n a r d I. B e n n e t t s , Manager, Jericho Office J e r o m e B e r g m a n , Manager, Foreign Department J e r r y B e r k o w i t z , Manager, Currency Processing Department D o n a l d L . B i t t k e r , Assistant Counsel G eorge H . B o s s y , Manager, Foreign Department J o s e p h P . B o t t a , Manager, Check Processing Department J o h n M . C a s a z z a , Assistant Chief Examiner T e r r e n c e J. C h e c k i , Secretary J o h n C h o w a n s k y , Manager, Cash Services Department S t e p h e n V . O. C l a r k e , Research Officer and T . F a l c o n e r , Research Officer and Senior Economist S t u a r t M . F e d e r , Manager, Research Support Department L a w r e n c e D . F r u c h t m a n „ Assistant Counsel R i c h a r d J . G e l s o n , Manager, Statistics Department G e r a l d H a y d e n , Manager, Security and Control Staff O leg H o f f m a n , Manager, Computer Operations Department L e o n R . H o l m e s , Manager, Government Bond and Safekeeping Department J o h n C . H o u h o u l i s , Operations Analysis Officer E v e r e t t H . J o h n s o n , Manager, Telecommunications Department A n g u s J. K e n n e d y , Manager, Security Custody Department E d w a r d F . K i p f s t u h l , Manager, Consumer Affairs and Bank Regulations Department P a t r i c i a H . K u w a y a m a , Research Officer and Senior Economist M i c h a e l J. L a n g t o n , Manager, Personnel Department F red J . L e v i n , Manager, Securities Department M a r v i n D . L in d e r , Assistant Counsel C l if f o r d N . L i p s c o m b , Assistant Counsel R o n a l d E . L o n g , Manager, Service Department F r a n k l i n T . L o v e , Bank Relations Officer J o a n E . L o v e t t , Securities Trading Officer C h a r l e s M . L u c a s , Manager, Statistics Department* P eter F o u s e k , Senior Economist M a r y R . C l a r k i n , Securities Trading Officer H . J o h n C o s t a l o s , Operations Analysis Officer R o b e r t N . D a v e n p o r t , J r ., Assistant Counsel F red A . D e n e s e v i c h , Manager, Cranford Office E d w a r d H . D e n h o f f , Operations Officer, Utica Office J a n e L . D e t r a , Assistant Secretary and Assistant Counsel J o s e p h F . D o n n e l l y , M anagerC ollection Department a t t h e w C . D r e x l e r , Manager, Building Operating Department E d n a E . E h r l i c h , International Adviser J o h n M . E i g h m y , Manager, Personnel Department E u g e n e P . E m o n d , Manager, Credit and Discount Department M S cott E. P id e r i t , B e n e d ic t R afanello, Assistant Vice President D o n N . R i n g s m u t h , Assistant General Counsel G eorge W . R y a n , Assistant Vice President I r w i n D . S a n d b e r g , Assistant Vice President I s r a e l S e n d r o v ic , Assistant Vice President C e c il A . S h e p h e r d , Assistant Vice President S t e p h e n G . T h i e k e , Assistant Vice President S h e i l a L . T s c h i n k e l , Assistant Vice President R * On leave of absence, t Retires March 1, 1979. ardee, F red W . P 6 obert G eorge L u k o w i c z , Operations Analysis Officer F r a n k W . L u n d b l a d , J r ., Manager, Protection Department A . J o h n M a h e r , Assistant Chief Examiner T h o m a s P . M c Q u e e n e y , Assistant Chief Examiner C ath y E. M in e h a n , i l l i a m L. R u t l e d g e , Manager, Domestic Banking Applications Depart)nent A n t h o n y N . S a g l i a n o , Manager, Records Management and Emergency Planning Department R a l p h C . S c h i n d l e r , Data Processing Officer D o n a l d E . S c h m i d , Manager, Bank Analysis Department R o b e r t D . S l e e p e r , Matiager, Foreign Department J o h n F. S o b a l a , Operations Analysis Officer J o h n H . S p i t z e r , Acting Manager, Credit and Discount Department $ J o h n J. S t r i c k , Manager, Accounting Department C a r l W . T u r n i p s e e d , Manager, Check Processing Department R u t h A n n T y l e r , Equal Opportunity Officer B a r b a r a L. W a l t e r , Manager, Foreign Banking Applications Department H e n r y F. W i e n e r , Manager, Funds Transfer Department S u s a n C . Y o u n g , Operations Analysis Officer W Manager , Management Information Department R o b e r t J. M i s c h l e r , Manager, Resource R i c h a r d W . N e l s o n , Manager, Banking Planning Staff Studies Department T h e o d o r e N . O p p e n h e i m e r , Assistant Secretary E d w a r d J. O z o g , Manager, Securities Department R ic h a r d P. P a s s a d in , Manager, User Operations Department Manager, Check Adjustment and Return Items Department F r a n c i s J. R e i s c h a c h , Manager, Foreign Department F r a n c i s H . R o h r b a c h , Manager, Savings Bond Department J erom e P . P erlon go, Jo h n E. F la n a g a n , General Auditor F r a n k C . E i s e m a n , Assistant General Auditor W i l l i a m M . S c h u l t z , Assistant General Auditor D o n a l d R. A n d erso n , Manager, Auditing Department G e r a l d I. I s a a c s o n , Manager Audit Analysis Department $ On temporary assignment from the Board of Governors of the Federal Reserve System. Buffalo Branch of Federal Reserve Bank of N ew York DIRECTORS F r e d e r ic k D . B e r k e l e y , Chairman Chairman of the Board and President, Graham Manufacturing Co., Inc., Batavia, N . Y . J o h n R o l l in s B W urw ell S . G a v it t , il l ia m President, President, The Lyons National Bank, Rollins Container Corp., Lyons, N . Y . Rochester, N . Y . M. Jan e D ic k m a n W , il l ia m B. W ebber, Chairman of the Board, Partner, Touche Ross & Co., Lincoln First Bank of Rochester, Buffalo, N . Y . Rochester, N . Y . G eorge L. W R o b e r t J. D o n o u g h essel President, President, Liberty National Bank and Trust Company, Buffalo A F L -C I O Council, Buffalo, N . Y . Buffalo, N . Y . OFFICERS Jo h n T . K eane, P eter D . L u c e , H arry A . C u r t h , Jr., Vice President and Branch Manager Assistant Vice President and Cashier Operations Officer R G a r y S. W e in t r a u b , 7 Operations Officer obert J. M cD o n n e l l , Operations Officer
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