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FE D E R A L R ESER VE BANK O F NEW YORK r C ircular No. 8 7 3 7 L J a n u a ry 18, 1980 SIXTY-FIFTH 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 1979, and of earnings and expenses for that year. For comparison purposes, the corresponding figures for 1978 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 1979, is now being prepared. When it is issued, a copy will be sent to each member bank in the District. T homas M. T i m l e n , F irst Vice President. Statement of Condition ASSETS Gold certificate account ___________________ Dec. 31,19 79 $ 2,841,319,270 $ 3,205,935,246 459,000,000 330,000,000 21,001,713 20,732,835 $ 3,321,320,983 $ 3,556,668,081 $ $ Special Drawing- Rights certificate account Coin ____________________________ Total ___________________ ____ ___ Advances_______________________________ Acceptances held under repurchase agreements Dec. 3 1 , 1978 510,710,000 310,780,000 703,548,343 587,128,600 Bought outright* ___________ __________ 28,663,956,833 26,632,041,344 Held under repurchase agreements_______ 1,167,670,000 1,083,900,000 2,025,020,242 1,920,695,909 Held under repurchase agreements_______ 493,905,000 133,000,000 Total loans and securities_____________ $33,564,810,418 $30,667,545,853 Cash items in process of collection_______ $ 2,089,516,473 $ 1,359,756,205 Bank premises __________ _____________ 14,180,116 9,965,152 All otherf ___________ ___ _____________ 1,219,953,542 1,039,906,461 Total other assets ____ ________________ $ 3,323,650,131 $ 2,409,627,818 Interdistrict settlement account ____ ________ $ 1,266,062,898 $ TOTAL A S S E T S ___ __ _____________ $41,475,844,430 $37,488,335,081 U.S. Government securities: Federal agency obligations: Bought outright _______________ _______ Other assets: 854,493,329 * Includes securities loaned—$363,690,000 as of December 31, 1979, and $257,930,000 as of December 31, 1978. t Includes assets denominated in foreign currencies revalued monthly at market rates. 2 ■ , • t ... . . " ^ 5 ..... .. Statement of Condition ( Continued) Dec. 31,19 79 Dec. 3 1,19 7 8 $29,934,647,497 $26,335,259,348 Reserve accounts*____________________ $ 7,320,492,985 U.S. Treasurv—general account________ 1,252,497,929 $ 7,155,683,959 1,032,980,458 Foreign—official accounts _____________ 207,256,087 217,335,351 719,065,164 $ 9,499,312,165 543,462,138 $ 8,949,461,906 $ $ LIA BILITIES Federal Reserve notes (net) _____________ Deposits: Other* _____________________________ Total deposits _____________________ .... Other liabilities: Deferred availability cash item s________ 711,320,060 919,995,734 750,795,208 723,933,593 Total other liabilities _______________ .... $ 1,462,115,268 $ 1,643,929,327 TOTAL LIA BILITIES ___________.... $40,896,074,930 $36,928,650,581 $ 289,884,750 289,884,750 $ 579,769,500 $ All otherf __________________________ CAPITAL ACCOUNTS Capital paid in ________________________ .... Surplus ________________________ ___ —. TOTAL CAPITAL A C C O U N TS..... .... $ T O T A L LIABILITIES A N D C A P I T A L A C C O U N T S ...-__ _____ $41,475,844,430 279,842,250 279,842,250 559,684,500 $37,488,335,081 * The amount shown for December 31, 1978 has been restated to reflect the balances maintained by Edge Act Corporations, which, prior to October 25, 1979 were included in “Other” under “Deposits.” In addition, the amount shown for “Reserve Accounts” for December 31, 1979 includes the balances maintained by the U.S. branches and agencies of foreign banks in connection with the Marginal Reserve Requirement Program announced on October 6, 1979. f Includes exchange translation account balances reflecting the monthly revaluation of outstanding foreign exchange commitments. 3 Statement of Earnings and Expenses Total current earnings ____________________ 1979 $2,592,891,866 1978 $ 2,108,679,754 Net expenses____________________________ 144,046,463 135,546,130 $2,448,845,403 $ 1,973,133,624 Current net earnings ________________ Additions to current net earnings__________ $ 1,474,474 $ 361,442 Deductions from current net earnings: Loss on foreign exchange (net) ________ $ 2,934,428 .$ 130,971,648 Loss on sales of U.S. Government securities and Federal agency obligations (net) ___ All other ____________________ ___ ______ 31,579,498 582,453 37,616,259 257,491 Total deductions_____________ _______ $ 40,808,178 $ 163,133,599 Net deductions __________________________ $ 39,333,704 $ 162,772,157 Assessment for the Board of Governors____ $ 13,075,100 13,851,000 $ $ 1,796,510,467 Net earnings available for distribution__ DISTRIBUTION OF NET EARNINGS Dividends paid __________________________ Transferred to surplus ___________________ $2,396,436,599 $ 17,101,407 10,042,500 $ 16,518,453 13,133,300 Payments to U.S. Treasury (interest on Federal Reserve notes) ________________ 2,369,292,692 1,766,858,714 Net earnings distributed ___________ $2,396,436,599 $1,796,510,467 SURPLUS ACCOUNT Surplus—beginning of year ______________ $ Transferred from net earnings____________ $ 279,842,250 10,042,500 Surplus—end of y e a r_____________________ $ 289,884,750 $ 4 266,708,950 13,133,300 279,842,250 Federal Reserve Bank of N ew York DIRECTORS Robert H. K n ig h t (C-1980*), Partner, Shearman & Sterling, Attorneys, New York, N.Y. Chairman, and Federal Reserve Agent B oris Y avitz (C-1982), Dean, Graduate School of Business, Columbia University, New York, N.Y. Deputy Chairman R aymond W. B auer (A-1980), W illiam S. Sn eath (B-1980), Chairman and President, United Counties Trust Company, Elizabeth, N. J. (Elected by Group 2 banks) Chairman of the Board, Union Carbide Corporation, New York, N. Y. (Elected by Group 2 banks) G ertrude G. M ichelson (C-1981), T. W allis (A-1982), Chairman of the Board, Irving Trust Company, New York, N.Y. (Elected by Group 1 banks) Gordon Senior Vice President, Macy’s New York, New York, N. Y. J ames W helden (A-1981), 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 of the year indicated. MEMBER OF FEDERAL ADVISORY COUNCIL D onald C. P la tten , Chairman of the Board, Chemical Bank, New York, N. Y. 5 Federal Reserve Bank of New York OFFICERS (Vacancy), President T homas M. T im len , First Vice President E. Gerald Corrigan, Senior Vice President* P eter F ousek , Senior Vice President and J ames H . O ltm a n , General Counsel S cott E. P ardee, Senior Vice President T homas C. S loane , Senior Vice President and Director of Research R onald B. G ray , Senior Vice President P aul B. H enderson , J r., Senior Vice President A lan R. H olmes, Senior Policy Adviser Senior Adviser P eter D. S ternlight , Senior Vice President J ames O. A ston , Vice President P eter B a k s t a n s k y , Vice President W illiam H . B r a u n , J r., Vice President S u za n n e C utler, Vice President R ichard G. D avis , Senior Economic Adviser C hester B. F eldberg, Vice President H enry S. F u ja r sk i -, Vice President M argaret L. G reene , Vice President W h itn ey R. I r w in , Vice President P aul M eek , Monetary Adviser E rnest T. P a trikis , Deputy General Counsel E dw in R. P owers, Vice President A. M arshall P uckett , Vice President G eri M. R iegger, Vice President Irw in D. S andberg, Vice President F rederick C. S chadrack , Vice President R obert C. T h o m a n , Vice President R ichard V ollkommer, Vice President H erbert W . W h it e m a n , J r., Vice President H . D avid W illey , Vice President J orge A. B rathwaite , Assistant Vice President L ouis J. B rendel, Assistant Vice President R alph A. C a n n III, Assistant Vice President J o h n C h o w a n sk y , Assistant Vice President M ary R. C lark in , Senior Trading Officer D en is L. Co nw ay , Assistant Vice President H oward F. Crum b , Adviser P eter J. F ullen , Assistant Vice President Roberta J. G reen , Assistant Vice President M ichael J. H amburger , Adviser* J o h n H opkins H eires , Adviser R ichard H. H oenig, Assistant Vice President E dward F. K ipfst u h l , Chief Examiner L eon K orobow, Assistant Vice President R oger M. K ubarych , Assistant Vice President C harles M. L ucas , Assistant Vice President C a thy E. M in e h a n , Assistant Vice President J oseph M. O ’Connell , Assistant Vice President B enedict R afanello , Assistant Vice President D on N. R in g sm u t h , Assistant General Counsel G eorge W . R y a n , Assistant Vice President I srael S endrovic, Assistant Vice President J oh n F. S obala, Assistant Vice President S teph en G. T h iek e , Assistant Vice President R obert M. A bplanalp , Manager, Management E ugene P. E mond , Manager, Credit and Discount Department Information Department C arol R. A g in s , Manager, Common Systems Department H oward L. A lexander , Foreign Exchange Officer M arcelle V. A rak , Research Officer and Senior Economist C arol W . B arrett, Manager, Savings Bond Department L eonard I. B ennetts , Manager, Jericho Office J erome B ergman , Manager, Foreign Department D onald L. B ittker , Assistant Counsel G eorge H . B ossy , Manager, Foreign Department J oseph P. B otta, Operations Analysis Officer T homas J. C ampbell , Accounting Officer J ohn M. C asazza , Assistant Chief Examiner T errence J. C hec k i , Secretary S tephen V. O. C larke , Research Officer and Senior Economist H. J o h n C ostalos, Operations Analysis Officer R obert N. D avenport, J r., Assistant Counsel F red A. D enesevich , Manager, Cranford Office E dward H. D enhoff , Operations Officer, Utica Office J ane L. D etra, Bank Relations Officer J oseph F. D onnelly , Manager, Cash Services Department M atthew C. D rexler, Manager, Building Operating Department E dna E. E hrlich , International Adviser J oh n M. E ighm y , Manager, Check Adjustment and Return Items Department R obert T. F alconer, Manager, Domestic Research Department S tuart M. F eder, Manager, Research Support Department L awrence D. F r uc h tm an , Assistant Counsel K en n e t h D. G arbade, Research Officer and Senior Economistf R ichard J. G elson , Manager, Statistics Department G ary H aberman , Manager, Credit and Discount Department Gerald H ayden , Manager, Security and Control Staff O leg H offm an , Manager, Computer Operations Department L eon R. H olmes, Manager, Government Bond Department J o h n C. H ouho ulis , Operations Analysis Officer E verett H. J o h n so n , Manager, Telecommunications Department G eorge R. J uncker , Manager, Consumer Affairs and Bank Regulations Department A ngus J. K ennedy , Manager, Safekeeping Department J o h n A. K luepfel , Manager, Personnel Department P atricia H . K u w a y a m a , Research Officer and Senior Economist M ichael J. L angton , Manager, Personnel Department F red J. L evin , Manager, Securities Department Clifford N. L ipscomb, Manager, Personnel Department R onald E. L ong, Manager, Service Department F r an k lin T. L ove, Equal Opportunity Officer J oan E. L ovett, Securities Trading Officer * On leave of absence. t Resigned effective February 1, 1980. 6 B radley K. S abel, Assistant Counsel and Assistant Secretary A nth o n y N. S agliano , Manager, Records Management G eorge L ukowicz , Operations Analysis Officer F r a n k W . L undblad , J r., Manager, Protection Department A. J o h n M aher , Assistant Chief Examiner T homas P. M cQ ueeney , Assistant Chief Examiner R obert J. M ischler , Manager, Resource Planning Staff D onald R, M oore, Manager, Check Processing Department R ichard W . N elson , Manager, Banking Studies and Postal Services Department R alph C. S chindler , Data Processing Officer* D onald E. S chm id , Manager, Bank Analysis Department J ack M. S chwartz , Manager, Systems Development Function D avid S. S lackm an , Manager, Currency Processing Department Department T homas E. N evius , Operations Analysis Officer T heodore N . O ppenh eim er , Assistant Secretary E dward J. O zog, Manager, Securities Department R ichard P. P a ssa d in , Manager, User Operations R obert D. S leeper, Manager, Foreign Department J ohn J. S trick . Manager, Accounting Department W alker F. T odd, Assistant Counsel Carl W . T urnipseed , Electronic Payments Officer R uth A n n T yler, Manager, Check Processing Department J erome P. P erlongo, Data Processing Officer F rancis J. R eisc h a c h , Manager, Foreign Department F rancis H. R ohrbach , Manager, Savings Bond Department B arbara L. W alter, Manager, Foreign Banking Applications Department Department H enry F. W iener , Manager, Funds Transfer Department S u sa n C. Y oung , Manager, Research and Statistical W illiam L. R utledge, Manager, Domestic Banking Applications Department Robert * J. Systems Department J o h n E. F la na ga n , General Auditor F rank C. E ise m a n , Assistant General Auditor W illiam M. S chultz , Assistant General Auditor A mbrose, Manager, Audit Analysis Department D onald R. A nderson , Manager, Auditing Department Retires effective February 1, 1980. Buffalo Branch of Federal Reserve Bank of N ew York DIRECTORS F rederick D. B erkeley, Chairman Chairman of the Board and President, Graham Manufacturing Co., Inc., Batavia, N. Y. S. G avitt, President, The Lyons National Bank, Lyons, N. Y. W illiam J oh n R ollins B urwell. President, Rollins Container Corp., Rochester, N. Y. M. R ichardson , President, Security Trust Company, Rochester, N. Y. A rthur M. J a ne D ic k m a n , Partner, Touche Ross & Co., Buffalo, N. Y. L. W essel , President, Buffalo AFL-CIO Council, Buffalo, N. Y. G eorge R obert J. D onough , President, Liberty National Bank and Trust Company, Buffalo, N. Y. OFFICERS J ohn T. K eane , Vice President and Branch Manager P eter D. L uce, Assistant Vice President and Cashier H arry A. C u rth , J r., Operations Officer R obert J. M cD onnell , Operations Officer G ary S. W eintraub , Operations Officer 7
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