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FEDERAL RESERVE BAWK OF MEW YORK F Circular No. 9450 ~| February 7, 1983 SIXTY ^EIGHTH 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 1982, and of earnings and expenses for that year. For comparison purposes, the corresponding figures for 1981 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 1982, is now being prepared. When it is issued, a copy will be sent to each member bank in the District. A n th o n y M. S o lo m o n , President. Statement of Condition ASSETS Dec. 31, 1982 Dec. 31, 1981 Gold certificate acco u n t.......................................... $ 3,211,909,363 $ 3,160,256,297 Special Drawing Rights certificate account......... 1,335,000,000 C oin............................................................................. 31,564,944 18,029,133 T o ta l................................................................... $ 4,578,474,307 $ 4,129,285,430 $ $ Advances.................................................................... Acceptances held under repurchase agreem ents.. 90,470,000 951.000. 559,300,000 1,479,978,181 194,755,208 Bought outright*................................................... 42,656,356,801 37,188,008,336 Held under repurchase agreem ents................... 3,704,305,000 3,216,090,000 Bought o u trig h t.................................................... 2,811,153,205 2,656,642,982 Held under repurchase agreem ents................... 587,795,000 268,910,000 Total loans and securities.............................. $51,330,058,187 $44,083,706,526 Cash items in process of collection................... $ 1,629,966,743 $ Bank prem ises....................................................... 24,757,834 Due from FDIC for indebtedness assumed...... 285,333,333 All o th e rf.............................................................. 2,509,328,674 2,253,678,634 Total other a sse ts............................................. $ 4,449,386,584 $ 3,409,875,332 $ $ U.S. Government securities: Federal agency obligations: Other assets: Interdistrict settlement account.............................. TOTAL A SSE T S............................................. 871,255,883 $61,229,174,961 705,454,435 22,742,263 428.000. 000 656,060,339 $52,278,927,627 * Includes securities loaned— $280,200,000 as of December 31,1982, and $953,835,000 as of December 31,1981. t Includes assets denominated in foreign currencies revalued monthly at market rates. 2 000 Statement of Condition (<Continued) LIABILITIES Dec. 31, 1982 Dec. 31, 1981 $44,812,432,506 $39,632,632,296 $ 8,882,084,540 $ 5,075,029,515 U.S. Treasury — general account. 5,033,451,366 4,300,773,123 Foreign — official accounts.......... 170,570,230 266,904,089 O ther.................................................... 586,685,060 540,482,761 Total deposits................................. $14,672,791,196 $10,183,189,488 Federal Reserve notes (net)................ Reserves and other deposits: Depository institutions.................... Other liabilities: Deferred availability cash item s...... $ 484,833,832 $ 949,428,750 All o th er* ........................................... 595,892,027 876,310,493 Total other liabilities.................... $ 1,080,725,859 $ 1,825,739,243 TOTAL LIABILITIES................. $60,565,949,561 $51,641,561,027 CAPITAL ACCOUNTS Capital paid in ........................................ $ Surplus...................................................... 331,612,700 $ 331,612,700 TOTAL CAPITAL ACCOUNTS $ TOTAL LIABILITIES AND CAPITAL ACCOUNTS.......... $61,229,174,961 663,225,400 318,683,300 318,683,300 $ 637,366,600 $52,278,927,627 * Includes exchange translation account balances reflecting the monthly revaluation of outstanding foreign exchange commitments. 3 Staitememt off Earnings and Expenses 1982 1981* Total current earnings.............................................. $5,092,376,638 $4,411,180,562 Net expenses.............................................................. 199,209,486 178,651,077 Current net earnings........................................ $4,893,167,152 $4,232,529,485 Additions to current net earnings: Profit on sales of U.S. Government securities and Federal agency obligations (net)............ All other................................................................. $ Total additions................................................. 27,142,214 17,408 $ $ 27,159,622 $ 76,354,576 Loss on foreign exchange (n e t)......................... $ 37,253,441 $ 78,027,922 Loss on sales of U.S. Government securities and Federal agency obligations (net)............ $ 76,354,576$ Deductions from current net earnings: All other................................................................. __ 34,318,309 2,282,034 7,415,728 Total deductions.............................................. $ 39,535,475 $ 119,761,959 Net deductions.......................................................... $ 12,375,853 $ 43,407,383 Assessment for the Board of Governors............... $ 15,383,800 $ 16,066,500 Net earnings available for distribution......... $4,865,407,499 $4,173,055,602 DISTRIBUTION OF NET EARNINGS Dividends p a id .......................................................... $ 19,582,450 $ 18,797,197 Transferred to surplus................. ............................ 12,929,400 12,676,500 Payments to U.S. Treasury (interest on Federal Reserve notes)........................................ 4,832,895,649 4,141,581,905 Net earnings distributed............................. $4,865,407,499 $4,173,055,602 318,683,300 306,006,800 12,929,400 12,676,500 SURPLUS ACCOUNT Surplus — beginning of year................................. $ Transferred from net earnings................................ Surplus — end of year............................................. $ 331,612,700 $ 318,683,300 * Revised. f Includes $75,731,032 of contingent expenses and interest received from FDIC in connection with assumed indebted ness of Franklin National Bank. 4 Federal Reserve Bank off New York DIRECTORS John B rademas (C-1985*), President, New York University, New York, N.Y. Chairman, and Federal Reserve Agent Gertrude G. M ichelson (C-1984), Senior Vice President, R.H. Macy & Co., Inc. New York, N.Y. Deputy Chairman Peter D. K iernan (A-1983), A lfred B rittain m (A-1985), Chairman and President, Norstar Bancorp Inc., Albany, N.Y. (Elected by Group 2 banks) Chairman of the Board, Bankers Trust Company, New York, N.Y. (Elected by Group 1 banks) John R. O pel (B-1983), W illiam S. Cook (B-1985), President and Chief Executive Officer, International Business Machines Corporation, Armonk, N.Y. (Elected by Group 2 banks) President, Union Pacific Corporation, New York, N.Y. (Elected by Group 1 banks) Robert A. Rough (A-1984), E dward L. H ennessy , Jr . (B-1984), President, The National Bank of Sussex County, Branchville, N.J. (Elected by Group 3 banks) Chairman of the Board, Allied Corporation, Morristown, N.J. (Elected by Group 3 banks) C lifton R. W harton, Jr . (C-1983), Chancellor, State University of New York, Albany, N.Y. * The letter indicates the class of director; term expires December 31 of the year indicated. MEMBER OF FEDERAL ADVISORY COUNCIL Lewis T. P reston, Chairman of the Board, Morgan Guaranty Trust Company of New York, New York, N.Y. 5 Federal Reserve Bank off New York OFFICERS A nthony M . S olomon, President T homas M . Timlen, First Vice President S am Y. Cross, Executive Vice President Peter Fousek , Executive Vice President and Director of Research S uzanne Cutler, Senior Vice President H enry S. Fujarski, Senior Vice President E dward J. Geng , Senior Vice President Paul B. Henderson , Jr ., Senior Adviser for Strategic Developments Ronald B. G ray , Executive Vice President James H. O ltman, General Counsel P eter D. S ternlight, Executive Vice President R oger M. K ubarych , Senior Vice President and Deputy Director of Research E rnest T. P atrikis, Deputy General Counsel Irwin D. S andberg , Senior Vice President T homas C. S loane, Senior Vice President and Senior Adviser* M arcelle V. A rak , Vice President James O. A ston , Vice President Peter B akstansky , Vice President Jorge A. B rathwaite, Vice President R alph A. Cann , III, Vice President Richard G. D avis , Senior Economic Adviser Chester B. Feldberg , Vice President P eter J. Fullen, Vice President Richard J. G elson , Vice President Roberta J. Green, Vice President M argaret L. G reene, Vice President Paul M eek, Vice President and Monetary Adviser Cathy E. Minehan , Vice President E dwin R. Powers, Vice President A. M arshall Puckett, Vice President F rederick C. S chadrack , Vice President I srael S endrovic, Vice President Jeffrey R. S hafer, Vice President N eal M. S oss , Vice Presidentt S tephen G. Thieke, Vice President Robert C. Thoman , Vice President Richard V ollkommer, Vice President H erbert W. W hiteman, Jr ., Vice President S usan C. Y oung , Vice President Robert M. A bplanalp , Assistant Vice President Carol W. B arrett, Assistant Vice President Joseph P. B otta , Assistant Vice President L o u is J. B rendel , Regional Manager, Check Processing George R. Juncker, Chief Compliance Examiner E dward F. Kipfstuhl, Chief Examinert LEON Korobow , Assistant Vice President Ronald E. Long , Assistant Vice President Charles M. Lucas , Assistant Vice President George Lukowicz, Assistant Vice President Robert V. M urray , Assistant Vice President Robert A. O ’S ullivan , Chief Financial Examiner Edward J. Ozog , Assistant Vice President B enedict Rafanello , Adviser D on N. Ringsmuth , Assistant General Counsel W illiam L. R utledge, Assistant Vice President George W. Ryan , Assistant Vice President John F. S obala , Assistant Vice President Carl W. Turnipseed, Assistant Vice President John W enninger, Assistant Vice President Henry F. W iener, Assistant Vice President Function (Jericho Office) T errence J. Checki, Assistant Vice Presidentt John Chowansky, Adviser M ary R. Clarkin, Assistant Vice President H oward F. Crumb , Assistant Vice President Fred A. D enesevich , Regional Manager, Check Processing Function (Head Office) John M. Eighmy, Assistant Vice President Frank C. Eiseman , Assistant Vice President Robert T. Falconer, Assistant Vice President John H opkins H eires, Adviser Richard H. H oenig, Assistant Vice President W hitney R. Irwin , Regional Manager, Check Processing Function (Cranford Office) M. A kbar A khtar, Managert D onald R. A nderson , Manager, Accounting Department George R. A rrington, Manager, Foreign Relations Department Om P. B agaria, Manager, Funds Transfer Systems Staff James P. B arry , Assistant Chief Examiner N ancy B ercovicl, Manager, Statistics Department D onald L. B ittker, Assistant Counsel George H. B ossy , Manager, Foreign Relations Department B arbara R. B utler, Manager, Data Systems Department James R . Capra , Manager, Domestic Research Department John M. Casazza , Assistant Chief Examiner B ruce A. Cassella , Bank Services Officer Ronald J. Clark , Manager, Communications Planning Department Stephen V. O. C larke, Research Officer and Senior Economist H. John Costalos, Manager„ Securities Clearance Department V iera A. CROUT, Manager, Operations Systems Department M artin P. Cusick , Manager, Currency Verification Department Robert W. D abbs , Manager, Electronic Payments Department Robert N. D avenport , Jr ., Assistant Counsel Joseph F. D onnelly , Managerf * Retires March 1, 1983. t On leave o f absence. $ Retires April 1, 1983. M atthew C. D rexler, Manager, Building Planning Department A aron S. D rillick. Manager, Management Information Department Edna E. E hrlich, International Adviser Eugene P. Emond , Bank Services Officer E dward J. Frydl , Manager, Financial Markets Department S teven J. Garofalo , Operations Analysis Officer W illiam J. Gasser , Manager, External Financing Department James H. Gaver , Manager, Analytical Computer Department Peter M. G ordon, Manager, Computer Operations Support Department Joseph J. G rimshaw , Manager, Safekeeping Department Gary H aberman , Manager, Credit and Discount Department Gerald H ayden , Manager, Research Support Department John C . H eidelberger, Manager, Telecommunications Operations Department Peter S. H olmes, Foreign Exchange Trading Officer Jeffrey F. Ingber , Assistant Counsel M arcos T. Jones , Manager, Pricing Administration Department Patricia Y. Jung , Manager, Data Systems Department A ngus J. K ennedy , Manager, Government Bond Department R obert C. Plows, Manager, Credit and Discount Department FRANCIS J. Reischach, Manager, Foreign Relations P atricia H. Kuwayama , Manager, Foreign Exchange Department Department Michael J. L angton , Manager, Personnel Department Kenneth M. Leffler, Manager, Technical Services CHARLES E. Rockey, Manager, Paying and Receiving Department Department B radley K. S abel , Secretary and Assistant Counsel ANTHONY N. S agliano , Manager, Currency Verification C lifford N. Lipscomb, Manager, Personnel Department FRANKLIN T. Love , Manager, Supervision Support Department JOAN E. Lovett, Manager, Securities Department A . John M aher , Assistant Chief Examiner Christopher J. M cC urdy , Research Officer and Senior Department L eonard G. S ahling , Manager, International Research Department D onald E. S chmid, Manager, Bank Analysis Department Robert C. S crivani, Manager, Personnel Department M indy R. S ilverman, Assistant Counsel D avid S. S lackman, Manager, Electronic Payments Economist Thomas P. M cQueeney , Assistant Chief Examiner Joseph C. M eehan , Manager, Building Operating Department Harry Z. M elzer, Manager, Common Systems Department A nn -Marie M eulendyke , Manager, Securities Department G erald P. M inehan , Manager, Foreign Banking Applications Department Jason M. S tern, Manager, Records, Printing, and Postal Services Department Department John J. S trick, Manager, Savings Bond Department W alker F. Todd , Assistant Counsel RALEIGH M. T ozer, Assistant Counsel Ruth A nn Tyler, Manager, Service Department B arbara L. W alter, Manager, Analysis and Administrative D onald R. M oore, Manager, Check Processing Department S usan F. M oore, Manager, Statistics Department JOYCE E. M otylewski, Assistant Counsel T homas E. N evius , Manager, Check Adjustment Department K athleen A. O ’N eil, Manager, Accounting Department T heodore N. Oppenheimer, Assistant Secretary Richard P. Passadin , Manager, General Purpose Computer Support Staff B etsy B uttrill W hite, Manager, Banking Studies Department Department Janet L. W ynn , Operations Analysis Officer and Assistant Jerome P. Perlongo, Manager, Computer Operations Support Secretary Department John E. F lanagan , General Auditor Robert J. A mbrose, Assistant General Auditor L eon R. Holmes, Assistant General Auditor W illiam M. S chultz, Adviser Loretta G . A nsbro , Manager, Auditing Department H . A llan V irginia, Manager, Audit Analysis Department Buffalo Branch off Federal Reserve Bank off New York DIRECTORS M. Jane D ickman, Chairman Partner, Touche Ross & Co., Buffalo, N.Y. Carl F. U lmer, John Rollins B urwell, President, The Evans National Bank of Angola, Angola, N.Y. President, Rollins Container Corp., Rochester, N.Y. G eorge L. W essel , Edward W. D uffy , President, Buffalo AFL-CIO Council, Buffalo, N.Y. Chairman of the Board, Marine Midland Bank, N.A. Buffalo, N.Y. D onald I. W ickham , Frederick G. R ay , President, Tri-Way Farms, Inc., Stanley, N.Y. Chairman of the Board and President, Rochester Savings Bank, Rochester, N.Y. OFFICERS John T. K eane , Vice President and Branch Manager P eter D. Luce, Assistant Vice President G ary S. W eintraub, Cashier H arry A. Curth , Jr ., Operations Officer Robert J, M cD onnell, Operations Officer 7
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