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FE D E R A L RESERVE B A N K OF NEW YO R K Circular No. 9 6 2 8 11 February 2, 1984 I [ SIXTY“NINTH 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 1983, and of earnings and expenses for that year. For comparison purposes, the corresponding figures for 1982 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 in 1983, 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 olom on, President. Statement of Condition ASSETS Dec. 31, 1983 Dec. 31, 1982 Gold certificate account...................................... Special Drawing Rights certificate account........ Coin...................................................................... $ 3,058,029,344 24,192,328 $ 3,211,909,363 1,335,000,000 31,564,944 Total............................................................ $ 4,417,221,672 $ 4,578,474,307 $ $ Advances............................................................. Acceptances held under repurchase agreements . U.S. Government securities: Bought outright*.............................................. 1,335,000,000 124,125,000 418,160,108 90,470,000 1,479,978,181 49,294,020,471 1,384,200,000 42,656,356,801 Federal agency obligations: Bought outright............................................... Held under repurchase agreements................ 2,830,462,845 207,700,000 2,811,153,205 587,795,000 Total loans and securities............................ $54,258,668,424 $51,330,058,187 $ 1,361,852,987 25,117,643 142,666,667 $ 1,629,966,743 Held under repurchase agreements................ Other assets: Cash items in process of collection................ Bank premises.................................................. Due from FDIC for indebtedness assumed. . . All other!........................................................ Total other assets........................................ Interdistrict settlement account.......................... TOTAF ASSETS........................................ 3,704,305,000 24,757,834 2,086,313,647 285,333,333 2,509,328,674 $ 3,615,950,944 $ 4,449,386,584 $ $ 447,748,455 $62,739,589,495 871,255,883 $61,229,174,961 * In clu d es secu rities loaned — $ 7 4 3 ,8 7 0 ,0 0 0 as o f D ecem b er 3 1 , 1983, and $ 2 8 0 ,2 0 0 ,0 0 0 as o f D ecem b er 3 1 , 1982. t Inclu d es assets d en om in ated in foreign currencies revalued m onthly at market rates. 2 Statement of Condition (Continued) LIABILITIES Dec. 31, 1983 Dec. 31, 1982 Federal Reserve notes (net).............. $49,474,467,588 $44,812,432,506 Reserves and other deposits: Depository institutions.................. U.S. Treasury — general account. Foreign — official accounts............ Other.............................................. $ 6,227,619,079 3,660,842,946 77,415,895 513,168,084 $ 8,882,084,540 5,033,451,366 170,570,230 586,685,060 Total deposits............................ $10,479,046,004 $14,672,791,196 Other liabilities: Deferred availability cash items. . . All other........................................ $ 1,215,482,355 $ Total other liabilities................ $ 2,071,202,803 $ 1,080,725,859 TOTAL LIABILITIES.............. $62,024,716,395 $60,565,949,561 $ 357,436,550 357,436,550 $ 331,612,700 331,612,700 TOTAL CAPITAL ACCOUNTS $ 714,873,100 $ 663,225,400 TOTAL LIABILITIES AND CAPITAL ACCOUNTS.......... $62,739,589,495 595,892,027* 855,720,448 CAPITAL ACCOUNTS Capital paid i n .................................. Surplus.............................................. 484,833,832 $61,229,174,961 * Inclu d es ex ch a n g e translation account balan ces reflectin g the m onthly revaluation o f ou tstand in g foreign ex ch a n g e com m itm en ts. 3 Statement of Earnings and Expenses 1982 1983 Total current earnings.......................................... Net expenses........................................................ Current net earnings..................... Additions to current net earnings: Profit on sales of U.S. Government securities and Federal agency obligations (net).......... $5,141,341,063 196,785,846 $5,092,376,638 178,434,858* $4,944,555,217 $4,913,941,780* $ $ 6,693,696 20,850 _______ 17,408 6,714,546 $ 27,159,622 Deductions from current net earnings: Loss on foreign exchange (net)...................... All other.......................................................... $ 111,336,562 116,615 $ 37,253,441 656,034* Total deductions.......................................... $ 111,453,177 $ 37,909,475* Net deductions................................................... $ 104,738,631 $ 10,749,853* Assessments by Board of Governors: Board expenditures.......................................... Federal Reserve currency costs...................... $ 17,513,200 .........41,636,586 $ 15,383,800 22,400,628* $ 37,784,428* All other.......................................................... Total additions............................................ $ Total assessments........................................ $ Net earnings available for distribution . . . . $4,780,666,800 $4,865,407,499 $ $ DISTRIBUTION OF NET EARNINGS Dividends paid.................................................... Transferred to surplus.......................................... Payments to U.S. Treasury (interest on Federal Reserve notes).................................... 59,149,786 27,142,214 20,884,084 25,823,850 19,582,450 12.929.400 4,733,958,866 4,832,895,649 $4,780,666,800 $4,865,407,499 Surplus — beginning of year.............................. $ 331,612,700 $ 318,683,300 Transferred from net earnings............................ 25,823,850 12.929.400 Surplus — end of year........................................ $ 357,436,550 $ 331,612,700 Net earnings distributed.......................... SURPLUS ACCOUNT * Restated to reflect changes in Federal Reserve System accounting procedures. 4 Federal Reserve Bank of 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 John R. O pel (B-1986), A lfred B rittain III (A -1985), Chairman of the Board, Bankers Trust Company, New York, N.Y. (Elected by Group 1 banks) Chairman of the Board, International Business Machines Corporation, Armonk, N.Y. (Elected by Group 2 banks) Robert A. Rough (A-1984), W illiam S. Cook (B-1985), President, The National Bank of Sussex County, Branchville, N.J. (Elected by Group 3 banks) President and Chief Executive Officer, Union Pacific Corporation, New York, N.Y. (Elected by Group 1 banks) Edward L. H ennessy , Jr . (B-1984), T. Joseph Semrod (A-1986), Chairman of the Board, United Jersey Bank, Hackensack, N.J. (Elected by Group 2 banks) Chairman of the Board, Allied Corporation, Morristown, N.J. (Elected by Group 3 banks) C lifton R. W harton, Jr . (C-1986), Chancellor, State University of New York System, 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. Preston, Chairman of the Board, Morgan Guaranty Trust Company of New York, New York, N.Y. 5 Federal Reserve Rank off New York OFFICERS A nthony M. S olomon, President T homas M. T imlen, First Vice President S am Y. Cross, Executive Vice President Peter Fousek, Executive Vice President and Ronald B. G ray , Executive Vice President James H. O ltman, General Counsel Peter D. Sternlight, Executive Vice President Director of Research Paul B. H enderson, Jr ., Senior Adviser for Strategic S uzanne Cutler, Senior Vice President Richard G. D avis , Senior Economic Adviser Chester B. Feldberg , Senior Vice President Henry S. FUJARSKI, Senior Vice President E dward J. G eng , Senior Vice President M argaret L. Greene, Senior Vice President Developments Roger M. K ubarych , Senior Vice President and Deputy Director of Research ERNEST T. Patrikis, Deputy General Counsel Irwin D. Sandberg , Senior Vice President Israel S endrovic, Senior Vice President Robert M. A bplanalp, Vice President James O. A ston , Vice President Peter B akstansky , Vice President Jorge A . B rathwaite, Vice President Ralph A . Cann , III, Vice President John M. Eighmy, Vice President Peter J. Fullen , Vice President Richard J. G elson , Vice President R oberta J. Green , Vice President Charles M. L ucas , Vice President Paul M eek, Vice President and Monetary Adviser Cathy E. M inehan , Vice President Edwin R. Powers, Vice President A. M arshall Puckett, Vice President Frederick C. S chadrack , Vice President Jeffrey R. Shafer, Vice President* Stephen G. T hieke, Vice President Richard V ollkommer, Vice Presidentt H erbert W. W hiteman, Jr ., Vice President S usan C. Y oung , Vice President M. A kbar A khtar, Assistant Director of Research Carol W. B arrett, Assistant Vice President Joseph P. B otta, Assistant Vice President Louis J. B rendel, Regional Manager, Check Processing W hitney R. Irwin , Senior Bank Services Officer George R. Juncker, Chief Compliance Examiner Leon K orobow, Assistant Vice President R onald E. L ong , Assistant Vice President George L ukowicz, Assistant Vice President R obert V. M urray , Assistant Vice President R obert A. O ’S ullivan , Chief Financial Examiner E dward J. O zog , Assistant Vice President B enedict Rafanello , Adviser D on N. Ringsmuth , Assistant General Counsel W illiam L. Rutledge, Assistant Vice President George W. Ryan , Assistant Vice President A nthony N. Sagliano , Regional Manager, Check Processing Function (Jericho Office) $ B arbara R. B utler Assistant Vice President T errence J. Checki, Assistant Vice President* John Chowansky, Security Control Adviser M ary R. Clarkin, Assistant Vice President H oward F. Crumb , Assistant Vice President Harry A. Curth , Jr ., Regional Manager, Check Processing Function (Utica Office) Fred A. D enesevich, Regional Manager, Check Processing Function (Jericho Office) Function (Cranford Office) Frank C. E iseman , Assistant Vice President Robert T. Falconer, Assistant Vice President EDWARD J. Frydl, Assistant Director of Research W illiam J. Gasser , Assistant Director of Research John Hopkins H eires, Adviser Richard H. Hoenig, Assistant Vice President L eon R. Holmes, Assistant Vice President W illiam M. S chultz, Adviser John F. Sobala , Assistant Vice President* Carl W. T urnipseed, Assistant Vice President B arbara L. W alter, Assistant to the President John W enninger, Assistant Director of Research Henry F. W iener, Assistant Vice President Janet L. W ynn , Assistant Vice President D onald R. A nderson, Manager, Accounting Department G eorge R. A rrington, Manager, Foreign Relations V iera A. Crout, Manager, Operations Systems Department M artin P. Cusick , Manager, Paying and Receiving Department Department R obert W. D abbs , Manager, Funds Transfer Department Robert N. D avenport, Jr ., Assistant Counsel M atthew C. D rexler, Manager, Building Planning O m P. B agaria , Manager, Funds Transfer Systems Staff James P. B arry , Assistant Chief Examiner N ancy B ercovici, Manager, Statistics Department D onald L. B ittker, Assistant Counsel G eorge H. B ossy , Manager, Foreign Relations Department M argaret E. B rush , Manager, Public Information Department A aron S. D rillick, Manager, Management Information Department Edna E. Ehrlich, Research Officer and Senior Economist E ugene P. E mond , Manager, Supervision Support Department S teven J. Garofalo , Operations Analysis Officer James H. Gaver , Manager, Analytical Computer Department Peter M. Gordon, Manager, Computer Operations Support Department John M. C asazza , Assistant Chief Examiner B ruce A. C assella , Bank Services Officer Ronald J. C lark , Manager, Communications and Technical Services Department Department S tephen V. O. C larke, Research Officer and Senior Joseph J. Grimshaw , Manager, Safekeeping Department A aron S. Gurwitz, Research Officer and Senior Economist Gary H aberman , Manager, Credit and Discount Department Economist Patrick J. Corcoran, Research Officer and Senior Economist H. John Costalos , Manager, Securities Transfer Department * On leave o f absence. 1' Retires March I, 1984. ’I Retires May I. 1984. 6 D onald R. Moore, Manager, Check Processing Department SUSAN F. Moore, Manager, Statistics Department Joyce E. Motylewski, Assistant Counsel. THOMAS E. N evius, Manager, Check Adjustment Department Monika K. N ovik, Manager, Data Systems Department Kathleen A. O’N eil, Manager, Accounting Department T heodore N. O ppenheimer, Assistant Secretary C arl J. Palash , Research Officer and Senior Economist Richard P. Passadin , Security Officer Jerome P. Perlongo, Manager (Night Officer), Administrative G erald Hayden , Manager, Research Support Department John C. H eidelberger, Manager, Telecommunications Operations Department A ndrew Heikaus, Manager, Funds Transfer Department Peter S. Holmes, Foreign Exchange Trading Officer Jeffrey F. Ingber, Assistant Counsel and Assistant Secretary Marcos T. Jones , Manager, Pricing Administration Department Patricia Y. Jung , Manager, Data Systems Department A ngus J. K ennedy , Manager, Government Bond Department Patricia H. Kuwayama , Manager, Foreign Exchange Services Group Joseph R. Prancl, Jr ., Operations Analysis Officer Francis J. Reischach, Manager, Foreign Relations Department M ichael J. Langton , Manager, Personnel Department T homas J. Lawler, Manager, Currency Verification Department D avid L. Roberts, Research Officer and Senior Economist CHARLES E. Rockey, Manager, Currency Services Department B radley K. S abel, Secretary and Assistant Counsel LEONARD G. S ahling, Research Officer and Senior Economist D onald E. S chmid, Manager, Bank Analysis Department Robert C. S crivani, Manager, Personnel Department M indy R. S ilverman, Assistant Counsel* Jason M. S tern, Manager, Records, Printing, and Postal Department KENNETH M. LEFFLER, Manager, General Purpose Computer Department Franklin T. Love , Manager, Credit and Discount Department Joan E. Lovett. Manager, Securities Department A. John M aher, Assistant Chief Examiner N irmal V. Manerikar, Manager, Management Information Department Services Department C hristopher J. McC urdy , Research Officer and Senior JOHN J. Strick, Manager, Savings Bond Department W alker F. T odd , Assistant Counsel Raleigh M. Tozer, Assistant Counsel Ruth A nn T yler, Manager, Service Department LILLIE S. W ebb , Manager, Currency Verification Department B etsy B uttrill W hite, Manager, Pricing Administration Economist Paul L. McEvily, Manager, Check Services Department T homas P. McQ ueeney , 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 Department John E. Flanagan , General Auditor R obert J. A mbrose, Assistant General Auditor Loretta G. A nsbro , Audit Officer Edward J. Churney , Manager, Auditing Department H. A llan V irginia, Manager, Audit Analysis Department * On leave of absence. Buffalo Branch of Federal Reserve Bank of New York DIRECTORS M. Jane D ickman , Chairman Partner, Touche Ross & Co., Buffalo, N.Y. G eorge L. W essel, Edward W. D uffy, Chairm an o f the E x e cu tiv e C om m ittee, President, Buffalo AFL-CIO Council, Buffalo, N.Y. M arine M idland B an k s, In c., B u ffa lo , N .Y . D onald I. W ickham , Herbert Fort, President, Tri-Way Farms, Inc., Stanley, N.Y. P resident, T h e Bath N ational B ank, B ath, N .Y . L aval S. W ilson, Frederick G. Ray , Superintendent, Rochester City School District, Rochester, N.Y. Chairm an o f the B oard, R och ester C om m u n ity S a v in g s Bank, R och ester, N .Y . OFFICERS John T. Keane , Vice President and Branch Manager Peter D. L uce, Assistant Vice President Gary S. W eintraub, Cashier Robert J. M cD onnell, Operations Officer D avid P. S chwarzmueller, Operations Officer 7
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