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FEDERAL RESERVE BANK OF NEW YORK Circular No. 9797"! February 5, 1985 j t SEV EN TIETH ANNUAL STATEM ENT To All Member Banks, and Other Depository Institutions, in the Second Federal Reserve District: On the following pages are a statement of condition of the Federal Reserve Bank of New York at the close of the year 1984 and a statement of earnings and expenses for that year. For comparison purposes, the corre sponding figures for 1983 are also shown. In addition, current listings of the directors and officers of this Bank and its Buffalo Branch are set forth. The regular annual report of the Bank, containing a review of economic and financial developments in 1984, is now being prepared. When it is issued, a copy will be sent to each depository institution in the District. E. G erald Corrigan, President. Statement of Condition ASSETS Dec. 31, 1984 Dec. 31, 1983 Gold certificate account......................................... $ 3,356,584,828 $ 3,058,029,344 Special Drawing Rights certificate account......... 1,335,000,000 1,335,000,000 Coin............................................................................ 17,788,603 24,192,328 Total . . . . ............... ......................................... $ 4,709,373,431 $ 4,417,221,672 $ $ Advances................................................................... 78,150,000 124,125,000 Acceptances held under repurchase agreements* 418,160,108 U.S. Government securities: Bought outright!.................................................. 53,453,237,996 49,294,020,471 Held under repurchase agreements................. 1,626,895,000 1,384,200,000 Bought outright................................................... 2,816,403,197 2,830,462,845 Held under repurchase agreements................. 387,840,000 207,700,000 Total loans and securities................ ............. $58,362,526,193 $54,258,668,424 $ 725,094,536 $ 1,361,852,987 25,584,445 25,117,643 Federal agency obligations: Other assets: Cash items in process of collection................. Bank premises...................................................... Due from FDIC for indebtedness assumed. . . 142,666,667 All o th e r !............................................................. 1,990,276,344 2,086,313,647 Total other a ssets............... ............................ $ 2,740,955,325 $ 3,615,950,944 Interdistrict settlement account............................ TOTAL A SSE T S........................................... ($ 2,007,767,455) $63,805,087,494 $ 447,748,455 $62,739,589,495 * Effective July 2, 1984, the Federal Open Market Committee discontinued the use of repurchase agreements on bankers’ acceptances in open market operations. t Includes securities loaned — $1,092,275,000 as of December 31,1984, and $743,870,000 as of December 31,1983. t Includes assets denominated in foreign currencies revalued monthly at market rates. Statement of Condition (iContinued) LIABILITIES Dec. 31, 1983 Dec. 31, 1984 $51,096,394,262 $49,474,467,588 $ 4,392,132,027 5,316,146,626 Other.................................................. 139,851,548 479,787,646 $ 6,227,619,079 3,660,842,946 77,415,895 513,168,084 Total deposits.............................. $10,327,917,847 $10,479,046,004 $ All other*......................................... 687,840,471 899,915,314 $ 1,215,482,355 855,720,448 Total other liab ilities................. $ 1,587,755,785 $ 2,071,202,803 TOTAL LIABILITIES............... $63,012,067,894 $62,024,716,395 $ 396,509,800 396,509,800 $ 357,436,550 357,436,550 TOTAL CAPITAL ACCOUNTS $ 793,019,600 $ 714,873,100 TOTAL LIABILITIES AND CAPITAL ACCOUNTS......... $63,805,087,494 Federal Reserve notes (n et)............... Reserves and other deposits: Depository institutions................... U.S. Treasury — general account. Foreign — official accounts........... Other liabilities: Deferred availability cash items. . . CAPITAL ACCOUNTS Capital paid i n ..................................... Surplus.................................................. $62,739,589,495 * Includes exchange translation account balances reflecting the monthly revaluation of outstanding foreign exchange commitments. 3 Statement of Earnings and Expenses 1984 1983 Net expenses............................................................. $5,795,629,347 211,272,339 $5,141,341,063 196,785,846 Current net earnings....................................... $5,584,357,008 $4,944,555,217 Total current earnings............................................. Additions to current net earnings: Profit on sales of U.S. Government securities and Federal agency obligations (net). . . . . . $ 16,151,134 30,694 $ 6,693,696 20,850 $ 16,181,828 $ 6,714,546 $ 110,974,967 1,563,926 $ 111,336,562 116,615 Total deductions.............................................. $ 112,538,893 $ 111,453,177 Net deductions........................................................ $ 96,357,065 $ 104,738,631 $ 20,162,400 51,203,994 $ 17,513,200 41,636,586 Total assessments........................................... $ 71,366,394 $ 59,149,786 Net earnings available for distribution . . . . $5,416,633,549 All oth er............................................................... Total additions ................................................ Deductions from current net earnings: Loss on foreign exchange (net)........................ All oth er............................................................... Assessments by Board of Governors: Board expenditures................. ............................ Cost of Federal Reserve currency.................... $4,780,666,800 DISTRIBUTION OF NET EARNINGS Transferred to surplus............................................. 22,886,593 39,073,250 Payments to U.S. Treasury (interest on Federal Reserve notes)....................................... 5,354,673,706 4,733,958,866 Net earnings distributed............................ $5,416,633,549 $4,780,666,800 Surplus — beginning of year................................. $ 357,436,550 $ 331,612,700 Transferred from net earnings.............................. 39,073,250 25,823,850 Surplus — end of year........................................... $ 396,509,800 $ 357,436,550 Dividends p a id ........................................................ $ $ 20,884,084 25,823,850 SURPLUS ACCOUNT 4 Federal Reserve Bank of New York DIRECTORS John Brademas (C-1985*), President, New York University, New York, N.Y. Chairman, and Federal Reserve Agent Clifton R. Wharton, Jr. (C-1986), Chancellor, State University of New York System, Albany, N.Y. Deputy Chairman Alfred Brittain III (A-1985), Chairman of the Board, Bankers Trust Company, New York, N.Y. (Elected by Group 1 banks) Robert W. Moyer (A-1987), President and Chief Executive Officer, Wilber National Bank, Oneonta, N.Y. (Elected by Group 3 banks) William S. Cook (B-1985), President and Chief Executive Officer, Union Pacific Corporation, New York, N.Y. (Elected by Group 1 banks) John R. Opel (B-1986), Chairman of the Board, International Business Machines Corporation, Armonk, N.Y. (Elected by Group 2 banks) Virginia A. Dwyer (C-1987), Senior Vice President — Finance, American Telephone and Telegraph Company, New York, N.Y. T. Joseph Semrod (A-1986), Chairman of the Board, United Jersey Bank, Hackensack, N.J. (Elected by Group 2 banks) John F. Welch, Jr. (B-1987), Chairman of the Board, General Electric Company, Fairfield, Ct. (Elected by Group 3 banks) * The letter indicates the class of director; termexpires D ber 31 of the year indicated. ecem 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 Bank of New York O FFIC ER S E. G erald Corrigan, President T homas M. Timlen , First Vice President S am Y. Cross, Executive Vice President Peter Fousek , Executive Vice President and James H. Oltman , General Counsel Peter D. S ternlight , Executive Vice President Director of Research S uzanne C utler , Senior Vice President Richard G. D avis , Senior Economic Adviser C hester B. Feldberg , Senior Vice President Henry S. Fujarski, Senior Vice President Edward J. G eng , Senior Vice President M argaret L. G reene , Senior Vice President Ernest T. P atrikis, Deputy General Counsel Irwin D. S andberg , Senior Vice President Frederick C. S chadrack , Senior Vice President Israel S endrovic, Senior Vice President S tephen G. T hieke , Senior Vice President Robert M. A bplanalp , Vice President James O. A ston , Vice President Peter B akstansky , Vice President Joseph P. B otta , Vice President Jorge A. B rathwaite , Vice President Ralph A. Ca n n , III, Vice President M ary R. C larkin , Vice President John M. E ighmy , Vice President Robert T. Falconer , Vice President Peter J. Fullen , Vice President Richard J. G elson , Vice President Roberta J. G reen , Vice President C harles M. Lucas , Vice President Paul M eek , Vice President and Monetary Adviser Cathy E. M ineh a n , Vice President E dwin R. Powers, Vice President A. M arshall Puckett , Vice President G eorge W. R y a n , Vice President Jeffrey R. S hafer , Vice President* H erbert W. W hiteman , Jr ., Vice President S usan C. Y oung , Vice President M. A kbar A khtar , Assistant Director of Research C arol W. B arrett, Assistant Vice President B arbara R. B utler Assistant Vice President T errence J. C hecki, Adviser John Chowansky , Security Control Adviser Howard F. Crumb , Assistant Vice President H arry A. C urth , Jr ., Regional Manager, Check Processing Ronald E. Long , Assistant Vice President Joan E. Lovett , Assistant Vice President G eorge Lukowicz , Assistant Vice President S usan F. M oore, Assistant Vice President Robert 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. R ingsmuth , Assistant General Counsel W illiam L. R utledge , Assistant Vice President A nthony N. S agliano , Regional Manager, Check Processing Function (Utica Office) Fred A. D enesevich , Regional Manager, Check Processing Function (Cranford Office) Frank C. E iseman , Assistant Vice President Edward J. Frydl , Assistant Director of Research W illiam J. G asser, Assistant Director of Research* John Hopkins H eires, Adviser R ichard H. H oenig , Assistant Vice President Leon R. Holmes, Assistant Vice President W hitney R. Irw in , Senior Bank Services Officer George R. Juncker , Chief Compliance Examiner Leon K orobow , Assistant Vice President P atricia H. K uwayama , Assistant Vice President Function (Jericho Office) W illiam M. S chultz , Adviser John F. Sobala , Assistant Vice President C arl W. T urnipseed , Assistant Vice President B arbara L. W alter , Adviser John W enninger , Assistant Director of Research B etsy B uttrill W hite , Assistant Vice President Henry F. W iener , Assistant Vice President Janet L. W y n n , Assistant Vice President V iera A. Crout , Manager, Common Systems Department M artin P. Cusick , Manager, Paying and Receiving D onald R. A nderson , Manager, Accounting Department G eorge R. A rrington , Manager, Foreign Relations 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 T homas C. B axter , Jr ., Assistant Counsel Paul B. B ennett , Research Officer and Senior Economist N ancy B ercovici, Manager, Statistics Department D onald L. B ittker, Assistant Counsel George 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 E dna E. Ehrlich , Research Officer and Senior Economist E ugene P. E mond , Manager, Supervision Support Department Steven J. G arofalo , Operations Analysis Officer James H. G aver , Manager, Analytical Computer Department M ichele S. Godfrey, Bank Services Officer Peter M. Gordon , Manager, Computer Operations Support Department John M. Casazza , Assistant Chief Examiner B ruce A. C assellA, Bank Services Officer R onald J. Clark , Manager, Communications and Technical Department Services Department Joseph J. G rimshaw , Manager, Safekeeping Department A aron S. G urw itz , Research Officer and Senior Economist Patrick J. Corcoran, Research Officer and Senior Economist H. John Costalos, Manager, Securities Transfer Department * O leave of absence. n 6 D onald R. M oore, Equal Employment Opportunity Officer Joyce E. M otylewski, Assistant Counsel T homas E. N evius , Manager, Check Adjustment Department M onika K. N ovik , Manager, Data Systems Department K athleen A. O’N eil , Manager, Credit and Discount Gary H aberman , Manager, Dealer Surveillance Staff Gerald Hayden , Manager, Data Reporting 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 , Manager, Personnel Department, Department T heodore N. Oppenheimer, Assistant Secretary Carl J. P al ash , Research Officer and Senior Economist R ichard P. P assadin , Security Officer Jerome P. Perlongo , Manager (Night Officer), Assistant Counsel, and Assistant Secretary M arcos T. Jones , Manager, Statistics Department Patricia Y. Ju n g , Manager, Operations Systems Department Ira K ahner , Manager, Data Systems Department W illiam J. Kelly , Manager, Protection Department A ngus J. K ennedy , Manager, Government Bond Department T homas J. Lawler , Manager, Currency Verification Administrative Services Group Joseph R. Prancl , Jr ., Manager, Accounting Department Francis J. Reischach , Manager, Foreign Relations Department D avid L. R oberts, Research Officer and Senior Economist C harles E. Rockey, Manager, Currency Services Department Department K enneth M. Leffler, Manager, General Purpose Computer B radley K. S abel , Secretary and Assistant Counsel D onald E. Schmid , 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 Franklin T. Love , Manager, Credit and Discount Department A. John M aher , Assistant Chief Examiner N irmal V. M anerikar, Manager, Management Information Department Christopher J. M cC urdy , Research Officer and Senior Economist Paul L. M cE vily , Manager, Check Services Department Thomas P. M cQ ueeney , Assistant Chief Examiner Joseph C. M eehan , Manager, Building Operating Department H arry Z. M elzer , Manager, Data Systems Department A n n -M arie M eulendyke , Manager, Securities Department Gerald P. M inehan , Manager, Foreign Banking Applications Department Services Department John J. S trick, Manager, Savings Bond Department M aryS ue S ullivan , Assistant Counsel W alker F. Todd , Assistant Counsel R aleigh M. Tozer , Assistant Counsel Ruth A n n T yler , Manager, Service Department D onald T. V angel , Manager, Domestic Banking Applications Department L illie S. W ebb , Manager, Currency Verification Department W ebster B. W hite , Assistant Counsel John E. Flanagan , General Auditor R obert J. A mbrose, Assistant General Auditor Loretta G. A nsbro , Audit Officer E dward J. Churney , Manager, Auditing Department H. A llan V irginia , Manager, Audit Analysis Department Buffalo Branch of Federal Reserve Bank of New York DIRECTORS M. Jane D ickman , Chairman Partner, Touche Ross & Co., Buffalo, N.Y. D onald I. W ickham , W illiam B alderston III, President, Tri-Way Farms, Inc., Stanley, N.Y. President and Chief Executive Officer, Chase Lincoln First Bank, N.A., Rochester, N.Y. L aval S. W ilson , H erbert Fort, Superintendent, Rochester City School District, Rochester, N.Y. President, The Bath National Bank, Bath, N.Y. Joseph Y antomasi, Ross B. Kenzie , Chairman of the Board, Goldome FSB, Buffalo, N.Y. Western New York Area Director, United Auto Workers, Buffalo, N.Y. OFFICERS John T. K eane , Vice President and Branch Manager Peter D. L uce , Assistant Vice President G ary S. W eintraub , Cashier Robert J. M cD onnell , Operations Officer D avid P. Schwarzmueller , Operations Officer 7
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