nycirc_1977_08040.pdf

F E D E R A L R E S E R V E B A N KO F N E W Y O R K

[ Circular No. 8040 January 26, 1977

SIXTY-SECOND 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 1976, and of earnings and expenses for that year. For comparison purposes, the corresponding figures for 1975 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 1976, is now being prepared. When it is issued, a copy will be sent to each member bank in the District.

P a u l A. V o l c k e r ,

President.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statement of Condition

ASSETS Dec. 31, 1976 Dec. 31,1975Gold certificate account .... .... ... . $ 3,349,952,359 $ 3,330,061,781Special Drawing- Rights certificate account... 300,000,000 124,000,000Federal Reserve notes of other Ranks 360,651,560 275,087,350Other cash____ 29,340,214 22,551,259

Total ____ . ..... $ 4,039,944,133 $ 3,751,700,390

Advances____ . . . $ 2,875,000 $ 78,290,000Acceptances:

Bought outright .... 196,305,703 741,485,034Held under repurchase agreements .. ____ 794,831,023 385,095,974

U.S. Government securities:Bought outright* . 21,937,483,000 20,810,610,000Held under repurchase agreements______ 3,752,800,000 1,216,700,000

Federal agency obligations:Bought outright _____ _____ 1,597,951,337 1,457,196,416Held under repurchase agreements______ 278,100,000 118,200,000

Total loans and securities_____________... $28,560,346,063 $24,807,577,424

Other assets:Cash items in process of collection_______ $ 1,831,543,968 $ 1,784,801,951Bank premises ______________ 17,355,589 20,107,521Due from F D IC f_______ ... . . . 650,000,000 1,125,000,000All other! _____ 688,454,768 724,396,964

Total other assets____ .. _ _ $ 3,187,354,325 $ 3,654,306,436

Interdistrict settlement account . . . ($ 3,763,077,956) ($ 2,609,895,974)TOTAL ASSETS $32,024,566,565 $29,603,688,276

* Includes securities loaned—fully secured $195,425,000 $114,645,000t In connection with the closing of Franklin National Bank.

$ Includes assets denominated in foreign currencies.

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Statement of Condition ( Continued!)

LIABILITIES Dec. 31, 1976 Dec. 31,1975

Federal Reserve notes $21,692,385,770 $19,703,279,957

Deposits:Member bank reserve accounts--------Due to other Federal Reserve Banks—

collected funds---------------------------U. S. Treasury—general account-----Foreign* ------------------------------------O th e r___________________________

Total deposits_________________

Other liabilities:Deferred availability cash item s____All other _______________________

Total other liabilities___________

TOTAL L IA B IL IT IE S________

$ 4,820,158,559

164,577,396 2,464,102,743

176,558,876 885,675,171

$ 8,511,072,745

$ 1,041,267,832 277,326,318

$ 1,318,594,150

$31,522,052,665

$ 4,717,700,951

2,292,381,380 159,007,957 769,063,124

$ 7,938,153,412

$ 1,202,944,267 280,699,540

$ 1,483,643,807

$29,125,077,176

CAPITAL ACCOUNTSCapital paid in ____________________________ $ 251,256,950Surplus -------------------------------------------------- 251,256,950

TOTAL CAPITAL ACCOUNTS_____ $ 502,513,900

$ 239,305,550239,305,550

$__ 478,611,100

TOTAL LIABILITIES AND CAPITAL ACCOUNTS --------------------------------- $32,024,566,565 $29,603,688,276

* After deducting participations of other Federal Reserve Banks amounting t o ................................................................................ $175,125,100 $193,798,800


Statement of Earnings and Expenses

1976 W 5Total current earnings_____________________ $1,708,961,080 $1,660,070,216

Net expenses_____________________________ 136,593,653 125,660,806

Current net earnings___________________ $1,572,367,427 $1,534,409,410

Additions to current net earnings:Profit on sales of U. S. Government securities

and Federal agency obligations (net) ____ $ 7,911,034 $ 8,824,743All other ______________________________ 458,243 1,024,713

Total additions $ 8,369,277 $ 9,849,456

Deductions from current net earnings:Loss on foreign exchange transactions (net) .. $ 6,444,044 $ 63,350,936*All other __________ 3,827,499 716,231

Total deductions_____ ... $ 10,271,543 $ 64,067,167

Net deductions _____ $ 1,902,266 $ 54,217,711

Net earnings available for distribution $1,570,465,161 $1,480,191,699

Dividends paid $ 14,736,448 $ 13,918,891Payments to U. S. Treasury (interest on Federal

Reserve notes) __ $1,543,777,313 $1,461,619,158Transferred to surplus $ 11,951,400 $ 4,653,650

SURPLUS ACCOUNTSurplus—beginning of year $ 239,305,550 $ 234,651,900Transferred from net earnings for year 11,951,400 4,653,650Surplus—end of year $ 251,256,950 $ 239,305,550

* Reflects revaluation of pre-1971 SW AP drawings.

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i


Federal Reserve Bank of New York

DIRECTORS

Frank R. Milliken (C-1978*), President, Kennecott Copper Corporation,

New York, N. Y.C h a irm a n , a n d F e d e r a l R e s e r v e A g e n t

Robert H. K night (C-1977), Partner, Shearman & Sterling, Attorneys,

New York, N. Y.D e p u ty C h a irm a n

Maurice F. Granville (B-1979),Chairman of the Board, Texaco Inc.,

New York, N. Y.(Elected by Group 1 banks)

E llmore C. Patterson (A-1979),Chairman of the Board, Morgan Guaranty Trust

Company of New York,New York, N. Y.

(Elected by Group 1 banks)

Jack B. Jackson (B-1978),Former President, J. C. Penney Co., Inc.,


W illiam S. S neath (B-1977),Chairman of the Board, Union Carbide Corporation,


Stuart McCarty (A-1977),President, First-City National

Bank of Binghamton, Binghamton, N. Y.


H arry J. T aw (A-1978),President, First National Bank

of Cortland,Cortland, N. Y.


•The letter indicates the class of directors; term expires December 31 of the year indicated.

MEMBER OF FEDERAL ADVISORY COUNCIL

W alter B. W riston,Chairman of the Board, Citibank, N.A.,

New York, N. Y.

S


Federal Reserve Bank of New YorkOFFICERS

P a u l A . V olcker , P r e s id e n t T h o m a s M . T im l e n , F ir s t V ic e P r e s id e n t

A l a n R . H o l m e s , E x e c u tiv e V ic e P r e s id e n t

E dward G. G u y , S e n io r V ic e P r e s id e n t a n d G e n e ra l C o u n se lF red W . P id erit , J r ., S e n io r V ic e P r e s id e n t• ----------------—J a m e s O . A st o n , V ic e P r e s id e n tP eter B a k s t a n s k y , V ic e P r e s id e n tW il l ia m H . B r a u n , J r ., V ic e P r e s id e n tR obert L. C ooper, V ic e P r e s id e n tE . G erald C orriga n , V ic e P r e s id e n tR ic h a r d G. D a v is , S e n io r E c o n o m ic A d v is e rK arl L. E ge, V ic e P r e s id e n t a n d O p e r a t io n s A d v is e rC h e s t e r B. F eldberg, V ic e P r e s id e n tP eter F o u s e k , V ic e P r e s id e n t a n d D ir e c to r o f R e s e a r c hR onald B . G ra y , V ic e P r e s id e n tP a u l B. H en d e r so n , J r ., V ic e P r e s id e n t

T h o m a s C. S lo a n e , S e n io r V ic e P r e s id e n t P eter D. S t e r n l ig h t , S e n io r V ic e P r e s id e n t

R obert E . L loyd, J r ., V ic e P r e s id e n tP a u l M e e k , M o n e ta r y A d v is e rJ a m e s H. O l t m a n , D e p u ty G en era l C o u n se lS cott E . P ardee, V ic e P r e s id e n tE d w in R . P o w ers , V ic e P r e s id e n tA . M a r s h a l l P u c k e tt , V ic e P r e s id e n tF rederick C. S c h a d r a c k , V ic e P r e s id e n tF red erick L. S m ed ley , V ic e P r e s id e n tR obert C. T h o m a n , V ic e P r e s id e n tH. D avid W il l e y , V ic e P r e s id e n t

L o u is J. B r en d el , A s s i s ta n t V ic e P r e s id e n tA . T h o m a s C ombader, B u ild in g s A d m in is tr a to rR obert J. C row ley , A s s i s ta n t V ic e P r e s id e n tH ow ard F . C r u m b , A d v is e rS u z a n n e C u tler , A s s i s ta n t V ic e P r e s id e n tH en r y S . F u j a r s k i , J r ., A s s i s ta n t V ic e P r e s id e n tM argaret L. G r e e n e , A s s i s ta n t V ic e P r e s id e n tM ic h a e l J . H a m bu rg er , A d v is e rJ o h n H o p k in s H e ir e s , A d v is e rR ic h a r d H . H o en ig , A s s i s ta n t V ic e P r e s id e n tM a t t h e w J . H oey ,* A d v is e rW h it n e y R . I r w in , A s s i s ta n t V ic e P r e s id e n tF red H . K lopsto ck , A d v is e r

L eo n K orobow, A s s i s ta n t V ic e P r e s id e n t L a w r e n c e A . M ay er , A d v is e r A n t o n S. N is s e n , A s s i s ta n t V ic e P r e s id e n t J o s e p h M . O ’C o n n e l l , A s s i s ta n t V ic e P r e s id e n t B en e d ic t R a fa n el lo , A s s i s ta n t V ic e P r e s id e n t L eopold S. R a s s n ic k , A s s i s ta n t G e n e ra l C o u n se l W a lter S. R u s h m o r e ,* A s s i s ta n t V ic e P r e s id e n t I r w in D. S andberg , A s s i s ta n t V ic e P r e s id e n t C ec il A . S h e p h e r d , A s s i s ta n t V ic e P r e s id e n t R udolf T h u n b e r g , A s s i s ta n t V ic e P r e s id e n t S h e il a L . T s c h in k e l , A d v is e r P h il ip V a n O r m a n , A s s i s ta n t V ic e P r e s id e n t R ic h a r d V o ll k o m m er , A s s i s ta n t V ic e P r e s id e n t W il l ia m H . W eten d o rf, A s s is ta n t V ic e P r e s id e n t

B ru ce G. A lex a nd er , M a n a g e r , P e r s o n n e l D e p a r tm e n tM arcelle V. A r a k , S e n io r E c o n o m is t T h o m a s C. B a r m a n , F o r e ig n E x c h a n g e O ffice r L eonard I. B e n n e t t s , M a n a g e r , C h ec k A d ju s tm e n t

a n d R e tu r n I te m s D e p a r tm e n t J erry B e r k o w it z , O p e r a t io n s A n a ly s i s O ffic e r D o n a ld L. B it t k e r , A s s i s ta n t C o u n se l G eorge H . B o ssy , M a n a g e r , F o r e ig n D e p a r tm e n t J orge A. B r a t h w a it e , M a n a g e r , G o v e r n m e n t

B o n d a n d S a fe k e e p in g D e p a r tm e n t R a l p h A. C a n n , III, O p e r a t io n s A n a ly s is O ffice r J o h n M . C a sa z z a , A s s i s ta n t C h ie f E x a m in e r T er r en c e J . C h e c k i , M a n a g e r , P e r s o n n e l D e p a r tm e n t J o h n C h o w a n s k y , M a n a g e r , C a sh D e p a r tm e n t P a u l J. C ieu rzo , M a n a g e r , G o v e r n m e n t B o n d an d

S a fe k e e p in g D e p a r tm e n t M ary R . C l a r k in , S e c u r i t ie s T r a d in g O ffice r Louis J. C onroy , M a n a g e r , R e c o r d s M a n a g e m e n t an d

E m e r g e n c y P la n n in g D e p a r tm e n t D e n is L. C o n w a y , M a n a g e r , C u s to m S y s t e m s D e p a r tm e n t R ic h a rd D . C o o pe r sm it h , A s s o c ia te C o u n se l R obert N. D a v en po rt , J r., A s s i s ta n t C o u n se l F red A . D e n e s e v ic h , O p e r a t io n s O ff ic e r , C r a n fo r d O ffic e E dward H . D e n h o f f , O p e r a tio n s O f r e e r , U tic a O ffice J a n e L. D etr a , A s s i s ta n t S e c r e ta r y a n d A s s i s ta n t C o u n se l M a t t h e w C. D rexler , M a n a g e r , B u ild in g O p e r a tin g

D e p a r t tn e n tE d n a E . E h r l ic h , M a n a g e r , I n te r n a tio n a l R e se a r c h

D e p a r tm e n tE u g e n e P . E m o n d , M a n a g e r , C r e d i t a n d D is c o u n t D e p a r tm e n tL a w r e n c e D . F r u c h t m a n , A s s i s ta n t C o u n se l P eter J . F u l l e n , M a n a g e r , T e le c o m m u n ic a tio n s D e p a r tm e n t R oberta J . G r e e n , M a n a g e r , P e r s o n n e l D e p a r tm e n t G erald H a y d e n , M a n a g e r , C a sh C u s to d y D e p a r tm e n t, a n d

M a n a g e r , C o lle c tio n D e p a r tm e n t F red C. H e r r im a n , J r., M a n a g e r , D o m e s t ic B a n k in g

A p p l ic a t io n s D e p a r tm e n t J o h n S. H il l , S e n io r E c o n o m is tO leg H o f f m a n , M a n a g e r , C o m p u te r O p e r a tio n s D e p a r tm e n t L eon R . H o lm es , M a n a g e r , S e c u r i ty C u s to d y D e p a r tm e n t

J o h n C. H o u h o u l is , M a n a g e r , P a y m e n t S y s te m s D e p a r tm e n t

R obert A . J a c obsen , C h ie f E x a m in e r A n g u s J . K e n n e d y , M a n a g e r , U s e r O p e r a tio n s D e p a r tm e n t E dward F . K ip f s t u h l , M a n a g e r , B a n k R e g u la tio n s

D e p a r tm e n tR oger M . K u b a r y c h , F o r e ig n E x c h a n g e O ffice r F red J . L e v in , S e n io r E c o n o m is t C lifford N. L ip sc o m b , A s s i s ta n t C o u n se l R onald E. L ong , M a n a g e r , P la n n in g D e p a r tm e n t F r a n k l in T . L ove, M a n a g e r , B a n k R e la t io n s D e p a r tm e n t J o a n E. L ovett, S e c u r i t ie s T r a d in g O ffic e r C h a r l es M . L u c a s , M a n a g e r , S ta t i s t i c s D e p a r tm e n t F r a n k W . L und bla d , J r., M a n a g e r , P r o te c t io n D e p a r tm e n t A . J o h n M a h e r , A s s i s ta n t C h ie f E x a m in e r C a t h y E. M in e h a n , M a n a g e r , M a n a g e m e n t In fo r m a tio n

D e p a r tm e n tT heodore N . O p p e n h e im e r , M a n a g e r , F o r e ig n B a n k in g

A p p l ic a t io n s D e p a r tm e n tE dward J . O zog, M a n a g e r , S e c u r i t ie s D e p a r tm e n t E r n e s t T . P a t r ik is , A s s o c ia te C o u n se l a n d A s s is ta n t

S e c r e ta r yJ erom e P . P erlongo, M a n a g e r , C h ec k P r o c e s s in g

D e p a r tm e n tD on N. R in g s m u t h , A s s i s ta n t C o u n se l M ary J . R odgers, A s s o c ia te C o u n se lF r a n c is H. R o h r b a c h , M a n a g e r , S a v in g s B o n d D e p a r tm e n t H erbert H. R u e s s , M a n a g e r , C r e d i t a n d D is c o u n t D e p a r tm e n tG eorge W . R y a n , M a n a g e r , F o r e ig n D e p a r tm e n t R a l p h C . S c h in d l e r , D a ta S e r v ic e s O ffice r D onald E . S c h m id , M a n a g e r , B a n k A n a ly s is D e p a r tm e n t I srael S endrovic , M a n a g e r , C o m m o n S y s t e m s D e p a r tm e n t J o h n F . S obala , M a n a g e r , C h ec k P r o c e s s in g D e p a r tm e n t G ary H. S t e r n , M a n a g e r , D o m e s t ic R e s e a r c h D e p a r tm e n t J o h n J . S t r ic k , M a n a g e r , A c c o u n tin g D e p a r tm e n t S t e p h e n G. T h ie k e , S e c r e ta r y R u t h A n n T yler, E q u a l O p p o r tu n ity O ffic e r S t e p h e n P . W e is , M a n a g e r , G o v e r n m e n t B o n d a n d

S a fe k e e p in g D e p a r tm e n tH e n r y F . W ie n e r , M a n a g e r , S e r v ic e D e p a r tm e n t

J o h n E . F l a n a g a n , G e n e r a l A u d i to r W il l ia m M . S c h u l t z , A s s i s ta n t G en era l A u d i to r

D onald R . A n d er so n , M a n a g e r , A u d i t in g D e p a r tm e n t W . W il l ia m B a u m g a rd t , ! M a n a g e r , A u d it in g D e p a r tm e n tG erald L I sa a c so n , M a n a g e r , A u d i t A n a ly s is D e p a r tm e n t

* Retires February 1, 1977. f On leave of absence to October 1977.

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Buffalo Branch of Federal Reserve Bank of New York

DIRECTORS

P a u l A. M il le r , C h a irm a n

President, Rochester Institute of Technology, Rochester, N. Y.

M . J a n e D ic k m a n ,Partner, Touche Ross & Co.,

Buffalo, N. Y.

C h a r l e s A. M a r k s ,

President, Alden State Bank, Alden, N. Y.

K e n t 0 . P a r m in g t o n ,

Regional President, Western Region, The Bank of New York,

Buffalo, N. Y.

W il l ia m B. W ebber,

Chairman of the Board,Lincoln First Bank of Rochester,

Rochester, N. Y.

D onald R . N es b it t , S r.,

Owner and operator, Silver Creek Farms, Albion, N. Y.

OFFICERS

J o h n T . K e a n e , V ic e P r e s id e n t a n d B r a n c h M a n a g e r

P eter D . L u c e , C a s h ie r

H arry A. Curth, J r ., A s s i s ta n t C a s h ie r R obert J . M cD o n n e l l , A s s i s ta n t C a s h ie r

G ary S . W e in t r a u b , A s s is ta n t C a s h ie r

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