FOURTH   ANNUAL   REPORT
of the

DÍSCOUNT   CORPORATÍON
OF   NEW   YORK

To the Shareholders:

The Directors have pleasure in submitting herewith the Fourth Annual Report
and Balance Sheet of your Corporation.

After making provisions for Taxes, the net profits for the year were ^48,428.241

Dividends at the rate of 6% per annimx, amounting to $300,000., were declared
during the year, leaving $248,428.24 to be added to the Undivided Profits
Account, which now stands at $1,258,054.95.

The volume of business transacted by your Corporation during the year 1922
was somewhat in excess of 1921. The diminution of business in Bankers'
Acceptances was more than made up by greater activity ín United States
Treasury Certificates and Notes.

Respectfully submitted,

By order of THE BOARD OP DIRECTORS,
John McHugh, Chairman