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Federal Reserve Bank
of Boston

Report to Stockholders

December 31, 1938




January 5, 1939.

To

the

Stockholders of th e

F e d e r a l R e s e r v e B a n k of B o s t o n :

There is transmitted herewith a statement showing
the condition of the Federal Reserve Bank of Boston at
the close of business December 31, 1938, also a statement
of the Profit and Loss Account for the year ending
December 31, 1938.




Yours very truly,
R. A. YOUNG,
President.

STATEMENT OF CONDITION AT CLOSE OF BUSINESS
December 31, 1938

RESOURCES
Earning Assets:
Bills d is c o u n t e d ..............................
$
40,970.00
Bills bought in open market
41,323.77
Industrial A d v a n c e s ........................
1,945,077.85
U. S. Government Securities
192,970,500.00
T o t a l ..........................................
$194,997,871.62
Cash Reserves:
Gold Certificates with Fed. Res. Agent $420, 000, 000.00
Redemption Fund (F. R. Notes)
328,476.08
Interdistrict Settlement Fund .
240, 319,365.38
Total Gold Certificate Reserves .
$660, 647,841.46
Other c a s h ....................................
36, 111,334.33
Total Cash Reserves . . . .
696,759,175.79
Checks and other cash items in process of
c o lle c t io n ..........................................
70,638,916.28
Bank P r e m is e s ....................................
4, 500,486.04
Less r e s e r v e s ....................................
1,555,468.79
2,945,017.25
Fed. Dep. Insurance Corp. stock
10.230.236.88
Less r e s e r v e s ........................
10.230.236.88
All other resources . . . .
2,906,111.59
Total resources
. . . .
$968,247,092.53

LIABILITIES
Capital:
Subscribed................................................
Subject to c a l l ....................................
Capital paid i n ....................................
Surplus Section 7
....................................
Surplus Section 1 3 b ..............................
Deposit Liability:
Government d e p o s i t s ........................ $ 81,323,769.97
Member Banks’ reserves
. . . .
392,293,622.59
Other d e p o s i t s ....................................
18,611,234.31
Deferred credits for uncollected checks .
Reserve for co n tin g e n cie s........................
Federal Reserve Notes— net circulation .
All other lia b ilitie s ....................................
Total Liabilities




$ 18,822,700.00
9,411,350.00
$ 9,411,350.00
10,083,351.54
2,873,770.90

$492,228,626.87
67,896,624.21
1,448,336.84
384,129,520.00
175,512.17
$968,247,092.53

STATEMENT OF PROFIT AND LOSS ACCOUNT SHOWING
DISTRIBUTION OF EARNINGS AND EXPENSES
For the Year Ending December 31, 1938

E a r n in g s .................................................................................... $2,690,182.85
Less current e x p e n s e s ......................................................
Current net earnings

2,165,667.50

...................................................... $ 524,515.35

Additions to current net e a r n in g s ....................................

653,127.28

T o t a l .............................................................................. $1,177,642.63
Deductions from current net ea rn in g s...............................

428,115.14
$ 749,527.49

Payment to Secretary of the Treasury (Section 13b)

.

.

1,544.13
$ 747,983.36

Transferred to Surplus (Section 7

) .....................................

183,614.40
$ 564,368.96

Dividend paid




................................................ .....

$ 564,368.96

FEDERAL RESERVE BANK OF BOSTON
OFFICERS AND DIRECTORS
1938

OFFICERS
R oy

A.

Y

oung,

President,

H.

F r ed er ic

C u r t is s .

Federal Reserve

Agent.
W

il l ia m

W.

W

il l ia m

W

Pa d d o c k ,

First Vice-President.

K r ic k e l K . C a r r ic k ,

Secretary and

<
i

General Counsel.
E l l is

G.

E rnest

H ult,

M.

alter

W

Cashier.

il l e t t ,

L. E d d y , Assistant Federal
Reserve Agent.

W

il l ia m

John

J.

D.

M

F ogg,

cR a e ,

Chief Examiner.

Auditor.

Assistant Cashier.

L e a v it t ,

Assistant Cashier.

C a r l B. P it m a n , Assistant Cashier.

L.

W

A. C.

allace

K

Sw e e t s e r ,

ennel,

Assistant Cashier.

Jr., Assistant Counsel.-

DIRECTORS
Class and
Group
A 1 A l l a n F o rbes,

Term Expires
December 31

President,
State Street Trust Company

Boston, Mass.

1941

R eed,

President,
The Citizens and Manufacturers
National Bank of Waterbury

Waterbury, Ct.

1940

D

President,
The First National Bank of
Damariscotta,

Damariscotta, Me. 1939

B 1 P h il ip R . A l l e n ,

Chairman of the Board,
Bird &Son, Inc.

E. Walpole, Mass.

1941

B2

President,
Boston and Maine Railroad,

Springfield, Vt.

1940

Vice-President and Director,
Wm. Filene’s Sons Company,

Boston, Mass.

1939

Chairman

Boston, Mass.

1941

S.

A 2 L e w is

A 3

B

L eon

A.

E dw ard

S.

odge,

F

rench,

3 E d w a r d J. F r o s t ,

C

F r e d e r ic

C

H enry

C

H enry

H.

C u r t is s ,

S. D e n n is o n ,
Deputy Chairman,
I.

H a r r im a n ,

Framingham, Mass. 1939
President,
Dennison Manufacturing Company,
Director,
New England Power Company,

Boston, Mass.

ASSOCIATE COUNSEL
Boston, Mass.

P h il l ip s K e t c h u m ,

MEMBER OF FEDERAL ADVISORY COUNCIL
T hom as M . S teele

President of The First National Bank and Trust Company of New Haven
New Haven, Conn.




1940








Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102