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FE D E R A L RESERVE BANK O F B O S TO N REPORT T O STOCKHOLDERS DECEMBER 31, 1944 J a n u a r y 8, 1945 To t h e S t o c k h o l d e r s o f t h e F e d e r a l R e s e r v e Ba n k o f Bo s t o n : W e a r e p le a s e d t o s u b m it h e r e w i t h a s ta te m e n t o f c o n d it io n o f t h e F e d e r a l R e s e r v e B a n k o f B o s t o n a t c l o s e o f b u s in e s s D e c e m b e r 31, 1944, t o g e t h e r w i t h a s t a t e m e n t o f E a r n in g s a n d E x p e n s e s f o r th e y e a r e n d in g D ecem ber 31. 1944. Yours very tr u ly, Ralph e . F la n d er s, Pr e s i d e n t . S T A T E M E N T O F C O N D ITIO N — D ECEM B ER 31, 1944 ASSETS G o l d C e r t i f i c a t e s D u e F r o m U . S. T r e a s u r y ........................................... 610,000,000.00 In t e r d i s t r i c t S e t t l e m e n t F u n d . R e d e m p t io n F u n d — F e d e r a l R e s e r v e N o t e s ................................................... O t h e r C a s h ................................................... 268,237,864.70 40,928,775.97 17,980,692.01 T O T A L C A S H R E S E R V E S ................................................... B il l s D i s c o u In d u s t r ia l A d .................................... c e s ............................. 245,000.00 201,479.01 T O T A L B I L L S .................................... 446,479.01 n te d v a n U . S . G o v e r n m e n t S e c u r it ie s — R e p u r c h a s e O p t i o n .................................... 84,929,000.00 U . S . G o v e r n m e n t S e c u r it ie s — Sy s t e m A c c o u n t ........................................... 1,115,256,000.00 T O T A L B IL L S A N D S E C U R IT IE S . . ' ' ! 937,147,332.68 7" 1,200,631,479.01 U n c o l l e c t e d F u n d s ................................................................. B a n k P r e m i s e s ................................................................................ O t h e r A s s e t s ................................................................................ 187,364,108.89 1,609,926.00 3,012,845.50 T O T A L A S S E T S ................................................................. 2,329,765,692.08 = 3 B = B S S E LIABILITIES F ed er al R eser ve No tes in A c t u a l C ir c u l a t io n D e p o s it s : M e m b e r Ba n k — R e s e r v e A c c o u n ts U . S. T r e a s u r e r — G e n e r a l A c c o u n t O t h e r D e p o s i t s ............................. 677,659,441.04 31,268,740.56 87,772,233.00 T O T A L D E P O S I T S ................................................................. D e f e r r e d A v a i l a b i l i t y It e O t h e r L ia b il it ie s m s 1,366,544,070.00 ................................................... . 796,700,414.60 133,586,184.56 763,322.01 T O T A L L I A B I L I T I E S .......................................................... 2,297,593,991.17 CAPITAL ACCOUNTS C a p i t a l P a i d I n ................................................................................ S u r p l u s ( S e c t i o n 7 ) .................................................................. S u r p l u s ( S e c t i o n 13b ) .................................................................. O t h e r C a p i t a l A c c o u n t s .......................................................... T O T A L L I A B IL IT IE S A N D C A P IT A L A C C O U N T S 10,052,650.00 15,238,711.31 2,880,339.60 4,000,000.00 2,329,765,692.08 STA TEM EN T OF EARNINGS AND EXPENSES FOR YEAR 1944 E a r n i n g s ............................................................................................................ O p e r a t i n g E x p e n s e s .............................................. Assessm ent — 6,791,189.94 2,696,480.93 160,488.18 399,202.58 B o a rd o f G o v e rn o rs C o s t o f F e d e r a l R e s e rv e C u r r e n c y T O T A L E X P E N S E S ............................................................... 3,256,171.69 CUR R ENT N ET E A R N I N G S ............................................ 3,535,018.25 ADDITIONS T O CURRENT N ET EARNINGS: P r o f i t o n S a l e o f U. S . S e c u r i t i e s . O t h e r A d d i t i o n s .............................................. 242,999.54 51,125.48 T O T A L A D D I T I O N S ................................ 294,125.02 85,173.28 D e d u c t io n s f r o m C u r r e n t N e t E a r n i n g s N e t A d d it io n s t o C u r r e n t N e t E a r n in g s . . . 208,951.74 . N ET E A R N I N G S ............................................................... 3,743,969.99 D is t r ib u t io n o f N e t Ea r n in g s : P a id U. S . T r e a s u r y (S e c t io n 13b ) . D iv id e n d s P a i d ............................................... T r a n s f e r r e d t o S u r p l u s ( S e c t io n 7) T r a n s f e r r e d t o S u r p l u s (S e c t io n 13b ) 57,502.32 595,572.48 3,084,326.49 6,568.70 3,743,969.99 S t a t e m e n t o f S u r p l u s a c c o u n t (S e c t i o n 7) S u rp lu s Ja n u a ry 1, 1944 T r a n s f e r r e d t o S u r p l u s ...................................................................... 13,206,047.98 3,084,326.49 16,290,374.47 T r a n s fer r ed fr o m Sur plus to R e s e r v e f o r C o n t i n g e n c i e s ....................................................... 1,051,663.16 SURPLUS DECEMBER 31, 1944................................................... 15,238,711.31 FEDERAL RESERVE BANK OF BOSTON OFFICERS AND DIRECTORS 1945 DIRECTORS C L A S S AN D GROUP T E R M E X P IR E S t 31 A 1 Allan fo rbes P R E S ID E N T, S TA TE S TR E ET TR U S T COM PANY B O S TO N . M A S S. 1947 A 2 ALLEN W . H OLM ES P R E S ID E N T, T H E M ID D L E T O W N N A T IO N A L B A N K M ID D L E T O W N . C T . 1946 A 3 LEON A. DODGE P R E S ID E N T, T H E F IR S T N A T IO N A L B A N K O F D A M A R IS C O T T A D A M A R IS C O T T A . M E . 1945 B 1 P H IL IP R . A L L E N D IR E C T O R . B IR D & S O N . IN C . E . W ALPOLE. MASS. 1947 B 2 R O Y L . P A T R IC K P R E S ID E N T A N D D IR E C T O R . R O C K O F A G E S C O R P O R A T IO N B U R L IN G T O N . V T . 1946 A S S IS T A N T T O P R E S ID E N T. B O S TO N A N D M A IN E R A IL R O A D PEM BROKE. N . H . 1945 1947 b 3 L a u r e n c e p . w h it t e m o r e C A L B E R T M . C R E IG H T O N C H A IR M A N B O S TO N . M ASS. C H E N R Y S . D E N N IS O N D E P U T Y C H A IR M A N P R E S ID E N T. D E N N IS O N M A N U F A C T U R IN G C O M P A N Y F R A M IN G H A M . M A S S . 1945 C H E N R Y I. H A R R IM A N D IR E C T O R A N D V IC E C H A IR M A N . N E W E N G L A N D P O W E R A S S O C IA T IO N B O S TO N . M ASS. 1946 OFFICERS R A L P H E . F L A N D E R S . P R E S ID E N T A L B E R T M . C R E IG H T O N . C H A IR M A N O F T H E B O A R D O F D IR E C T O R S A N D F E D E R A L R E S E R V E A G E N T W IL L IA M W I L L E T T . F I R S T V IC E P R E S ID E N T h e n r y S . D e n n is o n , C a r l B . P it m a n , W A LTER L . E D D Y . As s is t a n t v ic e p r e s id e n t O S C A R A . S C H L A IK J E R . V IC E P R E S ID E N T AN D g en er al d ep u ty a g en t and a t iv e of th e fed er a l Reser ve M e m b e r b a n k r e l a t io n s r e p r e s e n t J O H N J . F O G G . A U D IT O R Co u n s e l J O H N C . H U N T E R . C A S H IE R EARLE O . L a th a m , a s s is t a n t v ic e p r e s id e n t R O Y F . V A N A M R IN G E , A S S IS T A N T V IC E P R E S ID E N T F R A N K C . G lL B O D Y , A S S IS T A N T C A S H IE R R O B E R T B . H A R V E Y , A S S IS T A N T C A S H IE R E D W A R D R . M U R P H Y . A S S IS T A N T C A S H IE R A N S G A R R . B E R G E . S E C R E T A R Y A N D A S S IS T A N T C O U N S E L W IL L IA M D . M C R A E . C H IE F E X A M IN E R MEMBER O F FEDERAL ADVISORY COUNCIL c h a ir m a n B O A R D O F D IR E C T O R S E L L IS G . H U L T , V IC E P R E S ID E N T C H A R LE S E - SPENCER . JR . P R E S ID E N T . T H E F I R S T N A T IO N A L B A N K O F B O S TO N Bo s t o n . M a s s .
@FedFRASER