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Federal Reserve Bank
of Boston

Report to Stockholders

December 31, 1941




January 3, 1942.

To

the

Stockholders

of th e

F ederal R eserve B a n k

of

B oston:

There is transmitted herewith a statement showing
the condition of the Federal Reserve Bank of Boston at
the close of business December 31, 1941, also a statement
of the Profit and Loss Account for the year ending
December 31, 1941.




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

STATEMENT OF CONDITION AT CLOSE OF BUSINESS
December 31, 1941

RESOURCES
Earning Assets:
Bills discounted . . . . .
$
260,000.00
Bills bought in open market
0
Industrial Advances . . . .
1,883,042.38
U. S. Government Securities
174,035,000.00
T o t a l .....................................
$ 176,178,042.38
Cash Reserves:
Gold Certificates with Fed. Res. Agent
$ 720,000,000. ,00
Redemption Fund (F. R. Notes) . .
4,143,441 .30
Interdistrict Settlement Fund .
442,306,552..64
Total Gold Certificate Reserves .
$1,166,449,993. ,94
Other C a s h ...........................................
25,588,582.
Total Cash R e s e rv e s........................
1,192,038,576.42
Checks and other cash items in process of
collection .....................................
117,011,828.73
Bank P rem ises...............................
4,500,486. 04
Less reserves...............................
1,722,964. ,79
2,777,521.25
Fed. Dep. Insurance Corp. stock
$
10,230,236, 88
Less reserves...............................
10,230,236,
All other resources........................
3,180,717.60
Total r e s o u r c e s .........................
$1,491,186,686.38

LIABILITIES
Capital:
S u b s c r i b e d .................................................
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 ...............................$
Member Banks7 r e s e r v e s ........................
Other d e p o s i t s ...........................................
Deferred credits for uncollected checks . .
Reserve for contingencies..............................
Federal Reserve Notes— net circulation . .
All other liabilities...........................................
Total L ia b il it ie s .....................................




$
$

18,805,600.00
9,402,800.00
9,402,800.00
10,949,331.78
2,873,770.90

80,782,833.78
568,846,156.50
39,069,179.75
$ 688,698,170.03
104,811,021.80
2,448,336.84
671,656,720.00
346,535.03
$1,491,186,686.38

STATEMENT OF PROFIT AND LOSS ACCOUNT SHOWING
DISTRIBUTION OF EARNINGS AND EXPENSES
For the Year Ending December 31, 1941

E a r n i n g s .....................................................................................$

3,045,131.05

Less current e x p e n s e s .............................................................

2,510,337.38

Current net e a r n i n g s .............................................................$

534,793.67

Additions to current net earnings...........................................

119,577.89

T o t a l ...............................................................................$

654,371.56

Deductions from current net e a r n i n g s ...............................

46,418.72

Net E a r n i n g s ...................................................................$

607,952.84

Distribution of Net Earnings:
Payment to Secretary of the Treasury (Section
1 3 b ) ............................................................. $ 3,133.55
Dividend P a i d ................................................
Transferred to Surplus (Section 7)




.

.

561,233.30
.

43,585.99
$

607,952.84

FEDERAL RESERVE BANK OF BOSTON
OFFICERS AND DIRECTORS
December 31, 1941

OFFICERS
R o y A. Y o u n g , President.

F r e d e r i c H. C u r t i s s , Federal Reserve

W i ll i a m W . P a d d o ck , First Vice-President.

W a lte r

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

Assistant

Federal

W i ll i a m W i l l e t t , Cashier.

W i ll i a m D. M c R a e , Chief Examiner.

K r i c k e l K. C a r r i c k , Secretary and

Joh n J. F o g g , Auditor.

General Counsel.
E l l i s G. H u l t , Assistant Cashier.
J oh n C. H u n t e r , Assistant Cashier.
E d w a rd R . M u r p h y , Assistant Cashier.

C arl B. P itm an, Assistant Cashier.
R o y F . V a n A m rin g e, Assistant Cashier.

A. C. K e n n e l, J r., Assistant Counsel.

DIRECTORS
Term Expires
December 31

Class and
Group

President,
State Street Trust Company,

Boston, Mass.

1944

A 2 L e w i s S. R e e d ,

President,
The Citizens and Manufacturers
National Bank of Waterbury,

Waterbury, Ct.

1943

A 3 L e o n A. D o d g e ,

President,
The First National Bank of
Damariscotta,

Damariscotta, Me.

1942

B 1 P h ilip R. A l l e n ,

Director,
Bird &Son, inc.,

E. Walpole, Mass.

1944

B 2 R alph E . F l a n d e r s ,

President,
Jones & Lamson Machine Co.

Springfield, Vt.

1943

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

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

1942
1941

A 1 A llan

F orbes;

C

F r e d e r i c H. C u r t i s s ,

Chairman,

Boston, Mass.

C

H e n r y S. D e n n is o n ,
D ep u ty Chairman,

President,
Dennison Manufacturing Company,

Framingham, Mass. 1942

C

H e n r y I. H a r r im a n ,

Director and Vice Chairman,
New England Power Association,

Boston, Mass.




ASSOCIATE COUNSEL
P h i lli p s K e tch u m , Boston, Mass.

MEMBER OF FEDERAL ADVISORY COUNCIL
C h a r l e s E. S p e n c e r, J r.
President of The First National Bank of Boston
Boston, Mass.

1943