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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
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