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Federal Reserve Bank o f Boston Report to Stockholders December 31, 1943 January 10, 1944. To the S toc k h o l d e r s o f t h e Fe d e r a l Reser ve B a n k o f B o s t o n : There is presented herein a comparative statement of condition of the federal Reserve Bank of Boston for the* years ended December 31, 1043, anti Decern be; 31, 1942, together with a comparative statement of the Profit and Los* Account for the years ended December 31. 1043. and December 31. 1042 Your*. wr\ iruh. \\ W P \DD< K *K President C O M P A R A T IV E STA TE M E N T OF C ON D ITION At Close of Business December 31, 1943 and December 31, 1942 RESOURCES Earning Assets: Bills discounted............................... Bills bought in open market . industrial Advances . . . . U. S. Government Securities . Dec. 31, 1943 $ T o ta l........................................ Dec. 31, 1942 320,000.00 1,610,000.00 $ 0 0 341,880.13 474,653.95 751,442,000.00 446,903,000.00 $ 753,393,880.13 $ 447,697,653.95 Cash Reserves: Gold Certificates with Fed. Res. A g e n t ........................................... 761,000,000.00 898,000,000.00 Redemption Fund (F. R. Notes). 22,457,400.97 1,15.1,717.87 Interdistrict Settlement Fund. 274,612,795.14 264,650,795.13 Total G old Certificate Re serves ..................................... $1,048,108,196.10 $1,173,764,513.01 Other C a s h ..................................... 39,891,477.11 30,198,599.18 Total Cash Reserves . $1,078,306,795.28 $L 213,655,990.12 Checks and other cash items in process of collection . . . . Bank premises..................................... Less r e s e r v e s ............................... 148,096,820.17 168,393,621.34 4,058,709.69 4,500,486.04 1,778,796.79 2,392,951.69 $ 1,665,758.00 $ 2,721,689.25 Fed. Dept. Insurance Corp. stock . 10,230,236.88 10,230,236.88 Less r e s e r v e s ............................... 10,230,236.88 10,230,236.88 All other r e s o u r c e s ......................... $ 4,413,217.25 $ 6,233,312.29 Total re so u rc e s....................... $1,985,876,470.83 $1,838,702,266.95 LIABILITIES Capital: Subscribed . ......................... Subject to c a l l ............................... Capital paid i n ............................... Surplus Section 7 ............................... Surplus Section 1 3 b ......................... Deposit Liability: Government deposits . . . . Member Banks reserves . Other d e p o s it s ............................... $ $ $ Deferred credits for uncollected checks ........................................... Reserve for contingencies Federal Reserve Notes— net circu lation ........................................... All other liabilities . . . . . Total Liabilities....................... 19,594,100.00 s$ 9,797,050.00 9,797,050.00 $ 13,206,047.98 2,873,770.90 18,977,600.00 9,488,800.00 9,488,800.00 11,159,938.25 2,873,770.90 46,849,855.37 653,632,698.32 39,167,026.56 739,649,580.25 $ 97,847,927.64 678,305,556.40 29,404,874.23 805,558,358.27 61,605,276.17 2,948,336.84 124,924,420.24 2,548,336.84 1,155,295,345.00 501,063.69 881,534,375.00 614,267.45 $1,985,876,470.83 $1,838,702,266.95 C O M P A R A T IV E STA TEM E N T OF PR O FIT A N D LOSS ACCO U N T SHOWING DISTRIBU TION OF N ET E A RN IN GS For the Years Ending December 31, 1943 and December 31, 1942 Dec. 31, 1943 E a r n in g s ........................ ...... . . Less current expenses . . . . Current net earnings . . . . $ $ Additions to current net earnings. T o t a l ........................................... $ Deductions from Current net earnings .................................... Dec. 31, 1942 4,918,518.56 $ 3,871,124.68 3,053,294.09 2,932,896.09 1,865,224.47 $ 938,228.59 2,763,322.17 275,433.54 4,628,546.64 $ 1,553,564.53 1,213,662.13 324,063.39 $ 3,074,982.11 $ 889,598.74 Payment to Secretary of Treasury (Section 1 3 b ) ........................ $ 55,807.86 $ 12,982.03 Net E a r n i n g s ........................ Distribution of Net Earnings: 573,064.52 566,010.24 Transferred to surplus (Section 7). 2,046,109.73 210,606.47 Transferred to Reserve for Con tingencies (Through Surplus Section 7 ) .............................. 400,000.00 100,000.00 3,074,982.11 $ 889,598.74 Dividend p a i d .............................. $ FEDERAL RESERVE BANK OF BOSTON DIRECTORS AND OFFICERS December 31, 1943 DIRECTORS Term Expires December 31 Class and Group A 1 A llan F orbes A 2 A llen W. H olm es A 3 L e o n A . D odge B 1 P h il ip R . A ll e n B 2 R alph E . F lan ders B 3 E d w a r d J. F r o s t C C A lbert C H enry M. C r e ig h t o n H e n r y S. D e n n is o n D e p u t y Chairman I. H a r r im a n President, State Street Trust Company President, The Middletown National Bank President, The First National Bank of Damariscotta Director, Bird & Son, inc. President, Jones & Lamson Machine Co. President and Director, Wm. Filene's Sons Company Chairman President, Dennison Manufacturing Company Director and Vice Chairman, New England Power Association Boston, Mass. 1944 Middletown, Ct. 1946 Damariscotta, Me. 1945 E. Walpole, Mass. 1944 Springfield, Vt. 1946 Boston, Mass. 1945 Boston, Mass. 1944 Framingham, Mass. 1945 Boston, Mass. 1946 OFFICERS W il l ia m W . P a d d o c k , P resid en t A l b e r t M . C r e i g h t o n , C h a irm a n o f t h e B o a r d W il l ia m W i l l e t t , F irst V ic e -P re sid e n t o f D ir e cto r s an d F e d e r a l R e s e r v e A g e n t K r ic k e l K . C a r r i c k , V ic e -P re sid e n t H e n r y S . D e n n is o n , D e p u t y C h a irm a n o f th e and General Counsel G. H u l t , V ic e -P re sid e n t C a r l B . P it m a n , Vice-President W alter Board o f Directors L. E d d y , A ssista n t F e d e r a l R e se r v e Agent and M em b er Bank Relations R epresen tative E l l is O s c a r A . S c h l a i k j e r , C ou n sel J o h n J. F o g g , A u d ito r Cashier Assistant Cashier E d w a r d R . M u r p h y , Assistant Cashier R o y F. V a n A m r i n g e , Assistant Cashier A n s g a r R . B e r g e , Assistant Counsel W i Ll i a m D . M c R a e , Chief Examiner J ohn C. H unter, R obert B. H arvey, MEMBER OF FEDERAL ADVISORY COUNCIL C h ar les E . S pe n ce r, Jr . President, The First National Bank of Boston Boston, Mass.
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