The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
r FEDERAL RESERVE BANK OF BOSTON Report to Stockholders To the Stockholders of the Federal R eserve B ank of B oston: W e arc pleased to present herewith a Statement of Condition o f the Federal Reserve Bank of Boston at the close of business December 31, 1948, together w ith a Statement o f Earnings and Expenses for the year. For convenient comparison the corresponding Statements for the previous year 1947 are also shown. Very truly yours, J. A. Erickson, President JANUARY 7, 1949 Comparative Statement of Condition DECEMBER 31, 1948 ASSETS — Interdistrict Settlement Fund................................................... Gold Certificates with Federal Reserve Agent...................... Redemption Fund for Federal Reserve Notes........................ T otal G old Certificate R eserves............................. Other Cash.................................................................................. Total Cash...................................................................... Discounts and Advances.......................................................... U. S. Government Securities—System Account................... T otal L oans and Securities....................................... Uncollected Items....................................................................... Bank Premises (N et)................................................................. Other Assets........................... .................................................... T otal Assets................................................................... December 31, 1$48 $ 297,178,823.00 460,000,000.00 54,026,193-23 $ 811,205,016.23 32,787,474.13 $ 843,992,490.36 13,067,875.00 1,539,747,000.00 $1,552,814,875.00 239,342,370.07 1,184,948.00 17,517,512.32 $2,654,852,195-75 December 31, 1547 $ 299,611,948.59 460,000,000.00 56,119,667.37 $ 815,731,615-96 24,804,165.60 $ 840,535,781.56 5,473,400.00 1,495,808,000.00 $1,501,281,400.00 244,218,100.54 1,240,780.00 16,679,766.70 $2,603,955, 828.80 L ia b il it ie s — Federal Reserve Notes in Actual Circulation......................... Deposits: Member Bank— Reserve Accounts................................... U. S. Treasurer— Collected Funds.................................... Foreign................................................................................... Other Deposits...................................................................... T otal D eposits............................................................... Deferred Availability Items...................................................... Other Liabilities......................................................................... T otal Liabilities........................................................... $1,421,708,090.00 $ 859,337,560.74 85,222,573-58 40,049,100.00 6,025,806.93 $ 990,635,041.25 193,311,835.04 642,058.10 $2,606,297,024.39 $1,472,298,590.00 $ 766,622,082.92 66,430,509-56 21,124,660.59 7,445,165-53 $ 861,622,418.60 224,605,904.84 901,981.14 $2,559,428,894.58 C a pit a l A c co u nts — Capital Paid In ............................................................................ $ 11,364,750.00 $ 11,242,700.00 Surplus (Section 7)....................................................................... 29,347,149.15 28,116,875-31 Surplus (Section 13b).................................................................... 3,010,527.20 3,010,527.20 Reserves for Contingencies........................................................ 4,832,745.01 2,156,831.71 T otal Capital Accounts............................................... $ 48,555,171.36 $ 44,526,934.22 T otal Liabilities and Capital Accounts.................. $2,654,852,195.75 $2,603,955,828.80 Comparative Statement of Earnings and Expenses FOR YEAR 1948 December 31, 1948 Current Earnings: Advances to Member Banks..................................................................... Foreign Loans on Gold .............................................................................. Industrial Loans........................................................................................... Commitments-Industrial Loans............................................................... U. S. Government Securities: System Account........................................................................................ Repurchase Option.................................................................................. All Other....................................................................................................... T otal Current E arnings ................................................................ Current Expenses.............................................................................................. $ December 31, 1947 95,295.91 $ 111,253.58 158,250.51 39,785-97 0 418.20 423.62 0 20,050,265.30 10,202,755.90 0 185,677.06 17,965.56 14,797.97 $20,322,200.90 $10,554,688.68 5,086,635.81 4,422,185.81 Current N et E arnings .................................................................... $15,235,565.09 $ 6,132,502.87 Net Additions to Current Net Earnings................................................... 420,918.21 169,575.57 $15,656,483.30 $ 6,302,078.44 T otal....................................................................................................... Other Deductions: Transferred to Reserves for Contingencies............................................ $ 2,675,977.32 $ Paid to U. S. Treasury (.Interest on Outstanding Federal Reserve Notes')................................... 37,861.68 11,071,199.50 5,034,645.66 $13,747,176.82 $ 5,072,507.34 Net Earnings after Reserves and Payment to U. S. Treasury.............. $ 1,909,306.48 $ 1,229,571-10 Dividends Paid................................................................................................ $ 679,032.64 $ 671,129.25 Transferred from Surplus (Section 13b) .................................................... 0 1,214.38 Transferred to Surplus (Section 7)............................................................ 1,230,273.84 559,656.23 $ 1,909,306.48 $ 1,229,571.10 ’ Deduction FEDERAL RESERVE BANK OF BOSTON DIRECTORS A N D OFFICERS JANUARY 7, 1949 Class and Group A 1 A lla n Directors Ttm Bxfins December 31 o r b e s ...........................................................................Boston, Mass. 1950 F President State Street Trust Company A 2 E a r l e W. S t a m m ................................................................. New London, C t. President The National Bank of Commerce of New London A 3 R u s s e ll H. B r i tt o n . ...................................................................... Rochester, N. H. Vice President and Cashier First National Bank of Rochester B 1 P h ilip R. A l l e n ...........................................................................E. Walpole, Mass. Director Bird & Son, lac. B 2 R o y L. P a tr ic k . ..................................................................Burlington, Vt. President Rock of Ages Corporation B 3 F r e d e r ic k S. B la c k a ll, jr. ........................................................ Woonsocket, R. I. President and Treasurer The Taft-Peirce Manufacturing Company C A l b e r t M. C r e i g h t o n ........................................................Boston, Mass. Chairman C H a r o l d D. H o d g k i n s o n ..................................... ......... - Boston, Mass. Deputy Chairman; Vicc President, General Manager and Chairman of Management Board Wm. Filene's Sons Company C A m es S t e v e n s ...........................................................................Lowell, Mass. Treasurer and Director Ames Worsted Company 1949 1951 1950 1949 1951 1950 1949 1951 Officers Chairman of the Board of Directors and Federal Preserve Agent H a r o ld D. H o d g k in so n Deputy Chairman of the Board of Directors A n s g a r R . B e rg e , Assistant Federal ReserveAgent W illia m D. M cR ae, Chief Examiner Vice President and General Counsel Jo h n J. F og g, Auditor K aht.it O . L a th a m , Vice President A lfred C. N eal R o y F . V a n A m rin g e , Vice President Vice President and Director of Research R o b e r t B. H a r v e y , Cashier F r a n k C. G ilb o d y , Assistant Cashier A n s g a r R. B e rg e , Secretary & Asst. Counsel E lm o O . A dam s, Assistant Cashier L o u is A . Z e h n e r , Assistant Vice President E d w a rd A. )AssistantVicePrcsident E d w a rd W . O ’N e il, Assistant Cashier J o h n J. R ock, Assistant Cashier D a n a D . S a w y e r, Assistant Vice President E l l i o t S. B o a rd m a n , Budget Officer E d w a r d R. M u rp h y , Assistant Cashier Jo sep h A . E ric k s o n , President W illia m W i l l e t t , First Vice President E ll i s G. H u l t , Vice President C a r l B. P itm a n , Vice President O s c a r A . S c h la ik je r A lb e r t M . C re ig h to n , Member of Federal Advisory Council C harles E . Spencer , JR* - Chairman of the Board, The First National Bank of Boston, Boston, Mass. Industrial Advisory Committee C arl P . D e n n e t t , 45 Milk Street, Boston, Mass. Trustee A. D raper , President Draper & Co., Inc., 540 Atlantic Avenue, Boston, Mass. Paul M. G r a h a m , President Bangor Hydro-Electric Company, 33 State Street, Bangor, Maine J. C olby L ew is , Vice President & General Manager J & P Coats Inc., Pawtucket, R. I. R alph E . T ho m pso n , President Scott & Williams, Inc., 30 Federal Street, Boston, Mass. Edw ard
@FedFRASER