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FEDERAL RESERVE BANK OF BOSTON Thirty-Sixth Annual Statement January 5, 1951 To the S t o c k h o l d e r s of the F ederal R eser ve B a n k of Bo sto n We are pleased to present herewith in comparative form a Statement of Condition of the Federal Reserve Bank of Boston at the close of business December 31, 1950 and December 31, 1949, together with a Statement of Earnings and Expenses for the years 1950 and 1949. A more detailed account of the operations of the bank is now in process of preparation. When com pleted, it will be sent to all member banks. J. A. E r i c k s o n ., President COMPARATIVE STATEMENT OF CONDITION Assets Gold Certificates........................................................... Redemption Fund for Federal Reserve Notes............ T otal Gold Certificate R eserves ................ Other Cash ................................................................... T otal Cash ....................................................... Loans and Advances..................................................... U. S. Government Securities—System Account.......... T otal Loans and Securities............................ Federal Reserve Notes of Other Federal Reserve Banks Uncollected Item s......................................................... Bank Premises (Net) ................................................... Other Assets ................................................................. T otal Assets ..................................................... Liabilities Federal Reserve Notes in Actual Circulation.............. Deposits Member Bank Reserve Accounts.............................. U. S. Treasurer—Collected Funds.......................... Foreign ..................................................................... Other ....................................................................... T otal Deposits .................................................. Deferred Availability Item s.......................................... Other Liabilities ............................................................ T otal Liabilities................................................ Capital Accounts Capital Paid I n ............................................................. Surplus (Section 7) ........................................................ Surplus (Section 13b) .................................................. Reserves for Contingencies........................................... T otal Capital Accounts.................................. T otal Liabilities and Capital Accounts...... December 31, 1950 $ 792,127,512.64 53,980,864.47 $ 846,108,377.11 28,089,191.46 $ 874,197,568.57 125,000.00 1,428,745,000.00 $1,428,870,000.00 6,500,500.00 324,107,137.64 1,073,284.00 8,367,205.62 $2,643,115,695.83 December 31, 1949 $ 865,182,941.50 51,417,533.01 $ 916,600,474.51 26,366,771.51 $ 942,967,246.02 5,618,500.00 1,302,811,000.00 $1,308,429,500.00 7,982,000.00 225,097,534.97 1,129,116.00 7,143,833.78 $2,492,749,230.77 $1,423,788,055.00 $1,397,144,130.00 783,607,738.07 711,481,612.41 78,288,078.69 69,945,554.75 55,925,100.00 47,917,800.00 7,235,091.28 7,751,197.72 $ 925,056,008.04 $ 837,096,164.88 238,366,906.83 204,434,354.20 813,236.79 717,410.41 $2,588,024,206.66 $2,439,392,059.49 $ 12,223,100.00 $ 12,001,900.00 32,245,670.05 30,778,153.39 3,010,527.20 3,010,527.20 7,612,191.92 7,566,590.69 $ 55,091,489.17 $ 53,357,171.28 $2,643,115,695.83 $2,492,749,230.77 COMPARATIVE STATEMENT OF EARNINGS AND EXPENSES C u r r e n t E a r n in g s 1950 Advances to Member Banks.......................................... $ 84,001.03 Foreign Loans on Gold.................................................. 22,278.83 Commitments—Industrial Loans.................................. 0 U. S. Government Securities — System Account.......................................................... $18,806,327.16 All O ther....................................................................... 20,086.59 T o t a l C u r r e n t E a r n in g s ................................ $18,932,693.61 C u r r e n t E x p e n s e s ................................................................................ $ 5,859,868.10 C u r r e n t N e t E a r n in g s .................................... $13,072,825.51 N e t A d d itio n t o C u r r e n t N e t E a r n in g s .............................. $ 2,376,705.12 T o t a l ................................................................... $15,449,530.63 $ 1949 71,438.51 109,725.97 450.98 $21,419,245.23 10,348.11 $21,611,208.80 $ 5,472,544.82 $16,138,663.98 $ 1,596,100.66 $17,734,764.64 O t h e r D e d u c tio n s Transferred to Reserves for Contingencies.................. $ 47,676.42 Paid to U. S. Treasury (Interest on Outstanding Federal Reserve Notes).... 13,206,117.24 T o t a l ................................................................... $13,253,793.66 Net Earnings after Reserves and Payment to U. S. Treasury $ 2,195,736.97 D istr ibu tio n of $ 2,733,909.95 12,877,827.41 $15,611,737.36. $ 2,123,027.28 N et E a r n in g s Dividends Paid ............................................................. $ 728,220.31 Transferred to Surplus (Section 7) .............................. 1,467,516.66 $ 2,195,736.97 $ 692,023.04 1,431,004.24 $ 2,123,027.28 (Section 7) Surplus January 1 ......................................................... $30,778,153.39 1,467,516.66 Transferred to Surplus—As Above.............................. Surplus December 31 .................................................... $32,245,670.05 $29,347,149.15 1,431,004.24 $30,778,153.39 S u r p lu s FEDERAL RESERVE BANK OF BOSTON DIRECTORS Chairman of the Board, Vice President, General Manager and Chairman of Management Board, Wm. Filene’s Sons Company, Boston, Mass. A m es S t e v e n s , Deputy Chairman, President, Ames Worsted Company, Lowell, Mass. H a r v e y P. H ood , President, F r e d e r ic k S. B l a c k a l l , jr., President, H. P. Hood & Sons, Inc., The Taft-Peirce Manufacturing Company, Boston, Mass. Woonsocket, R. I. H a r o ld D . H o d g k in so n , L. P a tr ic k , President, Rock of Ages Corporation, Burlington, Vt. President, The First National Bank of Boston, Boston, Mass. R oy H. B r itto n ,, Executive Vice President and Cashier, First National Bank of Rochester, Rochester, N. H. E a r le L lo y d D . B r a c e , W. S ta m m , President, The National Bank of Commerce of New London, New London, Conn. R u s s e ll OFFICERS J o s e p h A . E r ic k s o n , President W illia m W i l l e t t , First Vice President D avid L. S tr o n g , A n s g a r R . B e rg e, J o h n J. F ogg, Vice President E l l i s G. H u l t , Vice President E a r le O . L a th a m , Vice President A lf r e d C. N e a l, Vice President and Director of Research C a r l B. P itm a n , Vice O s c a r A . S c h la ik j e r , General Counsel President Vice President and R o y F. V a n A m rin g e , Vice R o b e r t B. H a r v e y , Cashier President Auditor Secretary and Assistant Counsel E d w ard A . D a v is, J r., Assistant Vice President D a n a D . S a w y e r , Assistant Vice President Louis A . Z e h n e r , Assistant Vice President E l l i o t S. B oard m an , Assistant Cashier F r a n k C. G ilb o d y , Assistant Cashier E d w ard W . O ’N e il, Assistant Cashier J o h n J. R o c k , Assistant Cashier MEMBER OF FEDERAL ADVISORY COUNCIL W a lt e r S. B u c k lin , President, The National Shawmut Bank of Boston, Boston, Mass. INDUSTRIAL ADVISORY COMMITTEE P. D e n n e t t , Trustee, Boston, Mass. P a u l A. D r a p e r , President, Draper & Co., Inc., Boston, Mass. C arl M. G ra h a m , President, Bangor Hydro-Electric Company, Bangor, Maine J. C o lb y L e w is, Vice President and General Manager, J. & P. Coats, Inc., Pawtucket, R . I. R a lp h E. T h o m p s o n , President, Scott & Williams, Inc., Boston, Mass. E d w ard
