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FEDERAL
RESERVEBANK
OF ATLANTA

TWENTY-SIXTH ANNUAL STATEMENT

January 15,1941.

To the Stockholders

of the

Federal Reserve Bank of Atlanta:
W e are pleased to present herewith statement of the
condition

of

the Federal Reserve Bank of Atlanta, as at

close of business December 31,1940, together with statement of earnings and expenses for the year.




Sincerely yours,

ROBERT S. PARKER,
President.

Statement of Condition-December

31, 1940

ASSETS

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GOLDCERTIFICATES HAND
ON
AND DUE FROM
U. S. TREASURY . . . . . . . . . . . . . . . . . $384,634,626.15
.
629,015.47
REDEMPTION
FUND-FEDERAL
RESERVE
NOTES. . . . . . .
OTHER CASH . . . . . . . . . . . . . . . . . . . .
19,055,643.08
TOTAL
RESERVES . . . . . . . . . . . . . . . . .
.
BILLS DISCOUNTED . . . . . . . . . . . . . . . . . $
.
37,765.73
INDUSTRIAL
ADVANCES. . . . . . . . . . . . . . . .
333,848.73
TOTAL
BILLS . . . . . . . . . . . . . . . . . . . $
371,614.416
U. S. GOVERNMENT
SECURITIES,
DIRECTAND GUARANTEED:
BONDS . . . . . . . . . . . . . . . . . . . . . .
$ 49,278,500.00
NOTES . . . . . . . . . . . . . . . . . . . . . . 34,506,000.00
TOTALU. S. GOVERNMENT
SECURITIES,
DIRECTAND GUARANTEED . . . . . . . . . . . . $ 83,784,500.00
.
TOTAL
BILLS AND SECURITIES . . . . . . . . . . . .
.
DUE FROM FOREIGN
BANKS . . . . . . . . . . . . . .
BANK PREMISES. . . . . . . . . . . . . . . . . .
.
FEDERAL
RESERVE
NOTESOF OTHERBANKS. . . . . . . .
UNCOLLECTED
ITEMS . . . . . . . . . . . . . . . .
.
OTHER ASSETS. . . . . . . . . . . . . . . . . . . .
TOTAL ASSETS. . . . . . . . . . . . . . .

$404,319,284.70

$ 84,156,114.46

1,634.74
1,991,122.12
3,385,250.00
43,434,872.01
1,765,428.61
$539,053,706.64

LIABILITIES

i

FEDERAL
RESERVE
NOTESIN ACTUAL
CIRCULATION .
.

.
w

DEPOSITS
:
MEMBERBANKS’RESERVEACCOUNT . .
.
U. S. TREASURER-GENERAL
ACCOUNT .
.
FOREIGN
BANK . . . . . . . . . . .
OTHER DEPOSITS . . . . . . . . . .
.
TOTAL
DEPOSITS . . . . . . . . . .
DEFERRED
AVAILABILITY
ITEMS. . . . . .
OTHERLIABILITIES . . . . . . . . . . .
TOTAL LIABILITIES . . . . .

.
.
.
.
.

. . .

. . . . . . $246,998,998.39
. . . . . . 12,547,108.31
. . . . . . 27,122,708.48
. . . . . . 5,480,849.55
. . . . . .

.......
.......
.......

$195,852,955.00

$292,149,664.73
37,532,541.69
80,530.27
$525,615,691.69

CAPITAL ACCOUNTS
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CAPITAL
PAIDIN . . . . . . . . . . . . . . . . . . .
SURPLUS(SECTION7) . . . . . . . . . . . . . . . .
SURPLUS(SECTION
13-B) . . . . . . . . . . . . . . .
OTHER CAPITALACCOTJNTS. . . . . . . . . . . . . .
TOTAL
LIABILITIES CAPITALACCOUNTS . . . . . .
AND
.




$

4,693,300.00
5,724,628.32
712,630.41
2,307.456.22
$539,053,706.64

Statement of Earnings and Expenses for Year 1940
EARNINGS.

......................

$1,705,099.89

OPERATING
EXPENSES
.

. . . . . . . . . . . . . . . . . $1,164,593.01
ASSESSMENT
FOR BOARDOF GOVERNORS . . . . . $59,878.75
.
118,655.4
COST OF FEDERAL
RESERVE
CURRENCY . . . . . $58,776.69
. .
TOTAL
NET EXPENSES. . . . . . . . . . . . . .
CURRENT EARNINGS
NET
.

. . . . . . . . . . . . .

1,283,248.45
$ 421,851.44

ADDITIONS CURRENT EARNINGS:
TO
NET
PROFIT SALES U . S. GOVERNMENT
ON
OF
SECURITIES
. .
TRANSFERRED
FROM

. . .$
RESERVES . . . . . . . . . . . . . .

496,544.82
78,012.74

OTHER ADDITIONS .

. . . . . . . . . . . . . . . . . . 14,506.61
TOTAL
ADDITIONS . . . . . . . . . . . . . . . . . . . . . .

$ 589,0a.17

TOTAL
CURRENT EARNINGS ADDITIONS CURRENT
NET
AND
TO
NET EARNINGS
$1,010,915.61

DEDUCTIONS CURRENT EARNINGS:
FROM
NET
RESERVE LOSSES INDUSTRIAL
FOR
ON
ADVANCES .
.

. . . . .$
OTHER DEDUCTIONS. . . . . . . . . . . . . . . . . .

26,508.68
266.37

TOTAL
DEDUCTIONS
.

. . . . . . . . . . . . . . . . . . . .
EARNINGS . . . . . . . . . . . . . . . . . . . . . .
.

$

NET

$ 984,140.56

26,775.05

DISTRIBUTION NET EARNINGS
OF
:

..........................
TO RESERVES CONTINGENCIES. . . . . . . . . . . .
FOR
.
TRANSFERRED

DIVIDENDS
PAID




$ 279,309.64

704,830.92
$ 984,140.56

Directors and Officers
Federal Reserve Bank of Atlanta

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Main Office-Branches-Agency
DIRECTORS
FRANK NEELY,Chairman
H.
J. F. PORTER,
Deputy Chairman
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CLASS A
GEORGE WHITE,President, First National Bank, Mount Dora, Florida
J.
.
. .
THOMAS GLENN,
K.
Chairman of the Board, Trust Company of Georgia, Atlanta, Georgia
W. D. COOK,Executive Vice President, First National Bank in Meridian, Mississippi

.

Term
Expires

. . . . . . . . . . . 1941
. . . . . . . 1942
. . . . . . . . . 1943

CLASS B
ERNEST T. GEORGE,
Chairman and President, Seaboard Refining Company, Ltd., New Orleans, Louisiana. 1941
J. A. MCCRARY,
Vice President and Treasurer, J. B. McCrary Company, Inc., Decatur, Georgia. . . . 1942
FITZCERALD President, Nashville, Chattanooga & St. Louis Railway, Nashville, Tennessee . . . . 1943
HALL,

.

CLASS C
FRANK NEELY,Executive Vice President and Secretary, Rich's, Inc., Atlanta, Georgia.
H.
J. F. PORTER,
President, Tennessee Farm Bureau Federation, Columbia, Tennessee . .
RUFUSC. HARRIS,
President, The Tulane University of Louisiana, New Orleans, Louisiana .

. . . . . . 1941
. . . . . . . . 1942
. . . . . . 1943

OFFICERS
ROBERT PARKER,
S.
President
C. R. CAMP,Assistant Vice President
W. S. MCLARIN, First Vice President
JR.,
S. P SCHUESSLER,
Assistant Vice President
MALCOLM BRYAN,
H.
Vice President
J. E. DENMARK,
Assistant Vice President
H. F. CONNIFF,Vice President
J. R. MCCRAVEY, Assistant Vice President
JR.,
V. K. BOWMAN,
Assistant Vice President
E. P. PARIS,
General Auditor
POLLARD
TURMAN,
Counsel

MEMBER OF FEDERAL ADVISORY COUNCIL

e

RYBURN CLAY
G.
President
Southeastern Pipe Line Company
Director,Fulton National Bank of Atlanta
Atlanta, Georgia

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INDUSTRIAL ADVISORY COMMITTEE
JOHN

E. SANFORD,
Chairman
Vice President
Armour & Company
Atlanta, Georgia

A. M. LOCKETT
President
A. M. Lockett & Company, Ltd.
New Orleans, Louisiana

GEORCE
WINSHIP
President
Fulton Supply Company
Atlanta, Georgia

I. C. MILNER

W. W. FRENCH
President
Moore-Handley Hardware Company
Birmingham, Alabama

Executive Vice President
Gate City Cotton Mills
Atlanta, Georgia




New Orleans Branch
DIRECTORS
ALEXANDER
FITZ-HUGH,
Chairman
Vice President and General Manager
P. P. Williams Company
Vicksburg, Mississippi

HERBERT
HOLMES
President
Delta National Bank
Yazoo City, Mississippi

E. F. BILLINGTON

E. E. SOULIER
President
First National Bank
Lafayette, Louisiana

Vice President
Soule Steam Feed Works
Meridian, Mississippi

OLIVER LUCAS
G.
HENRY CHALKLEY,
G.
JR.
President and General Manager
President
The National Bank of Commerce in New Orleans
The Sweet Lake Land & Oil Company, Inc.
New Orleans, Louisiana
Lake Charles, Louisiana
L. M. CLARK,
Managing Director

OFFICERS
M. L. SHAW,
Cashier
L. M. CLARK,
Managing Director
F. C. VASTERLING,
Assistant Cashier

Birmingham Branch
DIRECTORS
DONALD
COMER,
Chairman
Chairman of the Board
Avondale Mills
Birmingham, Alabama

GORDON PALMER
D.
Executive Vice President
The Fkst National Bank of Tuskaloosa
Tuscaloosa, Alabama

EDWARD NORTON
L.
Executive Vice President
Munger Realty Company
Birmingham, Alabama

JOHN

HOWARD
GRAY
New Market, Alabama

JOHN

c. PERSONS
President
First National Bank of Birmingham
Birmingham, Alabama

s.

COLEMAN
President
Birmingham Trust & Savings Company
Birmingham, Alabama

P. L. T. BEAVERS,
Manuging Director
,

OFFICERS

H. J. URQUJIART,
Cushier
P. L. T. BEAVERS,
Managing Director
L. W. STARR,
Assistant Cashier




Jacksonville Branch
DIRECTORS
ROBERT GAMBLE,
H.
Chairman
President
Florida Brick & Tile Corporation
Jacksonville, Florida

W. R. MCQUAID
President
The Barnett National Bank of Jacksonville
Jacksonville, Florida

HOWARD
PHILLIPS
Secretary-Treasurer
Dr. P. Phillips & Sons, Inc.
Orlando, Florida

J. C. MCCROCKLIN
Vice President
First National Bank
Tarpon Springs, Florida

B. C. TEED
Executive First Vice President
First National Bank in Palm Beach
Palm Beach, Florida
G. S. VARDEMAN, Managing Director
JR.,

OFFICERS
T. A. LANFORD,
Cashier
G. S. VARDEMAN, Managing Director
JR.,
W. E. PIKE,Assistant Cashier

Nashville Branch
DIRECTORS
CLYDE AUSTIN,Chairman
B.
President
Austin Company, Inc.
Greeneville, Tennessee

F. M. FARRIS

E. W. PALMER

GEORGE
NEAL BASS
Cashier
First National Bank of Franklin County
Decherd, Tennessee

President
Third National Bank
Nashville, Tennessee

President
Kingsport Press, Inc.
Kingsport, Tennessee

W. E. MCEWEN
Director
County Farm Bureau
Williamsport, Tennessee
JOEL

E. B. MAUPIN
Cashier
Peoples National Bank
Shelbyville, Tennessee
B. FORT, Managing Director
JR.,

OFFICERS
JOEL

B. FORT, Managing Director
JR.,

E. R. HARRISON,
Cashier

Savannah Agency
J. H. BOWDEN,
Manager

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E. M. LOONEY,
Assistant Manager


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102