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FEDERAL
RESERVEBANK

i

OF ATLANTA

.
*

TWENTY-EIGHTH ANNUAL STATEMENT
b

January 15,1943.
II

T o the Stockholders of the

I

Federal Reserve Bank of Atlanta:

.

W e are pleased to present herewith statement of the

i

condition of the Federal Reserve Bank of Atlanta, as at
close of business December 31,1942, together with state*

ment of earnings and expenses for the year.

.
'

Sincerely yours,

President.

-7




Statement of Condition-December

31. 1942

ASSETS
GOLDCERTIFICATES ON HAND DUEFROM
AND
U . S. TREASURY. . . . . . . . . . . . . . . . . . $763,536,172.65
.
REDEMPTION
FUND-FEDERALRESERVE
NOTES. . . . . . .
1,8M,015.00
OTHER CASH . . . . . . . . . . . . . . . . . . . .
23,879,660.03
TOTAL
RESERVES. . . . . . . . . . . . . . . . . .
BILLS DISCOUNTED . . . . . . . . . . . . . . . . . $
.
87,500.00
INDUSTRIAL
ADVANCES
.

. . . . . . . . . . . . . . . .3

504,156.98

U . S. GOVERNMENT
SECURITIES.
DIRECT
AND GUARANTEED:
BONDS . . . . . . . . . . . . . . . . . . . . . .
$131,717,500.00
NOTES . . . . . . . . . . . . . . . . . . . . . .
63,44+3,500.00
BILLS . . . . . . . . . . . . . . . . . . . . . . .
23,763,000.00
TREASURY
CERTIFICATES INDEBTEDNESS . . . . . . 49,101,000.00
OF
. .
TOTAL . S.GOVERNMENT
U
SECURITIES.
DIRECT
AND GUARANTEED. . . . . . . . . . . . . . 2268,025,000.00
.
TOTAL
BILLS AND SECURITIES. . . . . . . . . . . .
.
DUE FROM FOREIGN
BANKS . . . . . . . . . . . . . .
.
FEDERaL RESERVE
NOTESOF OTHER BANKS. . . . . . . .
UNCOLLECTED
ITEMS . . . . . . . . . . . . . . . . .
BANK PREMISES . . . . . . . . . . . . . . . . . .
.
OTHERASSETS . . . . . . . . . . . . . . . . . . . .
TOTAL ASSETS . . . . . . . . . . . . . . .
LIABILITIES
ACTUAL
CIRCULATION . . .
.

$ 759,259,847.68

FEDERAL
RESERVE
NOTESIN
.
DEPOSITS:
MEMBERBANK-RESERVE ACCOUNT . . . . . . . . . $476,534,542.29
.
U . S. TREASURER-GENERAL
ACCOUNT . . . . . . . . 23,562,232.96
.
FOREIGN . . . . . . . . . . . . . . . . . . . .
.
24,463,664.40
OTHERDEPOSITS . . . . . . . . . . . . . . . . . .
5,085J35.82
TOTAL
DEPOSITS . . . . . . . . . . . . . . . . .
DEFERRED
AVAILABILITY
ITEMS. . . . . . . . . . . . .
OTHERLIABILITIES
INCLUDING
ACCRUED
DIVIDENDS . . . .
.
TOTAL LIABILITIES . . . . . . . . . . . .

$ 268,616,656.98

1,635.48
4,827,500.00
82,975,950.42
1,726,025.16
44,021,815.72
$1,151,429,4131.44

$ 546,907,950.00

$ 529,645,575.47

60,8%,367.84
105,647.70
$1,137,543,541.01

CAPITAL ACCOUNTS
CAPITAL PAIDIN . . . . . . . . . . . . . . . . . . .
SURPLUS
(SECTION7) . . . . . . . . . . . . . . . . .
SURPLUS
(SECTION13b) . . . . . . . . . . . . . . . .
OTHER CAPITALACCOUNTS . . . . . . . . . . . . . .
.
TOTAL
LIABILITIES
AND CAPITALACCOUNTS . . . . . . .

5,188,150.00
5,724,628.32
717,101.43
2.256.010.68
$1,151,429,431.44

COMMITMENTS MAKE INDUSTRIAL
TO
ADVANCES
.

$




. . . . .

$

134,860.54

Statement of Earnings and Expenses for Year 1942

..
EARNINGS

..................
OPERATING
EXPENSES . . . . . . . . . . . . . .
.
ASSESSMENT BOARDOF GOVERNORS
FOR
.

$2,314,127.04
$1,487,188.69

. . . . . .$

COSTOF FEDERAL
RESERVE
CURRENCY .
.

. . . . . .
NET EXPENSES . . . . . . . . . . . .
.
TOTAL
CURRENT EARNINGS . . . . . . . . . .
NET
. .

60,543.00

316,666.68

377,209.68
$1,864,398.37
$ 449,728.67

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

TRANSFERRED RESERVES . . . . . . . . .
FROM
.
OTHERADDITIONS.

. . . . . . . . . . . . . .
TOTAL
ADDITIONS . . . . . . . . . . . . . .

$ 141,590.81

132,679.93
6,243.58
$ 280,514.32

CURRENT EARNINGS ADDITIONS CURRENT
NET
AND
TO
NET EARNINGS $ 730,242.99
TOTAL
DEDUCTIONS CURRENT
FROM
NET EARNINGS:

CHARGE-OFFS,
BANKPREMISES .
.
SPECIAL

. . . . .
RETIREMENT
SYSTEM
(INTEREST ADJUSTMENT) .
BASE
OTHER DEDUCTIONS . . . . . . . . . . . . .
.
TOTAL
DEDUCTIONS . . . . . . . . . . . .
.
NET EARNINGS . . . . . . . . . . . . . . .
.

$ 210,000.00

197,830.00
53.00
$ 407,883.00

$ 322,359.99

DISTRIBUTION NET EARNINGS:
OF

. . .
DIVIDENDS
PAID. . . . . . . . . . . . . . . .

PAID
UNITED
STATES
TREASURY
(SECTION
13b)

TRANSFERRED
TO SURPLUS
(SECTION
13b)




. . . . .

$

15,138.69
302,750.28
4,471.02

$ 322,359.99

Directors and Officers
Federal Reserve Bank of Atlanta
Main Office--Branches-Agency

For Year 1943
DIRECTORS
FRANK NEELY,
H.
Chairman
J. F. PORTER,
Deputy Chairman
Term
Expires

CLASS A
W. D. COOK,Executive Vice President, First National Bank in Meridian, Mississippi . . . .
GEORGE WHITE,President, First National Bank, Mount Dora, Florida . . . . . . . . .
J.
THOMAS GLENN,
K.
Chairman of the Board, Trust Company of Georgia, Atlanta, Georgia.

.

CLASS B

. . . . . . 1943
. . . . . . 1944
. . . . . . 1945

. . . . 1943
. . 1944
.
. . 1945

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

CLASS

c

. 1943
. . 1944

RUFUS HARRIS,
C.
President, The Tulane University of Louisiana, New Orleans, Louisiana . . . . . . .
FRANK NEELY,
H.
Executive Vice President and Secretary, Rich’s, Iuc., Atlanta, Georgia . . . . . .
.
J. F. PORTER,
President, Tennessee Farm Bureau Federa tion, Columbia, Tennessee . . . . . . . . . .

. 1945

OFFICERS
W. S. MCLARIN, President
JR.,
C. R. CAMP,
Assistant Vice President
S. P. SCHUESSLER,
Assistant Vice President
J. R. MCCRAVEY, Assistant Vice President
JR.,
J . E. DENMARK,
General Auditor
POLLARD
TURMAN,
Counsel

MALCOLM BRYAN,
H.
First Vice President
L. M. CLARK,
Vice President
H. F. CONNIFF,
Vice President
V. K. BOWMAN,
Assistant Vice President

MEMBER OF FEDE,FtAL ADVISORY COUNCIL
H. LANE
YOUNG
President
Citizens & Southern National Bank
Atlanta, Georgia

INDUSTRIAL ADVISORY COMMITTEE
JOHN

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

GEORGE
WINSHIP
President
Fulton Supply Company
Atlanta, Georgia




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

I. C. MILNER
Executive Vice President
Gate City Cotton Mills
Atlanta, Georgia

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

New Orleans Branch
DIRECTORS
Term
Expires
E. F. BILLINGroN, Vice President, Soule Steam Feed Works, Meridian, Mississippi . . . . . . . . . . . 1943
ALEXANDER
FITZ-HUGH,
President, P. P. Williams Company, Vicksburg, Mississippi . . . . . . . . . . 1944
OLIVER LUCAS,
G.
President, The National Bank of Commerce in New Orleans, New Orleans, Louisiana . . 194m3
J. F. MCRAE,President, The Merchants National Bank, Mobile, Alabama . . . . . . . . . . . . . . 1944
T. G. NICHOLSON,
President, First National Bank of Jefferson Parish, Gretna, Louisiana . . . . . . . . 1945
Managing Director. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1943
E. P, PARIS,

E. F. BILLINGTON,
Chairman

OFFICERS
E. P. PARIS,
Managing Director

M. L. SHAW,
Cashier

F. C. VASTERLING,
Assistant Cashier

Birmingham Branch
DIRECTORS
Term
Expires
EDWARD NORTON,
L.
Executive Vice President, Munger Realty Company, Birmingham, Alabama . . . . . . 1943
DONALD
COMER,
Chairman of the Board, Avondale Mills, Birmingham, Alabama . . . . . . . . . . . 1944
1945
HOWARD
GRAY,
New Market, Alabama. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
JOHNS. COLEMAN,
President, Birmingham Trust & Savings Company, Birmingham, Alabama . . . . . . 1943
D.
President, The First National Bank of Tuskaloosa, Tuscaloosa, Alabama . . . . . . 1944
GORDON PALMER,
M. B. SPRAGINS,
President, First National Bank, Huntsville, Alabama . . . . . . . . . . . . . . . .1945
P. L. T. BEAVERS,
Managing Director . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1943
EDWARD NORTON,
L.
Chairman

OFFICERS

P. L. T. BEAVERS,
Managing Director




H. J. URQUIIART,
Cashier

*L. W. STARR,
Assistant Cashier

*ON LEAVE-MILITARY
SERVICE

Jacksonville Branch
DIRECTORS
Term
Expires
FRANK JACKSON, President, Jackson Grain Company, Tampa, Florida . . . . . . . . . . . . . . . 1943
D.
WALTER MATHERLY,
J.
Dean, University of Florida, Gainesville, Florida . . . . . . . . . . . . . . . 1944
J. C. RICCROCKLIN,
Executive Vice President, First National Bank, Tarpon Springs, Florida . . . . . . . 1943
J. L. DART,Vice President, Florida National Bank, Jacksonville, Florida . . . . . . . . . . . . . . . 1944
BERTC. TEED,Executive First Vice President, First National Bank in Palm Beach, Palm Beach, Florida . . 1945
G. S. VARDEMAN, Managing Director. . . . . . . . . . . . . . . . . . . . . . . . . . . .
JR.,
1943

FRANK JACKSON, Chairman
D.

OFFICERS

T. A. LANFORD,
Cashier

G. S. VARDEMAN, Managing Director
JR.,

W. E. PIKE,
Assistant Cashier

Nashville Branch
DIRECTORS
Term
Expires
E. W. PALMER,
President, Kingsport Press, Inc., Kingsport, Tennessee . . . . . . . . . . . . . . . . 1943
CLYDE AUSTIN,
I
!
.
President, The Austin Company, Inc., Greeneville, Tennessee . . . . . . . . . . . 1944
W. E. MCEWFN,
Director, County Farm Bureau, Williamsport, Tennessee . . . . . . . . . . . . . . 19G
GEORGE
NEALBASS,Cashier, First National Bank of Franklin County, Decherd, Tennessee . . . . . . . 1943
E. L. SADLER,
President, First National Bank, Harriman, Tennessee . . . . . . . . . . . . . . . . .1944
EDWARD
POTTER, President, Commerce Union Bank, Nashville, Tennessee . . . . . . . . . . . . . 194.5
JR.,
JOEL B. FORT,
JR., Managing Director. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1943

E. W. PALMER,
Chairman

OFFICERS
JOEL




E. R. HARRISON,
Cashier

B. FORT, Managing Director
JR.,

Savannah Agency
*J. H. BOWDEN,
Manager

E. M. LOONEY,
Acting Manager

*ONLEAVE-MILITARY
SERVICE

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