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8

.,

FEDERAL
RESERVEBANK
OF ATLANTA

Y

i

TWENTY-THIRD ANNUAL STATEMENT
i
January 31,1938.

.
.
1

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 31,1937, together with state-

I

ment of earnings and expenses for the year.
)i

Sincerely yours,
z

1

n

.



OSCAR NEWTON,
President.

31, 1937

Statement of Condition-December
RESOURCES
GOLDCERTIFICATES HAND DUE FROM
ON
AND
U. S. TREASURY . . .
.
.. ... . ..
REDEMPTION
FUND-FEDERAL
RESERVE
NOTES. . . .
OTHERCASH
.
. .
.
.. .
TOTAL
RESERVES .
.
.
.
BILLSDISCOUNTED
:
BY
OBLIGATIONS,
DIRECT
SECUREDU. S. GOVERNMENT
OR FULLY
GUARANTEED
. . . . . . . .
OTHERBILLS DISCOUNTED .
.. .. .
.

.

. . . .
. . $230,572,554.89
. . . 1,535,074.57
.. ... ....
. . . 17,174,002.49
.... ........ ..
. .
. .

TOTAL
BILLSDISCOUNTED . . . . .
.
BILLSBOUGHT OPENMARKET. . . . .
IN
INDUSTRIAL
ADVANCES . . . . . . .
.
SECURITIES:
U. S. GOVERNMENT
BONDS. . . . . . . . . . . . . .
TREASURY
NOTES . . . . . . . . . .
TREASURY
BILLS . . . . . . . . . .
TOTAL S. GOVERNMENT
U.
SECURITIES
. .
TOTAL
BILLS
AND SECURITIES
. .
BANKS . . . .
DUEFROM FOREIGN
BANKS. . .
F. R. NOTESOF OTHER
UNCOLLECTED
ITEMS.
....
BANKPREMISES
. . .
.
ALL OTHERRESOURCES. . .
.
TOTAL RESOURCES .

.

. .
. . $ 321,750.00
. . . . . 638,301.19
. . . . . . . . $ 960,051.19
. . ... ...
98,782.75
... . . ...
128,241.90
. . . . . . . . 32,899,500.00
. . . . . . . . 50,559,000.00
. . . . . . . . 28,780,000.00
. . . . . . . . $112,238,500.00

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

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

.
.
.
.
.
.

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

.

.

.

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

DEPOSITS:
MEMBER
BANK-RESERVEACCOUNT. .
U. S. TREASURER-GENERAL
ACCOUNT.
FOREIGN
BANK . . . . . . . . . . .
OTHERDEPOSITS . . . . . . . . .

.

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

TOTAL
DEPOSITS
.
DEFERRED
AVAILABILITY
ITEMS
.
CAPITALPAID . . .
IN
SURPLUS
(SECTION
7)
SURPLUS
(SECTION
13b)
RESERVE CONTINGENCIES
FOR
.
ALL OTHER LIABILITIES . .
TOTAL LIABILITIES

. .
. .
..
. .

..
..
..
..

.
.
.
.
.
.
.
.

.
.
.
.

. . . $181,212,210.86
. . . 6,396,146.95
. . . 6,072,041.31
. . . 2,201,080.10
....
.. . .
....
....
....
....
....
....

$162,016,285.00

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

..

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

CONTINGENT
LIABILITY BILLSPURCHASED
ON
FOR
FOREIGN
CORRESPONDENTS . . . . . . . .
.
COMMITMENTS MAKEINDUSTRIAL
TO
ADVANCES .
.




$113,425,575.84
6,259.75
3,535,700.00
24,955,653.06
2,118,767.56
1,503,700.67
$394,827,288.83

LIABILITIES

... .... ....

F. R. NOTESIN ACTUAL
CIRCULATION

$249,281,631.95

.....
. .. . .

$195,881,479.22
24,125,864.00
4,400,900.00
5,625,948.32
730,039.19
1,987,509.93
59,263.17
$394,827,288.83
$
$

59,375.21
344,682.98

Earnings and Expenses During 1937
EARNINGS
CURRENT
EARNINGS
:
DISCOUNTED
BILLS . . . . . . . . . . . . . . . . . . . . .
PURCHASED . . . . . . . . . . . . . . . . . . . . . . .
BILLS
U.S.GOVERNMENT
SECURITIES . . . . . . . . . . . . . . . . .
..
INDUSTRIAL ADVANCES

. . . .$

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

COMMITMENTS MAKEINDUSTRIAL
TO
ADVANCES . .
.
ALL OTHER . . . . . . . . . . . . . . . . .
TOTAL
CURRENT
EARNINGS. . . . . . .
.

. . . . . . . . .

.........

. . . . . . . . .

23,720.21
784.43
1,726,139.38
13,777.56
1,619.87
. .
. . 25,355.18
. .$1,791,396.63

EXPENSES
CURRENT
EXPENSES:
TOTAL
OPERATING
EXPENSES . . . . . . . . . . . . . . . . . $1,588,794.84
.
484,834.94
LESS
REIMBURSEMENTS CERTAINFISCAL
FOR
AGENCY
AND OTHER EXPENSES . . .
.
NET OPERATING
EXPENSES . . . . . . . . . . . . . . . . . . $1,103,959.90
.
ASSESSMENT EXPENSES BOARD GOVERNORS . . . . . . . . . . . .
FOR
OF
OF
.
61,248.22
FEDERAL
RESERVE
CURRENCY:
ORIGINAL . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,393.53
COST
COSTOF REDEMPTION . . . . . . . . . . . . . . . . . . . . . . .
.
19,925.53
CURRENT
EXPENSES . . . . . . . . . . . . . . . . . . $1,252,527.18
.
TOTAL

PROFIT AND LOSS ACCOUNT
CURRENTEARNINGS . . . . . . . . . . . . . . . . . . . . . . . . .$1,791,396.63
.
CURRENT
EXPENSES . . . . . . . . . . . . . . . . . . . . . . . . .
.
1,252,527.18
CURRENT
NET EARNINGS . . . . . . . . . . . . . . . . . . .$ 538,869.45
.
ADDITIONS CURRENT EARNINGS:
TO
NET
PROFITS ON SALES O F u .s. GOVERNMENT
SECURITIES . . . . . . . . . . . . 104,366.30
TRANSFERREDRESERVES . . . . . . . . . . . . . . . . . . .
FROM
..
124,496.45
ALL OTHER . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15,275.85
TOTAL. . . . . . . . . . . . . . . . . . . . . . . . . . .$ 244,138.60
DEDUCTIONS CURRENT EARNINGS:
FROM
NET
PRIOR
SERVICE
CONTRIBUTIONS RETIREMENT
TO
SYSTEM . . . . . . . . . . $ 93,840.00
.
FOR
FOR
OF
.
49,859.25
ASSESSMENT BUILDING BOARD GOVERNORS . . . . . . . . . .
SPECIAL RESERVES DEPRECIATION.
FOR
REPAIRS ALTERATIONS-BANK PREMISES 350,000.00
AND
ALL OTHER . . . . . . . . . . . . . . . . . . . . . . . . . . . .
42,545.71
TOTAL. . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 536,244.96
NET DEDUCTIONS CURRENT NET EARNINGS . . . . . . . . . . . . . 292,106.36
FROM
.
NET EARNINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . 246,763.09
.
DIVIDENDS m . . . . . . . . . . . . . . . . . . . . . . . . . . .
P
$ 260,851.14
TO SURPLUS (SECTION 7) . . . . . . . . . . . . . . . . . .
10,174.68
TRANSFERRED
-24.262.73
TRANSFERRED
TO SURPLUS (SECTION 13b) . . . . . . . . . . . . . . . . .
$ 246,763.09




Directors and Officers
Federal Reserve Bank of Atlanta
Main Office---Bra nches-Agencies
DIRECTORS
FRANK NEELY,Chairman
H.
CLASS A

Term
Expires

. . . . . . . . . . . . . . . . 1938
. . . . . . . . . . . . . . . . . . . 1939
. . . . . . . . . . 1940

GEORGE WHITE,President, First National Bank, Mount Dora, Florida
J.
R. G. CLAY,
President, Fulton National Bank, Atlanta, Georgia
W.D. COOK,Executive Vice-president, First National Bank i n Meridian, Mississippi

*

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

. 1938

. . . . . . 1939
. . . . . . . 1940

CLASS C
H. NEELY,
Executive Vice-president and Secretary, Rich's, Inc., Atlanta, Georgia
J. F. PORTER,
President, Tennessee Farm Bureau Federation, Williamsport, Tennessee

. . . . . . . . . . 1938
. . . . . . . . . . 1939
DR. RUFUS HARRIS,
C.
President, The Tulane University of Louisiana, New Orleans, Louisiana . . . . . . 1940

FR.4NK

OJ?FICERS
OSCAR
NEWTON,
President
ROBERT PARKER, Vice-President and General Counsel
S.
First
H. F. CONNIFF,
Vice-president
W. S. MCLARIN, Vice-president and Cashier
JR.,

V. K. BOWMAN,
Assistant Cashier
C. R. CAMP,Assistant Cashier
S. P. SCHUESSLER,
Assistant Cashier
E. P. PARIS,
General Auditor

MEMBER OF FEDERAL ADVISORY COUNCIL
EDWARD
BALL
Vice-president, Almours Securities, Inc.
Jacksonville, Florida

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

GEORGE
WINSHIP
President, Fulton Supply Company
Atlanta, Georgia

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

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

E. E. SOULIER
Executive Vice-president
First National Bank
Lafayette, Louisiana

HENRY CHALKLEY,
G.
JR.
General Manager
The Sweet Lake Land & Oil Company, Inc.
Lake Charles, Louisiana

0. J. LUCAS

HERBERT
HOLMES
Active Vice-president
Delta National Bank
Yazoo City, Mississippi

Mamging Director
L. M. CLARK,

President, The National Bank of
Commerce in New Orleans
New Orleans, Louisiana

OFFICERS
L. M. CLARK,
Managing Director
W. H. BLACK,
Cashier
F. C. VASTERLING,
Assistant Cashier

Birmingham Branch
DIRECTORS
DONALD
COMER,
Chairma
President and Treasurer
Avondale Mills
Birmingham, Alabama

FRANK MOODY
M.

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

JOHN PERSONS
C.

HOWARD
GRAY
New Market, Alabama

JOHN

President, The First National Bank
of Tuskaloosa
Tuskaloosa, Alabama

President, First National Bank
of Birmingham
Birmingham, Alabama

S. COLEMAN
President, Birmingham Trust &
Savings Company
Birmingham, Alabama

P. L. T. BEAVERS,
Managing Director
OFFICERS

P. L. T. BEAVERS,
Managing Director




H. J. URQUHART,
Cmshier

Jacksonville Branch
DIRECTORS
BAYLESS HAYNES,
W.
Chuirman
President, Wilson & Toomer
Fertilizer Company
Jacksonville, Florida

GEORGE AVENT
J.
President, The Florida National Bank
of Jacksonville
Jacksonville, Florida

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

J.
GEORGE WHITE
President, First National Bank
Mount Dora, Florida

G. S. VARDEMAN, Managing Director
JR.,
OFFICERS
T. A. LANFORD,
Cashier

G. S. VARDEMAN, Munuging Director
JR.,

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

C. W. BAILEY
President, First National Bank
Clarksville, Tennessee

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

F. M. FARMS

E. W. PALMER

JOEL FORT, Managing Director
B.
JR.,

President, Third National Bank
Nashville, Tennessee

President, Kingsport Press
Kingsport, Tennessee




OFFICERS
JOEL

E. R. HARRISON,
Cashier

B. FORT, Managing Director
JR.,

Savannah Agency
J. H. BOWDEN,
Manager

JAM=

A. GOETHE,
Assistant Manager

Havana Agency
H. C. FRAZER,
Manuger

FRED WILLIAMSON,
L.
Acting Assistant Manager

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