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FEDERAL RESERVEBANK OF ATLANTA FORTY-THIRD ANNUAL STATEM January 3 I , I958 To the Stockholders of the Federal Reserve Bank of Atlanta: There is presented herein a comparative statement of the condition of the Federal Reserve Bank of Atlanta as at close of business December 31, 19.57, and December 31, 1956, together with a comparative statement of earnings and expenses for the years I957 and 1956. Sincerely yours, MALCOLM BRYAN, President 8 STATEMENT OF CONDITION I (In dollars) I, d * I * * ASSETS December 31. 1957 December 31. 1956 832.066. 186 GOLDCERTIFICATES .................. 830.920. 971 REDEMPTION FUNDFOR FEDERAL RESERVENOTES. . . . . 51.173. 440 48.919. 465 FEDERAL RESERVE NOTESOF OTHERBANKS. . . . . . . . 54.053. 750 56.W. 000 ..................... OTHERCASH 24.743. 676 23,034.073 960.327. 449 TOTALCASH . . . . . . . . . . . . . . . . . . . 960.988. 112 DISCOUNTS AND ADVANCES . . . . . . . . . . . . . . . 3.275. 000 2.950. 000 U. S. GOVERNMENTSECURITIES. . . . . . . . . . . . . 1.228.570. 000 1.265.403. 000 TOTALLOANSAND SECURITIES . . . . . . . . . . . 1.268.353.000 1.231.845. 000 OTHERASSETS: 411.222. 628 UNCOLLECTED CASH ITEMS. . . . . . . . . . . . . 466.237. 738 BANKPREMISES (NET) . . . . . . . . . . . . . . 6.4%. 565 4.687. 099 ALL OTHER . . . . . . . . . . . . . . . . . . . 11.657. 800 13.383.172 429.292. 899 484.392. 103 TOTALOTHERASSETS. . . . . . . . . . . . . . 2.657.973. 348 TOTAL ASSETS . . . . . . . . . . . . . . . 2.677.225. 215 LIABILITIES FEDERALRESERVENOTES . . . . . . . . . . . . . . . DEPOSITS : MEMBERBANKRESERVEACCOUNTS . . . . . . . . . U . S. TREASURER~ENERAL ACCOUNT . . . . . . . . FOREIGN. . . . . . . . . . . . . . . . . . . . OTHER . . . . . . . . . . . . . . . . . . . . . TOTALDEPOSITS. . . . . . . . . . . . . . . . OTHERLIABILITIES: DEFERRED AVAILABILITY CASHITEMS. . . . . . . . . ALL OTHER . . . . . . . . . . . . . . . . . . . TOTALOTHERLIABILITIES. . . . . . . . . . . . TOTAL LIABILITIES . . . . . . . . . . . . CAPITAL ACCOUNTS CAPITALPAIDIN . . . . . . . . . . . . SURPLUS(SECTION7) . . . . . . . . . . SURPLUS(SECTION13b) . . . . . . . . . RESERVES FOR CONTINGENCIES . . . . . . TOTALCAPITALACCOUNTS . . . . . . TOTAL LIABILITIES AND CAPITAL ACCOUNTS . . . . 1.305.420. 070 1.371.606. . . .840 851.880. 651 41.231. 159 15.345. 000 3.973.671 912.430. 481 905.110. 518 24.258. 304 13.024.,000 7.233.901 949.626. 723 398.917. 093 491. 971 399.409. O a 280.189. 562 684.036 280.873. 598 2.617.259. 615 2,602,107.161 ....... ....... ....... . . . . . . . . . . . . . . 16.562.450 36.192. 075 762.426 6.448. 649 59.965. 600 15.493. 450 33.179. 336 762.426 6.430. 975 55.866. 187 ....... 2.677.225. 215 2.657.973. a 8 EARNINGS AND EXPENSES (In dohrs) 1957 TOTALCURRENTEARNINGS.. . NET EXPENSES. . . . . . . . . CURRENT NET EARNINGS.. 1956 ............ ........... 39,804,806 30,737,424 8,480,980 7,787,996 . . . . . . . . . . . . 31,323,826 22,949,428 . . 8,972 1%623 . . . . 201,540 --e 361 131 . . 210,873 14,754 ....... 31,534,699 22,964,182 17,674 14,591 ADDITIONSTO CURRENT NET EARNINGS: PROFIT ON SALES OF U. S. GOVERNMENT SECURITIES (NET) . . . . . . . . . . . . . REIMBURSEMENT FOR FISCAL AGENCYEXPENSES INCURRED IN PRIOR YEARS . . . . . . . . . . ALL OTHER . . . . . . . . . . . . . . . . . TOTALADDITIONS . . . . . . . . . . . . . . TOTALCURRENT NET EARNINGS AND . . . . . . . .. ADDITIONS DEDUCTIONS FROM CURRENT NET EARNINGS: RESERVESFOR CONTINGENCIES . . . . . . . . . . . RETIREMENTSYSTEM(ADJUSTMENT FOR REVISEDBENEFITS) . . . . . . . . . . . . . . . ALL OTHER . . . . . . . . . . . . . . . . . . . TOTAL DEDUCTIONS . . . . . . . . . . . . . . . 410,380 -0- 13,251 551 441,305 15,142 NET EARNINGS BEFOREPAYMENTS TO U. S. TREASURER . . . . . . . . . . . . . . PAIDUNITEDSTATESTREASURY (INTEREST ON FEDEFLU RESERVENOTES) . . . . . . . . . . . . . . NET EARNINGS AFTERPAYMENTS TO U. S. TREASURY . . . . DIVIDENDS . . . . . . . . . . . . . . . . . . . . . 31,093,394 22,949,040 27,114,696 19,731,928 3,978,698 3,217,112 . . . . . . . . . 3,012.739 TRANSFERRED TO SURPLUS (SECTION 7) 965,959 878,878 2,338,234 SURPLUS ACCOUNT (SECTION7) SURPLUS JANUARY 1 . . . . . . . . . . . . . . . . . . TRANSFERREDTO SURPLUS-AS ABOVE . . . . . . . . . . SURPLUS DECEMBER31 . . . . . . . . . . . . . . . . 33,179,336 - 1 30,841,102 3,012,739 2,338,234 36,192,075 33,179,336 l U Federal Reserve Bank of Atlanta DIRECTORS CLASS A Term Expires December 31 Elected by Member Banks Wm,iAM C. CARTER,Chairman and President, Gulf National Bank of Gulfport, Gulfport, Mississippi ROLANDL. ADAMS,President, Bank of York, York, Alabama . . . 1958 . . . . . . . . . . . . . . . . . . . .1959 W. C. BOWMAN, Chairman of the Board, The First National Bank of Montgomery, Montgomery, Alabama. 1960 CLASS B Elected by Member Banks . . . . . . . . . .1958 Tampa, Florida. . . . 1959 DONALDCOMER,Chairman of the Board, Avondale Mills, Birmingham, Alabama. JOSEPH T. LYKES,Chairman and Director, Lykes Bros. Steamship Company, Inc., POLLARD TURMAN, President, J. .M. Tull Metal & Supply Company, Inc., Atlanta, Georgia CLASS c . . . . . . . . 1960 Appointed by the Board of Governors of the Federal Reserve System WALTERM. MITCHELL(Chairman of the Board and Federal Reserue Agent), Vice President, The Draper Corporation, Atlanta, Georgia . . . . . . . . . . . . . . . . . . . . . . . .... .... ...... HARLLEE BRANCH, JR. (Deputy Chairman), President, The Southern Company, Atlanta, Georgia H. G. CHALKLEY, JR., President, Sweet Land & Oil Company, Inc., Lake Charles, Louisiana 1958 . 1959 .1960 OFFICERS MALCOLM BRYAN,President; LEWIS M. CLARK,First Vice President; J. E. DENMARK, Vice President; JOHN L. LILES,JR., Vice President and Cashier; J. E. MCCORVEY,Vice President; HAROLDT. PATTERSON, Vice President and General Counsel; L. B. RAisTY, Vice President; EARLEL. RAUBER,Vice President and Director of Research; S. P. SCHUESSLER, Vice President; DEWITT-4DAMS, General Auditor; DOWDELL BROWN,JR., Assistant Vice President; F. H. MARTIN, Assistant Vice President; I. H. MARTIN,Assistant Vice President; R. E. MILLING, Assistant Vice President; BROWN R. RAWLINGS, JR., Assistant Vice President; CHARLEST. TAYLOR, AsI. BRECK,Assistant Cashier; THEODORE WALTER,Assistant Cashier; T. R. ATKIN. sistant Vice President; FRED SON, Economic Adviser to the President; J. B. FORBES, Assistant General Auditor; GEO.W. SHEFFER, JR., Chief M. VALLETTE, Director of Personnel. Examiner; EDGAR MEMBER FEDERAL ADVISORY-COUNCIL A. SIBLEY Chairman of the Board Trust Company of Georgia Atlanta, Georgia JOHN INDUSTRIAL ADVISORY COMMITTEE SHANNON M. GAMBLE Executive Vice President Standard-Coosa-Thatcher Company Chattanooga, Tennessee DEANS. PADEN Chairman of the Board King Hardware Company Atlanta, Georgia LUTHER14. RANDALL President Randall Brothers, Inc. Atlanta, Georgia Birmingham Branch DIRECTORS Appointed by the Board of Governors of the Federal Reserve System JOHN Term Expires December 31 . . . . . 1958 . . . . . . . . . . . 1959 E. URQUEART(Chairman), President, Woodward Iron Company, Woodward, Alabama. ADOLPHWEIL, SR., President, Weil Brothers-Cotton, Inc., Montgomery, Alabama. SELDEN SHEFFIELD, Cattleman, Greensboro, Alabama ........................ 1960 Appointed by the Board of Directors, Federal Reserve Bank of Atlanta ROBERTM. CLECKLER, President, First National Bank of Childersburg, Childersburg, Alabama, . . . . . 1958 E. W.MCLEOD,President, The Morgan County National Bank of Decatur, Decatur, Alabama. . . . . . 1958' JOHN R. DOWNING, Executive Vice President, Citizens-Farmers & Merchants Bank, Brewton, Alabama. . 1959 JOHNC. PERSONS, Chairman, The First National Bank of Birmingham, Birmingham, Alabama . . . . . . 1960 OFFICERS H. C. FRAZER, Vice President and Manager; E. C. RAINEY,Assistant Vice President; WM.A. WALLER,JR., Cashier; MELVINMCILWAIN,Assistant Cashier. Jacksonville Branch DIRECTORS Term Expires December 31 Appointed by the Board of Governors of the Federal Reserve System HARRYM. SMITH (Chairman), President and Manager, Winter Garden Ornamental Nursery, Inc., 1958 Winter Garden, Florida . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1959 . . . . . . . . . . . . . . . .1960 MCGREGOR SMITH,Chairman and Director, Florida Power & Light Company, Miami, Florida J. WAYNEREITZ, President, University of Florida, Gainesville, Florida Appointed by the Board of Directors, Federal Reserve Bank of Atlanta LINTON E. ALLEN,Chairman and Director, The First National Bank at Orlando, Orlando, Florida. . . . 1958 W. E. ELLIS, President and Chairman, The Commercial Bank & Trust Company of Ocala, Ocala, Florida. 1958 JAMES . . . . . . . . . . .1959 . . . . . . . . . . . . . . . . . . . . 1960 G. GARNER,President, Little River Bank and Trust Company, Miami, Florida C. B. MCLEOD,President, Bank of Crestview, Crestview, Florida. OFFICERS T. A. L~NFORD, Vice President and Manager; T. C . CLARK,Assistant Vice President; J. W. SNYDER, Cashier; C. MASONFORD, Assistant Cashier. Nashville Branch DIRECTORS Term Expires December 31 Appointed by the Board of Governors of the Federal Reserve System FRANK B. WARD(Chairman), Dean, College of Business Administration, University of Tennessee, Knoxville, Tennessee ..................................... V. S. JOHNSON, JR., Chairman and President, Aladdin Industries, Inc., Nashville, Tennessee. 1959 . . . . . . 1958 .- W. N. KRAUTH,President and General Manager, Colonial Baking Company, Nashville, Tennessee - 1960 Appointed by the Board of Directors, Federal Reserve Bank of Atlanta . . . . . 1958 . . . . . . . . . . . . .1958 Tennessee . . . . . . . . . .1959 STEWART CAMPBELL, President, The Harpeth National Bank of Franklin, Franklin, Tennessee. C. L. WILSON,President, The Cleveland National Bank, Cleveland, Tennessee Jo H. ANDERSON, President, Park National Bank of Knoxville, Knoxville, P. D. HOUSTON,JR., President, First American National Bank of Nashville, Nashville, Tennessee. . . . .1960 OFFICERS R. E. MOODY,JR., Vice President and Manuger; W.H. SEWELL, Assistant Vice President; L. W. STARR,Cashier; STUART H. MAGEE,Assistant Cashier. New Orleans Branch DIRECTORS Appointed by the Board of Governors of the Federal Reserve System Term Expires December 31 KING,JR., (Chairman), Executive Vice President, King Lumber Industries, G. HAROLD Canton, Mississippi. .................................... E. E. WILD,Rice Grower, Midland, Louisiana. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1958 1959 FRANK A. GODCHAUX, 111, Vice President, Louisiana State Rice Milling Company, Inr., Abbeville, Louisiana .................................... .1%0 Appointed by the Board of Directors, Federal Reserve Bank of Atlanta H. AIJSTILLPHARR, President, The First National Bank of Mobile, Mobile, Alabama . . . . . . . . . . .1958 . . . . . .1958 WILLIAMJ. FISCHER, Chairman, Progressive Bank & Trust Company, New Orleans, Louisiana J. SPENCER JONES,President, The Citizens National Bank in Hammond, Hammond, Louisiana . . . . . . 1959 D. U, MADDOX,President, The Commercial National Bank and Trust Company of Laurel, Laurel, Mississippi ..................................... .1%0 OFFICERS M. L. SHAW,Vice President and Manager; R. M. STEPHENSON, Assistant Vice President; L. Y. CHAPMAN, Cashier; R. M. JUNCA, Assistant Cashier. l
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