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FEDERAL
RESERVEBANK
OF ATLANTA

FORTIETH ANNUAL STATEMENT

February 25,1955
T o 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, 1954, and
December 31, 1953, together with a co
statement of earnings and expenses for

1954 and 1953.
Sincerely yours,

MALCOLMBRYAN,

mot

President 3 3

a - 4

et-1

ace.
J

STATEMENT OF CONDITION
ASSETS

December 31,1954 December 31,1953
$ 904,578,184.45 $ 912,262,741.45
53,930,637.65
58,813,252.65
$ 958,508,822.10 $ 971,075,994.10
42,242,500.00
29,747,750.00
33,004,500.56
32,527,490.32
5,733,333.34
995,000.00
--e
339,605.12

GOLDCERTIFICATES. . . . . . . . . . . . . . . . . .
REDEMPTION
FUND
FOR FEDERAL
RESERVENOTES. . . . . .
TOTAL
GOLDCERTIFICATE
RESERVES. . . . . . . . .
FEDERAL
RESERVENOTESOF OTHERBANKS . . . . . . . .
OTHERCASH. . . . . . . . . . . . . . . . . . . . .
DISCOUNTS
AND ADVANCES. . . . . . . . . . . . . . .
INDUSTRIAL
LOANS . . . . . . . . . . . . . . . . . .
U. S. GOVERNMENT
SECURITIES:
SYSTEM
ACCOUNT
. . . . . . . . . . . . . . . . . 1,267,589,000.00 1,294,974,000.00
TOTAL
LOANS AND SECURITIES . . . . . . . . . . . . $1,273,322,333.34 $1,296,308,605.12
324,677,651.89
UNCOLLECTEDCASH ITEMS . . . . . . . . . . . . . . .
311,507,769.82
BANKPREMISES
(NET) . . . . . . . . . . . . . . . . .
3,878,911.83
3,635,721.41
8,677,124.59
OTHERASSETS . . . . . . . . . . . . . . . . . . . .
7,610,643.45
TOTAL ASSETS . . . . . . . . . . . . . . . . $2,630,075,481.10 $2,666,650,337.43

LIABILITIES
FEDERAL
RESERVENOTESI N ACTUALCIRCULATION . . . . . $1,387,727,900.00 $1,417,107,185.00
DEPOSITS:
890,375,572.57
MEMBERBANKRESERVE
ACCOUNTS
..........
866,804,121.70
38,350,452.35
19,314,091.60
U. S. TREASURER-GENERAL
ACCOUNT. . . . . . . .
20,726,000.00
17,595,600.00
FOREIGN
....................
3,612,582.15
5,679,101.19
OTHERDEPOSITS. . . . . . . . . . . . . . . . .
TOTALDEPOSITS . . . . . . . . . . . . . . . . $ 929,493,156.20 $ 932,964,365.36
263,480,471.70
269,537,240.88
DEFERRED
AVAILABILITY
CASHITEMS. . . . . . . . . . .
713,448.76
527,979.77
OTHERLIABILITIES. . . . . . . . . . . . . . . . . .
TOTAL LIABILITIES . . . . . . . . . . . . . . $2,581,229,507.67 $2,620,322,240.00
CAPITAL ACCOUNTS
CAPITAL PAID I N . . . . . . . . . . . . . . . . . . . $ 12,203,150.00 $ 11,158,250.00
SURPLUS
(SECTION7) . . . . . . . . . . . . . . . . .
29,480,094.83
28,034,120.17
SURPLUS
(SECTION13b) . . . . . . . . . . . . . . . .
762,425.68
762,425.68
.
.
.
.
.
.
.
.
.
.
.
.
.
.
6,400,302.92
6,373,301.58
RESERVES
FOR CONTINGENCIES
TOTAL
CAPITAL ACCOUNTS. . . . . . . . . . . . . $ 48,845,973.43 96 46,328,097.43
TOTAL
LNILITIES AND CAPITALACCOUNTS. . . . . . $2,630,075,481.10 $2,666,650,337.43




EARNINGS AND EXPENSES
1954

TOTALCURRENT
EARNINGS.

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

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

-

7,221,299.55

7,135,307.77

$15.216.692.93

$22,984,949.95

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

ADDITIONS
TO CURRENT
NET EARNINGS:
PROFIT
ON SALES OF U. S. GOVERNMENT
SECURITIES
(NET) . . . . . . . . . .
ALL OTHER . . . . . . . . . . . . .
TOTALADDITIONS
..........
DEDUCTIONS
FROM CURRENT
NET EARNINGS:
RESERVES
FOR CONTINGENCIES
....
ALL OTHER . . . . . . . . . . .
TOTAL DEDUCTIONS
.......
NET DEDUCTIONS
...........

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

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

NET EARNINGS
BEFOREPAYMENT
TO U. S. TREASURY
.
PAIDU. S. TREASURY
(INTEREST
ON FEDERAL
RESERVE
NOTES) . . . . . . . . . . . . . . .
DIVIDENDS
PAID. . . . . . . . . . . . . . . . . . . .
TRANSFERRED
TO SURPLUS
(SECTION
7) . . . . . . . .




$22,437,992.48

1953
$30,120,257.72

$

26,875.75

$

109,312.08
4.262.53

85.53
$

26,961.28

$

113,574.61

$

27,001.34

$

42,051.68

50,700.23

95,153.92

$

77,701.57

$

137,205.60

9b

50.740.29

$

23,630.99

.

$15,165,952.64

$22,961,318.96

..

$13,012,037.54

$20,074,823.82

707,940.44

655,703.10

1,445,974.66

2,230,792.04,

..

Federal Reserve Bank of Atlanta
DIRECTORS
CLASS A
Elected by Member Banke
LESLZE
R. DRIVER,
President, The First National Bank in Bristol, Bristol, Tennessee
ROLAND
L. ADAMS,President, Bank of York, York, Alabama
W.C. BOWMAN,Chairman of the Board, The First National Bank of Montgomery,
Montgomery, Alabama

Term Expires
Greup December 31
1955
2
1956
.3

.......

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

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1

1957

CLASS B
Elected by Member Banks

. . . . . . ..3
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .1

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

1955

A. B. FREEMAN,
Chairman of the Board, Louisiana Coca-Cola Bottling Co., Ltd.,
New Orleans, Louisiana

POLWD
TURMAN,
President, J. M. Tull Metal & Supply Company, Inc., Atlanta, Georgia

CLASS

1956
1957

. . . .2

c

Appointed by the Board of Governors of the Federal Reserve System

.1955
. . . . . . 1956

RUFUSC. HARRIS, Chairman; President, The Tulane University of Louisiana, New Orleans 15, Louisiana.
HARLLEE
BRANCH,JR., Deputy Chairman; President, Georgia Power Company, Atlanta, Georgia

OFFICERS
MALCOLM
BRYAN,President; LEWIS M. CLARK,First Vice President; V. K. BOWMAN,Vice President; J. E. DENMARK, Vice President; JOHNL. LUES, JR., Vice President and Cashier; HAROLD
T. PATTERSON,
Vice President and
General Counsel; L. B. RAETY,Vice President; E. L. RAWER, Vice President and Director of Research; S. P.
SCKUESSLER,
Vice President; R. DEWITT ADAMS,General Auditor; F. H. MARTIN,Assistant Vice President; I. H.
MARTIN,Assistant Vice President; J. E. MCCORVEY,
Assistant Vice President; R. E. MILLXNG,
Assistant Vice PresiAssistant Vice President; FREDI. BRECK,Assistant Cashier; DOWDELLBROWN,JR.,
dent; CHARLEST. TAYLOR,
Assistant Council; BROWNRAWLINGS,
Assistant General Auditor; GEO. W. SHEFFER,
JR., Chief Examiner.

MEMBER FEDERAL ADVISORY COUNCIL
WALLACE
M. DAVIS
President
The Hibernia National Bank in New Orleans
New Orleans, Louisiana

,

INDUSTRIAL ADVISORY C0MMI"EE
I. C. MILNER
SRANNON
M. GAMBLE
Executive Vice President
President
Standard-Coosa-Thatcher Company
Gate City Mille Company
Chattanooga, Tennessee
East Point, Georgia
JOHN E. SANFORD
GEORGE
WINSHIP
LUTHERRANDALL
President
President
President
R a n d d Brothers, Inc.
Armour Fertilizer Works
Fulton Supply Company
Atlanta, Georgia
Atlanta, Georgia
Atlanta, Georgia




Birmingham Branch
DIRECTORS

Term Expires
December 31

Appointed by the Board of Governors of the Federal Reserve System

. . . . . . . . . . . . . . . . . . . . . . 1955
. . . . . . . . . . . . . 1956
. . . . . . . . . . . . . . . . . . . . . . . . . 1957

THAD
HOLT, Chairman, Investments, Birmingham, Alabama

ADOLPHW m , SR., President, Weil Brothers-Cotton, Inc., Montgomery, Alabama
EDWINC. BOTTCHER,
Farmer, Cullman, Alabama.

Appointed by the Board of Directors, Federal Reserve Bank of Atlanta
JOHN

B. BARNETT,
JR., President, The Monroe County Bank, Monroeville, Alabama

. . . . . . . . . . . . 1955
. . . . . . 1955

FRANK
M. MOODY,
Vice President, The First National Bank of Tuskaloosa, Tuscaloosa, Alabama
JOHN

WILL GAY,President, The First National Bank of Scottsboro, Scottsboro, Alabama

. . . . . . . .1956

. . . .1957

MALCOLM
A. SMITH,
First Vice President, Birmingham Trust National Bank, Birmingham. Alabama
OFFICERS

H. C. FRAZER,
Vice President and Manager; E. C. RAINEY,Assistant Vice President; MELVIN
MCILWAIN,
Assistant
Cashier; WM. A. WAL-LER,JR., 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.
Winter Garden, Florida

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

.1955

. .1956
. . . . . . . . . . .1957

MCGREGOR
SMITH,
Chairman of the Board and Director, Florida Power & Light Company, Miami, Florida

J. WAYNEREITZ,Provost for Agriculture, University of Florida, Gainesville, Florida

Appointed by the Board of Directors, Federal Reserve Bank of Atlanta

FRANK
W.NORRIS, President, The Barnett National Bank of Jacksonville, Jacksonville, Florida .
J. CARLISLE ROGERS,President, First National Bank of Leesburg, Leesburg, Florida.
T. A. DAVIS, JR.,President, Pan American Bank of Miami, Miami, Florida

. . . . . . 1955

. . . . . . . . . . . 1955
. . . . . . . . . . . . . . .1956
JAMES L. NIBLACK,
President, The First National Bank of Lake City, Lake City, Florida . . . . . . . . .1957
OFFICERS
T. A. LANFORD,
Vice President and Manager; T. C. CLARK,Assistant Vice President; J. W. SNYDER,
Cashier;
C. MASONFORD,
Assistant Cashier.




Nashville Branch
DIRECTORS
Appointed by the Board of Governors of the Federal Reserve System

........
FRANK
B. WARD,Dean, College of Business Administration, University of Tennessee, Knoxville, Tennessee . . 1956
A. CARTERMYERS,Treasurer, Knoxville Fertilizer Company, Knoxville, Tennessee . . . . . . . . . . . .1957
ERNEST
J. MOENCH,
Chairman, President, Tennessee Tufting Company, Nashville, Tennessee

JAMES

LYXI

Appointed by the Board of Directors, Federal Reserve Bank of Atlanta
V. SPROUSE,
President, The First National Bank of Springfield, Springfield, Tennessee

. . . . . . .1955

. . . . . . . . . . . . . . . . . . . . 1955
W. E. TOMLINSON,
President, The Hamilton National Bank of Johnson City, Johnson City, Tennessee . . . . 1956
T. R. KEYS,President, Erwin National Bank, Erwin, Tennessee

J. R. KELLAM,
JR., Executive Vice President, Commerce Union Bank, Nashville, Tennessee

. . . . . . . .1957

OFFICERS
R. E. MOODY,
JR., Vice President and Manager; 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

JOEL

Term Expires
December 31
L. FLETCHER,
JR., Chairman, President, Southwestern Louisiana Institute, Lafayette, Louisiana
1957

....

. . . . . . . . . . . . .1955
. . . . . . . . . . . . . . . . . . . . . . . . . . . 1956

E. 0. BATSON,President, Batson McGehee Company, Inc., Millard, Mississippi
E. E. WILD, Rice Grower, Midland, Louisiana.

Appointed by the Board of Directors, Federal Reserve Bank of Atlanta
KEEHNW. BERRY,President, Whitney National Bank of New Orleans, New Orleans, Louisiana

. . . . . .1955
JAMES T. BROWN,
Chairman of the Board, First National Bank of Jackson, Jackson, Mississippi . . . . . .1955
LEONJ. MINVIELLE,President, The Peoples National Bank of New Iberia, New Iberia, Louisiana. . . . . . 1956
PHILIP
C. WILLIAMS,President, Bank of Yazoo City, Yazoo City, Mississippi . . . . . . . . . . . . . . .1957
OFFICERS

M. L. SHAW,
Vice President and Manager; R. M. STEPHENSON,ASSiStant Vice President; LY.CHAPMAN,
Cashier;




R. M. JUNCA,
Assistant Cashier