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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