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FEDERAL RESERVE BANK
OF ATLANTA






ABOUT THE COVER

Fifty thousand notes per hour flash through the
Currency Verifying, Counting and Sorting (CVCS)
Systems now operating or soon to be installed at all
Federal Reserve offices in the Sixth District. Notes
deposited by commercial banks are placed on an in­
put rack that automatically feeds them to the
computer-controlled machine. Mixed denominations,
possible counterfeits, and the like are rejected for
closer, human inspection. Notes unfit for further use
are automatically shredded and blown through a
plastic tube to a secondary chopper that reduces
them to an easily disposable residue. Notes fit for
another trip through the commercial banks to the
public are automatically strapped in hundreds, then
ejected down one of the chutes pictured on the cover.
The photographer’s 1/2000-second strobe flash has
“frozen” a few notes just arriving above the strapping
mechanism.
Below, approximately twenty straps
await transfer to the vault. Technological advances
like this have enabled the Federal Reserve Bank of
Atlanta and its Birmingham, Jacksonville, Miami,
Nashville, and New Orleans branches to reduce their
total staff by some twenty percent over the past five
years in spite of steady increases in operating
volumes.

February 1, 1980

To All Member Banks in the
Sixth Federal Reserve District:
Presented in this report are a comparative statement of condition
of this bank as of the last business day of 1978 and 1979, and a com­
parative statement of earnings and expenses for 1978 and 1979.




Also presented are current lists of our directors and officers.

Monroe Kimbrel
President

EARNINGS AND EXPENSES
1978
$392,206,541

$440,720,694

59,293,416

62,242,578

$332,913,125

Total Current Earnings

1979

$378,478,116

—44,029,927

- 6,268,983

4,015,100

3,781,700

$284,868,098

$368,427,433

Net Expenses
Current Net Earnings
Net Additions (+) Deductions (—
)*
Assessment for Expenses of Board of Governors
Net Earnings before Payment to U. S. Treasury

DISTRIBUTION OF NET EARNINGS
Dividends Paid

$

Payments to U. S. Treasury (Interest on
F.R. Notes)

4,750,650

$

277,118,648

Transferred to Surplus Account
Net Additions (+) Deductions (—
)

+

Total Earnings Distributed

$284,868,098

2,998,800

5,050,938

357,326,595
+

6,049,900

$368,427,433

SURPLUS ACCOUNT
Surplus January 1
Transferred to Surplus - as above
Surplus December 31

$ 77,609,550

$ 80,608,350

2,998,800

6,049,900

$ 80,608,350

$ 86,658,250

Includes gains/losses on sales of U. S. Government securities and foreign exchange transactions.




STA TEM EN T O F CONDITION
F E D E R A L R E SE R V E BANK O F ATLANTA

A SSE T S

Gold Certificate Account

December 2 9 ,1 9 7 8

December 3 1 , 1 9 7 9

S 518,496,600

$ 524,688,000

Special Drawing Rights Certificate Account

51,000,000

64,000,000

Coin

31,751,519

39,384,258

Loans and Securities

5,463,610,266

5,279,866,673

Cash Items in Process of Collection

1,878,942,968

1,563,425,548

21,492,253

31,161,579

309,592,403

338,935,683

$8,274,886,009

$7,841,461,741

$3,682,855,097

$3,550,549,462

Deposits*

2,400,201,309

2,438,304,058

Deferred Availability Cash Items

1,183,839,727

1,134,833,592

Other Liabilities

106,815,901

97,811,925

Interdistrict Settlement Account

739,957,275

446,646,204

$8,113,669,309

$7,668,145,241

$

$

Bank Premises
Other Assets
Total Assets
L IA B IL IT IE S

Federal Reserve Notes

Total Liabilities
CAPITAL ACCOUNTS

Capital Paid In
Surplus

80,608,350

86,658,250

80,608,350

86,658,250

Total Capital Accounts

$ 161,216,700

$ 173,316,500

Total Liabilities and Capital
Accounts

$8,274,886,009

$7,841,461,741

“
“Includes Member Bank Reserve Accounts, Collected Funds Due to Other F.R. Banks, U. S. Treasurer —General Account,
Foreign and Other Deposits.




DIRECTORS AND OFFICERS
of the
FEDERAL RESERVE BANK OF ATLANTA
as of January 1980
BOARD OF DIRECTORS
William A. Fickling, Jr., (Chairman), President and Chairman, Charter Medical Corporation, Macon, Georgia
John H. Weitnauer, Jr., (Deputy Chairman), President, Richway, Atlanta, Georgia
Fred Adams, Jr., President, Cal-Maine Foods, Inc., Jackson, Mississippi
Dan B. Andrews, President, First National Bank, Dickson, Tennessee
Guy W Botts, Chairman of the Board, Barnett Banks of Florida, Inc., Jacksonville, Florida
.
Jean McArthur Davis, President, McArthur Dairy, Inc., Miami, Florida
Ulysses V. Goodwyn, Executive Vice President, Southern Natural Resources, Inc., Birmingham, Alabama
Floyd W Lewis, Chairman/Chief Executive Officer, Middle South Utilities, Inc., New Orleans, Louisiana
.
Hugh M. Willson, President, Citizens National Bank, Athens, Tennessee
FEDERAL ADVISORY COUNCIL MEMBER
Robert Strickland, Chairman, Trust Company of Georgia, Atlanta, Georgia

William A. Fickling, Jr.
Chairman

Monroe Kimbrel
President

Robert P. Forrestal

First Vice President

OFFICERS
Monroe Kimbrel, President

Robert P. Forrestal, First Vice President

Arthur H. Kantner, Senior Vice President

Harry Brandt, Senior Vice President & Director of Research
Jack Guynn, Senior Vice President
B.
H. Hargett, Senior Vice President
Brown R. Rawlings, Senior Vice President
Harry C. Schiering, General Auditor
W. R. Caldwell, Vice President
William N. Cox, III, Vice President and
Associate Director of Research
W M. Davis, Vice President
.
Delmar Harrison, Vice President
Robert E. Heck, Vice President
William G. Pfaff, Vice President
H. Terry Smith, Vice President
John M. Wallace, Vice President
Donald E. Baer, Research Officer
Wardlyn Bassler, Assistant Vice President
Byron L. Bohannon, Assistant General Auditor
John R. Branscomb, Assistant Vice President
James L. Brown, Assistant Vice President
John T. Cleckley, Assistant Vice President
Alan D. Davis, Assistant Vice President
Charles D. Delony, Assistant Vice President
Richard A. Dill, Assistant Vice President




Howard Dillion, Examining Officer
Kurt Genteman, Assistant General Auditor
John Godfrey, Research Officer
George Hibbert, Assistant General Counsel
Eric B. Hingst, Assistant Vice President
and Secretary, Board of Directors
Kenneth J. Kearney, Assistant Vice President
Zane R. Kelley, Assistant Vice President
John R. Kerr, Assistant Vice President
B. Frank King, Research Officer
Ely S. Matteri, Assistant Vice President
George W. Moseley, Assistant Vice President
Ronald Robinson, Assistant Vice President
Robert Sexton, Assistant Vice President
Jack R. Sicard, Assistant Vice President
Samuel D. Smith, Assistant Vice President
Gene D. Sullivan, Research Officer
Ed Willingham, Assistant General Counsel

BRANCH D IRECTO RS AND O FF IC E R S
BIRMINGHAM BRANCH —Hiram J. Honea, Vice President

Fred R. Hoer, Asst. Vice President and Asst. Branch Manager

Robert G. Dole, Asst. Vice President; Melvyn K. Purcell, Asst. Vice President; John D. Swanson, Asst. Vice President
Harold B. Blach, Jr., (Chairman), President, Blach’s, Inc., Birmingham, Alabama
Guy H. Caffey, Jr., Chairman and Chief Executive Officer, Southern Bancorporation of Alabama and
Birmingham Trust National Bank, Birmingham, Alabama
C.
Gordon Jones, President and Chief Executive Officer, First National Bank of Decatur, Decatur, Alabama
William H. Martin, III, President and Chief Executive Officer, Martin Industries, Inc., Florence, Alabama
Martha Mclnnis, President, EnviroSouth, Inc., and Executive Vice President, Alabama Environmental Quality Association,
Montgomery, Alabama
George S. Shirley, President, First National Bank of Tuskaloosa, Tuscaloosa, Alabama
Louis J. Willie, Executive Vice President, Booker T. Washington Insurance Company, Birmingham, Alabama
JACKSONVILLE BRANCH —Charles D. East, Vice President James D. Hawkins, Asst. Vice President and Asst. Branch Mgr.
Richard L. Berry, Asst. Vice President; Steve J. Stacklin, Asst. Vice President; Cecil L. Williams, Asst. Vice President
Joan Stein, (Chairman), Partner, Regency Square Shopping Center, Jacksonville, Florida
DuBose Ausley, President and Chief Executive Officer, Capital City First National Bank, Tallahassee, Florida
Jerome P. Keuper, President, Florida Institute of Technology, Melbourne, Florida
Copeland D. Newbern, Chairman of the Board, Newbern Groves, Inc., Tampa, Florida
Whitfield M. Palmer, Jr., Chairman of the Board, Treasurer and Secretary, Florida Crushed Stone Company, Ocala, Florida
Billy J. Walker, President and Chief Executive Officer, Atlantic Bancorporation, and Vice Chairman of the Board,
Atlantic National Bank, Jacksonville, Florida
Robert E. Warfield, Jr., Chairman of the Board and President, The First National Bank & Trust Company of Eustis,
Eustis, Florida
MIAMI BRANCH —Frank Craven, Vice President

Robert E. Lee, Asst. Vice President and Asst. Branch Manager

Patrick K. Barron, Asst. Vice President; Robert J. Slack, Asst. Vice President; Jessie T. Watson, Asst. Vice President
David G. Robinson, (Chairman), President, Edison Community College, Fort Myers, Florida
Jane C. Cousins, Realtor, Cousins Associates, Inc., Miami, Florida
Tully F. Dunlap, Chairman of the Board, Florida National Bank of Miami, Miami, Florida
Alfred W Roepstorff, President, The National Bank of Collier County, Marco Island, Florida
.
David H. Rush, President, ACR Electronics, Inc., Hollywood, Florida
M. G. Sanchez, President and Chief Executive Officer, First Bankers Corporation of Florida, Pompano Beach, Florida
Roy Vandegrift, Jr., President, Vandegrift-Williams’ Farms, Inc., Pahokee, Florida
NASHVILLE BRANCH —Jeffrey J. Wells, Vice President

Ralph Thurman, Asst. Vice President and Asst. Branch Mgr.

William W. Dykes, Asst. Vice President; A. D. Sands, Asst. Vice President; Channing Workman, Asst. Vice President
Robert C. H. Mathews, Jr. (Chairman), President, R. C. Mathews Contractors, Inc., Nashville, Tennessee
Cecelia Adkins, Executive Director, Sunday School Publishing Board, Nashville, Tennessee
James R. Austin, Chairman, Peoples National Bank, Shelbyville, Tennessee
John C. Bolinger, Jr., Management Consultant, Knoxville, Tennessee
Ruth W Ellis, President, Mountain Empire Bank, Johnson City, Tennessee
.
Charles J. Kane, Chairman and Chief Executive Officer, Third National Bank, Nashville, Tennessee
John Rutledge King, President, The Mason and Dixon Lines, Inc., Kingsport, Tennessee
NEW ORLEANS BRANCH —P. M. Viguerie, Vice President

B. C. Wade, III, Asst. Vice President and Asst. Branch Mgr.

Henry Bourgaux, Asst. Vice President; Henri DeBlonde, Asst. Vice President; Gerald Dupas, Asst. Vice President
George C. Cortright, (Chairman), Partner, George C. Cortright Company, Rolling Fork, Mississippi
Robert H. Bolton, President, Rapides Bank & Trust Company, Alexandria, Louisiana
Patrick A. Delaney, President, Whitney National Bank of New Orleans, New Orleans, Louisiana
W E. Howard, Jr., Chairman, Commercial National Bank and Trust Company, Laurel, Mississippi
.
Levere C. Montgomery, Chairman, Time Saver Stores, Inc., New Orleans, Louisiana
Ben M. Radcliff, President, Ben M. Radcliff Contractor, Inc., Mobile, Alabama
Horatio C. Thompson, President, Horatio Thompson Investment, Inc., Baton Rouge, Louisiana




Federal Reserve Bank of Atlanta
Federal Reserve Station
Atlanta, Georgia 30303

BULK RATE
U.S. P O S T A G E

PAID
Atlanta, Georgia

Address Correction Requested




Permit N o. 2 9 2

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