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ANNUAL REPORT
FEDERAL RESERVE BANK OF ATLANTA
FEDERAL RESERVE BANK
OF ATLANTA
c
FIFTY-EIGHTH ANNUAL STATEMENT
AND REPORT
January 2,1973
TO ALL BANKS IN THE SIXTH
FEDERAL RESERVE DISTRICT:
Comparative statements of condition of this bank
as of December 31, 1972 and 1971, together with
comparative statements of earnings and expenses for
those years, are presented in this report. Complete lists
of all directors and officers and an organization chart
of the Atlanta office are provided.
Also presented are highlights of the bank's operations in 1972. It was an unusually eventful year, one
which offered us a number of opportunities to participate in the continuing progress of the banking
industry.
Monroe Kimbrel
President
31353
HIGHLIGHTS of
OPERATIONS
IMPROVING THE PAYMENTS MECHANISM
COPE - COMMITTEE ON PAPERLESS ENTRIES
COPE Designs Major Changes in the Payments
Mechanism: In 1972 the Committee on Paperless
Entries (COPE), composed of representatives of
five Atlanta commercial banks and this Reserve
Bank, reached a decisive milestone in the venture
designed to create an electronic payments system
for the Atlanta area. On March 31, the Atlanta
Payments Project team published a 1,300 page,
six volume report entitled “Research on Improvements of the Payments Mechanism: Phase Ill,
General Systems Design and Analysis of an Electronic Funds Transfer System.” This report, which
contains plans for a new payments system that
could substitute computer-generated electronic
records for 30% of all checks processed in the
Atlanta area, was promptly endorsed by the members of COPE. In a joint statement, the Citizens
and Southern National Bank, First National Bank
of Atlanta, Trust Company Bank, National Bank
of Georgia, and Fulton National Bank agreed to
underwrite development and implementation of
an electronic funds transfer system for the Atlanta
area.
The system consists of two distinct parts: electronic bill payment and direct deposit of payroll.
Electronic bill payment, called “Bill Check”, will
allow a customer to pay his routine bills, such as
those from department stores or utilities, by indicating the amount he wishes to pay on a portion
of the bill, signing it, detaching it, and mailing it
back to the firm. The firm will use this authorization to produce a computer-generated electronic
entry for the banking system. Direct deposit of
payroll will allow a firm to generate electronic
entries instead of paychecks, automatically causing funds to be deposited in employees’ checking
accounts before banks open on payday.
The Atlanta Reserve Bank will operate the
clearinghouse to enable banks to transmit funds
electronically for bill payment and payroll crediting. The system is expected to be in operation
by 1973.
A second system, which is now being studied
by the five commercial banks, is point of sale
funds transfer (POS). This system would allow
merchants and consumers to settle financial transactions at the point of sale, either on a cash or
credit basis. The point of sale system initially will
be owned and managed by the five participating
commercial banks. By mid-1973 the five banks
are expected to reach a decision regarding implementation of the system in Atlanta.
REGIONAL CHECK PROCESSING CENTERS
RCPC’s Provide Some Immediate Solutions to
Payments Problems: While the COPE team is at
work on long-range solutions to problems of
funds transfer, our Check Collection Department
staffs have been working hard to provide some
immediate improvements by means of Regional
Check Processing Centers (RCPC’s). RCPC’s are
now operational in all Sixth District Offices, with
benefits of earlier presentment and collection of
checks, earlier return of unpaid checks, reduction
in check handling, and later deposit deadlines.
The method of implementation employed by each
Office has varied, depending upon anticipated
volume, geographical size of its Regional Zone,
and available transportation.
Miami: The pilot operation in the Sixth District
was undertaken with the establishment of the
Miami Office Zone as an RCPC on October 18,
1971. Full operational status for the Miami RCPC
came with the acceptance of deposits from other
Federal Reserve Banks and direct sending member banks on July 1,1972. Of the 209 Zone banks,
174, or 8570, deposit checks with the Center,
which Drocesses an average dailv check volume
of appioximately 1.1 millivon iteks.
Atlanta: In the Atlanta Zone RCPC, the 257 banks
were placed in five groups for implementing
conveniently located relay stations and inbound
transportation to the RCPC. The 7 p.m. receipt
deadline and the last phase of inbound transportation for the RCPC banks were inaugurated November 13, 1972. On December 1, 1972, the deposit
deadline at the Atlanta Center was extended to
12:OI a.m. for banks within the region.
Birmingham: Operations at the Birmingham RCPC
were initiated on September 21, 1972. Initially,
136 banks, or 50% of the banks in the RCPC,
received the new service. Checks drawn on
these banks represented 60% of the Birmingham
Branch’s country check volume. On January 2,
1973, additional banks were provided with RCPC
service, increasing the Regional volume to 74% of
the Birmingham Branch country check volume.
Jacksonville: At the Jacksonville Branch, two
phases of a four phase conversion to RCPC service
were begun on November 1, 1972. These two
phases incorporated 171, or 47%, of the banks in
the Jacksonville Branch Zone. Checks drawn on
these banks represent 54% of the Jacksonville
Branch country volume. Fifty banks are presently
depositing items directly with the Jacksonville
Center or through relay stations.
Nashville: The Nashville RCPC also began operation on September 21, 1972, and now serves 146,
or 70%, of the Nashville Zone banks. Checks
drawn on these banks represent 43% of the Nashville Branch country check volume.
New Orleans: The New Orleans Branch began
the first portion of a three phase implementation
of its RCPC on November 30,1972. Phase I serves
84 banks, representing 33% of New Orleans
Branch country banks.
IMPROVED C O M M U NICAT10NS FACl LIT1ES
AND ACCOUNTING SERVICES
Wire Transfer of Funds Is Easier and Faster for
Member Banks: During 1972, the Atlanta Reserve
Bank completed the second phase of modernizing
the communications facilities serving member
banks for wire transfers of funds. The modernization began in 1970, when the Federal Reserve
System installed a new communications network
between each of the Reserve Banks, the Board of
Governors, and certain offices of the U. S. Treasury
Department. A logical next step was to extend
this improvement in communications to member
banks whose transfer activity warranted the installation of individual terminals. Western Union
M-35 terminals have now been installed at each
Sixth District Office and at selected member
banks.
For a message to be transmitted over the Federa1 Reserve communications system, it i s necessary to input the message in the form of punched
paper tape. Member banks had been creating
messages to the Reserve Bank which had to be
converted into tape at the Reserve Bank. Member
banks now produce punched paper tape automatically on their own M-35 terminals whenever
messages to the Reserve Bank are created.
The installation of this equipment has transformed the teletype operations into a punched
paper tape relay operation. At the end of 1972, 28
member banks had installed M-35 equipment on
line with one of the Sixth District Offices. Approximately 75% of the funds transferred are
handled over the M-35 system. Additional banks
will be tied into this system in future months.
Better Procedures for Handling Federal Reserve
Bank Stock Decrease Risk and Storage Problems:
During 1972 the Accounting Department initiated
a book-entry system for Advice of Holdings of
Federal Reserve Stock. This system replaced the
issuance of individual formal stock certificates
when any change in member bank holdings of
this Bank's stock occurred. The chief advantage
to the member bank is that safekeeping problems
associated with the Advice of Holdings are eliminated. Duplicates of advices are furnished to
member banks promptly upon request.
BETTER PROCEDURES FOR HANDLING SECURITIES
"Book-Entry" Procedure Cuts Time, Space, and
Risk: During 1972, our Fiscal Agency Departments
moved ahead with plans for the expansion of
book-entry procedures for handIing Government
securities. To date, the book-entry procedure has
been limited to Treasury securities held in safekeeping, as pledged collateral or in Trading Accounts where the member bank acts as a securities
dealer. During the coming year, the program will
be extended to include securities held by our
member banks for their customers, and for securities held in trust accounts.
Over the past year, necessary regulations and
operating procedures have been developed to
serve as a basis for extension of the program.
These regulations covering the expanded bookentry system will be published soon in an Atlanta
Reserve Bank operating circular. We expect that
each member bank will have the option of main-
taining several separate book-entry accounts, each
containing investment, trading, customer, and
trust securities, or a single account for all these
securities. The new adcount or accounts would
be an extension of our book-entry services which
now encompass collateral accounts for advances,
Treasury Tax and Loan accounts, or other specific .
pledge accounts for which this Bank presently
acts as custodian.
Additionally, it is expected that United States
Government agencies will be issuing separate
regulations in the near future which will permit
the application of the book-entry procedure to
most of their obligations. In this connection,
studies are now in progress within the Federal
Reserve System to develop operating procedures
which will provide for the transfer of eligible
agency securities over the Federal Reserve wire
system and for the maintenance of such securities
in book-entry form at the Federal Reserve Banks.
STREAMLI NI NG THE REPORTING PROCESS
The Reserve System's Bank Report Reform
Project Will Cut Through Red Tape for Banks: To
deal directly with the burden of reporting, the
quality of data reported, flexibility in the flow of
information, and the role of agency reports in
bank information system design, the Federal Reserve System has undertaken a Report Reform
Project.
Following the recommendations of a steering
committee composed of commercial bankers and
Federal banking authorities, the Federal Reserve
System adopted the Bank Report Reform Project.
Early in 1971, a staff was assigned and directed to
implement a specific operational project recommended by the committee.
The main objective of the project is to develop
a coded classification structure to include all bank
data items now being requested of banks by
various banking agencies.
This classification structure will be geared to a
precise definition for each unit or element of
bank data which will be consistent and translatable from one report to another. Each defined unit
or element will be assigned a number (code)
identifying each line in each report required by
the agencies. For those banks interested in adapting their information systems for preparation of
banking agency reports, requests for information
would be in terms of coded elements instead of
the report forms now used. Other banks would
continue to submit, to the proper agency, the
traditional report forms. The latter group of reporters would have, however, the benefit of the definitional framework developed in conjunction with
the project.
The new classification structure is being reviewed by Reserve Banks and other agencies prior
to submission to the banking community for reactions and suggestions. We hope to submit the
project material to commercial banks in August
1973, and to start implementation procedures in
1974.
MAJOR CHANGES IN REGULATIONS
Reserve Requirements and Check Collection
Procedures Are Revised: Effective November 9,
1972, the Board of Governors of the Federal
Reserve System amended its Regulation D, Reserves of Member Banks, and Regulation J, Collection of Checks and Other Items by Federal
Reserve Banks.
The changes in Regulation D have modernized
the system of reserve requirements in light of
banking patterns that have evolved over the last
25 years. In addition to generally lowering reserve
requirements, the amendment for the first time
bases member bank reserve requirements on the
amount of deposits, rather than on the location
of the bank. Prior to this amendment, member
banks were divided into two classes-Reserve
City and country-for the purpose of computing
reserve requirements on demand deposits. Over
the years, this system based on bank location
resulted in inequities to some member banks,
prompting the Board to restructure Regulation D.
Regulation J was modified to speed up the
presentment and collection of checks and the
earlier return of unpaid checks.
HOLDING COMPANY ACTIVITY
Substantial Increases in Holding Company Applications Were Recorded in 1972: Bank holding
company expansion in both banking and nonbanking activities has shown a tremendous upsurge in the Sixth District. The Federal Reserve
Bank of Atlanta, acting for the Sixth Federal Reserve District, received and processed 105 applications by bank holding companies to acquire
either existing banks or &
banks during
1972. This represents a 54% increase over the previous year. With respect to applications related to
nonbanking activities, expansion through de novo
entry has been the most prevalent method, primarily because of fewer obstacles in procedures.
During 1972, the Reserve Bank entertained 81
de novo applications related to nonbank activities,
an unusual 575% increase over the previous year.
Coupled with this is the ;?creased activity by bank
holding companies to acquire nonbank activities
through "going concerns.'' The Reserve Bank processed 11 applications in this category submitted
during the last six months of 1972.
n
FEDERAL
RESERVE
AGENT
JohnC.
Wilson
AUDITING
COMMIITEE
FEDERAL RESERVE BANK OF ATLANTA
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A
EQUAL EMPLOYMENT
R o k n P. F m n M
V i a haidrnt &
Canlcanurl
R0bUtE.W
YiUFRsldeM
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Clifford Saxon
A. V. P.
S u pn ii
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BRANCH BOARDS
OF DIRECTORS
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Kyle K. Folrum
Fim V i e R n i i t
I
BRANCH
OPERATIONS
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I
R. A. Lndeo
v i Rnidcnt
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I
P m c M. V i &
Vice FTesididnt
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A. V. P.
A V.P
Mawn Ford
A. V. P.
I. 8. F m i m
A. V. P.
Eric HiA. V. P.
Ronald Roblmn
A V P
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Bank & Public
Senicrr
FunctionalCost
Analysis
Accounting
General Account
Commodity
Visitation
Hram Honea
A V P
W W Lamncr
A V P
K.1 K u m y
A V ?
B. E. Howard
A. V. P.
Ely hmri
A. V. P.
Federal Reserve Bank of Atlanta
DIRECTORS
CLASS A
Term Expires
December 31
Elected by Member Banks
A. L. Ellis, Chairman, First National Bank in Tarpon Springs, Tarpon Springs, Florida ..... .I973
Jack P. Keith, President, First National Bank, West Point, Georgia ....................
.I974
Sam I. Yarnell, Chairman, American National Bank & Trust Company,
Chattanooga, Tennessee .....................................................
.I975
CLASS B
Elected by Member Banks
Hoskins A. Shadow, President, Tennessee Valley Nursery, Inc., Winchester, Tennessee . . . . .I973
Owen Cooper, President, Mississippi Chemical Corp. and
Coastal Chemical Corp., Yazoo City, Mississippi ................................
.I974
George W. Jenkins, Chairman, Publix Super Markets, Inc., Lakeland, Florida ............ .I975
CLASS c
Appointed by the Board of Governors of the Federal Reserve System
John C. Wilson, (Chairman), President, Horne-Wilson, Inc., Atlanta, Georgia ............ .I973
H. G. Pattillo, (Deputy Chairman), President,
.I974
Patti110 Construction Company, Inc., Decatur, Georgia ...........................
F. Evans Farwell, President, Milliken and Farwell, Inc., New Orleans, Louisiana . . . . . . . . . .I975
FEDERAL ADVISORY COUNCIL MEMBER
Harry Hood Bassett
Chairman of the Board
The First National Bank of Miami
Miami, Florida
OFFICERS
January 1,1973
Monroe Kimbrel, President
Kyle K. Fossum, First Vice President
Arthur H. Kantner, Senior Vice President
J.E. McCorvey, Senior Vice President
Brown R. Rawlings, Senior Vice President
Charles T. Taylor, Senior Vice President-Research
Harry Brandt, Vice President-Research
Robert P. Forrestal, Vice President and
General Counsel
6. H. Hargett, Vice President
Robert E. Heck, Vice President
Richard A. Sanders, Vice President
Harry C. Schiering, General Auditor
Pierre M. Viguerie, Vice President
Hiram J. Honea, Assistant Vice President
John Branscomb, Assistant Vice President
W. Ronnie Caldwell, Assistant Vice President
B. E. Howard, Assistant Vice President
William N. Cox, Ill, Assistant Vice President
Kenneth J. Kearney, Assistant Vice President
Francis J.Craven, Assistant Vice President
Wilbur W. Lawrence, Assistant Vice President
Richard A. Dill, Assistant Vice President
John E. Leimone, Assistant Vice President
Charles D. East, Assistant Vice President
Ely S. Matteri, Assistant Vice President
James B. Forbes, Assistant Vice President
George W. Moseley, Assistant Vice President
C. Mason Ford, Assistant Vice President
James G. Phelps, Assistant Vice President
Delmar Harrison, Assistant Vice President
Ronald Robinson, Assistant Vice President
George Hibbert, Assistant General Counsel
Clifford M. Saxon, Assistant Vice President
Eric B. Hingst, Assistant Vice President
Jack R. Sicard, Assistant Vice President
(also Secretary, Board of Directors)
H. Terry Smith, Assistant Vice President
Benjamin C. Wade, Ill, Assistant Vice President
Birmingham Branch
c
DIRECTORS
Term Expires
Appointed by the Board of Governors of the Federal Reserve System December 31
David Mathews, (Chairman), President, University of Alabama, University, Alabama . . . . . . .I973
W. C. Bauer, President, South Central Bell Telephone Company, Birmingham, Alabama .. .I974
Frederick G . Koenig, Jr., President, Alabama By-products Corporation,
Birmingham, Alabama .......................................................
.I975
Appointed by the Board of Directors, Federal Reserve Bank of Atlanta
Wallace D. Malone, Jr., President and Chairman of the Board, The First
National Bank of Dothan, Dothan, Alabama. ...................................
.I973
C. Logan Taylor, Chairman of the Board, The First State Bank of Oxford, Oxford, Alabama. .I973
W. Eugene Morgan, President, The First National Bank, Huntsville, Alabama . . . . . . . . . . . ..I974
John T. Oliver, Jr., President, First National Bank, Jasper, Alabama ................... .I975
OFFICERS
January 1,1973
Dan L. Hendley; Vice President
I
James D. Shi,
Assistant Vice President
William A. Waller, Jr.,
Assistant Vice President
JohnD. Swanson,
Assistant Vice President
Jacksonville Branch
DIRECTORS
Term Expires
Appointed by the Board of Governors of the Federal Reserve System December 3l
Henry Cragg, (Chairman), Vice President,
The Coca-Cola Company Foods Division, Winter Park, Florida . . . . . . . . , . . . . . . . . . . .I973
Gert H. W. Schmidt, President, TeLeVision 12 of Jacksonville, Jacksonville, Florida . . . . . . . . .I974
James E. Lyons, President, Lyons Industrial Corporation, Winter Haven, Florida . . . . . . . . . . . .I975
Appointed by the Board of Directors, Federal Reserve Bank of Atlanta
Malcolm C. Brown, President and Chairman of the Board, Florida First National
Bank at Brent, Pensacola, Florida . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .I973
A. Clewis Howell, Chairman, Marine Bank & Trust Company, Tampa, Florida . . . . . . . . . . . . .I973
Guy W. Botts, Vice Chairman, Barnett Bank of Jacksonville, N.A., Jacksonville, Florida . . . . .I974
Michael 1. Franco, Chairman, City National Bank of Miami, Miami, Florida . . . . . . . . . . . . . .I975
.
OFFICERS
January 1,1973
E. C. Rainey, Senior Vice President
Vestus L. Crow,
Assistant Vice President
Richard L. Berry,
Assistant Vice President
S. J. Stacklin, Jr.,
Assistant Vice President
Cecil L. Williams,
Assistant Vice President
4
Miami Office
OFFICERS
January 1,1973
W. M. Davis, Vice President
i
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p a
Robert G. Dole,
Assistant Vice President
Robert E. Lee,
Assistant Vice President
JessieT. Watson,
Assistant Vice President
$@.%l
-.("
Nashville Branch
Term Expires
er
Appointed by the Board of Governors of the Federal Reserve System D e C ~ ~ b31
James W. Long, (Chairman), Farmer, Springfield, Tennessee ..........................
.I973
Edward J. Boling, President, The University of Tennessee, Knoxville, Tennessee ........ .I974
John C. Tune, Partner, Butler, McHugh, Butler, Tune, and Watts, Nashville, Tennessee . . . . .I975
DIRECTORS
Appointed by the Board of Directors, Federal Reserve Bank of Atlanta
Dan B. Andrews, President, First National Bank, Dickson, Tennessee . . . . . . . . . . . . . . . . ..I973
Edward G . Nelson, President, Commerce Union Bank, Nashville, Tennessee . . . . . . . . . . . . ..I973
W. Bryan Woodard, President, Kingsport National Bank, Kingsport, Tennessee . . . . . . . . . . .I974
Robert E. Curry, President, First National Bank, Pulaski, Tennessee ....................
.I975
OFFICERS
January 1,1973
Jeffrey J. Wells, Vice President
WYy
*$ L
*.gr
w.
William
Dykes,
Assistant Vice President
W. Ralph Thurrnan,
Assistant Vice President
A. D. Sands,
Assistant Vice President
New Orleans Branch
D I RECTORS
Term Expires
Appointed by the Board of Governors of the Federal Reserve System December31
Broadus N. Butler, President, Dillard University, New Orleans, Louisiana . . . . . . . . . . . . . .I973
Fred Adams, jr., (Chairman), President, Cal-Maine Foods, Inc., Jackson, Mississippi . . . . . . . .I974
Edwin J. Caplan, President, Caplan’s Men’s Shops, Inc., Alexandria, Louisiana . . . . . . . . . .I975
Appointed by the Board of Directors, Federal Reserve Bank of Atlanta
Thomas A. Flanagan, Jr., President, Lakeside National Bank of Lake Charles,
Lake Charles, Louisiana . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .I973
Lawrence A. Merrigan, President, The Bank of New Orleans & Trust Company,
New Orleans, Louisiana . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .I973
Archie R. McDonnell, President, The Citizens National Bank, Meridian, Mississippi . . . . . . . .I974
Ernest F. Ladd, Jr., Chairman, Merchants National Bank, Mobile, Alabama . . . . . . . . . . . . .I975
OFFICERS
January 1,1973
Jack Guynn, Vice President
H. C. DeBlonde,
Assistant Vice President
R. M. Junca,
Assistant Vice President
E. Channing Workman,
Assistant Vice President
STATEMENT OF CONDITION
ASSETS
Gold Certificates .............................
Special Drawing Rights Certificate Account .......
Federal Reserve Notes of Other Banks . . . . . . . . . . . .
Other Cash ..................................
Subtotal .................................
Discounts and Advances .......................
Federal Agency Obligations - Bought Outright . . . .
U. S. Government Securities ....................
Total Loans and Securities ..................
Other Assets:
Cash Items in Process of Collection ..........
Bank Premises (Net) .......................
All Other ................................
Total Other Assets ......................
TOTAL ASSETS .......................
December 31,1972
December 31,1971
$ 646,601,696
$ 374,111,197
22,000,000
205,488,208
31,662,937
633,262,342
22,000,000
166,371,849
40,060,022
875,033,567
94,750,000
71,978,000
3,831,649,000
3,998,377,000
426,602,000
3,784,343,000
3,810,945,000
927,777,438
15,309,205
56,323,639
999,410,282
$5,872,820,849
1,528,178,778
16,090,016
42,983,488
1,587,252,282
$6,031,459,624
$3,191,173,802
$2,809,021,I 86
1,682,393,094
144,484,901
19,720,000
20,336,073
1,866,934,068
1,725,413,719
41234,123
139,404,702
18,760,000
15,533,228
1,940,345,772
671,337,492
32,736,387
704,073,879
$5,762,181,749
1,149,744,430
31,592,236
1,181,336,666
$5,930,703,624
LIABILITIES
Federal Reserve Notes .........................
Deposits:
Member Bank Reserve Accounts ............
Due to Other F.R. Banks - Collected Funds ....
U. S . Treasurer - General Account ...........
Foreign ..................................
Other ...................................
Total Deposits ..........................
Other Liabilities:
Deferred Availability Cash Items ............
All Other ................................
Total Other Liabilities ...................
TOTAL LIABILITIES ....................
4-
CAPITAL ACCOUNTS
Capital Paid In ...............................
Surplus ......................................
Total Capital Accounts ....................
TOTAL LIABILITIES AND
CAPITAL ACCOUNTS . . . . . . . . . . . . . . .
$
55,319,550
55,319,550
110,639,100
$5,872,820,849
$
50,378,000
50,378,000
100,756,000
$6,031,459,624
EARNINGS AND EXPENSES
1972
1971
$202,756,774
$1 86,565,085
35,482,427
29,688,367
$167,274,347
$1 56,876,718
153,507
5,071,922
11 3,898
16,400
267,405
5,088,322
Loss on Foreign Exchange Transactions (Net). ..
3,524,755
548,161
................................
Total Deductions ..........................
Net Additions (+) Deductions (-) ..............
Net Earnings Before Payment to U. S. Treasury . . . . .
2,354
55,749
3,527,109
603,910
.........................
Net Expenses .................................
Current Net Earnings ......................
Total Current Earnings
Additions to Current Net Earnings:
Profit on Sales of U. S . Government
Securities (Net) .........................
................................
Total Additions ...........................
All Other
Deductions from Current Net Earnings:
All Other
-3,259,704
$164,014,643
+4,484,412
$1 61,361 ,I 30
DISTRIBUTION OF NET EARNINGS
Dividends Paid
...............................
Payments to U.S. Treasury (Interest on F. R. Notes). .
$
3,174,260
$
2,951,631
155,898,833
154,897,299
+4,941,550
+3,512,200
$164,014,643
$161,361 ,I 30
Transferred to Surplus Account
...........
.....................
Net Additions (+) Deductions (-)
Total Earnings Distributed
SURPLUS ACCOUNTS
.............................
Transferred to Surplus -As Above ...............
Surplus December 31 ..........................
Surplus January 1
$ 50,378,000
$ 46,865,800
4,941,550
3,512,200
$ 55,319,550
$ 50,378,000
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