Full text of Annual Report of the Federal Reserve Bank of Atlanta : Fifty-Seventh Annual Statement

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1

RESEARCH LIBRARY

I

FEDERAL RESERVE BANK
OF ATLANTA

FEB 4 1972

FEDERAL RESERVE BANK
t t f

OF ATLANTA

FIFTY-SEVENTH ANNUAL STATEMENT
![

January 3, I 9 72
To Member Banks in the
Sixth Federal Reserve District:

Appearing herein are comparative statements of condition
o f the Federal Reserve Bank o f Atlanta at the close of
business December 31, I 9 71, and December 31, I 9 70,
~

together with comparative statements of earnings and
expenses for those years.




I

I

STATEMENT OF CONDITION
December 31. 1971 -December 31. 1970

ASSETS
Gold Certificates . . . . . . . . .
Special Drawing Rights Certificate Account
Federal Reserve Notes of Other Banks . .
Other Cash . . . . . . . . . . .

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

$ 374.111. 197

$ 555.320. 973

22.000. 000
205.488. 208
31.662.937

22.000. 000
222.297. 358
29.737. 603

633.262. 342

829.355.934

-0-

-0-0-

. . . . . . . .
Subtotal
. . . . . . . . . . . . . . . . .
Discounts and Advances . . . . . . . . . . . . . .
Federal Agency Obligations - Bought Outright . . . . . . . .
U. S. Government Securities . . . . . . . . . . . . .
Total Loans and Securities . . . . . . . . . . . .

26.602. 000
3.784.343. 000

3.228.563. 000

3.810.945. 000

3.228.563. 000

Other Assets:
Cash Items in Process o f Collection
Bank Premises (Net) . . . . .
All Other . . . . . . . .

1.528.178. 778
16.090.016
42.983. 488

1.455.506.076
16.870.827
45.348.614

.
.
.
Total Other Assets . . . . .
TOTAL ASSETS . . . . .

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

1.587.252.282

1.517.725. 517

$6.031.459.624

$5.575.644.451

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

$2.809.021. 186

$2.644.770. 324

.
.
.
.
.

1.725.413. 719
41.234. 123
139.404. 702
18.760.000
15.533. 228

1.605.885. 682

. . . . . . . . .

1.940.345.772

1.707.733.672

.
.

1.149.744. 430
31.592. 236

1.099.666. 813
29.742. 042

.

1.181.336. 666

1.129.408. 855

.

$5.930.703. 624

$5.481.912. 851

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 . . . . . . .

.
.
.
.
.

.
.
.
.

.
.
.
.
.

.
.
.
.

.
.
.
.
.

.
.
.
.

-0-

79.117. 630
8.125. 000
14.605.360

CAPITAL ACCOUNTS
Capital Paid In
Surplus

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

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

Total Capital Accounts

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

TOTAL LIABILITIES AND
CAPITAL ACCOUNTS




. . . . . . . . . .

$

50.378. 000
50.378. 000

$

46.865. 800
46.865. 800

100.756. 000

93.731. 600

$6.031.459. 624

$5.575.644. 451

il

EARNINGS AND EXPENSES

1971
Total Current Earnings .

. . . . . . . . . . . . . .
Net Expenses . . . . . . . . . . . . . . . . . .
Current Net Earnings . . . . . . . . . . . . .

$1 86,565,085

lg70
$205,574,363

29,688,367

25,122,465

$1 56,876,718

$1 80,451,898

434,021

/III
I

Additions to Current Net Earnings:
Profit on Sales of U. S. Government

. . . . . . .
All Other . . . . . . . . . .
Total Additions . . . . . . . .
Deductions from Current Net Earnings . .
Net Additions (+) Deductions (-)
. . . .

.
.
.
.
.
Net Earnings Before Payment to U. S. Treasury .
Securities (Net)

.
.
.
.
.
.

.
.
.
.
.
.

.
.
.
.
.
.

.
.
.
.
.
.

.
.
.
.
.
.

.
5,071,922
.
16,400
.
5,088,322
.
603,910
. + 4,484,412
. $1 61,361,130

.
.
.
.

.
.
.
.

.
.
.
.

. $ 2,951,631
. 154,897,299
.
. + 3,512,200

226,454
660,475
25,644

+

634,831

$1 81,086,729

DISTRIBUTION OF NET EARNINGS

. . . . . . . . . . . . .
Payments to U. S. Treasury (Interest on F. R. Notes) .
Transferred to Surplus Account . . . . . . . .
Net Additions (+) Deductions (-) . . . . .
Dividends Paid

Total Earnings Distributed

$

2,706,936
174,728,793

+ 3,651,000

$1 61,361,130

$1 81,086,729

$ 46,865,800

$ 43,214,800

3,512,200

3,651,000

SURPLUS ACCOUNTS

. . . . . . . . . . . . . . . .
Transferred to Surplus-As Above . . . . . . . . . . .
Surplus December 31 . . . . . . . . . . . . . . .
Surplus January 1




$

50,378,000

$ 46,865,800

l

Federal Reserve Bank

of Atlanta

DIRECTORS

Term Expires
December 31

CLASS A
Elected by Member Banks
William B. Mills, President, Florida National Bank of Jacksonville, Jacksonville, Florida
A. L. Ellis, Chairman, First National Bank in Tarpon Springs, Tarpon Springs, Florida
Jack P. Keith, President, First National Bank, West Point, Georgia.
.

. . . . .

. . . . . . 1972

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

1973
1974

CLASS B
Elected by Member Banks

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

Philip J. Lee, Vice President, Tropicana Products, Inc., Tampa, Florida
Hoskins A. Shadow, President, Tennessee Valley Nursery, Inc., Winchester, Tennessee
Owen Cooper, President, Mississippi Chemical Corp.; President, Coastal Chemical Corp.,
Yazoo City, Mississippi . .
.
.

. .

. .

1972
1973
1974

CLASS C
Appointed by the Board of Governors of the Federal Reserve System

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

F. Evans Farwell, President, Milliken and Farwell, Inc., New Orleans, Louisiana
John C. Wilson, (Chairman), President, Horne-Wilson, Inc., Atlanta, Georgia
H. G. Pattillo, (Deputy Chairman), President, Pattillo Construction Company, Inc., Decatur, Georgia
FEDERAL ADVISORY COUNCIL MEMBER
Harry Hood Bassett
Chairman of the Board
The First National Bank of Miami
Miami, Florida
OFFICERS
January 1,1972
Monroe Kimbrel, President
Kyle K. Fossum, First Vice President
Arthur H. Kantner, Senior Vice President

Brown R. Rawlings, Senior Vice President
J. E. McCorvey, Senior Vice President
Charles T. Taylor, Senior Vice President - Research
Harry Brandt, Vice President - Research
Robert P. Forrestal, Vice President and General Counsel
B. H. Hargett, Vice President

Richard A. Sanders, Vice President
Harry C. Schiering, General Auditor
Robert M. Stephenson, Vice President

George Hibbert, Assistant General Counsel
(also Secretary, Board of Directors)
Eric B. Hingst, Assistant Vice President
Hiram J.Honea, Assistant Vice President
Richard A. Dill, Assistant Vice President
William W. Dykes, Assistant Vice President
B. E. Howard, Assistant Vice President
Kenneth J. Kearney, Assistant Vice President
Charles D. East, Assistant Vice President
James B. Forbes, Assistant Vice President
Wilbur W. Lawrence, Assistant Vice President
George W. Moseley, Assistant Vice President
C. Mason Ford, Assistant Vice President
Delmar Harrison, Assistant Vice President
James G. Phelps, Assistant Vice President
Robert E.. Heck, Assistant Vice President
Clifford M. Saxon, Assistant General Auditor
Jack R. Sicard, Assistant Vice President
John Branscomb, Assistant Vice President

W. Ronnie Caldwell, Assistant Vice President
Francis J. Craven, Assistant Vice President




1972
1973
1974

B i rmi n g h a m Branch

DIRECTORS

I

Appointed by the Board of Governors of the Federal Reserve System

E. Stanley Robbins, (Chairman), President, National Floor Products Company, Inc.,
Florence, Alabama . . . . . . . . . . . . . . . . . . .
David Mathews, President, University o f Alabama, University, Alabama . . . . . .
W. C. Bauer, President, South Central Bell Telephone Company, Birmingham, Alabama.

Term Expires
December 31

. . . . . 1972
. . . . . . 1973
. . . . . . 1974

Appointed by the Board of Directors, Federal Reserve Bank o f Atlanta
Harvey Terrell, Chairman, The First National Bank of Birmingham, Birmingham, Alabama . . .
Wallace D. Malone, Jr., President and Chairman o f the Board, The First National Bank of Dothan,
Dothan, Alabama . . . . . . . . . . . . . . . . . . . . . . .
C. Logan Taylor, Chairman of the Board, The First State Bank of Oxford, Oxford, Alabama . . .
W. Eugene Morgan, President, The First National Bank, Huntsville, Alabama . . . . . . . .

. .

.

1972
1973

. . 1973
. . 1974

OFF1CE RS
January 1, 1972
Dan L. Hendley, Vice President
Wm. A. Wallet-, Jr., Assistant Vice President
James D. Shi, Assistant Vice President

John D. Swanson, Assistant Vice President

Jacksonville Branch

DIRECTORS
Appointed by the Board o f Governors of the Federal Reserve System
Henry King Stanford, (Chairman),President, University o f Miami, Coral Gables, Florida
Henry Cragg, Vice President, The Coca-Cola Company Foods Division, Orlando, Florida
Gert H. W. Schmidt, President, TeLeVision 12 o f Jacksonville, Jacksonville, Florida. .

Term Expires
December 31

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

972
973
974

Appointed by the Board o f Directors, Federal Reserve Bank o f Atlanta
James G. Richardson, Chairman and President, The Commercial Bank & Trust Company,
Ocala, Florida . . . . . . . . . . . . . . . . . . . . . . . . . .
Malcolm C. Brown, President and Chairman o f the Board, Florida First National Bank a t Brent,
Pensacola, Florida . . . . . . . . . . . . . . . . . . . . . . . .
A. Clewis Howell, President, Marine Bank & Trust Company, Tampa, Florida . . . . . . . . .
Guy W. Botts, Vice Chairman, Barnett Bank of Jacksonville, N.A., Jacksonville, Florida . . . . .

OFFICERS
January 1,1972

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
I’



372
1973

. 1973
. 1974

t

Nashville Branch

Term Expires
December 31

DIRECTORS
Appointed by the Board of Governors o f the Federal Reserve System
John C. Tune, Jr., (Chairman),Partner, Butler, McHugh, Butler, Tune, and Watts,
Nashville, Tennessee
. . . . . . . . . . . . . . .
James W. Long, Farmer, Springfield, Tennessee
. . . . . . . . . . .
Edward J.Boling, President, The University of Tennessee, Knoxville, Tennessee .

. . . . . . . . 1972
. . . . . . . . 1973
. . . . . . . . 1974

Appointed by the Board of Directors, Federal Reserve Bank of Atlanta
Edward C. Huffman, Chairman and President, First National Bank, Shelbyville, Tennessee
Dan B. Andrews, President, First National Bank, Dickson, Tennessee . . . . . . .
Edward G. Nelson, Executive Vice President, Commerce Union Bank, Nashville, Tennessee
Thomas C. Mottern, President, Hamilton National Bank, Johnson City, Tennessee . . .

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. 1972
. 1973
. 1973
. 1974

OFFICERS
January 1, 1972
Jeffrey J. Wells, Vice President
W. Ralph Thurman, Assistant Vice President
Robert E. Lee, Assistant Vice President

A. D. Sands, Assistant Vice President

New Orleans Branch
DIRECTORS
Appointed by the Board of Governors o f the Federal Reserve System

Term Expires
December 31

D. Ben Kleinpeter, Wholesale Manager, Kleinpeter Farms Dairy, Inc.,
Baton Rouge, Louisiana . . . . . . . . . . . . . . . .
Broadus N. Butler, (Chairman),President, Dillard University, New Orleans, Louisiana
Fred Adams, Jr., President, Cal-Maine Foods, Inc., Jackson, Mississippi

. . . . . . 1972
. . . . . . . 1973
. . . . . . . . . . . . 1974

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

H. P. Heidelberg, Jr., President, Pascagoula-Moss Point Bank, Pascagoula, Mississippi
Thomas A. Flanagan, Jr., President, Lakeside National Bank of Lake Charles,
Lake Charles, Louisiana . . . . . . . . . . . . . . . .
Lawrence A. Merrigan, President, The Bank o f New Orleans & Trust Company,
New Orleans, Louisiana. . . . . . . . . . . . . . . .
Archie R. McDonnell, President, The Citizens National Bank, Meridian, Mississippi .

.
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.

. . . . . . 1972
. . . . .
1973
. . . . . . 1973
. . . . . . 1974

OFFICERS
January 1, 1972
George H. Gaffney, Vice President
P. M. Viguerie, Assistant Vice President
H. C. DeBlonde, Assistant Vice President




R. M. Junca, Assistant Vice President

Miami Office
OFFICERS
January 1,1972
W. M. Davis, Vice President
Jack Guynn, Assistant Vice President
Robert G. Dole, Assistant Vice President




JessieT. Watson, Assistant Vice President