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1
FEDERAL RESERVE
BANK
OF ATLANTA

FIFTY-SIXTH ANNUAL STATEMENT

January 4, I9 71
To All Member Banks in the
Sixth Federal Reserve District:

Presented herein is the comparative statement of condition
of the Federal Reserve Bank of Atlanta as at close of business December 31,1970, and December 31, 1969, together
with a comparative statement of earnings and expenses for
the years 19 70 and 1969.




MONROE KIMBREL

President

li

STATEMENT OF CONDITION

.

.

December 3 1 1970

ASSETS

Gold Certificates . . . . . . . . .
SpecialDrawing Rightscertificate Account
Federal Reserve Notes of Other Banks . .
Other Cash . . . . . . . . . . .
Total Cash . . . . . . . . .
Discounts and Advances . . . . . .

December 31 1969
$ 493.554. 5
0 5
-091.368. 911
14.911. 623

. .
.
. .
. .
. .
. .
U . S. Government Securities . . . . . . .
Total Loans and Securities . . . . .

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.

$ 555.320. 973

3.228.563. 000
$3.228.563. 000

$ 599.834. 9
5
8
39.125. 000
3.187.856. 000
$3.226.981 .
. . .000

Other Assets:
Cash Items in Process of Collection
Bank Premises (Net) . . . . . .
Al Other . . . . . . . . .
l
Total Other Assets . . . . .
TOTAL ASSETS . . . . .

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$1.455.506. 076
16.870. 827
45.348. 6 14

$1.119.117. 513
17.65 1.639
149.498. 422

$1.517. 725.5 17
$5,575,644.45 1

$1.286.267.574
$5.1 13,083.163

. . . . . . . . .

$2.644.770. 324

$2.642.174. 039

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$1.605.885. 682
79.117. 630
8.125. 000
14.605. 360
$1.707.733. 672

$1.321.480. 530
96.073. 707
8. 320. 0 0
0
17.656. 268
$1.443.530. 505

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$1.099.666. 8 13
29.742. 042
$1.129.408. 855
$5.48 1.9 12.85 1

$ 909.295. 1
2
1
3 1.653.0 8
8
$ 940.949. 9
0
1
$5.026.653. 563

L IAB1 L ITI ES
Federal Reserve Notes . . . . . .
Deposits:
Member Bank Reserve Accounts
U. S . Treasurer-General Account
Foreign . . . . . . . . .
Other . . . . . . . . .
Total Deposits . . . . . .
Other Liabilities:
Deferred Availability Cash Items
All Other . . . . . . . .
Total Other Liabilities . . .
TOTAL LIABILITIES . .

.
.
.
.
.

.
.
.
.
.

22.000. 000
222.297. 358
29.737. 603
$ 829.355. 934

-0-

CAPITAL ACCOUNTS

Capital Paid In . . . . . . . .
Surplus . . . . . . . . . . .
Total Capital Accounts . . .
TOTAL LIABILITIES AND
CAPITAL ACCOUNTS




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

$

. . . . . . . . . .

$5.575.644. 451

$

46.865. 800
46.865. 800
93.731. 600

$
$

43.214. 0
8
0
43. 2 14.800
86.429. 0
6
0

$5.113.083. 163

EARNINGS AND EXPENSES
1970
Total Current Earnings . .
Net Expenses . . . . .
Current Net Earnings

1969

$ 205,574,363

$ 182,597,105

25,122,465
$ 180,45 1,898

21,104,011
$ 161,493,094

$

434,021
226,454
$
660,475
25,644
$ + 634,831
$ 181,086,729
2,706,936

$

. . . . .

$ 174,728,793

$ 155,964,193

. . . . .

$

+ 3,651,000

3,052,850
$ 161,541,055

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

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

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

.
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.

Net Earnings Before Payment to U. S. Treasury.

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. . . . . .

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

. . . . .

$ 18 1,086,729

-0375.847
$
375,847
327,886
$ +
47,961
$ 161,541,055

2,524,012

$

+

SURPLUS ACCOUNTS

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




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

$

43,214,800
3,651,000

$

40,161,950
3,052,850

Federal Reserve Bank of Atlanta
DIRECTORS
CLASS A

Elected by Member Banks

Term Expires
December 31

John W. Gay, President, First National Bank, Scottsboro, Alabama ......................
1971
William B. Mills, President, Florida National Bank of Jacksonville, Jacksonville, Florida ...... 1972
A. L. Ellis, Chairman, First National Bank in Tarpon Springs, Tarpon Springs, Florida ....... 1973
CLASS B

Elected by Member Banks
Owen Cooper, President, Mississippi Chemical Corp.; President, Coastal Chemical Corp.,
Yazoo City, Mississippi ............................................
1971
Philip J. Lee, Vice President, Tropicana Products, Inc., Tampa, Florida. . . . . . . . . . . . . . . . . . . 1972
Hoskins A. Shadow, President, Tennessee Valley Nursery, Inc., Winchester, Tennessee . . . . . . . 1973
CLASS C

Appointed by the Board of Governors of the Federal Reserve System
Edwin I. Hatch, (Chairman),President, Georgia Power Company, Atlanta, Georgia. ......... 1971
F. Evans Farwell, President, Milliken and Farwell, Inc., New Orleans, Louisiana ............ 1972
John C. Wilson, (Deputy Chairman),President, Horne-Wilson, Inc., Atlanta, Georgia ........ 1973
OFFICERS

January 1, 1971
Kyle K. Fossum, First Vice President
Monroe Kimbrel, President
R. E. Moody, Jr., 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;
George H. Gaffney, Vice President; B. H. Hargett, VicePresident;Richard A. Sanders, Vice President;
Harry C. Schiering, General Auditor; Robert M. Stephenson, Vice President.
John Branscomb, Assistant Vice President; W. Ronnie Caldwell, Assistant Vice President; Francis J.
Craven, Assistant Vice President; Richard A. Dill, Assistant Vice President; Wm. W. Dykes, Assistant
Vice President; Charles D. East, Assistant Vice President; James B. Forbes, Assistant Vice President;
C. Mason Ford, Assistant Vice President; Delmar Harrison, Assistant Vice President; Robert E. Heck,
Assistant Vice President; George Hibbert, Assistant General Counsel; Eric B. Hingst, Assistant Vice
President; Hiram J. Honea, Assistant Vice President; B. E. Howard, Assistant Vice President; Kenneth
J. Kearney, Assistant Vice President; Wilbur W. Lawrence, Assistant Vice President; George W.
Moseley, Assistant Vice President; Clifford M. Saxon, Assistant General Auditor; Jack R. Sicard,
Assistant Vice President; James L. Vining, Assistant Vice President.




MEMBER FEDERAL ADVISORY COUNCIL

Harry Hood Bassett
Chairman of the Board
The First National Bank of Miami
Miami, Florida

I

Birmingham Branch
DIRECTORS

Appointed by the Board of Governors of the Federal Reserve System

Term Expires
December 31

W. C. Bauer, ( C h a i m n ) , President, South Central Bell Telephone Company,
Birmingham, Alabama ...........................................
E. Stanley Robbins, President, National Floor Products Company, Inc., Florence, Alabama . .
David Mathews, President, University of Alabama, Tuscaloosa, Alabama . . . . . . . . . . . . . . . . .
Appointed by the Board of Directors, Federal Reserve Bank of Atlanta
K. M. Varner, Jr., President, The First National Bank, Auburn, Alabama. . . . . . . . . . . . . . . . .
Harvey Terrell, Chairman, The First National Bank of Birmingham, Birmingham, Alabama. ..
Wallace D. Malone, Jr., President and Chairman of 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 ...............................................

197 1
1972
1973

1971
1972
1973
1973

OFFICERS

I

January 1, 1971
Dan L. Hendley, Vice President; Wm. A. Waller, Jr., Assistant VicePresident;James D. Shi,Assistant
Vice President; John D. Swanson, Assistant Vice President.

Jacksonville Branch
DIRECTORS
Term Expires
Appointed by the Board of Governors of the Federal Reserve System December 31
Castle W. Jordan, (Chairman), President, Associated Oil Industries, Inc.,
Coral Gables, Florida. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1971
1972
Henry King Stanford, President, University of Miami, Coral Gables, Florida ..............
Henry Crag, Vice President, The Coca Cola Company Foods Division, Orlando, Florida . . . . 1973

~

Appointed by the Board of Directors, Federal Reserve Bank of Atlanta
Edward W. Lane, Jr., President, The Atlantic National Bank, Jacksonville, Florida . . . . . . . . .
James G . Richardson, Chairman and President, The Commercial Bank & Trust Company,
Ocala,Florida ..................................................
Malcolm C. Brown, President and Chairman of the Board, Florida First National Bank at
Brent, Pensacola, Florida. . . . . . . . : .................................
A. Clewis Howell, President, Marine Bank & Trust Company, Tampa, Florida . . . . . . . . . . . . .

1971
1972
1973
1973

OFFICERS
~

January 1 , 1971

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.




Nashville Branch
DIRECTORS

Appointed by the Board of Governors of the Federal Reserve System

Term Expires
December 31

Edward J. Boling, (Chairman),President, University of Tennessee,
Knoxville,Tennessee .............................................
Roy J. Fisher, Manager, Tennessee Operations, Aluminum Company of America,
Alcoa,Tennessee ...............................................
James W. Long, Farmer, Springfield, Tennessee ....................................
Appointed by the Board of Directors, Federal Reserve Bank of Atlanta
Hugh M. Willson, President, Citizens National Bank, Athens, Tennessee . . . . . . . . . . . . . . . . .
Edward C. Huffman, Chairman and President, First National Bank, Shelbyville, Tennessee . . .
Dan B. Andrews, President, First National Bank, Dickson, Tennessee . . . . . . . . . . . . . . . . . . .
Kenneth L. Roberts, Executive Vice President, Commerce Union Bank,
Nashville, Tennessee .............................................

1971
1972
1973

1971
1972
1973
1973

OFFICERS

January 1,197 1
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
Term Expires
Appointed by the Board of Governors of the Federal Reserve System December 31
DIRECTORS

Frank G. Smith, Jr., Vice President, Mississippi Power and Light Company,
Jackson, Mississippi. .............................................
D. Ben Kleinpeter, (Chairman), Wholesale Manager, Kleinpeter Farms Dairy, Inc.,
Baton Rouge, Louisiana ..........................................
Broadus N. Butler, President, Dillard University, New Orleans, Louisiana . . . . . . . . . . . . . . . .
Appointed by the Board of Directors, Federal Reserve Bank of Atlanta
E. W.Haining, President, The First National Bank, Vicksburg, Mississippi ................
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 of New Orleans & Trust Company,
New Orleans, Louisiana ...........................................

1971
1972
1973

1971
1972
1973
1973

OFFICERS

January 1 , 1971
Arthur H. Kantner, Vice President; P. M. Viguerie, Assistant Vice President; H. C. DeBlonde, Assistant
Vice President; R. M. Junca, Assistant Vice President.






Miami Facility
OFFICERS

January 1,197 1

W . M. Davis, Vice President
Jack Guynn, Assistant Vice President