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.. FEDERAL RESERVEBANK OF ATLANTA FORTY-FIFTH ANNUAL STATEMENT January 20,1960 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, 1959, and December 31, 1958, together with a comparative statement of earnings and expenses for the years 1959 and 1958. Sincerely yours, MALCOLMBRYAN, President STATEMEN" QF CONDITION December 31. 1959 ASSETS GOLDCERTIFICATES . . . . . . . . . . . . . . . . . . REDEMPTION FUND FOR FEDERAL RESERVE NOTES. . . . . . FEDERAL RESERVENOTESOF OTHERBANKS . . . . . . . . OTHERCASH. . . . . . . . . . . . . . . . . . . . . TOTAL CASH . . . . . . . . . . . . . . . . . . . DISCOUNTS AND ADVANCES . . . . . . . . . . . . . . . U. S. GOVERNMENT SECURITIES . . . . . . . . . . . . . TOTALLOANSAND SECURITIES . . . . . . . . . . . . OTHERASSETS: UNCOLLECTED CASHITEMS. . . . . . . . . . . . . BANKPREMISES (NET) . . . . . . . . . . . . . . . ALL OTHER . . . . . . . . . . . . . . . . . . . TOTALOTHERASSETS . . . . . . . . . . . . . . TOTAL ASSETS . . . . . . . . . . . . . . . $ 899.379. 713 64.628. 460 62.569. 800 28.684. 833 $1.055.262. 806 December 31. 1958 $ 864.741. 6 4 4 57.036. 875 53.143. 000 26.560. 359 $1.001 ,481.878 $ 45.535. 000 1.402.286. 000 $1.447.821. 000 $ 55.570. 0 0 1.335.756. 000 $1.341,326,500 $ 514.749. 264 9.542. 378 14.900. 006 $ 539.191. 648 $3.042.275. 454 $ 453.214. 9 2 1 9.293. 742 8.470.290 $ 470.978. 9 5 3 $2.813.787. 331 . . . . . . . $1.604.44J. 350 $1.476.019.4 35 . . . . . . . . . . . . . . FOREIGN . . . . . . . . . . . . . . . . . . . . OTHER . . . . . . . . . . . . . . . . . . . . . TOTALDEPOSITS . . . . . . . . . . . . . . . . $ 875.239. 793 26.580. 702 16.356. 000 13.693. 397 $ 931.869. 982 .$ 846.398. 426 32.478. 671 10.575. 000 2.346. 652 $ 891.798.749 OTHERLIABILITIES: DEFERRED AVAILABILITY CASH ITEMS. . . . . . . . . ALL OTHER . . . . . . . . . . . . . . . . . . . TOTAL OTHERLIABILITIES. . . . . . . . . . . . TOTAL LIABILITIES . . . . . . . . . . . . $ 443.145. 536 1.473. 009 $ U.618. 545 $2.980.929. 787 $ 380.576. 1 3 5 1.080. 277 $ 381.656.412 $2.749.474. 596 LIABILITIES FEDERAL RESERVENOTES. . . . . . . . . DEPOSITS : MEMBER BANKRESERVE ACCOUNTS . . . U. S. TREASURER~ENERAL ACCOUNT. = CAPITAL ACCOUNTS . . . . . . . . . . . . . . . . . . . ...................... CAPITALPAIDIN SURPLUS RESERVES FOR CONTINGENCIES .... TOTALCAPITALACCOUNTS. . . TOTAL LIABILITIES AND CAPITAL ACCOUNTS . $ 20.152. 900 40.305. 800 886. 967 61.345. 667 .......... .......... $ .......... $3.042.275. 454 $ $ 18.3713 5 0 39.474. 102 6.467. 383 64.312. 7 3 5 $2.813.787. 331 EARNINGS AND EXPENSES TOTAL CURRENTEARNINGS . . . . . . . . . . . . . . . NET EXPENSES. . . . . . . . . . . . . . . . . . . . CURRENT NET EARNINGS. . . . . . . . . . . . . . CURRENTNET EARNINGS : PROFIT ON SALES OF U. S. GOVERNMENT SECURITIES(NET) . . . . . . . . . . . . . . . . TRANSFERRED FROM RESERVES FOR CONTINGENCIES(NET) . . . . . . . . . . . . . . ALL OTHER . . . . . . . . . . . . . . . . . . . TOTAL ADDITIONS. . . . . . . . . . . . . . . . . DEDUCTIONS FROM CURRENCY NET EARNINGS . . . . . . . . NET ADDITIONS . . . . . . . . . . . . . . . . . . . . NET EARNINGS BEFOREPAYMENT TO U. S. TREASURY . . . . . ADDITIONS $ 47,992,422 $ 37,770,104 d I TO DIVIDENDS PAID $ $ 5,584,717 $ 5,5%,301 $ 43,354,405 $ 39,474,102 .................... P m U. S. TREASURY(INTEREST ON F.R. NOTES) . . . . . . TRANSFERRED TO SURPLUS ACCOUNT(SECTION 7) . . . . . SURPLUS ACCOUNT SURPLUS JANUARY 1 . . . . . . . . . . . . . . . . . . TRANSFERRED TO SURPLUS-AS ABOVE . . . . . . . . . . TRANSFERRED FROM SECTION 13b SURPLUS . . . . . . . . . SURPLUSDECEMBER 31 . . . . . . . . . . . . . . . . . $ 40,305,800 I Federal Reserve Bank of Atlanta DIRECTORS CLASS A Term Expires December 31 Elected by Member Banks . . . 1961 . . . . 1962 WILLIAMC. CARTER,Chairman and President, Gulf National Bank of Gulfport, Gdfport, Mississippi. M. M. KIMBREL, Executive Vice President, The First National Bank of Thomson, Thomson, Georgia W. C. BOWMAN,Chairman, The First National Bank of Montgomery, Montgomery, Alabama . . . . . . .1960 CLASS B Elected by Member Banks . . . . . . . . . . . . . . . . . . .1961 MCGREGOR SMITH,Chairman, Florida Power & Light Company, Miami, Florida . . . . . . . . . . . . .1962 POLLARD TURMAN, President, J. M. Tull Metal 81. Supply Company, Inc., Atlanta, Georgia . . . . . . . .1960 CLASS c DONALDCOMER,Chairman, Avondale Mills, Birmingham, Alabama Appointed by the Board of Governors of the Federal Reserve System WALTERM. MITCAELL(Chairman), Vice President, The Draper Corporation, Atlanta, Georgia H. G. CHALKLEY, JR. (Deputy Chairman), President, Sweet Lake Land & Oil Company, Inc., Lake Charles, Louisiana J. M. CHEATHAM,President, . . . . . . . 1961 .................................... Dundee Mills, Griffin, Georgia . . . . . . . . . . . . . . . . . . . . . . 1960 1962 OFFICERS MALCOLM BRYAN,President; HAROLD T. PATTERSON, First Vice President and General Counsel; J. E. DENMARK, Vice President; JOHN L. LILES, JR., Vice President and Cashier; J. E. MCCORVEY,Vice President; L. B. RAISTY, Vice President; EARLEL. RAUBER,Vice President and Director of Research; DEWITTADAMS,General Auditor; DOWIJELLBROWN,JR., Assistant Vice President; C. MASONFORD, Assistant Vice President; F. H. MARTIN, Assistant Vice President; I. H . MARTIN,Assistant Vice President; BROWNR. RAWLINGS,JR., Assistant Vice President; CHARLES T. TAYLOR, Assistant Vice President; THEODORE WALTER, Assistant Vice President; FRED I. BRECK, Assistant Cashier; J. T. HARRIS,Assistant Cashier and Manager, Fiscal Agency Department; J. B. FORBES, Assistant JR., Chief Examiner; EDGARM. VALLETTE, Director of Personnel. General Auditor; GEORGEW. SHEFFER, MEMBER FEDERAL ADVISORY COUNCIL JOEN C. PERSONS Chairman, The First National Bank of Birmingham Birmingham, Alabama Birmingham Branch DIRECTORS Appointed by the Board of Governors of the Federal Reserve System Term Expires December 31 . . . . . . . . . . 1960 JOHN E. URQUHART, Chairman, Woodward Iron Company, Woodward, Alabama . . . . . . . . . . . . . 1961 JACK W. WARNER, Chairman and President, Gulf States Paper Corporation, Tuscaloosa, Alabama . . . . . 1962 SELDEN SHEFFIELD (Chairman), Cattleman, Farview Farm, Greensboro, Alabama . . Appointed by the Board of Directors, Federal Reserve Bank of Atlanta . . . . . . . . 1960 GEORGE W. HULME,Senior Vice President, First National Bank, Alexander City, Alabama . . . . . . . . 1961 MARSHALL DUGGER, Vice President and Cashier, First National Bank, Tuscumbia, Alabama . . . . . . . . 1961 R. J. MURPHY,Executive Vice President, Citizens-Farmers & Merchapts BP-I~I, Brewton, Alabama . . . . . 1962 FRANK A. PLUMMER, President, Birmingham Trust National Bank, Birmingham, Alabama OFFICERS H. C. FRAZER, Vice President and Manager; E. C. RAINEY,Assistant Vice President; WM. A. WALLER,JR., Cashier; MELVIN MCILWAIN, Assistant Cashier. Jacksonville Branch DIRECTORS Appointed by the Board of Governors of the Federal Reserve System Term Expires December 31 . . . . . . . . . . . 1960 . . . . . . . . . . . . . . . . . 1961 J. WAYNEREITZ(Chairmanl, President, University of Florida, Gainesville, Florida JOHN M. Fox, President, Minute Maid Corporation, Orlando, Florida CLAUDE J. YATES,Vice President and General Manager, Southern Bell Telephone & Telegraph Company, Jacksonville, Florida ... ... . . . . .. . .. .... . ... .. .. . . . . . . 1962 Appointed by the Board of Directors, Federal Reserve Bank of Atlanta . . . . . . . . . . . . . 1960 ROGERL. MAIN,Chairman and President, Florida National Bank of Jacksonville, Jacksonville, Florida . . . 1961 A. L.ELLIS, Chairman, First National Bank in Tarpon Springs, Tarpon Springs, Florida . . . . . . . . . 1961 LEONARD A. USINA,President, Peoples National Bank of Miami Shores, Miami Shores, Florida . . . . . . 1962 C. B. MCLEOD,President, Bank of Crestview, Crestview, Florida. ...... OFFICERS T. A. LANFORD, Vice President and Manager; T. C. CLARK,Assistant Vice President; VESTUSL. CROW,Cashier; BILLYH. HARGETT, Assistant Cashier. Nashville Branch DIRECTORS Appointed by the Board of Governors of the Federal Reserve System W. N. KRAUTH,President and General Manager, Colonial Baking Company, Nashville, Tennessee V. S. JOHNSON, JR., Chairman and President, Aladdin Industries, Inc., Nashville, Tennessee . . DR. ANDREW D. HOLT, President, University of Term Expires December 31 . . . . . 1960 . . . . . 1961 Tennessee, Knoxville, Tennessee . . . . . . . . . . . . . 1962 Appointed by the Board of Directors, Federal Reserve Bank of Atlanta P. D. HOUSTON, JR., Vice Chairman, First American National Bank of Nashville, Nashville 3, Tennessee . . .1960 CLARENCE A. WHELCHEL, President, First Farmers & Merchants National Bank, Columbia, Tennessee . . . 1961 W. E. NEWELL,President, The First National Bank, Kingsport, Tennessee President, Blount National Bank, Maryville, Tennessee . D. L. EARNEST, . . . . . . . . . . . . . . . . 1961 . . . . . . . . . . . . . . . . 1962 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 Term Expires December 31 FRANK A. GODCHAUX, 111, Vice President, Louisiana State Rice Milling Company, Inc., . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1%0 GERALD L. ANDRUS(Chairman), President, New Orleans Public Service Inc., New Orleans, Louisiana . . . . 1961 Abbeville, Louisiana J. 0. EMMERICH, Editor, State Times, Jackson, Mississippi. ...................... 1962 Appointed by the Board of Directors, Federal Reserve Bank of Atlanta D. U. MADDOX, President, The Commercial National Bank and Trust Company of Laurel, Laurel, Mississippi. ...................................... 1960 W. P. MCMULLAN, Chairman of the Board, Deposit Guaranty Bank & Trust Company, Jackson, Mississippi. 1961 WALLACE M. DAVIS, President, The Hibernia National Bank, New Orleans, Louisiana . . . . . . . . . . 1961 FRANK A. GALLAUGHER, Executive Vice President, Jeff Davis Bank & Trust Company, Jennings, Louisiana . 1962 OFFICERS M. L. SHAW, Vice President and Manager; R. M. STEPHENSON, Assistant Vice President; L. Y. CHAPMAN, Cashier; R. M. JUNCA, Assistant Cashier.
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