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FEDERAL RESERVEBANK OF ATLANTA FORTY-SIXTH ANNUAL STATEMENT January 25,1961 To 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, 1960, together with a comparative statement of earnings and expenses for the years 1959 and 1960. Sincerely yours, MALCOLMBRYAN, President STATEMENT OF CONDITION ASSETS December 31, 1960 December 31, 1959 GOLDCERTIFICATES . . . . . . . . . . . . . . . . . . $ 918,221,770 $ 899,379,713 REDEMPTION FUND FOR FEDERAL RESERVENOTES . . . . . 63,624,865 64,628,460 FEDERAL RESERVENOTESOF OTHERBANKS . . . . . . . . 59,546,500 62,569,800 OTHERCASH. . . . . . . . . . . . . . . . . . . . . 27,792,889 28,6M,833 TOTALCASH . . . . . . . . . . . . . . . . . . $1,069,186,024 $1,055,262,806 DISCOUNTS AM) ADVANCES. . . . . . . . . . . . . . . $ 2,316,000 $ 45,535,000 U. S. GOVERNMENT SECURITIES . . . . . . . . . . . . . 1,479,575,000 1,402,286,000 TOTALLOANSAND SECURITIES . . . . . . . . . . . $1,481,891,000 $1,447,821,000 OTHERASSETS: CASH ITEMSIN PROCESS OF COLLECTION. . . . . . . $ 517,047,593 $ 514,749,264 BANK PREMISE^ (NET) . . . . . . . . . . . . . . . 11,424,004 9,542,378 ALL OTHER . . . . . . . . . . . . . . . . . . . 12,227,029 14,900,006 TOTALOTHER ASSETS . . . . . . . . . . . . . $ 540,698,626 $ 539,191,648 TOTAL ASSETS . . . . . . . . . . . . . . . $3,091,775,650 $3,042,275,454 LIABILITIES FEDERAL RESERVE NOTES . . . . . . . . DEPOSITS: MEMBERBANKRESERVEACCOUNTS. . U. S. TREASURER-GENERAL ACCOUNT. FOREIGN. . . . . . . . . . . . . . OTHER . . . . . . . . . . . . . . . TOTALDEPOSITS . . . . . . . . . OTHER LABILITIES: DEFERREDAVAILABILITYCASH ITEMS. ALL OTHER . . . . . . . . . . . . TOTAL OTHERLIABILITIES . . . . . TOTAL LIABILITIES . . . . . . . . . . . . $1,640,861,255 $1,604,441,350 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 906,121,177 31,886,201 11,128,000 3,884,299 $ 953,019,677 $ 875,239,793 26,580,702 16,356,000 13,693,397 $ 931,869,892 . . . . . . . . . . . . . . . . . . . . . $ 430,757,870 1,621,648 $ 432,379,518 $ 443,145,536 1,473,009 $ 444,618,545 . . . . . . . $3,026,260,450 $2,980,929,787 CAPITAL ACCOUNTS CAPITALPAIDIN . . . . . . . . . . . . . . . . . . . SURPLUS . . . . . . . . . . . . . . . . . . . . . . RESERVESFOR CONTINGENCIES . . . . . . . . . . . . . TOTALCAPITALACCOUNTS. . . . . . . . . . . . . TOTAL, LIABILITIES AND CAPITAL ACCOUNTS . . . . . . . . . . . $ $ 21,838,400 43,676,800 none 65,515,200 $3,091,775,650 $ $ 20,152,900 40,305,800 886,967 61,345,667 $3,042,275,454 EARNINGS AND EXPENSES 1959 1960 TOTALCURRENTEARNINGS . . . . . . . . . . . . . . . NET EXPENSES . . . . . . . . . . . . . . . . . . . . CURRENTNET EARNINGS. . . . . . . . . . . . . . ADDITIONSTO CURRENTNET EARNINGS: PROFIT ON SALES OF U S. GOVERNMENT SECURITIES (NET) . . . . . . . . . . . . . . . TRANSFERRED FROM RESERVES FOR CONTINGENCIFS. . . . . . . . . . . . . . . . ALL OTHER . . . . . . . . . . . . . . . . . . . TOTALADDITIONS . . . . . . . . . . . . . . . . DEDUCTIONS FROM CURRENTNET EARNINGS . . . . . . . . NET ADDITIONS . . . . . . . . . . . . . . . . . . . NET EARNINGS BEFOREPAYMENT TO U. S. TREASURY . . . . PAIDU S . TREASURY (INTEREST ON F. R. NOTES) . . . . . DIVIDENDS PAID . . . . . . . . . . . . . . . . . . . TRANSFERRED TO SURPLUS ACCOUNT. . . . . . . . . . . $ 60.741. 128 $ 47.992. 422 10.222.318 10.706. 368 $ 50.034. 760 $ 37.770. 104 $ 131.479 $ 9. 766 . . $ 886.967 5.573. 662 606 1.019.052 1.289 $ 5.584. 717 416 818 $ 1.018.234 % 5.584.301 $ 51.052. 994 $ 43.354. 405 $ 46.417. 055 $ 41.359. 270 1.264.939 1.163. 437 3.371. 000 831.698 $ 51.052. 994 $ 43.354. 405 $ 40.305. 800 3.371. 000 $ 39.474. 102 43.676. 800 $ SURPLUS ACCOUNT SURPLUS JANUARY 1 . . . . . . . . . . . . . . . . . . TRANSFERRED TO SURPLUS-ASABOVE. . . . . . . . . . SURPLUS DECEMBER 31 . . . . . . . . . . . . . . . . $ 831.698 40.305. 800 Federal Reserve Bank of Atlanta F' DIRECTORS P CLASS A Elected by Member Banks Term Expires December 31 WILLIAMC. CARTER,Chairman and President, Gulf National Bank of Gulfport, Gulfport, Mississippi P> M. M. KIMBREL,Chairman, The First National Bank of Thomson, Thomson, Georgia GEORGES. CRAFT,President, Trust Company of Georgia, Atlanta, Georgia . . . . . .1961 . . . . . . . . . . . 1962 . . . . . . . . . . .1963 CLASS B Elected by Member Banks DONALD COMER,Chairman, Avondale Mills, Birmingham, Alabama. h b- . . . . . . . . . . . . . . . . .1961 MCGREGOR SMITH,Chairman, Florida Power & Light Company, Miami, Florida. . . . . . . . . . . .1962 W. MAXEYJARMAN, Chairman, Genesco, Inc., Nashville, Tennessee. . . . . . . . . . . . . . . . . .1963 CLASS C Appointed by the Board of Governors of the Federal Reserve System WALTERM. MITCHELL(Chairman), Vice President, The Draper Corporation, Atlanta, Georgia €1. G. CHALKLEY, JR. (Deputy Chairman), President, Sweet Lake Land & Lake Charles, Louisiana. . . . . . 1961 Oil Company, Inc., ................................... ...................... J. M. CHEATHAM, President, Dundee Mills, Griffin, Georgia 1963 1%2 OFFICERS MALCOLM BRYAN,President; HAROLD T. PATTERSON, First Vice President and General Counsel; J. E. DENMARK, Vice President; J. E. MCCORVEY, Vice President; L. B. RAISTY,Vice President; BROWNR. RAWLINGS,JR., Vice President; CHARLEST. TAYLOR, Vice President and Director of Research; R. DEWITT ADAMS,General Auditor; DOWDELL BROWN,JR., Assistant Vice President; C. MASONFORD, Assistant Vice President; F. H. MARTIN,Assistant Vice President; I. H. MARTIN,Assistant Vice President; GEORGEW. SAEFFER, JR., Chief Examiner; EDGARM. VALLETTE, Assistant Vice President; THEODORE WALTER,Assistant Vice President; HARRY BRANDT, Assistant Cashier; FREDI. BRECK,Assistant Cashier; J. B. FORBES, Assistant General Auditor; J. T. HARRIS,Assistant Cashier and Manager, Fiscal Agency Department; GEORGEHIBBERT,Assistant Counsel; B. E. HOWARD,Assistant Cashier; JEFFREY J. WELLS,Assistant Cashier. MEMBER FEDERAL ADVISORY COUNCIL JOHN 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 . . . . . . .1961 Alabama . . . . 1962 JOHN E. URQUHART fChairman). Chairman, Woodward Iron Company, Woodward, Alabama JACK W. WARNER, Chairman and President, Gulf States Paper Corporation, Tuscaloosa, SELDEN SHEFFIELD, Cattleman, Farview Farm, Greensboro, Alabama . . . . . . . . . . . . . . . . . . 1963 Appointed by the Board of Directors, Federal Reserve Bank of Atlanta MARSHALL DUGGER, Vice President and Cashier, First National Bank, Tuscumbia, Alabama GEORGEW. HULME,Senior Vice President, First National Bank, Alexander City, Alabama . . . . . . . . 1961 . . . . . . . . 1961 R. J. MURPHY,Executive Vice President, Citizens-Farmers & Merchants Bank, Brewton, Alabama FRANK A. PLUMMER, President, Birmingham Trust National Bank, Birmingham, Alabama . . . . 1962 . . . . . . . 1963 OFFICERS H. C. FRAZER, Vice President and Manager; E. C. RAINEY,Assistant Vice President; WM. A. WALLER, JR., Cashier; MELVINMCILWAIN, Assistant Cashier. Jacksonville Branch DIRECTORS Appointed by the Board of Governors of the Federal Reserve System JOHN M. Fox, President, Minute Maid Corporation, Orlando, Florida. Term Expires December 31 . . . . . . . . . . . . . . . . 1961 CLAUDE J. YATES,Vice President and General Manager, Southern Bell Telephone & Telegraph Company, Jacksonville, Florida . . . . . . . . . . . . . . . . . . . . . . . . . . . . . J. OLLIE EDMUNDS, President, Stetson University, DeLand, Florida . . . . 1962 . . . . . . . . . . . . . . . . . . . 1963 Appointed by the Board of Directors, Federal Reserve Bank of Atlanta A. L. ELLIS, Chairman, The First National Bank in Tarpon Springs, Tarpon Springs, Florida. . . . . . 1961 ROGERL. MAIN, Chairman and President, Florida National Bank of Jacksonville, Jacksonville, Florida. . 1961 LEONARD A. USINA,President, Peoples National Bank of Miami Shores, Miami Shores, Florida . . . . . 1962 GODFREYSMITH, President, Capital City National Bank of Tallahassee, Tallahassee, Florida. . . . . . 1963 OFFICERS T. A. LANFORD, Vice President and Manager; T. C. CLARK,Assistant Vice President; VESTUSL. CROW,Cashier; B. H. HARGETT,Assistant Cashier. Nashville Branch DIRECTORS Appointed by the Board of Governors of the Federal Reserve System Term Expires December 31 . . . . . . . . 1962 V. S. JOHNSON, JR., Chairman and President, Aladdin Industries, Inc., Nashville, Tennessee . . . . . . . 1961 W. N. KRAUTH,President and General Manager, Colonial Baking Company, Nashville, Tennessee . . . . 1963 ANDREW D. HOLT(Chairman), President, University of Tennessee, Knoxville, Tennessee Appointed by the Board of Directors, Federal Reserve Bank of Atlanta . . . 1961 W. E. NEWELL,President, The First National Bank, Kingsport, Tennessee. . . . . . . . . . . . . . . 1961 D. L. EARNEST, President, Blount National Bank, Maryville, Tennessee. . . . . . . . . . . . . . . . . 1962 D. W. JOHNSTON, Executive Vice President, Third National Bank in Nashville, Nashville, Tennessee . . . 1963 CLARENCE A. WHELCHEL, President, First Fanners & Merchants National Bank, Columbia, Tennessee 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 . . . . , . . . . . . . . . . . . 1962 GERALD L. ANDRUS, President, New Orleans Public Service Inc., New Orleans, Louisiana . . . . . . . . . 1961 J. 0. EMMERICH (Chuirman), Editor, State Times, Jackson, Mississippi FRANK A. GODCHAUX, 111, Vice President, Louisiana State Rice Milling Company, Inc., Abbeville, Louisiana . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 1963 Appointed by the Board of Directors, Federal Reserve Bank of Atlanta . . . 1961 W. P. MCMULLAN, Chairman of the Board, Deposit Guaranty Bank & Trust Company, Jackson, Mississippi . 1961 FRANK A. GALLAUGHER, President, Jeff Davis Bank & Trust Company, Jennings, Louisiana . . . . . . . . 1962 GILESW. PATTY, President, First National Bank in Meridian, Meridian, Missieaippi . . . . . . . . . . . 1963 WALLACE M. DAVIS,President, The Hibernia National Bank in New Orleans, New Orleans, Louisiana. 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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