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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,

MALCOLM
BRYAN,
President

STATEMENT OF CONDITION
ASSETS
December 31, 1960 December 31, 1959
GOLDCERTIFICATES . . . . . . . . . . . . . . . . . . $ 918,221,770
$ 899,379,713
REDEMPTION
FUND FEDERAL
FOR
RESERVE
NOTES . . . . .
63,624,865
64,628,460
FEDERAL
RESERVE
NOTESOF OTHERBANKS . . . . . . . .
59,546,500
62,569,800
OTHERCASH. . . . . . . . . . . . . . . . . . . . .
27,792,889
28,6M,833
TOTAL
CASH . . . . . . . . . . . . . . . . . . $1,069,186,024
$1,055,262,806
DISCOUNTS ADVANCES . . . . . . . . . . . . . . $ 2,316,000
AM)
.
$ 45,535,000
U. S. GOVERNMENT
SECURITIES . . . . . . . . . . . .
.
1,479,575,000
1,402,286,000
TOTAL
LOANSAND SECURITIES. . . . . . . . . . $1,481,891,000
.
$1,447,821,000
OTHERASSETS:
CASH ITEMS PROCESS COLLECTION . . . . . . $ 517,047,593
IN
OF
.
$ 514,749,264
BANK PREMISE^ (NET) . . . . . . . . . . . . . . .
11,424,004
9,542,378
ALL OTHER . . . . . . . . . . . . . . . . . . .
12,227,029
14,900,006
TOTAL
OTHER ASSETS . . . . . . . . . . . . . $ 540,698,626
$ 539,191,648
TOTAL ASSETS . . . . . . . . . . . . . . . $3,091,775,650
$3,042,275,454
LIABILITIES
FEDERAL
RESERVE NOTES . . . . . . . .
DEPOSITS:
MEMBER
BANKRESERVE
ACCOUNTS. .
U. S. TREASURER-GENERAL
ACCOUNT.
FOREIGN. . . . . . . . . . . . . .
OTHER . . . . . . . . . . . . . . .
TOTAL
DEPOSITS . . . . . . . . .
OTHER LABILITIES:
.
DEFERRED
AVAILABILITYCASH 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 . . . . . . . . . . . . . . . . . . . . . .
RESERVES
FOR CONTINGENCIES . . . . . . . . . . . . .
TOTAL
CAPITALACCOUNTS. . . . . . . . . . . . .
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 . . . . . . . . . . . . . . . . . . . .
CURRENT
NET EARNINGS . . . . . . . . . . . . .
.
ADDITIONS CURRENT
TO
NET EARNINGS:
PROFIT SALES U S. GOVERNMENT
ON
OF
SECURITIES
(NET)
. . . . . . . . . . . . . . .
TRANSFERRED RESERVES
FROM
FOR
CONTINGENCIFS. . . . . . . . . . . . . . . .
ALL OTHER . . . . . . . . . . . . . . . . . . .
TOTAL
ADDITIONS . . . . . . . . . . . . . . . .
DEDUCTIONS
FROM CURRENTNET EARNINGS . . . . . .
. .
NET ADDITIONS . . . . . . . . . . . . . . . . . . .
NET EARNINGS
BEFORE
PAYMENTU. S. TREASURY . .
TO
. .
PAIDU S . TREASURY
(INTEREST F. R. NOTES) . . . . .
ON
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
GEORGE. CRAFT,
S
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. MAXEY
JARMAN,
Chairman, Genesco, Inc., Nashville, Tennessee. . . . . . . . . . . . . . . . . .1963
CLASS C
Appointed by the Board of Governors of the Federal Reserve System
M.
(Chairman), Vice President, The Draper Corporation, Atlanta, Georgia
WALTER MITCHELL
€1. G. CHALKLEY, (Deputy Chairman), President, Sweet Lake Land &
JR.

Lake Charles, Louisiana.

. . . . . 1961

Ol Company, Inc.,
i

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

J. M. CHEATHAM,
President, Dundee Mills, Griffin, Georgia

1963
1%2

OFFICERS
MALCOLM
BRYAN,
President; HAROLD PATTERSON, Vice President and General Counsel; J. E. DENMARK,
T.
First
Vice President; J. E. MCCORVEY, President; L. B. RAISTY,Vice President; BROWN RAWLINGS,JR.,
Vice
R.
Vice President; CHARLES TAYLOR, President and Director of Research; R. DEWITT ADAMS,General
T.
Vice
Auditor; DOWDELL
BROWN,
JR., Assistant Vice President; C. MASONFORD,
Assistant Vice President; F. H.
MARTIN,Assistant Vice President; I. H. MARTIN,Assistant Vice President; GEORGE SAEFFER, Chief
W.
JR.,
Examiner; EDGAR VALLETTE,
M.
Assistant Vice President; THEODORE
WALTER,
Assistant Vice President; HARRY
BRANDT,
Assistant Cashier; FRED BRECK,
I.
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, President and Cashier, First National Bank, Tuscumbia, Alabama
Vice
GEORGE HULME,
W.
Senior Vice President, First National Bank, Alexander City, Alabama

. . . . . . . . 1961
. . . . . . . . 1961

R. J. MURPHY,
Executive Vice President, Citizens-Farmers & Merchants Bank, Brewton, Alabama

FRANK PLUMMER,
A.
President, Birmingham Trust National Bank, Birmingham, Alabama

. . . . 1962

. . . . . . . 1963

OFFICERS
H. C. FRAZER, President and Manager; E. C. RAINEY,
Vice
Assistant Vice President; WM. A. WALLER, Cashier;
JR.,
MELVIN
MCILWAIN,
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 YATES,
J.
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

ROGER MAIN, Chairman and President, Florida National Bank of Jacksonville, Jacksonville, Florida. . 1961
L.
LEONARD USINA,President, Peoples National Bank of Miami Shores, Miami Shores, Florida . . . . . 1962
A.
GODFREY
SMITH,
President, Capital City National Bank of Tallahassee, Tallahassee, Florida.

. . . . . 1963

OFFICERS

T. A. LANFORD, Vice President and Manager; T. C. CLARK,
Assistant Vice President; VESTUS CROW,Cashier;
L.
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 HOLT(Chairman), President, University of Tennessee, Knoxville, Tennessee
D.

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 WHELCHEL,
A.
President, First Fanners & Merchants National Bank, Columbia, Tennessee

OFFICERS
R. E. MOODY, Vice President and Manager; W. H. SEWELL,
JR.,
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 ANDRUS,
L.
President, New Orleans Public Service Inc., New Orleans, Louisiana . . . . . . . . . 1961

J. 0. EMMERICH
(Chuirman), Editor, State Times, Jackson, Mississippi

FRANK GODCHAUX, Vice President, Louisiana State Rice Milling Company, Inc.,
A.
111,
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 GALLAUGHER,
A.
President, Jeff Davis Bank & Trust Company, Jennings, Louisiana . . . . . . . . 1962
GILESW. PATTY,
President, First National Bank in Meridian, Meridian, Missieaippi . . . . . . . . . . . 1963
WALLACE DAVIS,
M.
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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