View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL
RESERVE
BANK
OF ATLANTA

FORTY-THIRD ANNUAL STATEM

January 3 I , I958

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, 19.57, and
December 31, 1956, together with a comparative
statement of earnings and expenses for the years

I957 and 1956.




Sincerely yours,

MALCOLM
BRYAN,
President

8

STATEMENT OF CONDITION

I

(In dollars)

I
,
d

*

I

*

*

ASSETS
December 31. 1957 December 31. 1956
832.066. 186
GOLDCERTIFICATES. . . . . . . . . . . . . . . . .
.
830.920. 971
REDEMPTION
FUND FEDERAL
FOR
RESERVE
NOTES. . . . .
51.173. 440
48.919. 465
FEDERAL
RESERVE
NOTES OTHERBANKS . . . . . . .
OF
.
54.053. 750
56.W. 000
.
OTHERCASH . . . . . . . . . . . . . . . . . . . .
24.743. 676
23,034.073
960.327. 449
TOTALCASH . . . . . . . . . . . . . . . . . . .
960.988. 112
DISCOUNTS ADVANCES . . . . . . . . . . . . . .
AND
.
3.275. 000
2.950. 000
U. S. GOVERNMENT
SECURITIES. . . . . . . . . . . . .
1.228.570. 000
1.265.403. 000
TOTALLOANSAND SECURITIES . . . . . . . . . . .
1.268.353.000
1.231.845. 000
OTHERASSETS:
411.222. 628
UNCOLLECTED ITEMS. . . . . . . . . . . . .
CASH
466.237. 738
BANKPREMISES
(NET) . . . . . . . . . . . . . .
6.4%. 565
4.687. 099
ALL OTHER . . . . . . . . . . . . . . . . . . .
11.657. 800
13.383.172
429.292. 899
484.392. 103
TOTAL
OTHERASSETS. . . . . . . . . . . . . .
2.657.973. 348
TOTAL ASSETS . . . . . . . . . . . . . . .
2.677.225. 215
LIABILITIES
FEDERAL
RESERVE
NOTES . . . . . . . . . . . . . . .
DEPOSITS
:
MEMBERBANKRESERVE
ACCOUNTS . . . . . . . .
.
U . S. TREASURER~ENERAL . . . . . . . .
ACCOUNT
FOREIGN . . . . . . . . . . . . . . . . . . .
.
OTHER . . . . . . . . . . . . . . . . . . . . .
TOTAL
DEPOSITS. . . . . . . . . . . . . . . .
OTHER
LIABILITIES:
DEFERRED
AVAILABILITY ITEMS . . . . . . . .
CASH
.
ALL OTHER . . . . . . . . . . . . . . . . . . .
TOTAL
OTHER
LIABILITIES. . . . . . . . . . . .
TOTAL LIABILITIES . . . . . . . . . . . .
CAPITAL ACCOUNTS
CAPITAL
PAID . . . . . . . . . . . .
IN
SURPLUS
(SECTION . . . . . . . . . .
7)
SURPLUS
(SECTION
13b) . . . . . . . . .
RESERVES CONTINGENCIES . . . . .
FOR
.
TOTAL
CAPITALACCOUNTS . . . . .
.
TOTAL LIABILITIES AND
CAPITAL ACCOUNTS . . . .




1.305.420. 070

1.371.606..840
. .

851.880. 651
41.231. 159
15.345. 000
3.973.671
912.430. 481

905.110. 518
24.258. 304
13.024.,000
7.233.901
949.626. 723

398.917. 093
491. 971
399.409. O
a

280.189. 562
684.036
280.873. 598

2.617.259. 615

2,602,107.161

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

16.562.450
36.192. 075
762.426
6.448. 649
59.965. 600

15.493. 450
33.179. 336
762.426
6.430. 975
55.866. 187

.......

2.677.225. 215

2.657.973. a 8

EARNINGS AND EXPENSES
(In

dohrs)
1957

TOTAL
CURRENT
EARNINGS.. .
NET EXPENSES . . . . . . . .
.
CURRENT EARNINGS..
NET

1956

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

39,804,806

30,737,424

8,480,980

7,787,996

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

31,323,826

22,949,428

. .

8,972

1%623

. .
. .

201,540

--e

361

131

. .

210,873

14,754

.......

31,534,699

22,964,182

17,674

14,591

ADDITIONS CURRENT EARNINGS:
TO
NET
PROFIT SALES U. S. GOVERNMENT
ON
OF
SECURITIES
(NET)
. . . . . . . . . . . . .
REIMBURSEMENT FISCAL
FOR
AGENCY
EXPENSES
INCURRED
IN PRIOR
YEARS . . . . . . . . . .
ALL OTHER . . . . . . . . . . . . . . . . .
TOTAL
ADDITIONS . . . . . . . . . . . . .
.
TOTAL
CURRENT EARNINGS
NET
AND
.........
ADDITIONS

DEDUCTIONS
FROM
CURRENT EARNINGS:
NET
RESERVESFOR CONTINGENCIES . . . . . . . . . .
.
RETIREMENT
SYSTEM
(ADJUSTMENT
FOR
REVISEDBENEFITS) . . . . . . . . . . . . . . .
ALL OTHER . . . . . . . . . . . . . . . . . . .
TOTAL DEDUCTIONS . . . . . . . . . . . . . .
.

410,380

1

-0

13,251

551

441,305

15,142

NET EARNINGS
BEFORE
PAYMENTS
TO
U. S. TREASURER. . . . . . . . . . . . .
.
PAID
UNITEDSTATES
TREASURY (INTEREST
ON
FEDEFLU
RESERVENOTES) . . . . . . . . . . . . . .
NET EARNINGS
AFTERPAYMENTS S. TREASURY . .
TO U.
. .
DIVIDENDS . . . . . . . . . . . . . . . . . . . . .

31,093,394

22,949,040

27,114,696

19,731,928

3,978,698

3,217,112

. . . . . . . . .

3,012.739

TRANSFERRED
TO SURPLUS
(SECTION
7)

965,959

878,878

2,338,234

SURPLUS ACCOUNT (SECTION
7)
SURPLUS
JANUARY 1 . . . . . . . . . . . . . . . . . .
TRANSFERREDTO SURPLUS-AS ABOVE . . . . . . . . . .
SURPLUS
DECEMBER
31




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

33,179,336

-

30,841,102

3,012,739

2,338,234

36,192,075

33,179,336

l
U

Federal Reserve Bank of Atlanta
DIRECTORS
CLASS A

Term Expires
December 31

Elected by Member Banks

Wm,iAM C. CARTER,
Chairman and President, Gulf National Bank of Gulfport, Gulfport, Mississippi
ROLAND ADAMS,
L.
President, Bank of York, York, Alabama

. . . 1958

. . . . . . . . . . . . . . . . . . . .1959

W. C. BOWMAN,
Chairman of the Board, The First National Bank of Montgomery, Montgomery, Alabama. 1960

CLASS B
Elected by Member Banks

. . . . . . . . . .1958
Tampa, Florida. . . . 1959

DONALD
COMER,
Chairman of the Board, Avondale Mills, Birmingham, Alabama.
JOSEPH

T. LYKES,Chairman and Director, Lykes Bros. Steamship Company, Inc.,

POLLARD
TURMAN,
President, J. .M. Tull Metal & Supply Company, Inc., Atlanta, Georgia
CLASS c

. . . . . . . . 1960

Appointed by the Board of Governors of the Federal Reserve System
WALTER MITCHELL
M.
(Chairman of the Board and Federal Reserue Agent), Vice President,
The Draper Corporation, Atlanta, Georgia . . . . . . . . . . . . . . . . . . . . . . .

....

....
......

HARLLEE
BRANCH, (Deputy Chairman), President, The Southern Company, Atlanta, Georgia
JR.

H. G CHALKLEY, President, Sweet Land & Oil Company, Inc., Lake Charles, Louisiana
.
JR.,

1958
. 1959
.1960

OFFICERS
MALCOLM
BRYAN,
President; LEWIS M. CLARK,
First Vice President; J. E. DENMARK,
Vice President; JOHN L.
LILES,JR., Vice President and Cashier; J. E. MCCORVEY,
Vice President; HAROLD PATTERSON, PresT.
Vice
Vice President and Director of
ident and General Counsel; L. B. RAisTY, Vice President; EARLEL. RAUBER,
Research; S. P. SCHUESSLER, President; DEWITT-4DAMS, General Auditor; DOWDELL
Vice
BROWN, Assistant
JR.,
Vice President; F. H. MARTIN, Assistant Vice President; I. H. MARTIN,Assistant Vice President; R. E. MILLING, Assistant Vice President; BROWN RAWLINGS,
R.
JR., Assistant Vice President; CHARLES TAYLOR, AsT.
I.
Assistant Cashier; THEODORE
WALTER,
Assistant Cashier; T. R. ATKIN.
sistant Vice President; FRED BRECK,
SON, Economic Adviser to the President; J. B. FORBES,
Assistant General Auditor; GEO.W. SHEFFER, Chief
JR.,
M.
Director of Personnel.
Examiner; EDGAR VALLETTE,

MEMBER FEDERAL ADVISORY-COUNCIL
A. SIBLEY
Chairman of the Board
Trust Company of Georgia
Atlanta, Georgia

JOHN

INDUSTRIAL ADVISORY COMMITTEE
SHANNONGAMBLE
M.
Executive Vice President
Standard-Coosa-Thatcher Company
Chattanooga, Tennessee




DEAN PADEN
S.
Chairman of the Board
King Hardware Company
Atlanta, Georgia

LUTHER RANDALL
14.
President
Randall Brothers, Inc.
Atlanta, Georgia

Birmingham Branch
DIRECTORS
Appointed by the Board of Governors of the Federal Reserve System
JOHN

Term Expires
December 31

. . . . . 1958
. . . . . . . . . . . 1959

E. URQUEART
(Chairman), President, Woodward Iron Company, Woodward, Alabama.

ADOLPH EL SR., President, Weil Brothers-Cotton, Inc., Montgomery, Alabama.
WI,

SELDEN
SHEFFIELD,
Cattleman, Greensboro, Alabama

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

1960

Appointed by the Board of Directors, Federal Reserve Bank of Atlanta
ROBERT CLECKLER,
M.
President, First National Bank of Childersburg, Childersburg, Alabama,

. . . . . 1958

E. W.MCLEOD,
President, The Morgan County National Bank of Decatur, Decatur, Alabama.

. . . . . 1958'

JOHN DOWNING,
R.
Executive Vice President, Citizens-Farmers & Merchants Bank, Brewton, Alabama. . 1959
JOHN PERSONS,
C.
Chairman, The First National Bank of Birmingham, Birmingham, Alabama . . . . . . 1960
OFFICERS

H. C. FRAZER, President and Manager; E. C. RAINEY,
Vice
Assistant Vice President; WM.A. WALLER, Cashier;
JR.,
MELVINMCILWAIN,
Assistant Cashier.

Jacksonville Branch
DIRECTORS
Term Expires
December 31
Appointed by the Board of Governors of the Federal Reserve System
HARRY SMITH (Chairman), President and Manager, Winter Garden Ornamental Nursery, Inc.,
M.
1958
Winter Garden, Florida . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . .1959
. . . . . . . . . . . . . . . .1960

MCGREGOR
SMITH,
Chairman and Director, Florida Power & Light Company, Miami, Florida

J. WAYNEREITZ, President, University of Florida, Gainesville, Florida

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

LINTON ALLEN,Chairman and Director, The First National Bank at Orlando, Orlando, Florida. . . . 1958
E.
W. E. ELLIS, President and Chairman, The Commercial Bank & Trust Company of Ocala, Ocala, Florida. 1958
JAMES

. . . . . . . . . . .1959
. . . . . . . . . . . . . . . . . . . . 1960

G. GARNER,
President, Little River Bank and Trust Company, Miami, Florida

C. B MCLEOD,
.
President, Bank of Crestview, Crestview, Florida.

OFFICERS
T. A. L~NFORD,
Vice President and Manager; T. C . CLARK,
Assistant Vice President; J. W. SNYDER,
Cashier;
C. MASON
FORD,
Assistant Cashier.




Nashville Branch
DIRECTORS

Term Expires
December 31

Appointed by the Board of Governors of the Federal Reserve System

FRANK WARD(Chairman), Dean, College of Business Administration, University of Tennessee,
B.
Knoxville, Tennessee

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

V. S. JOHNSON, JR., Chairman and President, Aladdin Industries, Inc., Nashville, Tennessee.

1959

. . . . . . 1958
.-

W. N. KRAUTH,
President and General Manager, Colonial Baking Company, Nashville, Tennessee

- 1960

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

. . . . . 1958
. . . . . . . . . . . . .1958
Tennessee . . . . . . . . . .1959

STEWART
CAMPBELL,
President, The Harpeth National Bank of Franklin, Franklin, Tennessee.
C. L. WILSON,President, The Cleveland National Bank, Cleveland, Tennessee

Jo H ANDERSON,
.
President, Park National Bank of Knoxville, Knoxville,
P. D. HOUSTON, President, First American National Bank of Nashville, Nashville, Tennessee.
JR.,

. . . .1960

OFFICERS
R. E. MOODY, Vice President and Manuger; W.H. SEWELL,
JR.,
Assistant Vice President; L. W. STARR,
Cashier;
STUART MAGEE,
H.
Assistant Cashier.

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

Term Expires
December 31

KING,JR., (Chairman), Executive Vice President, King Lumber Industries,
G. HAROLD
Canton, Mississippi.

....................................
E. E. WILD,Rice Grower, Midland, Louisiana. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

.1958
1959

FRANK GODCHAUX,1 Vice President, Louisiana State Rice Milling Company, Inr.,
A.
1 ,
1
Abbeville, Louisiana

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

.1%0

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

H. AIJSTILLPHARR,
President, The First National Bank of Mobile, Mobile, Alabama

. . . . . . . . . . .1958
. . . . . .1958

WILLIAM FISCHER,
J.
Chairman, Progressive Bank & Trust Company, New Orleans, Louisiana
J. SPENCER
JONES,
President, The Citizens National Bank in Hammond, Hammond, Louisiana

. . . . . . 1959

D. U, MADDOX,
President, The Commercial National Bank and Trust Company of Laurel,
Laurel, Mississippi

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

.1%0

OFFICERS
M. L. SHAW,
Vice President and Manager; R. M. STEPHENSON,
Assistant Vice President; L. Y. CHAPMAN,
Cashier;
R. M. JUNCA, Assistant Cashier.




l