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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
