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FEDERAL RESERVE BANK OF ATLANTA ABOUT THE COVER Fifty thousand notes per hour flash through the Currency Verifying, Counting and Sorting (CVCS) Systems now operating or soon to be installed at all Federal Reserve offices in the Sixth District. Notes deposited by commercial banks are placed on an in put rack that automatically feeds them to the computer-controlled machine. Mixed denominations, possible counterfeits, and the like are rejected for closer, human inspection. Notes unfit for further use are automatically shredded and blown through a plastic tube to a secondary chopper that reduces them to an easily disposable residue. Notes fit for another trip through the commercial banks to the public are automatically strapped in hundreds, then ejected down one of the chutes pictured on the cover. The photographer’s 1/2000-second strobe flash has “frozen” a few notes just arriving above the strapping mechanism. Below, approximately twenty straps await transfer to the vault. Technological advances like this have enabled the Federal Reserve Bank of Atlanta and its Birmingham, Jacksonville, Miami, Nashville, and New Orleans branches to reduce their total staff by some twenty percent over the past five years in spite of steady increases in operating volumes. February 1, 1980 To All Member Banks in the Sixth Federal Reserve District: Presented in this report are a comparative statement of condition of this bank as of the last business day of 1978 and 1979, and a com parative statement of earnings and expenses for 1978 and 1979. Also presented are current lists of our directors and officers. Monroe Kimbrel President EARNINGS AND EXPENSES 1978 $392,206,541 $440,720,694 59,293,416 62,242,578 $332,913,125 Total Current Earnings 1979 $378,478,116 —44,029,927 - 6,268,983 4,015,100 3,781,700 $284,868,098 $368,427,433 Net Expenses Current Net Earnings Net Additions (+) Deductions (— )* Assessment for Expenses of Board of Governors Net Earnings before Payment to U. S. Treasury DISTRIBUTION OF NET EARNINGS Dividends Paid $ Payments to U. S. Treasury (Interest on F.R. Notes) 4,750,650 $ 277,118,648 Transferred to Surplus Account Net Additions (+) Deductions (— ) + Total Earnings Distributed $284,868,098 2,998,800 5,050,938 357,326,595 + 6,049,900 $368,427,433 SURPLUS ACCOUNT Surplus January 1 Transferred to Surplus - as above Surplus December 31 $ 77,609,550 $ 80,608,350 2,998,800 6,049,900 $ 80,608,350 $ 86,658,250 Includes gains/losses on sales of U. S. Government securities and foreign exchange transactions. STA TEM EN T O F CONDITION F E D E R A L R E SE R V E BANK O F ATLANTA A SSE T S Gold Certificate Account December 2 9 ,1 9 7 8 December 3 1 , 1 9 7 9 S 518,496,600 $ 524,688,000 Special Drawing Rights Certificate Account 51,000,000 64,000,000 Coin 31,751,519 39,384,258 Loans and Securities 5,463,610,266 5,279,866,673 Cash Items in Process of Collection 1,878,942,968 1,563,425,548 21,492,253 31,161,579 309,592,403 338,935,683 $8,274,886,009 $7,841,461,741 $3,682,855,097 $3,550,549,462 Deposits* 2,400,201,309 2,438,304,058 Deferred Availability Cash Items 1,183,839,727 1,134,833,592 Other Liabilities 106,815,901 97,811,925 Interdistrict Settlement Account 739,957,275 446,646,204 $8,113,669,309 $7,668,145,241 $ $ Bank Premises Other Assets Total Assets L IA B IL IT IE S Federal Reserve Notes Total Liabilities CAPITAL ACCOUNTS Capital Paid In Surplus 80,608,350 86,658,250 80,608,350 86,658,250 Total Capital Accounts $ 161,216,700 $ 173,316,500 Total Liabilities and Capital Accounts $8,274,886,009 $7,841,461,741 “ “Includes Member Bank Reserve Accounts, Collected Funds Due to Other F.R. Banks, U. S. Treasurer —General Account, Foreign and Other Deposits. DIRECTORS AND OFFICERS of the FEDERAL RESERVE BANK OF ATLANTA as of January 1980 BOARD OF DIRECTORS William A. Fickling, Jr., (Chairman), President and Chairman, Charter Medical Corporation, Macon, Georgia John H. Weitnauer, Jr., (Deputy Chairman), President, Richway, Atlanta, Georgia Fred Adams, Jr., President, Cal-Maine Foods, Inc., Jackson, Mississippi Dan B. Andrews, President, First National Bank, Dickson, Tennessee Guy W Botts, Chairman of the Board, Barnett Banks of Florida, Inc., Jacksonville, Florida . Jean McArthur Davis, President, McArthur Dairy, Inc., Miami, Florida Ulysses V. Goodwyn, Executive Vice President, Southern Natural Resources, Inc., Birmingham, Alabama Floyd W Lewis, Chairman/Chief Executive Officer, Middle South Utilities, Inc., New Orleans, Louisiana . Hugh M. Willson, President, Citizens National Bank, Athens, Tennessee FEDERAL ADVISORY COUNCIL MEMBER Robert Strickland, Chairman, Trust Company of Georgia, Atlanta, Georgia William A. Fickling, Jr. Chairman Monroe Kimbrel President Robert P. Forrestal First Vice President OFFICERS Monroe Kimbrel, President Robert P. Forrestal, First Vice President Arthur H. Kantner, Senior Vice President Harry Brandt, Senior Vice President & Director of Research Jack Guynn, Senior Vice President B. H. Hargett, Senior Vice President Brown R. Rawlings, Senior Vice President Harry C. Schiering, General Auditor W. R. Caldwell, Vice President William N. Cox, III, Vice President and Associate Director of Research W M. Davis, Vice President . Delmar Harrison, Vice President Robert E. Heck, Vice President William G. Pfaff, Vice President H. Terry Smith, Vice President John M. Wallace, Vice President Donald E. Baer, Research Officer Wardlyn Bassler, Assistant Vice President Byron L. Bohannon, Assistant General Auditor John R. Branscomb, Assistant Vice President James L. Brown, Assistant Vice President John T. Cleckley, Assistant Vice President Alan D. Davis, Assistant Vice President Charles D. Delony, Assistant Vice President Richard A. Dill, Assistant Vice President Howard Dillion, Examining Officer Kurt Genteman, Assistant General Auditor John Godfrey, Research Officer George Hibbert, Assistant General Counsel Eric B. Hingst, Assistant Vice President and Secretary, Board of Directors Kenneth J. Kearney, Assistant Vice President Zane R. Kelley, Assistant Vice President John R. Kerr, Assistant Vice President B. Frank King, Research Officer Ely S. Matteri, Assistant Vice President George W. Moseley, Assistant Vice President Ronald Robinson, Assistant Vice President Robert Sexton, Assistant Vice President Jack R. Sicard, Assistant Vice President Samuel D. Smith, Assistant Vice President Gene D. Sullivan, Research Officer Ed Willingham, Assistant General Counsel BRANCH D IRECTO RS AND O FF IC E R S BIRMINGHAM BRANCH —Hiram J. Honea, Vice President Fred R. Hoer, Asst. Vice President and Asst. Branch Manager Robert G. Dole, Asst. Vice President; Melvyn K. Purcell, Asst. Vice President; John D. Swanson, Asst. Vice President Harold B. Blach, Jr., (Chairman), President, Blach’s, Inc., Birmingham, Alabama Guy H. Caffey, Jr., Chairman and Chief Executive Officer, Southern Bancorporation of Alabama and Birmingham Trust National Bank, Birmingham, Alabama C. Gordon Jones, President and Chief Executive Officer, First National Bank of Decatur, Decatur, Alabama William H. Martin, III, President and Chief Executive Officer, Martin Industries, Inc., Florence, Alabama Martha Mclnnis, President, EnviroSouth, Inc., and Executive Vice President, Alabama Environmental Quality Association, Montgomery, Alabama George S. Shirley, President, First National Bank of Tuskaloosa, Tuscaloosa, Alabama Louis J. Willie, Executive Vice President, Booker T. Washington Insurance Company, Birmingham, Alabama JACKSONVILLE BRANCH —Charles D. East, Vice President James D. Hawkins, Asst. Vice President and Asst. Branch Mgr. Richard L. Berry, Asst. Vice President; Steve J. Stacklin, Asst. Vice President; Cecil L. Williams, Asst. Vice President Joan Stein, (Chairman), Partner, Regency Square Shopping Center, Jacksonville, Florida DuBose Ausley, President and Chief Executive Officer, Capital City First National Bank, Tallahassee, Florida Jerome P. Keuper, President, Florida Institute of Technology, Melbourne, Florida Copeland D. Newbern, Chairman of the Board, Newbern Groves, Inc., Tampa, Florida Whitfield M. Palmer, Jr., Chairman of the Board, Treasurer and Secretary, Florida Crushed Stone Company, Ocala, Florida Billy J. Walker, President and Chief Executive Officer, Atlantic Bancorporation, and Vice Chairman of the Board, Atlantic National Bank, Jacksonville, Florida Robert E. Warfield, Jr., Chairman of the Board and President, The First National Bank & Trust Company of Eustis, Eustis, Florida MIAMI BRANCH —Frank Craven, Vice President Robert E. Lee, Asst. Vice President and Asst. Branch Manager Patrick K. Barron, Asst. Vice President; Robert J. Slack, Asst. Vice President; Jessie T. Watson, Asst. Vice President David G. Robinson, (Chairman), President, Edison Community College, Fort Myers, Florida Jane C. Cousins, Realtor, Cousins Associates, Inc., Miami, Florida Tully F. Dunlap, Chairman of the Board, Florida National Bank of Miami, Miami, Florida Alfred W Roepstorff, President, The National Bank of Collier County, Marco Island, Florida . David H. Rush, President, ACR Electronics, Inc., Hollywood, Florida M. G. Sanchez, President and Chief Executive Officer, First Bankers Corporation of Florida, Pompano Beach, Florida Roy Vandegrift, Jr., President, Vandegrift-Williams’ Farms, Inc., Pahokee, Florida NASHVILLE BRANCH —Jeffrey J. Wells, Vice President Ralph Thurman, Asst. Vice President and Asst. Branch Mgr. William W. Dykes, Asst. Vice President; A. D. Sands, Asst. Vice President; Channing Workman, Asst. Vice President Robert C. H. Mathews, Jr. (Chairman), President, R. C. Mathews Contractors, Inc., Nashville, Tennessee Cecelia Adkins, Executive Director, Sunday School Publishing Board, Nashville, Tennessee James R. Austin, Chairman, Peoples National Bank, Shelbyville, Tennessee John C. Bolinger, Jr., Management Consultant, Knoxville, Tennessee Ruth W Ellis, President, Mountain Empire Bank, Johnson City, Tennessee . Charles J. Kane, Chairman and Chief Executive Officer, Third National Bank, Nashville, Tennessee John Rutledge King, President, The Mason and Dixon Lines, Inc., Kingsport, Tennessee NEW ORLEANS BRANCH —P. M. Viguerie, Vice President B. C. Wade, III, Asst. Vice President and Asst. Branch Mgr. Henry Bourgaux, Asst. Vice President; Henri DeBlonde, Asst. Vice President; Gerald Dupas, Asst. Vice President George C. Cortright, (Chairman), Partner, George C. Cortright Company, Rolling Fork, Mississippi Robert H. Bolton, President, Rapides Bank & Trust Company, Alexandria, Louisiana Patrick A. Delaney, President, Whitney National Bank of New Orleans, New Orleans, Louisiana W E. Howard, Jr., Chairman, Commercial National Bank and Trust Company, Laurel, Mississippi . Levere C. Montgomery, Chairman, Time Saver Stores, Inc., New Orleans, Louisiana Ben M. Radcliff, President, Ben M. Radcliff Contractor, Inc., Mobile, Alabama Horatio C. Thompson, President, Horatio Thompson Investment, Inc., Baton Rouge, Louisiana Federal Reserve Bank of Atlanta Federal Reserve Station Atlanta, Georgia 30303 BULK RATE U.S. P O S T A G E PAID Atlanta, Georgia Address Correction Requested Permit N o. 2 9 2