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FEDERAL
RESERVE
BANK
OF ATLANTA

THIRTIETH ANNUAL STATEMENT

January 15,1945.
T o the Stockholders of the
Federal Reserve Bank of Atlanta:
There is presented herein statement of the condition
of the Federal Reserve Bank of Atlanta, m at close of

business December 31,1944, together with statement
of earnings and expenses for the year.

Sincerely yours,
W. S. McLARIN, JR.,

President.

31. 1944

Statement of Condition-December
ASSETS

GOLD
CERTIFICATES HAND
ON
AND DUE FROM
U .S. TREASURY . . . . . . . . . . . . . . . . .
..
REDEMPTION
FUND-FEDERAL
RESERVE
NOTES. . . . . . .
OTHERCASH . . . . . . . . . . . . . . . . . . . . .
TOTAL
RESERVES . . . . . . . . . . . . . . . . .
.
INDUSTRIAL
ADVANCES . . . . . . . . . . . . . . . .
.
U . S. GOVERNMENT
SECURITIES . . . . . . . . . . . .
.
BONDS . . . . . . . . . . . . . . . . . . . . . .
NOTES . . . . . . . . . . . . . . . . . . . . . .
CERTIFICATES. . . . . . . . . . . . . . . . . . .
BILIS . . . . . . . . . . . . . . . . . . . . . . .
TOTAL . S. GOVERNMENT
U
SECURITIES . . . . . . . .
. .
TOTAL
BILLS AND SECURITIES . . . . . . . . . . . .
.
DUE FROM FOREIGN
BANKS. . . . . . . . . . . . . . .
FEDERAL
RESERVE
NOTESOF OTHERBANKS. . . . . . . .
UNCOLLECTED
ITEMS . . . . . . . . . . . . . . . . .
BANKPREMISES. . . . . . . . . . . . . . . . . . .
.
OTHER ASSETS. . . . . . . . . . . . . . . . . . . .
TOTAL ASSETS . . . . . . . . . . . . . . . .
LIABILITIES
ACTUAL
CIRCULATION . . .
.

FEDERAL
RESERVE
NOTESIN
DEPOSITS
:
MEMBERBANK-RESERVE ACCOUNT . . . . .
.
U . S TREASURERGENERAL . . . . .
ACCOUNT
FOREIGN . . . . . . . . . . . . . . . . . .
.
OTHER DEPOSITS . . . . . . . . . . . . .
.
TOTAL
DEPOSITS. . . . . . . . . . . . .
DEFERRED
AVAIL~BILITY
ITEMS . . . . . . . .
.
OTHERLIABILITIES . . . . . . . . . . . . . .

.

TOTAL LIABILITIES

$890,388,313.71
38,520,7841.63
19,480,614.67
$ 948,389,713.01
$

21,462.40

43,561,000.00
54,940,000.00
171,197,000.OO
714,028,000.00
983,726,000.00
983,747,462.40
4,340.33
12,159,750.00
119,602,708.19
1,610,928.20
2,471,449.88
$2,067,986,352.01

.

. . . .
. . . .

..
. . . .

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

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

$1,276,563,495.00
$ 628,914,183.66

9,565,446.90
36,992,438.72
2,84I9,451.07
$ 678,321,520.35

94,140,056.06
372,571.44
$2,049,397,642.85

CAPITAL ACCOUNTS

CAPITAL PAID IN . . . . . . . . . . . . . .
SURPLUS
(SECTION . . . . . . . . . . . .
7)
SURPLUS
(SECTION
13b) . . . . . . . . . . .
OTHERCAPITALACCOUNTS . . . . . . . . .
.
TOTAL
LIABILITIES
AND CAPITAL
ACCOUNTS .
.




. . . . .
. . . . .

.....

. . . . .

. . . . .

5,850,850.00
7,935,878.37
762,425.68
4,039,555.11
$2.067.986.352.01

$

Statement of Earnings and Expenses for Year 1944
EARNINGS
.

. . . . . . . . . . . . . . . .
OPERATING
EXPENSES . . . . . . . . . .
.
ASSESSMENT BOARD F GOVERNORS .
FOR
O
.

COST OF

FEDERAL
RESERVE
CURRENCY

TOTAL
NET EXPENSES..

$5,076,590.66
$2,021,673-26

. . .

$ 74,398.01

.....

598,055.03

672,453.04

. . . . . . . .

$2,694,126.30

CURRENT
NET EARNINGS. . . . . . . .
.

$2,382,464.36

ADDITIONS CURRENT
TO
NET EARNINGS:
PROFIT ON SALES OF

u. s. GOVERNMENT
SECURITIES

TRANSFERRED RESERVES
FROM
.

$154,427.67

. . . . . . .

28,500.00

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

16,174.04

TOTALADDITIONS . . . . . . . . . . . .
.

199,101.71

OTHER
ADDITIONS
.

DEDUCTIONS
FROM CURRENT
NET EARNINGS .
.

.
NET ADDITIONS CURRENT
TO
NET EARNINGS .
.

NET EARNINGS .
.

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

1,709.30
$ 197,392.41

$2,579,856.77

DISTRIBUTIONOF NET EARNINGS:

DIVIDENDS .
PAID

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

$ 339,512.92

PAID
UNITED
STATES
TREASURY
(SECTION .
13b)

15,138.69

. . .

13,955.11

TRANSFERRED
TO SURPLUS
(SECTION
13b)
TRANSFERRED
TO SURPLUS
(SECTION
7)




...

2,211,250.05
$2,579,856.77

Directors and Officers
Federal Reserve Bank of Atlanta
Main Office--Branches-Agency
For Year 1945
DIRECTORS
FRANK NEELY,Chairman
H.
J. F. PORTER,
Deputy Chainncrn
Term
Expires

CLASS A

. . . . . . . . 1945
. . . . . . . . . . 1946
. . . . . . . . 1947

THOMAS GLENN,
K.
Chairman of the Board, Trust Company of Georgia, Atlanta, Georgia
W. D COOK,President, First National Bank in Meridian, Meridian, Mississippi
.
GEORGE WHITE,President, The First National Bank of Mount Dora, Mt. Dora, Florida
J.

CLASS B
J. A. MCCRARY, President and Treasurer, J. B. McCrary Company, Inc., Decatur, Georgia .
Vice
FZTZGERALD
HALL,President, Nashville, Chattanooga & St. Louis Railway, Nashville, Tennessee
ERNEST. GEORGE,
T
President, Seaboard Refining Company, Ltd., New Orleans, Louisiana

CLASS c
J. F. PORTER,
President, Tennessee Farm Bureau Federation, Columbia, Tennessee

.

...

. . . .
....
. . .

. 1945
1946
1947

. . . . . . . . . 194
. . . . . 1946
. . . . . 1947

RUFUSC. HARRIS,
President, The Tulane University of Louisiana, New Orleans, Louisiana . .
FRANK NEELY,Executive Vice President and Secretary, Rich's, Inc., Atlanta, Georgia . . .
H.

OFFICERS
W. S. MCLARIN, President
JR.,
C. R. CAMP,Assistant Vice President
MALCOLM BRYAN,
H.
First Vice President
S. P. SCHUESSLER,
Assistant Vice President
L. M. CLARK,
Vice President
J. R. MCCRAVEY, Assistant Vice President
JR.,
H. F. CONNIFF,
Vice President
V. K. BOWMAN,
Vice President
POLLARD
TURMAN,
General Counsel
J. E. DENMARK,
General Auditor

MEMBER OF J?EDERAL ADVISORY COUNCIL
KEEHNW. BERRY
President
Whitney National Bank of New Orleans
New Orleans, Louisiana

INDUSTRIAL ADVISORY COMMITTEE
JOHN

E. SANFORD,
Chairman
Vice President
Armour & Company
Atlanta, Georgia

GEORGE
WINSHIP
President
Fulton Supply Company
Atlanta, Georgia




A. M. LOCKETT
President
A. M. Lockett & Company, Ltd.
New Orleans, Louisiana

I. C. MILNER
Executive Vice President
Gate City Cotton Mills
Atlanta, Georgia

W. W. FRENCH
President
Moore-HandleyHardware Company
Birmingham, Alabama

New Orleans Branch
DIRECTORS
JOHN

J. SHAFFER, Chairman
JR.,

JOHN SHAFFER, Sugar Cane Planter, Ellendale, Louisiana . . . . . . . . . . . . . . .
J.
JR.,
E. F. BILLINGTON, President, Soule Steam Feed Works, Meridian, Mississippi . . . . . .
Vice

Term
Expires

...
. . .
T. G. NICHOLSON,
President, The First National Bank of Jefferson Parish at Gretna, Gretna, Louisiana .
JOHN
LEGIER,
President, National American Bank of New Orleans, New Orleans, Louisiana . . . . . .
J. F MCRAE,President, The Merchants National Bank of Mobile, Mobile, Alabama . . . . . . . . .
.
E. P. PARIS,
Managing Director . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.

. 1945
. 1946
.1945
.19%

. 1947
. 1945

OFFICERS
E. P. PARIS,
Managing Director

Cashier
M. L. SHAW,

F. c. F'ASTERLING, Assistant Cashier
Assistant Cashier
W. H. SEWELL,
L. Y. CHAPMAN.
Assistant Cashier

Birmingham Branch
DIRECTORS
Term
Expires

EDWARD NORTON,
L.
Chairman
WM. HOWARD
SMITH,
Planter and Cattle Raiser, Prattville, Alabama

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

EDWARD NORTON,
L.
Chairman, Voice of Alabama, Inc., Radio Station WAPI, Birmingham, Alabama
DONALD
COMER,
Chairman of the Board, Avondale Mills, Birmingham, Alabama . . . . . . . . .
M. B. SPRAGINS,
President, The First National Bank of Huntsville, Huntsville, Alabama

. .1945
. .1946
. . 1947

. . . . . . . . 1945

G. HALL,Executive Vice President, The First National Bank of Birmingham, Birmingham, Alabama 1946
GORDON PALMER,
D.
President, The First National Bank of Tuskaloosa, Tuscaloosa, Alabama . . . . . . 1947

JAMES

P. L. T. BEAVERS,
Managing Director

..............................
OFFICERS

P. L. T. BEAVERS,
Managing Director
H. C. FRAZER,
Assistant Manager




Cashier
H. J, URQUHART,
Assistant Cashier
*L. W. STARR,

* ON LEAVE-MILITARY
SERVICE

1945

Jacksonville Branch
DIRECTORS
Term
Expires

CHARLES LEE, Chairman
S.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1945
FRANK JACKSON, President, Jackson Grain Company, Tampa, Florida . . . . . . . . . . . . . . .1946
D.
WALTER MATHERLY,
J.
Dean, University of Florida, Gainesville, Florida . . . . . . . . . . . . . . . . 1947

CHARLES LEE, Planter, Oviedo, Florida
S.

BERTC. TEED,Executive First Vice President, First National Bank in Palm Beach, Palm Beach, Florida

. 1945

. . . . . . 1946
. . . . . . . . . 1947

J. C. MCCROCKLIN,
President, First National Bank in Tarpon Springs, Tarpon Springs, Florida
J. L. DART,
President, The Florida National Bank of Jacksonville, Jacksonville, Florida

G. S VARDEMAN, Managing Director.
.
JR.,

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

1945

OFFICERS

G. S. VARDEMAN, Managing Director
JR.,

T. A. LANFORD,
Cashier

T. C. CLARK,
Assistant Cashier

Nashville Branch
DIREXTORS
Term
Expires
. . 1945

W. E. MCEWEN,
Chairman

. . . . . . . . . . . .
W. BRATTEN
EVANS,
President, Tennessee Enamel Mfg. Co., Nashville, Tennessee . . . . . . . . . . . 1946
CLYDE AUSTIN,
B.
President, The Austin Company, Inc., Greeneville, Tennessee . . . . . . . . . . . . 1947
EDWARD
POTTER, President, Commerce Union Bank, Nashville, Tennessee . . . . . . . . . . . . .1945
JR.,
W. E. MCEWEN,
Director, County Farm Bureau, Williamsport, Tennessee

LESLIE DRIVER,
R.
President, The First National Bank in Bristol, Bristol, Tennessee

. . . . . . . . . . .1946

. . . . . . . . . . . . 1947
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1945

B. I. SADLER,
.
President, First National Bank in Harriman, Harriman, Tennessee
JOEL

B. FORT, Managing Director.
JR.,

OFFICERS
JOEL

Assistant Manager
W. E. PIKE,
B. FORT, Managing Director
JR.,
E. R. HARRISON,
Cushier

Savannah Agency
'J. H. BOWDEN,
Manager




E. M. LOONEY,
Acting Manager

* ON LEAVE-MILITARY
SERVICE


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102