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FEDERAL
RESERVEBANK
OF ATLANTA

TWENTY-FIFTH ANNUAL STATEMENT

January 22, 1940.
To the Stockholders of the
Federal Reserve Bank

of

Atlanta:

W e are pleased to present herewith statement of the
condition of the Federal Reserve Bank of Atlanta, as at
close of business December 31, 1939, together with statement of earnings and expenses for the year.




Sincerely yours,

ROBERT S. PARKER,
President.

Statement of Condition-December

31. 1939

ASSETS
GOLD
CERTIFICATES HAND DUEFROM
ON
AND
U . S TREASURY. . . . . . . . . . . . . . . . .
.
REDEMPTION
FUND-FEDERAL
RESERVE
NOTES . . . . . .
OTHER CASH . . . . . . . . . . . . . . . . . . . . .
TOTAL RESERVES. . . . . . . . . . . . . . . . .
BILLS DISCOUNTED. . . . . . . . . . . . . . . . .
INDUSTRIAL
ADVANCES . . . . . . . . . . . . . . .
.
TOTAL
BILLS . . . . . . . . . . . . . . . . . . . .

.

I’

. $300,830,517.90
745,200.00
.
16,661,337.18
.
. $ 209,714.45
.
694,398.77
$

$318,237,055.08

9M,113.22

U . S. GOVERNMENT
SECURITIES.
DIRECT GUARANTEED
AND
:

BONDS. . . . . . . . . . . . . . . . . . . . . . .
NOTES . . . . . . . . . . . . . . . . . . . . . . .
TOTAL . S.GOVERNMENT
U
SECURITIES.
DIRECTAND GUARANTEED . . . . . . . . . . . .
.
.
TOTALBILLSAND SECURITIES . . . . . . . . . . .
DUE FROM FOREIGN
BANKS . . . . . . . . . . . . . .
BANKPREMISES . . . . . . . . . . . . . . . . . . .
.
FEDERAL
RESERVE
NOTESOF OTHER
BANKS . . . . . . .
UNCOLLECTED
ITEMS . . . . . . . . . . . . . . . .
.
OTHERASSETS . . . . . . . . . . . . . . . . . . . .
TOTAL ASSETS

54,597,000.00
45,794,500.00

. $100,391,500.00
.
.

.
.

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

101,295,613.22
1,634.16
2,033,630.52
3,617,500.00
33,471,124.11
2,359,194.60
$461,015,751.69

LIABILITIES

FEDERAL
RESERVE
NOTES ACTUAL
IN
CIRCULATION .
.
DEPOSITS:
.
MEMBER
BANKS’
RESERVE
ACCOUNT . .
U . S. T R E A S U R E R ~ E N E R A L . .
ACCOUNT
FOREIGN
BANK . . . . . . . . . . .
OTHERDEPOSITS. . . . . . . . . .
TOTAL
DEPOSITS . . . . . . . . .
.
DEFERRED
AVAILABILITY
ITEMS . . . . .
OTHER LIABILITIFS . . . . . . . . . .
TOTAL LIABILITIES

....

$162,941,495.00

. . . . . . . . $211,821,133.15

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

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

22,461,469.68
14,222,4(39.21
6,812,884.97
255,317,927.01
30,077,645.21
17,500.44
$448,354,567.66

CAPITAL ACCOUNTS
CAPITAL
PAID . . . . . . . . . . . . . . . . . . . .
IN
SURPLUS
(SECTION . . . . . . . . . . . . . . . . .
7)
SURPLUS
(SECTION
13-B) . . . . . . . . . . . . . . . .
OTHERCAPITAL ACCOUNTS . . . . . . . . . . . . . .
.
TOTAL
LIABILITIES CAPITAL
AND
ACCOUNTS . . . . . . .
.

$ 4,621,300.00
5,724,628.32
712,630.41
1.602.625.30
$461,015,751.69

COMMITMENTSTOMAKE
INDUSTRIAL
ADVANCES .
.

$




.....

77,500.00

Statement of Earnings and Expenses for Year 1939
EARNINGS.
.

.............................
OPERATING
EXPENSES . . . . . . . . . . . . . . . . . . . $1,200,512.90
.
FOR
OF
ASSESSMENT BOARD GOVERNORS. . . . . . $56,546.17
.
COST OF FEDERAL
RESERVE
CURRENCY
.

. . . . . . .

48,903.41

$1,646,867.60

105,449.52

TOTAL EXPENSES .
NET
.

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

1,305,962.42
$ 340,905.18

ADDITIONS CURRENT
TO
NET EARNINGS:

.
ON
OF
SECURITIES .
PROFIT SALES U . S. GOVERNMENT
TRANSFERRED
FROM

. . . .$
RESERVES. . . . . . . . . . . . . . .

189,294.73
67,896.27

OTHER
ADDITIONS
.

...................
29,908.28
ADDITIONS. . . . . . . . . . . . . . . . . . . . . . .
TOTAL

287,099.28

CURRENT EARNINGS ADDITIONSCURRENT EARNINGS 628,004.46
NET
AND
TO
NET
$
TOTAL
FROM
NET EARNINGS
:
DEDUCTIONS CURRENT
RESERVE LOSSES INDUSTRIAL
FOR
ON
ADVANCES
.

. . . . . . . $ 14,818.78
ON
64,297.83
CHARGE-OFFS BANKPREMISE. . . . . . . . . . . . . .
SPECIAL
RESERVE DEPRECIATIONBANKPREMISES . . . 166,901.74
FOR
ON
.
.
9.37
OTHERDEDUCTIONS . . . . . . . . . . . . . . . . . .
..
TOTAL
DEDUCTIONS . . . . . . . . . . . . . . . . . . . . .
NET EARNINGS . . . . . . . . . . . . . . . . . . . . . . . .
.

246,027.72
$ 381,976.74

DISTRIBUTIONNET EARNINGS:
OF

..........
DMDENDS
PAID . . . . . . . . . . . . . . . . . . . . . . . . . . .
TRANSFERRED
TO SURPLUS
(SECTION . . . . . . . . . . . . . . . . . .
7)
PAYMENTUNITED
TO
STATES
TREASURY
(SECTION
13-B)




$

14,809.65
272,229.32
94,937.77

$ 381,976.74

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

CLASS A

. . . . . . . . . . 1940
.. . . . . . . . . . . . . . . . 1941
. . . . . . . . . 1942

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

CLASS B
FITZGERALD President, Nashville, Chattanooga & St. Louis Railway, Nashville, Tennessee
HALL,

. . . . . . 1940
. . 1941
. . . . . . 1942

ERNEST GEORGE,
T.
Chairman and President, Seaboard Refining Company, Ltd., New Orleans, Louisiana
J. A. MCCRARY, President and Treasurer, J. B. McCrary Company, Inc., Decatur, Georgia
Vice

CLASS

c

. . . . . . . . 1940
. . . . . . . . . 1941
.. . . . . . . . . . . 1942

RUFUS HARRIS,
C.
President, The Tulane University of Louisiana, New Orleans, Louisiana
FRANK NEELY,
H.
Executive Vice President and Secretary, Rich’s, Inc., Atlanta, Georgia
J. F. PORTER,
President, Tennessee Farm Bureau Federation, Columbia, Tennessee

OFFICERS
ROBERT PARKER,
S.
President
V. K. BOWMAN,
Assistant Vice President
W. S. MCLARIN, First Vice President
JR.,
C. R. CAMP,Assistant Vice President
H. F. CONNIFF,Vice President
S . P. SCHUESSLER,
Assistant Vice President
MALCOLM BRYAN,
H.
Vice President
E. P. PARIS,
General Auditor
POLLARD
TURMAN,
Counsel

MEMBER OF FEDERAL ADVISORY COUNCIL
RYEURN CLAY
G.
Atlanta, Georgia

INDUSTRIAL ADVISORY COMMIlTEE
JOHN

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

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

GEORGE
WINSHIP
Pmident
Fulton Supply Company
Atlanta, Georgia

I. C. MILNER

W. W. FRENCH
President
Moore-Handley Hardware Company
Birmingham, Alabama

Executive Vice President
Gate City Cotton Mills
Atlanta, Georgia




New Orleans Branch
DIRECTORS

E. F. BILLINGTON,
Chairman

HERBERT
HOLMES
President
Delta National Bank
Yazoo City, Mississippi

Vice President
Soule Steam Feed Works
Meridian, Mississippi
ALEXANDER
FITZ-HUGH
Vice President and General Manager
P. P. Williams Company
Vicksburg, Mississippi

E. E. SOULIER
Executive Vice President
First National Bank
Lafayette, Louisiana

G.
JR.
HENRY CHALKLEY,
President and General Manager
The Sweet Lake Land & Oil Company, Inc.
Lake Charles, Louisiana

OLIVER LUCAS
G.
President
The National Bank of Commerce in New Orleans
New Orleans, Louisiana

I/

L. M. CLARK,
Managing Director
OFFICERS

L. M. CLARK,
Managing Director

M. L. SHAW,
Cashier
F. C. VASTERLING,
Assistant Cashier

Birmingham Branch

II

DIRECTORS
EDWARD NORTON,
L.
Chairman
Executive Vice President
Munger Realty Company
Birmingham, Alabama

FRANK MOODY
M.

HOWARD
GRAY
New Market, Alabama

JOHN PERSONS
C.

DONALD
COMER

JOHN

President
The First National Eank of Tuskaloosa
Tuscaloosa, Alabama

President
First National Bank of Birmingham
Birmingham, Alabama

Chairman of the Board
Avondale Mills
Birmingham, Alabama

S. COLEMAN
President
Birmingham Trust & Savings Company
Birmingham, Alabama

P. L. T. BEAVERS,
Managing Director
OFFICERS

P. L. T. BEAVERS,
Managing Director




H. J. URQUHART,
Cashier

Jacksonville Branch

P

DIRECTORS
BAYLESS HAYNES,
W.
Chairnzan
President
Wilson & Toomer Fertilizer Company
Jacksonville, Florida

W. R. MCQUAID
President
The Barnett National Bank of Jacksonville
Jacksonville, Florida

H.
ROBERT GAMBLE
President
Florida Brick & Tile Corporation
Jacksonville, Florida

J. C. MCCROCKLXN

PHILLIPS
HOWARD
Secretary-Treasurer
Dr. P. Phillips & Sons, Inc.
Orlando, Florida

B. C. TEED
First Vice President
First National Bank in Palm Beach
Palm Beach, Florida

Vice President
First National Bank
Tarpon Springs, Florida

G . s. VARDEMAN, JR., hfanagirzg Director

,

OFFICERS
G. S. VARDEMAN, Managing Director
JR.,
T. A. LANFORD,
Cushier
W. E. PIKE,
Assistant Cushier

Nashville Branch

L

DIRECTORS
E. W. PALMER,
Chairniun

F. M. FARRIS

President
Kingsport Press
Kingsport, Tennessee

President
Third National Bank
Nashville, Tennessee

CLYDE AUSTIN
B.
President
Austin Company, Inc.
Greeneville, Tennessee

NEALBASS
GEORGE
Cashier
First National Bank of Franklin County
Decherd, Tennessee

W. E. NICEWEN

E. B. MAUPIN

Director
County Farm Bureau
Williamsport, Tennessee

Cashier
Peoples National Bank
Shelbyville, Tennessee

JOEL FORT, Managing Director
E.
JR.,
OFFICERS

JOEL FORT, Managing Director
B.
JR.,

c

E. R. HARRISON,
Cashier

Savannah Agency
J. H. BOWDEN,
Manager




E. M. LOONEY,
Assistant Il4anager