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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
