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. FEDERAL RESERVEBANK OF ATLANTA TWENTY-FOURTH ANNUAL STATEMENT January 31, 1939. T o the Stockholders of the Federal Reserve Bank of Atlanta: W e are pleased to present herewith statement condition of of the the Federal Reserve Bank of Atlanta, as at dose of business December 31,1938, together with statemeht of earnings and expenses for the year. Sincerely yours, OSCAR NEWTON, President. Statement of Condition-December 31,1938 RESOURCES GOLDCERTIFICATES ON HAND AND DUEFROM U. S. TREASURY REDEMPTIONFUND-FEDERAL RESERVENOTES OTHERCASH TOTALRESERVES : BILLSDISCOUNTED BY U. S. GOVERNMENT OBLIGATIONS, DIRECT SECURED OR FULLY GUARANTEED OTHERBILLS DISCOUNTED TOTAL BILLSDISCOUNTED BILLSBOUGHT IN OPENMARKET . . . . . . . . . . . . . . . . . .$275,266,836.11 . . . . . . 583,503.19 . . . . . . . . . . . . . . . . . . . . 15,525,826.42 .................. ..............$ .............. . . . . . . . . . . . . . .$ ............. $291,376,165.72 75,000.00 110,739.00 185,739.00 19,222.65 824,592.24 INDUSTRIAL ADVANCES. . . . . . . . . . . . . . . . U. S. GOVERNMENT SECURITIES: BONDS 34,279,000.00 TREASURY NOTES . . . . . . . . . . . . . . . . . . 47,162,500.00 BILLS . . . . . . . . . . . . . . . . . . 23,080,000.00 TREASURY TOTALU. S. GOVERNMENT SECURITIES . . . . . . . . . $104,521,500.00 ..................... ............ ............... .............. ................. ................... ................ ............. TOTALBILLSAND SECURITIES. BANKS DUEFROM FOREIGN F. R. NOTESOF OTHERBANKS UNCOLLECTED ITEMS BANKPREMISES ALL OTHERRESOURCES TOTALRESOURCES $105,551,053.89 6,024.62 3,443,200.00 24,886,646.28 2,076,219.08 1,809,351.69 $4+29,148,661.28 LIABILITIES F. R. NOTESIN ACTUALCIRCULATION .. ......... . . . . . . . . . . $188,708,542.44 . . . . . . . . . 41,110,042.32 FOREIGN BANK . . . . . . . . . . . . . . . . . . 6,980,451.09 OTHERDEPOSITS. . . . . . . . . . . . . . . . . . 4,167,973.84 TOTALDEPOSITS. . . . . . . . . . . . . . . . . DEFERRED AVAILABILITY ITEMS. . . . . . . . . . . . . CAPITA~. PAIDIN . . . . . . . . . . . . . . . . . . . SURPLUS (SECTION 7) . . . . . . . . . . . . . . . . SURPLUS (SECTION 13b) . . . . . . . . . . . . . . . RESERVE FOR CONTINGENCIES .............. ALL OTHERLIABILITIES. . . . . . . . . . . . . . . . TOTAL LIABILITIES . . . . . . . . . . . . $151,397,990.00 DEPOSITS : MEMBER BANK-RESERVE ACCOUNT U. S. T R E A S U R E R ~ E NACCOUNT ERAL CONTINGENT LIABILITY ON BILLS PURCHASED FOR FOREIGN CORRESPONDENTS TO MAKEINDUSTRIAL ADVANCES .. COMMITMENTS .............. ..... $240,967,019.69 24,190,183.63 4,495,400.00 5,629,690.55 712,630.41 1,602,625.30 153,121.70 $429,148,661.28 $ $ 2,657.59 157,200.00 Earnings and Expenses During 1938 EARNINGS CURRENT EARNINGS: DISCOUNTED BILLS . . . . . . . . . . . . . . . . . . . . . . . . . $ 12,994.59 PURCHASED BILLS. . . . . . . . . . . . . . . . . . . . . . . . . . 91.33 U. S. GOVERNMENT SECURITIES .................... 1,459,159.42 9,031.68 INDUSTRIAL ADVANCES. . . . . . . . . . . . . . . . . . . . . . . . COMMITMENTS TO MAKEINDUSTRIAL ADVANCES .............. 1,041.51 ALL OTHER . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,870.29 TOTAL CURRENT EARNINGS . . . . . . . . . . . . . . . . . . . $1,502,188.82 EXPENSES CURRENT EXPENSES: TOTAL OPERATING EXPENSES . . . . . . . . . . . . . . . . . . $1,757,778.56 FOR CERTAIN FISCAL AGENCYAND OTHEREXPENSES. . . . 507,635.61 LESSREIMBURSEMENTS NET OPERATING EXPENSES . . . . . . . . . . . . . . . . . . . $1,250,142.95 ASSESSMENTFOR EXPENSESOF BOARDOF GOVERNORS. . . . . . . . . . . . 60,261.43 FEDERAL RESERVECURRENCY: ORIGINAL COST . . . . . . . . . . . . . . . . . . . . . . . . . . 61,997.25 ........................ 15,733.06 COST OF REDEMPTION TOTALCURRENTEXPENSES. . . . . . . . . . . . . . . . . . . $1,388,134.69 PROFIT AND LOSS ACCOUNT CURRENTEARNINGS .......................... CURRENTEXPENSES .......................... CURRENTNET EARNINGS .................... ADDITIONSTO CURRENTNET EARNINGS: ON SALES OF U. S, GOVERNMENT SECURITIES ........... PROFITS FROM RESERVES ..................... TRANSFERRED ALL OTHER. . . . . . . . . . . . . . . . . . . . . . . . . . . . TOTAL DEDUCTIONS FROM CURRENT NET EARNINGS: CONTRIBUTIONS TO RETIREMENT SYSTEM . . . . . . . . . . PRIOR SERVICE ........................... $1,502,188.82 1,388,134.69 $ 114,054.13 355,44d.19 333,470.91 37,212.42 $ 726,127.52 $ 187,680.00 CHARGE-OFF ON BANK PREMISES 65,680.61 SPECIAL RESERVES FOR DEPRECIATION, REPAIRSAND ALTERATIONS-BANKPREMISES311,916.82 ALLOTHER.. 21,202.83 TOTAL $ 586,480.26 NET ADDITIONTO CURRENT NET EARNINGS 139,647.26 NET EARNINGS 253,701.39 .................... .......................... ........................... ................. ............................ DIVIDENDS PAID . . . . . . . . . . . . . . . . . . . . . . . . . . . TRANSFERRED TO SURPLUS (SECTION 7) . . . . . . . . . . . . . . . . . . TO SURPLUS (SECTION 13b) TRANSFERRED ................. $ 267,367.94 3,742.23 -17,408.78 $ 253,701.39 Directors and Officers Federal Reserve Bank of Atlanta Main Office-.Branches-Agency DI.WCXORS FRANK H. NEELY,Chuirman J. F. PORTER, Deputy Chairman Term Expires CLASS A GEORGE J. WHITE, President, First National Bank, Mount Dora, Florida R. G. CLAY,President, Fulton National Bank, Atlanta, Georgia W. D. COOK,Executive Vice-president, First National Bank in Meridian, Mississippi - . . . . . . . . . . . . . . . . 1941 . . . . . . . . - . . . . . . . . . 1939 . . . . . . . . . . 1940 CLASS B ERNFST T. GEORGE,Chairman and President, Seaboard Refining Company, Ltd, NewOrleans,Louieiana J. A. MCCRARY,Vice-president and Treasurer, J. B. McCrary Company, Inc., Decatur, Georgia FITZGERALD HALL,President, Nashville, Chattanooga & St. Louis Railway, Nashville, Tennessee , . 1941 . . . . 1939 . . . . . 1940 CLASS C . . . . . . . .1941 . . . . . . . . . 1939 . . . . . .1W FRANK H. NEELY,Executive Vice-president and Secretary, Rich’s, Inc., Atlanta, Georgia . J. F. PORTER, President, Tennessee Farm Bureau Federation, Williamsport, Tennessee DR. RUFUSC. HARRIS,President, The Tulane University of Louisiana, New Orleans, Louisiana OFFICERS OSCARNEWTON,President ROBERTS. PARKER, First Vice-President and General Counsel W. S. MCLARIN,JR., Vice-President and Cashier H. F. CONNIFF,Vice-president MALCOLM H. BRYAN,Vice-president V. C. S. E. K. BOWMAN, Assistant Cashier R. CAMP,Assistant Cashier P. SCHUESSLER, Assistant Cashier P. YAiiIs, General Auditor MEMBER OF FEDERAL ADVISORY COUNCIL EDWARD B~LL Barnett National Bank Building Jacksonville, FIorida INDUSTRIAL ADVISORY COMMITTEE JOHN E. SANFORD, Chumon Vice-president, Armour & Company Atlanta, Georgia A. M. LOCKETT President A. M. Lockett 81 Company, Ltd. New Orleans, Louisiana I. C.MILNER Executive Vice-president Gate City Cotton Mills Atlanta, Georgia GEORGEWINSHIP President Fulton Supply Company Atlanta, Georgia W. W. FRENCH President Moore-Handley Hardware Company Birmingham, Alabama New Orleans Branch DIRECTORS HENRYG. CAALKLEY, JR., Chuirman General Manager The Sweet Lake Land & Oil Company, Inc. Lake Charles, Louisiana H E R ~ E R TH~L.MES rlctive Vice-president Delta National Bank Yazoo City, Mississippi , ALEXANDER FITZ-HUGH Vice-president and General Manager P. P. Williams Company Vicksburg, Mississippi E. E. SOULIER E. F. BILLINGTON Vice-president Soule Steam Feed Works Meridian, Mississippi OLIVERG. LUCAS President The National Bank of Commerce in New Orleans New Orleans, Louisiana Executive Vice-president First National Bank Lafayette, Louisiana L. M. CLARK,Managing Director OFFICERS L. M. CLARK,Munaging Director H. C. FRAZER, Assistant Manager M. L. SHAW, Cashier F. C. VASTERLING, Assistant Cashier Birmingham Branch DIRECTORS FRANK M. MOODY President The First National Bank of Tuskaloosa Tuscaloosa, Alabama HOWARD GRAY,Chairman New Market, Alahama DONALDCOMER Chairman of the Board Avondale Mills Birmingham, Alabama JOHN C. PERSONS President First National Bank of Birmingham Birmingham, Alahama EDWARD L NORTON Executive Vice-president Munger Realty Company Birmingham, Alabama JOHNS. COLEMAN President Birmingham Trust & Savings Company Birmingham, Alabama P. L. T. BEAVERS, Manuging Director OFFICERS P. L. T. BEAVERS, Manuging Director H. J. URQUAART, Cashier JacksonviIIe Branch DIRECTORS HOWARD PHILLIPS, Chdrnan Secretary.Treasurer Dr. P. Phillips & Son, Jnc. Orlando, Florida W. R, MCQUAID BAYLESSW. HAYNES President Wilson & Toomer Fertilizer Company Jacksonville, Florida GEORGEI. AVENT President The Florida National Bank of Jacksonville Jacksonville, Florida ROBERTH. GAMBLE President Florida Brick & Tile Corporation Jacksonville, Florida GEORGEJ. WHITE President First National Bank Mount Dora, Florida President The Bamett Natianal Bank of Jacksonville Jacksonville, Florida G. S. VARDEMAN, JR., Managing Director OFFICERS T. A. LANFDRD, Cashier G. S. VARDEMAN, JR., Managing Director Nashville Branch DIRECTORS F. M. FARRIS W. E. MCEWEN,Chuirman Director County Farm Bureau Williamsport, Tennessee President Third National Bank Nashville, Tennessee CLYDEB. AUSTIN President Austin Company, Inc. Greeneville, Tennessee GEORGENEALBASS Cashier First National Bank of Franklin County Decherd, Tennessee E. W.PALMER E. B. MAUPIN President Kingsport Press Kingsport, Tennessee JOEL Cashier Peoples National Bank Shelbyville, Tennessee B. FORT,JR., Mancrging Director OFFZCERS JOEL B. FORT,JR., Managing Director E. R. HARRISON, Cashier Savannah Agency J. H. BOWDEN,Manager E. M. LOONEY,Assistant Manager
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