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FEDERAL RESERVE BANK OF ATLANTA TWENTY-NINTH ANNUAL STATEMENT January 15,1944. 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, as at close of business December 31, 1943,together with statement of earnings and expenses for the year. Sincerely yours, W. S. McLARIN, JR., President. Statement of Condition-December 3 . 1943 1 ASSETS GOLDCERTIFICATES HAND ON AND DUE FROM U . S. TREASURY . . . . . . . . . . . . . . . . . $890,197,801.59 . REDEMPTION FUND-FEDERAL RESERVE NOTES. . . . . . . 18,974,426.95 OTHERCASH . . . . . . . . . . . . . . . . . . . . . 23,141,481.42 TOTAL RESERVES. . . . . . . . . . . . . . . . . . INDUSTRIAL ADVANCES . . . . . . . . . . . . . . . . $ 220,509.00 . U . S GOVERNMENT SECURITIES. DIRECTAND GUARANTEED: 118,737,000.00 BONDS . . . . . . . . . . . . . . . . . . . . . . NOTES . . . . . . . . . . . . . . . . . . . . . . 49,397,000.00 TREASURY CERTIFICATES INDEBTEDNESS. . . . . . 179,785,000.00 OF .. BILLS . . . . . . . . . . . . . . . . . . . . . . 249,956,000.00 TOTALU . S. GOVERNMENT SECURITIES. DIRECTAND GUARANTEED . . . . . . . . . . . . . $597,875,000.00 . TOTAL BILLSAND SECURITIES. . . . . . . . . . . . . DUEFROM FOREIGN BANKS . . . . . . . . . . . . . . . FEDERAL RESERVE NOTESOF OTHER BANKS . . . . . . . . UNCOLLECTED ITEMS . . . . . . . . . . . . . . . . . BANKPREMISES . . . . . . . . . . . . . . . . . . . OTHERASSETS . . . . . . . . . . . . . . . . . . . . TOTAL ASSETS . . . . . . . . . . . . . . . $ 932,313,709.96 . 598,095,509.00 4,753.81 8,932,250.00 113,336,796.50 1,653,476.68 3,893,286.13 $1,658,229,782.08 LIABILITIES FEDERAL RESERVE NOTESIN ACTUAL CIRCULATION . . . . . DEPOSITS : MEMBER BANK-RESERVEACCOUNT. . . . . . . . . . $535,969,218.53 U . S. TREASURER-GENERAL ACCOUNT. . . . . . . . . 10,305,052.45 FOREIGN . . . . . . . . . . . . . . . . . . . . . 44,310,990.78 OTHERDEPOSITS . . . . . . . . . . . . . . . . . . 6,591,639.84 TOTAL DEPOSITS . . . . . . . . . . . . . . . . . DEFERRED AVAILABILITY ITEMS . . . . . . . . . . . . . OTHERLIABILITIES . . . . . . . . . . . . . . . . . . TOTAL LIABILITIES . . . . . . . . . . . . . $ 954,983,505.00 $ 597,176,901.60 89,895,851.35 207,670.13 $1,642,263,928.08 CAPITAL ACCOUNTS CAPITAL PAID . . . . . . . . . . . . . . . . IN SURPLUS (SECTION . . . . . . . . . . . . . 7) SURPLUS (SECTION 13b) . . . . . . . . . . . . OTHERCAPITAL ACCOUNTS . . . . . . . . . . . . TOTAL LIABILITIESAND CAPITALACCOUNTS. . . . ... ... ... ... ... $ 5,453,200.00 5,724,628.32 748,470.57 4,039,555.11 $1,658,229,782.08 Statement of Earnings and Expenses for Year 1943 EARNINGS. . . . . . . . . . . . . . . . . . . OPERATING EXPENSES . . . . . . . . . . . . . . $3,374,416.58 $1,820,783.59 ASSESSMENT BOARD GOVERNORS FOR OF . . . . . . . $ 84,335.35 COSTOF FEDERAL RESERVE CURRENCY . . 436,599.37 . . . . . . TOTAL EXPENSES. . . . . . . . . . . . NET . CURRENT EARNINGS . . . . . . . . . . NET .. 520,934.72 $2,341,718.31 $1,032,698.27 ADDITIONS CURRENT EARNINGS TO NET : PROFIT SALES U. S. GOVERNMENT ON OF SECURITIES . TRANSFERRED RESERVES. FROM . . . . . . . . . OTHER ADDITIONS. . . . . . . . . . . . . . . ADDITIONS. . . . . . . . . . . . . . TOTAL $1,537,926.38 37,500.00 12,101.81 $1,587,528.19 TOTAL CURRENT NET EARNINGS ADDITIONS CURRENT EARNINGS $2,620,226.46 AND TO NET DEDUCTIONS CURRENT EARNINGS FROM NET : RETIREMENTY T M (INTEREST BASE AND S SE INCREASED BENEFITS ADJUSTMENT) . . . . . . . $ 470,506.64 . . . . . . . . . . . . . TOTAL DEDUCTIONS . . . . . . . . . . . . . NET EARNINGS. . . . . . . . . . . . . . . . 311.28 OTHER DEDUCTIONS . $ 470,817.92 $2,149,408.54 DISTRIBUTION NET EARNINGS: OF DIVIDENDS PAID . ............... ... ..... $ 319,356.28 PAID UNITED STATES TREASURY (SECTION 13b) 15,138.69 TRANSFERRED TO SURPLUS (SECTION 13b) 31,369.14 TRANSFERRED TO RESERVES FOR CONTINGENCIES . . . 1.783.544.43 $2,149,408.54 I’ Directors and Officers Federal Reserve Bank of Atlanta Main Office--Branches-Agency For Year 1944 DIRECTORS FRANK NEELY,Chairman H. J. F. PORTER, Deputy Chairman CLASS A GEORGE WHITE,President, The First National Bank of Mount Dora, Mt. Dora, Florida J. THOMAS GLENN, K. Chairman of the Board, Trust Company of Georgia, Atlanta, Georgia W. D. COOK,President, First National Bank in Meridian, Meridian, Mississippi . . . . Term Expires . . . . . . . . 1944 . . . . . . . 194 . . . . . . . . 1946 CUSS B ERNEST GEORGE, T. President, Seaboard Refining Company, Ltd., New Orleans, Louisiana . J. A. MCCRARY, President and Treasurer, J. B. McCrary Company, Inc., Decatur, Georgia Vice FITZGERALD President, Nashville, Chattanooga & St. Louis Railway, Nashville, Tennessee. HALL, . . . . . . . 1944 . . . . . . 1945 . . . . 1946 CLASS c FRANK NEELY, H. Executive Vice President and Secretary, Rich's, Inc., Atlanta, Georgia . J. F. PORTER, President, Tennessee Farm Bureau Federation, Columbia, Tennessee . . . . RUFUS HARRIS, C. President, The Tulane University of Louisiana, New Orleans, Louisiana . . ... . . .... ... .. . . 1944 . . 1945 . . 1946 OFFICERS W. S. MCLARIN, President JR., S. P. SCHUESSLER, Assistant Vice President MALCOLM BRYAN, H. First Vice President L. M. CLARK, Vice President J. R. MCCRAVEY, Assistant Vice President JR., *J. E. DENMARK, General Auditor 1 F. CONNIFF, % Vice President W. E. PIKE, Acting General Auditor V. K. BOWMAN, Assistant Vice President POLLARD TURMAN, Counsel C. R. CAMP,Assistant Vice President MEMBER OF FEDERAL ADVISORY COUNCIL KEEHN BERRY W. President Whitney National Bank of New Orleans New Orleans, Louisiana INDUSTRIAL ADVISO.RY 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-Handley Hardware Company . Birmingham, Alabama * ON LEAVE-MILITARY SERVICE New Orleans Branch DIRECTORS ALEXANDER FITZ-HUGH, President, P. P. Williams Company, Vicksburg, Mississippi Term Expires . . 194 . . 1945 President, The First National Bank of Jefferson Parish at Gretna, Gretna, Louisiana T. G. NICHOLSON, . . 1945 ALEXANDER FITZ-HUGH, Chairmun ........ JOHN SHAFFER, Sugar Cane Planter, Ellendale, Louisiana . . . . . . . . . . . . . . . . J. JR., E. F. BILLINGTON, President, Soule Steam Feed Works, Meridian, Mississippi . . . . . . . . . . . 19% Vice J. F. MCRAE,President, The Merchants National Bank of Mobile, Mobile, Alabama . . . . . . . . . . 1 9 4 JOHN . . . . . . 1946 ................................ 1944 t liB LEGIER,President, National American Bank of New Orleans, New Orleans, Louisiana Managing Director E. P. PARIS, -. OFFICERS E. P. PARIS, Managing Director M. L. SHAW, Cashier L F. C. VASTERLING, Assistant Cashier W. H. SEWELL, Assistant Cashier Birmingham Branch r DIRECTORS DONALD COMER, Chairman Term Ezpwes . . . . . . . . . . . . 1944 EDWARD NORTON, L. Executive Vice President, Munger Realty Company, Birmingham, Alabama . . . . . 1 9 G GORDON PALMER, D. President, The First National Bank of Tuskaloosa, Tuacaloosa, Alabama . . . . . . 19M I DONALD COMER, Chairman of the Board, Avondale Mills, Birmingham, Alabama President, The First National Bank of Huntsville, Huntsville, Alabama M. B. SPRAGINS, JAMES . . . . . . . . .196 G. HALL,Executive Vice President, The First National Bank of Birmingham, Birmingham, Alabama 1946 P. L. T. BEAVERS, Managing Director ............................. OFFICERS P. L. T. BEAVERS, Managing Director H. J. URQUHART, Cashier *L.W. STARR, Assistant Cashier * ON LEAVE-MILITARY SERVICE c .19M i Jacksonville Branch DIRECTORS TfTln Expires WALTER MATHERLY, J. Chainnmt . . . . . . . . . . . . . . . 1944 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1945 FRANK JACKSON, President, Jackson Grain Company, Tampa, Florida . . . . . . . . . . . . . . .1946 D. J. L. DART,President, The Florida National Bank of Jacksonville, Jacksonville, Florida . . . . . . . .1944 BERT TEED,Executive First Vice President, First National Bank in Palm Beach, Palm Beach, Florida . . 1945 C. WALTER MATHERLY, J. Dean, University of Florida, Gainesville, Florida CHARLES LEE, Planter, Oviedo, Florida. S. J. C. MCCROCKLIN. President, First National Bank in Tarpon Springs, Tarpon Springs, Florida G. S. VARDEMAN, Managing Director . . . . . . . . . . . . . . . . . . . . . . . . . JR., . . . . . . 1946 .... 1944 OFFICERS T. A. LANFORD, Cashier G. S. VARDEMAN, Managing Director JR., T. C. CLARK, Assistant Cashier Nashville Branch DIRECTORS CLYDE AUSTIN,Chuinnan B. Term Expires . . . . . . . . . . . 194 W. E. MCEWEN, Director, County Farm Bureau, Williamsport, Tennessee . . . . . . . . . . . . . . 196 B. L. SADLER, President, First National Bank in Harriman, Harriman, Tennessee . . . . . . . . . . . 1944 EDWARD POTTER, President, Commerce Union Bank, Nashville, Tennessee . . . . . . . . . . . . . 1945 JR., LESLIE DRIVER, R. President, The First National Bank in Bristol, Bristol, Tennessee . . . . . . . . . . .1946 194 JOEL B. FORT, JR., Managing Director. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CLYDE AUSTIN, B. President, The Austin Company, Inc., Greeneville, Tennessee OFFICERS JOEL B. FORT, Managing Director JR., E. R. HARRISON, Cashier Savannah Agency *J. H. BOWDEN, Manager 1 I E. M. LOONEY, Acting Manuger * ON LEAVE-MILITARY SERVICE