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) Fkl FEDERALRESERVEBANK OF ATLANTA TWENTY-SEVENTH ANNUAL STATEMENT ~ January 15, 1942. 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 31,1941, together with statement of earnings and expenses for the year. Sincerely yours, -e President. Statement of Condition-December 31. 1941 ASSETS GOLDCERTIFICATES ON HANDAND DUE FROM U. S. TREASURY . . . . . . . . . . . . . . . . . . $551,394,551.34 REDEMPTION FUND-FEDERAL RESERVENOTES. . . . . . . 450,759.72 OTHERCASH . . . . . . . . . . . . . . . . . . . . 17,034,585.59 TOTALRESERVES. . . . . . . . . . . . . . . . . . : BILLS DISCOUNTED SECURED BY U . S. GOVERNMENT OBLIGATIONS. DIRECTAND GUARANTEED. . . . . . . . . . . . . $ 13,800.00 OTHERBILLS DISCOUNTED. . . . . . . . . . . . . . None TOTALBILLS DISCOUNTED. . . . . . . . . . . . . . $ 13,800.00 INDUSTRIAL ADVANCES. . . . . . . . . . . . . . . . .$ 476,719.15 I U . S. GOVERNMENT SECURITIES.DIRECTAND GUARANTEED: BONDS . . . . . . . . . . . . . . . . . . . . . . $ 62,241,000.00 NOTES . . . . . . . . . . . . . . . . . . . . . . 32,983,000.00 BILLS . . . . . . . . . . . . . . . . . . . . . . 440,000.00 TOTAL U . S. GOVERNMENT SECURITIES. DIRECTAND GUARANTEED. . . . . . . . . . . . . . $ 95,6f%,000.00 . . . . . . . . . . . . . TOTALBILLS AND SECURITIES DUE FROM FOREIGN BANKS. . . . . . . . . . . . . . . FEDERAL RESERVENOTESOF OTHERBANKS. . . . . . . . UNCOLLECTED ITEMS . . . . . . . . . . . . . . . . . BANKPREMISES . . . . . . . . . . . . . . . . . . . OTHERASSETS . . . . . . . . . . . . . . . . . . . . TOTAL ASSETS . . . . . . . . . . . . . . . LIABILITIES ACTUALCIRCULATION . . . . FEDERAL RESERVENOTESIN . DEPOSITS: MEMBERBANKS’RESERVEACCOUNT . . . . . . . . . . $322,452,303.79 U. S. TREASURER-GENERAL ACCOUNT. . . . . . . . . 28,685,186.26 FOREIGN . . . . . . . . . . . . . . . . . . . . . 26,721,609.30 OTHERDEPOSITS . . . . . . . . . . . . . . . . . . 5,123,336.97 TOTALDEPOSITS . . . . . . . . . . . . . . . . . DEFERREDAVAILABILITY ITEMS. . . . . . . . . . . . . OTHER LIABILITIES . . . . . . . . . . . . . . . . . . TOTAL LIABILITIES . . . . . . . . . . . . . CAPITAL ACCOUNTS CAPITALPAIDIN . . . . . . . . . . . . . . . . . . . SURPLUS (SECTION7) . . . . . . . . . . . . . . . . . SURPLUS (SECTION 13-B) . . . . . . . . . . . . . . . OTHERCAPITALACCOUNTS. . . . . . . . . . . . . . . TOTALLIABILITIESAND CAPITALACCOUNTS . . . . . . . COMMITMENTS TO MAKE INDUSTRIAL ADVANCES . ..... $568,879,896.65 $ 96,154,519.15 1,635.05 4,110,250.00 42,289,717.43 1,948,573.64 1,797,703.93 $715,182,295.85 $278,563,950.00 $382,982,436.32 39,912,296.12 44,245.30 $701,502,927.74 $ 4,880,100.00 5,724,628.32 712,630.41 2.362.009.38 $715,182,295.85 $ 1,767,106.25 Statement of Earnings and Expenses for Year 1941 . EARNINGS $1,725,400.05 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,274,197.22 OPERATING EXPENSES ASSESSMENT FOR BOARDOF GOVERNORS . . . . . . . $ 63,663.73 COST OF FEDERAL RESERVECURRENCY . . . . . . . . 141,233.97 204,897.70 $1,479,094.92 . . . . . . . . . . . . TOTALNET EXPENSES CURRENTNET EARNINGS . . . . . . . . . . . $ 246,305.13 ADDITIONS TO CURRENTNET EARNINGS: t SECURITIES . PROFITON SALESOF U. S. GOVERNMENT $ FROM RESERVES . . TRANSFERRED . . . . . . . . OTHERADDITIONS . . . . . . . . . . . . . . . TOTALADDITIONS. . . . . . . . . . . . . . 56,035.62 48,765.49 21,887.01 $ 126,688.12 TOTAL CURRENTNET EARNINGS AND ADDITIONS TO CURRENT NET EARNINGS$ 372,993.25 DEDUCTIONS FROM CURRENT NET EARNINGS : RESERVE FOR LOSSES ON INDUSTRIAL ADVANCES . . . OTHERDEDUCTIONS. . . . . . . . . . . . . . TOTALDEDUCTIONS. . . . . . . . . . . . . NET EARNINGS ............... $ 4,141.05 25,189.86 $ 29,330.91 $ 343,662.34 DISTRIBUTION OF NET EARNINGS : DIVIDENDS PAID . ............... TRANSFERRED TO RESERVES FOR CONTINGENCIES .. . $ 289,109.18 54,553.16 $ 343,662.34 Directors and Officers Federal Reserve Bank of Atlanta Main Office-Branches-Agency For Year 1942 DIRECTORS FRANK H. NEELY,Chairman J. F. PORTER, Deputy Chairman CLASS A THOMASK . GLENN,Chairman of the Board, Trust Company of Georgia, Atlanta, Georgia W. D. COOK,Executive Vice President, First National Bank in Meridian, Mississippi . GEORGE J. WHITE, President, First National Bank, Mount Dora, Florida. . . . Term Expires 1942 1943 1944 ....... ........ .......... . CLASS B . . . . 1942 FITZGERALD HALL,President, Nashville, Chattanooga & St. Louis Railway, Nashville, Tennessee . . . . . 1943 ERNESTT. GEORGE, Chairman and President, Seaboard Refining Company, Ltd., New Orleans, Louisiana 1944 J. A. MCCRARY, Vice President and Treasurer, J. B. McCrary Company, Inc., Decatur, Georgia. . . CLASS C J. F. PORTER, President, Tennessee Farm Bureau Federation, Columbia, Tennessee . . RUFIJSC. HARRIS,President, The Tulane University of Louisiana, New Orleans, Louisiana FRANKH. NEELY,Executive Vice President and Secretary, Rich's, Inc., Atlanta, Georgia . . . . . . . . . 1942 . . . . . . . 1943 . . . . . . . . 1944 OFFICERS W. S. MCLARIN,JR., President MALCOLM H. BRYAN,First Vice President C. R. CAMP,Assistant Vice President S. P. SCHUESSLER, Assistant Vice President L. M. CLARK,Vice President J. R. MCCRAVEY, JR., Assistant Vice President H. F. CONNIFF,Vice President J. E. DENMARK, General Auditor V. K . BOWMAN, Assistant Vice President POLLARD TURMAN, Counsel MEMBER OF FEDERAL ADVISORY COUNCIL €1. LANEYOUNG President Citizens & Southern National Bank Atlanta, Georgia INDUST.RIAL ADVISORY COMMITTEE JOHNE. SANFORD,Chairman Vice President Armour & Company Atlanta, Georgia GEORGEWINSHIP 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 New Orleans Branch DIRECTORS E. F. BILLINGTON, Chairman Term Expires HENRYG. CHALKLEY, JR., President and General Manager, The Sweet Lake Land & Oil Company, Inc., 1942 Lake Charles, Louisiana . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E. F. BILLINGTON, Vice President, Soule Steam Feed Works, Meridian, Mississippi . . . . . . . . . . . 1943 ALEXANDER FITZ-HUGH,President, P, P. Williams Company, Vicksburg, Mississippi . . . . . . . . . . . 1944 E. E. SOULIER, President, First National Bank, Lafayette, Louisiana . . . . . . . . . . . . . . . . . 1942 OLIVERG. LUCAS,President, The National Bank of Commerce in New Orleans, New Orleans, Louisiana . 1943 J. F. MCRAE,President, The Merchants National Bank, Mobile, Alabama. . . . . . . . . . . . . . . 1944 E. P. PARIS, Managing Director . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1942 . II OFFICERS E. P. PARIS, Managing Director 34. L. SHAW,Cashier F. C. VASTERLING, Assistant Cushier Birmingham Branch DIRECTORS DONALDCOMER,Chairman Term Expires HOWARD GRAY,New Market, Alabama. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1942 EDWARD L. NORTON,Executive Vice President, Munger Realty Company, Birmingham, Alabama. . . . 1943 DONALD COMER,Chairman of the Board, Avondale Mills, Birmingham, Alabama. . . . . . . . . . . . 1944 JOHN C. PERSONS, President, First National Bank of Birmingham, Birmingham, Alabama . . . . . . . . 1942 JOHN S. COLEMAN, President, Birmingham Trust & Savings Company, Birmingham, Alabama . . . . . . 1943 GORDON D. PALMER, President, The First National Bank of Tuskaloosa, Tuscaloosa, Alabama . . . . . . 1944 P. L. T. BEAVERS, Managing Director. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1942 OFFICERS H. J. URQUHART, Cushier . L. W. STARR, Assistant Cashier P. L. T. BEAVERS, Managing Director Jacksonville Branch DZRECTORS Term Expires HOWARD PHILLIPS, Chairman ......... .............. ............... HOWARDPHILLIPS, Secretary-Treasurer, Dr. P. Phillips & Sons, Inc., Orlando, Florida 1942 FRANK D. JACKSON, President, Jackson Grain Company, Tampa, Florida. 1943 WALTERJ. MATHERLY, Dean, University of Florida, Gainesville, Florida 1944 BERTC. TEED,Executive First Vice President, First National Bank in Palm Beach, Palm Beach, Florida. 1942 J. C. MCCROCKLIN, Executive Vice President, First National Bank, Tarpon Springs, Florida 1943 J. L. DART,Vice President, Florida National Bank, Jacksonville, Florida 1944 G. S. VARDEMAN, JR., Managing Director 1942 ...... ............... ............................. OFFICERS G. S. VARDEMAN,JR., Managing Director T. A. LANFORD, Cashier W. E. PIKE, Assistant Cashier Nashville Branch DIRECTORS Term Expires W . E. MCEWEN,Chairman . . . . . . . . . . . . . . 1942 . . . . . . . . . . . . . . 1943 CLYDEB. AUSTIN,President, The Austin Company, Inc., Greeneville, Tennessee . . . . . . . . . . . . 1944 F. M. FARRIS, President, Third National Bank, Nashville, Tennessee . . . . . . . . . . . . . . . . . 1942 GEORGE NEALBASS,Cashier, First National Bank of Franklin County, Decherd, Tennessee . . . . . . . 1943 W. E. MCEWEN,Director, County Farm Bureau, Williamsport, Tennessee E. W. PALMER,President, Kingsport Press, Inc., Kingsport, Tennessee . . L E. B. MAUPIN,Cashier, Peoples National Bank, Shelbyville, Tennessee . . . . . . . . B. FORT, JR., Managing Director. . . . . . . . . . . . . . . . . . . . . . . . JOEL . . . . . . . . 1944 . . . . . . 1942 OFFICERS JOEL E. R. HARRISON, Cashier B. FORT, JR., Managing Director Savannah Agency J. H. BOWDEN, Manager E. M. LOONEY,Assistant Manager
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