I RESEARCH LIBRARY I
/- e-
\
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Table of Contents c
The once agrarian southeastern From the Boardroom ...... 3 r‘.. economy has grown into a diverse machine powered by industries both Industry in the Southeast: .4 old and new. Today, the region’s Yesterday, Today workers may be employed in fields and Tomorrow...... 6 as dive= as financial services tour- ism, farming or aerospace That di- After 1983 Recovery versity is suggested by our cover, District Faces 1984 which portrays visitors enjoying an With Optimism...... 10 amusement parRs parachute ride a millworker dry-finishing upholstery The Atlanta Fed fabric, and employees in a stateof- in the New Environment ... 12 theart wood products facility prcr ducing structural panels Acnxss the Directors and Officers ...... 20 Southeast, new high-tech manufac- turing firms are using sophisticated Branches...... 22 techniques to produce advanced materials and systems for commer- Financial Statements...... 24 cial and military customers Tradi- tional employers, such as textile and apparel manufacturers, also are adapting technology to make their products more competitive in world markets In this year‘s annual report, we will look at the evolution of our region’s economy from pic neering days to today’s era of the Space Shuttle We will also look at how the Federal Reserve Bank of Atlanta-one of 12 regional banks within the Federal Reserve System- is attempting to serve the financial institutions other businesses and consumers in the Sixth Federal Re serve District as they cope with a changing environment
For additional copies, write to:
Information Center Federal Reserve Bank of Atlanta P. 0.Box 1731 Atlanta, Georgia 30301-1 731 (404)521 -8788
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis --*Boardroom
3 In a number of ways 1983 was a first vice president’s position vacated Federal Reserve’s 12 regional banks 6 memorable year for the Federal Re when Mr. Forrestal assumed the presi- We solidified our ranking during the serve Bank of Atlanta At the end of dency. Billy H Hargett another senior year through the persistent efforts of the year, a new president and a new vice president was named executive our dedicated staff. e-cboa;d chairman were ap- We have been able to im- ? ?pointed at the Atlanta Fed prove our efficiency while ensuring that new manage continuing to reduce per- 1 I ment was in place as we sonnel at all six of our of- fices-in Atlanta Binning 4 entered 1984. Robert P. Forrestal, a 13-year veteran ham, Jacksonville, Miami, with the Bank and most re Nashville and New Orleans ’’cently its first vice president Our employment, which peak- was named president in De ed at 2,850 in 1975, had - cember. John H Weitnauer, been pared to just over 2,000 - Jr, formerly the Bank’s deputy employees by year-end-a 5 chairman, was designated remarkable accomplishment chairman effective Januaq 1, at a time when nearly every 1984. phase of our workload has William F. Ford who had been expanding Since 1975, served as president since for instance check-process- =* August 1980, resigned in ing volume has increased September to return to San from 1.6 to 1.9 billion items T Francisco to become presi- annually, and the amount of dent of First Nationwide Fi- cash handled has risen by nancial Corporation and its some 128 percent e subsidiary, First Nationwide To alleviate a difficult space -_Savings problem in Jacksonville we Mr. Weitnauer, chief execu- awarded a contract in Octe ;* ;* tive officer of the Atlanta- ber for a new building at based Richway retail chain, that branch to replace the ’ became chairman as William aging facility there We expect A Fickling Jr., who heads that the new buildingwill be 7 Charter Medical Corporation Chairman Weitnauer, seated.with President Forrestal and Deputy Chairman Currey. ready to se-gDismct ‘aAof Macon, Georgia- ended his four vice president succeeding Arthur H. institutions by the first quarter of years in that position Mr. Weitnauer Kantner, who retired after more than 1986. was succeeded as deputy chairman 31 years service Named as new senior The Monetary Control Act of 1980 A by Bradley Currey, Jr., president of vice presidents were H. Terry Smith transformed our way of life-and that Rock-Tenn Company of Norcross, and Charles D. East. Mr. East was of the financial services industry-by I- Georgia succeeded as bmch manager in Jack- requiring that Reserve Banks charge r4 financial institutions to serve the revid Inflation, which surged to a discussion to that region-the in- 4: public even better. For this reason, we distressing 13.5 percent in 1980 mea- dustries that make it tick and its are convinced that our entry into the sured by the consumer price index, economic outlook-later in this report, 6 free market is proving beneficial to had cooled to the 3-4 percent range Generally, the banks within our both the public and the financial late in 1983. The Federal Reserve has District shared in the benefits of the p services industry. continued to monitor the situation national revival. Despite an influx of - Other elements also have fueled carefully for any evidence that run- new nonbank competitors most banks - competition in the financial services away prices might be returning. Un- have managed to expand their earnings - marketplace including the entry of employment, which peaked at 10.8 stead@. Savings and loan associations , nonfinancial firms into business amis percent nationwide in December 1982, also are joining in the recovery, after that once were the exclusive domain had declined below 8 percent by early suffering through a painful period of commercial banks Formal deregu- 1984 as companies continued to re that began when interest rates rose lation is also responsible for a measure call furloughed workers in response sharply early in the 1980s of that competition, and aggressive to reawakening consumer demand Even the failure of several banks =- financial firms have led the way by Business also has continued to re within the District served ultimately ~ pioneering many new services vive in the Sixth District-which in- to demonstrate the overall stabilityof , In the Southeast, increased com- cludes all of Alabama Florida and the nation’s banking system. In each petition has been inspired further by Georgia.andpartsofLouisiamMissi4 case, the troubled bank reopened the arrival of several out-of-statethrift sippi and Tennessee Despite lingering promptly under new ownership and ~ institutions Over the past two years, problems, the Southeast clearly is a through it all, no depositorlost funds the Federal Home Loan Bank Board dynamic region well positioned for To assure a dialogue on the most *- has authorized a few strong thrifts the future We will devote further effective methods for monitoring the from other states to acquire trou- bled institutions within the District Some of those recently-arrived t Chart 1. U. S. Consumer Price Index organizations have expanded their Percent Change A- beachheads by pursuing new ven- to I I tures that would have been denied to them in more restrictive earlier Ye- Our District’s financial institutions have responded aggressively to this challenge Most appear to be position- ing themselves for the new compe tition- in some cases even negotiating agreements with potential future merger partnem in neghboringstates- to meet the challenge both today and in a hture era of even greater operating freedom. In the broader economy, the new year finds both the nation and the region enjoying a vigorous economic 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis ’. . -I .I --..-.I .I-. .. -‘-”>- I i -d I I i -health of financial institutions, the Bank sponsored a tweday symposium -;on the subject. That symposium brought together securities analysts I *t and representatives of various regu- ’latory agencies including the Federal d Resenre, the Federal Deposit Insurance Corporation, the Office of the Comp the Resident’s Council of Economic Mdsexpanded coverage and new 51 troller of the Currency and the Se Advisers; James C Miller IIL Federal app- ham in- its circulation curities and Exchange Commission. ”hde Commission chairman.AlbertM. from about 18,000 early in 1981 to Despite generally favorable eco- Wojnilower, chief economist of First the 28,000 range going into 1984. nomic developments, some clouds Boston Corporation; Jay W. Forrester The newsletter‘s mailing list had continue to shadow the recovery, in- of the Massachusetts Institute of Tech pwnto nearly 6,500 at year-end - 1 cluding hlgh interest rates unemploy- nolo@ Congressmen Newt Gingrich We feel that maintaining a close ment the federal budget deficit and and Bill McCollw Anthony Solomon, relationship with our business com- the international debt problem. president of the Federal Reserve Bank munity is as much our responsibility Yet such clouds cannot darken the of New York and Peter Sternlight, as performing such traditional ser- enthusiasm of the Atlanta Fed or the executive vice president of the New vices as processing checks and cur- businesses in our District In 1983, York Fed; General Richard E cavazOS rency. As we continue moving ahead 9 we provided a forum for the exchange commander of the USArmy Forces -<+ under new leadership through 1984, of ideas and views with hundreds of Command; and several guests from we hope to maintain this liaison with those business people at two major the internationalcommuni@ Alejandm the business community, just as we -, conferences and a series of smaller Orfila secreta^^ general of the Organi- expect to continue and expand other t meetings zation of American States; Jan Hend- initiatives of recent years In March we sponsored a conference rik Lubbers the Dutch ambassador C-7 on growth industries, focusing on the to the United States Sir Oliver Wnght, bAelementsthat allow some firms to the British ambassador: Horst Bur- prosper even in t@ng economic times gard, managing director of the 4A We followed that in Septemberwith a DeutscheBanlc andKagechikaMatanQ conference on the future of the US consul general of Japan. 2. payments system. Since 1 98 1, we have Reston Martin, Federal Reserve sponsored other conferences on the Board vice chairman, addressed our ‘ + payments system, on the future of the directors during an October joint 4financial services industry and on meeting of our boards at the Miami supply-side economics branch - We also continued the Bank’s “dis- The Atlanta Fed also has tried to , tinguished speaket‘ series and other keep the business communityadvised gatherings that have brought Fed di- of the evolution in the financial in- ,rectors and business, academic and dustry and other economic trends Aovernment leaders together to share through two publications, the ex- their perspectives In 1983 our Bank panded monthly Economic Review = hosted such speakers as economist and our semimonthly newsletter, Herbert Stein- former chairman of southeastern Ekonomiclnsight The 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis The Southeast‘s farmers and manufacturers access international markets through the region’s many seaports (p 7). Industryii - II Yesterday!- Through the years, many ~, engines have teamed up b4 to power the southeastern economy. As the region’s 9 people have evolved, so have the endeavors that ’ provided their livelihood In the earliest years o+-- European settlement, the I men and women of the I Southeast lived largely . off the land. Their efforts J to grow crops to sustain their families spawned an agricultural economy (f: that supplies consumers across the nation with such farm products as fruits vegetables grains, c sugar, and fibers Their high-quality tobacco, too, 4 found a ready market And their farmyard chickens proved to be the fore runners of multi-million- li dollar poultry and egg in- dustries, their milk cows ’ and pigs the predecessors of large dairy, beef, and pork enterprises !-- The region’s vast pine woods forests, an impor- +. tant source of turpentine soon attracted timbering fms that would grow into today’s huge lumber, pulp and paper industries Its &’ fields produced cotton to feed the looms of theher- ican textile and apparel A industry that emerged with the dawn of the in- c1 dustrial revolution. LA- Textile and apparel com- panies, born in northern - states soon began a south wardmigrationTheysought rivers that could generate water power to move their * looms and they sought- hard-working men and - women to operate them Their manufacturingplants 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis the Southeast: I’oday, and Tomorrow T producing yarn fabric and wearing few to one catering to the average southeastern cities and individual *apparel,-l sometimes spawned entire American. Roadside businesses rang firms holding defense contracts towns that grew into cities Many of ing from service stations to “motor Yet the Southeast was slow to truly those mills continue to provide jobs hotels” sprang up to offer products diversify its manufacturing sector. for southern workers today. and services to traveling families Not until recently have the South’s * Mining proved to be an early source A trucking industry took root in the incentives- including a tempemte cli- of jobs and revenue from the coal South and became an important factor mate a political environment that is Mines of the Appalachian range to in transporting the“supp1y genemted equally appealing to industry and a ,-$he phosphates dredged from the by its farms and factories to meet the work force whose pay remains low by Florida peninsula Grimy men labored “demand’ of its consumers Com- national standards-lured a broad ,”to extract such valued resources as mercial aviation evolved from mail range of industries , salt, copper and kaolin. Oil What’s the outlookfor coming produced wealth in such states years? What are the trends that as Alabama Louisiana and I- will shape industrial growth **-Mississippi as America dis- over the next fne to seven years? covered the motor car, and as Federal Resewe Bank ofAtlanta its industries and utilities grew economists who have looked at * into insatiable consumers of the Southeast’s trends see # black gold changes as dramatic as those In addition to textile and that have influenced regional -.p apparel companies and wood growth in years past products firms other manu- Economists see an encour- facturing companies that lo- aging future for the region’s **cated in the Southeast early disproportionate share of the included the steel firms that nation’swood-based manufac- -,’ clustered around rich veins of turers. In a sense the South- iron ore in Alabama A major east is the nation’s“woodbin” industrial consumer of steel, Such industries as lumberpre the automobile industq opened ducts paper and allied pre $,southern plants to tap the ducts, and wooden household source and office furniture employ ‘I In fact, transportation in one out of every 20 workers in general has played a contin- the Sixth District These six 3 uing role in the economy of the states plus the Carolinas pre Southeast The Mississippi and duce about onefourth of the other major rivers early lifelines value added by these industries 6 for the region, bred commercial to the nation’s output In the barge operations that trans- immediate future increasing di ported shipmentsfrom the Mid- computerization and mecha- r west all the way south to such coastal biplanes and cropdusting sexvices into nization oftasks promise to limit job cities as New Orleans. And those safe dependableairlineswith growing growth Yet wood products firms should waterfront cities-including Jackson- investments in such cities as Atlanta continue to enhance the region’s ece <’ ville Savannah and Charleston-grew and Miami. nomic growth and development, since *.A’into busy seaports that developed a Construction, of course long has the industry still offers ample op ,global trade in oceanborne commerce been a mainstay of the economy of portunities for the region to ex- * Railroads helped spawn southern the Southeast, just as it has contri- ploit + cities such as Atlanta and opened buted to the development of other Today, for instance much of the relatively inaccessible areas, includ- Sunbelt areas trying to provide housing Southeast’s raw wood production is ,.,a ,.,a ing south Fiorida, to txaveleIs Asphalt and support facilities for fast-growing shipped to other states or overseas for . mdsbegan to tie the southern states populations The military, too, has additional processing. limiting the together in a rudimentary highway been a major force in the region’s region’sgains from its own timber.As <* network helping to broaden the tourist economy, generating civilian jobs and the region’s general economy grows industry from one serving the wealthy channeling millions of dollars into an expanding local market is likely to 4 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis spur the production of semi-finished depressed prices have saddled them coal, chemicals and fertilizer as well and finished wood products with heavy debts that have bank- as farm products The outlook for textiles and apparel rupted some and forced others to What will be tomorrow’s growth the region’s other major traditional struggle for survival. Nonethless, sectors? The Atlanta Fed which has manufacturing industries appears less Atlanta Fed economists expect that researched individual industries and-’‘ promising-at least from an employ- the region’s importance as an agri- sponsored two major conferences rej ment standpoint. Economic con- culture center will grow. The South- lating to industrial growth prospects ; ditions for the industry have been east’s wealth of cultivatable land its believes that service industries high Y technology, construction, defense, and I i exports are areas with appealing growth prospects I: The nation’s serviceproducing in- dustries have been expanding natiorr + wide and increasing in relative im- portance for decades Service indus- tries in the Southeast have grown at an even faster pace fueled by the r: continued inmigration of people with I- more money and greater aspirations Service industries nationwide should - enjoy the fastest growth of any indus- ; tries through 1990, and it seems likely that the Southeast will gain a dispre portionately high share of that growth The Bureau of Labor Statistics ex- A pects that about three out of four new i I A textile plant‘s advanced weft insertion equipment 4- generally unfavorable for several years prolonged growing seasons, and its jobs created through the remaining Back-teback national recessions in abundant water supplies should com- years of the decade will be generated the early 1980s cut demand from the bine to make the region an economi- by serviceproducing industries With - automobile and housing industries cally efficient producer of food and in this sector, such industries as med- even as stiffening competition from feed crops in the future The seaports ical care, tourism, nonprofit organi- foreign producers pared the domestic that serve the region will offer.its zations and business professional companies’ market share farmers ready access to the inter- and personal services should achieve-‘ To remain competitive well-managed national markets-markets that are the fastest growth. Florida is likely to American textile and apparel firms expected to clamor for growing shares profit the most from these industries’ - have automated their plants or sought of America’s output once economic growth, but large cities throughout out special market niches. By re- recovery gets underway in less-de- the region are likely to benefit because maining flexible some have been able veloped countries Production of oil- of service firms’ tendency to cluster in to respond quickly to changing trends seed crops and animal proteins, urban areas <4r - and to avoid markets where they will especially from poultry, is likely to Tourism of course is an important collide head-on with overseas pre experience the most rapid growth component in the region’s services c ducers relying on lower-priced foreign over the coming decade sector, attracting visitors from distant . labor. Southeastern textile and ap cities However, convention markets A pare1 firms that continue to prosper Exporting. in fact should prove a may remain soft for some time as obviously will continue to provide boon to the region’s forest products new facilities open around the nation hi jobs- though a declining number be- and mining industries as well as to to challenge such regional conventiow cause of automation-in small com- its farmers The return of healthy centers as Miami Beach, Atlanta New munities that have relied on textile growth in Europe Canada and Japan Orleans and Orlando. Hotel occu- pL jobs since the turn of the century. could mean an increase in shipments pancies in several of those cities also What of agriculture, the oldest of from southeastern ports-shipments are likely to be depressed by a dra- 4 the region’s industries? that already account for more than matic increase in new hotel constru- Agriculture, too, has been rocked in 25 percent of all U.S. waterborne ction *, recent years Southeastern farmers exports Recovery in more developed Construction is another industry“ have been bedeviled by droughts while countries should spur exports of paper, with a seemingly optimistic future c A 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Like services its growth should be should gain orders, along with effect on the inmigration of people fueled by a continued inmigration into munitions factories in Tennessee and and jobs. What’s-more, the free- states such as Florida which is prcr maintenance shops in Alabama spending 35-44 age group is growing jected to welcome more than 250,000 Although battered by recession and even faster in the Southeast than --n newcomers annually over the next overshadowed by newer industries nationwide Favorable demographics fne years A strong construction sector, the Southeast’s so-called “smoke should accelerate the sale of auto- 4, of course is important to the South- stack” industries are far from dead A mobiles home furnishings and dis- * east’s lumber industry. The building recovery in durable goods manu- cretionq goods and services trades will provide not only the new facturing is expected to lead an ex- Health care services should be stim- 7J.c homes and apartment buildings pansion of factoIyjobs With economic ulated as a growing influx of retirees P , needed to accommodate the late ar- recovery and growth, states with heavy spreads beyond Florida to the moun- rivals but the highways bridges and concentrations of durable goods pro- tains of north Georgia and eastern ,- other facilities to handle the growing ducers-primarily Alabama Missis- Tennessee and to southern counties population sippi and Tennessee-could find them- ofAlabama In the Sixth District states ‘‘ The outlook for high technology selves enjoying their greatest pros- the proportion of residents over 65 also appears especially bright in both perity since 1979. rose nearly 50 percent over the past - “the nation and the Southeast That’s Sustained national economicgrowth decade We expect this fast-growing ‘7 important not only because of the should stimulate small business de segment to be a strong stimulant to ~ jobs that innovative high- tech firms velopment in the Southeast even more southeastern growth, - can create but because of their im- than in the nation as awhole Growth In summary, the resumption of A pact in helping to revitalize traditional in the region’s small manufacturing aboveaverage growth in the South- industries The Southeast should in- firms already is triple the national east over the remainder of the decade crease its share of the technology rate Because the region offers an should benefit a mix of industries ,? industry from 7 percent in 1981 to 9- attmctive place to live and an expand- some old and some new. Job gains 10 percent in 1990 because of loca- ing market, increasing numbers of look particularly bnght for whitecollar 4 tional advantages In a recent Joint men and women have been launching workers in high-technology and ser- 4 c I I I I I I I I I I I 1 I I 1 I -, Economic Council survey, the South- * east ranked most attractive to high- tech firms in labor cost and avail- ability, tax climate and cost of living. It ranked third in another category of A interest to such firms labor produc % ” tivity. However, it ranked poorly in the II quality of academic progmns a weak- 7 ness that hurts the region in its efforts _i to attract research facilities and cor- porate headquarters -7 In the Sixth District, high-tech firms are clustered in four areas The cen- tral Florida strip from Tampa to Mel- 4 bourne; the Atlanta metropolitan area; c Huntsville Alabama and Knoxville A Oak Ridge Tennessee Much of the region’s high-tech growth will be their own businesses rather than vice industries with certain areas spurred by Defense Department spenCr moving out of the area searching for likely to enjoy the greatest gains 4 ihg on electronic weaponry and sur- work The improved availability of Owners and employees in the building veillance and communication equip venture capital in the region should trades and retail trades areas also ment Defense spending has helped speed small-business formations should prosper, as will those depen- c make Florida the Southeast’s largest Retailing is another economic area dent on such areas as export trade technology center and should con- with a promising future in the South- medical care and tourism. For the - tinue to do so through the 1980s east. Sustained economic recovery region as a whole however, the most t ** ~ Seorgiaalso should continue to draw promises to increase real income and profound effect maybe the continuing its share of defense dollars Ship spending more in the region than in evolution in the way residents earn + builders in Louisiana and Mississippi the nation because of its catalytic their livelihood. * 4 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis After 1983 Recovery District Faces 1984 With Optimism southeastern states found 1983 a to stimulate the local economies sur- A revival in residential construction, year of recovery that generated enough rounding those states’ military instal- first noted as 1982 drew to a close ir economic momentum to carry the lations and inject millions of dollars stimulated construction-related in- region’s industries into a second stage into areas producing sophisticated dustries across the nation. Predictably, +, the region’ssubstantial furniture and of expansion in the new year. defense hardware, or serving such aem i Last yeafs rebound inspired by space ventures as NASA’s Space carpet manufacturing industries soon waning inflation and increased con- Shuttle began to expand output to meet the sumer spending stimulated south- The benefits of raived growth should renewed demand generated by con- *- eastern industries ranging from spread broadly across the region. The sumer spending. t4 tourism to financial sewices Virtually manufacturingeconomies ofAlabama The recovery spread quickly, inject- all sectors of the economy gained Mississippi and Tennessee for in- ing new life into the Southeast’scon- .- strength in the second half of 1983 stance, have begun to experience centrations of automobile parts and and crossed the threshold into the healthy employment gains in response apparel manufacturing plants Shut- new year prepared for fur- tered facilities began to rey,- ther growth Assuming that I -I open and idle employees were _,_ consumer and business Chart 2. Commercial Bank Deposits summoned back to work spending keeps fueling the Total employment, which F national recovery, regional had langLushed through 1982, businesses should continue began to grow again during < 16 L to expand their operat the late spring. That meant Lr and add staff well into 1 rising personal incomes giv- to meet the increasing de ing men and women more s, mand. money that they could pump With the Southeast’s ece back into the economy. As nomymusteringkshstrength ~~ 1983 ended. both em- - moving into 1984, the out- ployment and joblessness lookis positive for the region reflected the recoveds bur- in the-months ahead, with geoning strength Employ- some states likely to grow at above to the national recovery. Louisiana’s ment was showing relatively strong average rates The states whose econ- economy, though, still has some growth while the unemployment rate continued to inch downward Hard- omies showed the greatest strength catching up to do because of its heavy e in 1981-1982 also are likely to lead dependenceon the petroleum industry hit Alabama, Louisiana and Tennessee the way this year. continued to experiencejobless rates and international trade both slow to - Overall, real economic growth should join in the revival. in double digits late in 1983, but the settle into a more sustainable pace for region’s average rate had fallen from 9 the remainder of 1984. The strength All four of those harder-hit states nearly 1 1 percent at the beginning of of that early surge is reflected by the should gain from plant reopenings in the year to about 9 percent by year- *- Commerce Department’s Index of diverse durable manufacturingindw end 1. Leading Indicatom which posted 14 tries and from increased mining ac- consecutive monthly increases before tivity. Tennessee should continue to In Florida and Georgia where ece nomic activityweatheredthe recession it dipped temporarily in November. profit from a Japanese manufacturer‘s investment in a truckassembly plant relatively well, unemployment had 1 Still, there will be standoutswithin fallen to 7.5 and 6.4 percent, respec- the Sixth District, with the strongest and related manufacturing activities in Smyrna near Nashville tively, by year-end Those states’ mix rebounds likely in areas that produce of servicerelated industries had pro- - goods for consumers and for national After suffering the pains of a re vided some insulation from the un- defense Of the six states represented cession that continued through most employment problems that char- c_ in the Sixth Federal Reserve District of 1982, the southeastern economy acterize the manufacturingdominated Florida appears the most likely to set began to experience a strong upturn economies of neighboring states 1 the pace this year. An inflow of new during the first half of 1983 with a residents and businesses into Florida reawakening of consumer spending. Overall, a second consecutive year .,+, and Georgia promises to boost spend- As interest rates stabilized increas- of economic expansion promises % I ing on housing and consumer durable ingly optimistic consumers began to continuing reduction in unemploy- goods creatingnewjobs in both states purchase new homes as well as cars ment throughout the Southeast and Increased defense spending promises clothing and household goods in the nation, where the rate seems A 10 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis likely to continue its decline in the slows or chokes off the recovery, in- of summer. What’s more the program ,coming months terest rates could be driven up. The hurt merchants who normally supply A continuation of the national re hgher rates would depress the interest- farmers with equipment and supplies * covery this year should boost various sensitive automobile and housing in- to plant their fields And it hurt live- ‘\ industries in the region. The airline dustries as well as related industries stock producers, forced to cope with i industry, tourism and convention tmde like carpeting and household ap sharp increases in feed grain prices should grow sharply as the expansion pliances driven higher by the government pro .*A proceeds With the expansion of con- If the dollar‘s foreign exchange value gram and drought * 3 vention facilities in Atlanta the con- continues to decline in response to a For survivors, though, conditions tinued lure of Disney Worlds new WideningAmerican merchandise trade look brighter in 1984.Continued eco- q3 EFCOTCenter in central Florida and deficit the nation’s manufactured ex- nomic recovery and favorable trade a worlds fair planned for New Orleans ports should grow steadily over the developments should increase agri- ‘4 this could be a banner year for south- year despite continued stagnation in cultural exports and generate demand eastern hospitality indus- for .farm products Farmers 4 ’tries The fair in particular are likely to resume full- 73 should boost tourism in scale planting, which would -zI Louisiana as well as in neigh- trigger a resurgence in de 1 boring states some ofwhich mand for seed, fertilizer and i are invest% to capture their equipment-good news for -- *-.I r. share of the business pass% merchants who suffered dur- through. ing last year‘s acreage reduc- *. One cloud on the tourism horizon is the slowdown in On balance the Southeast the flow of visitors from Latin should grow faster than the +> America in response to eco- national average this year, nomic problems in several with the strongest gains in nations. Those problems sectors that produce goods south of the border also are for consumers or for national reflected by such indicators as aslow- the Latin American market Such a defense Defense spending promises down in Florida’s luxury condominium rebound would add to the increased to boost activity at the won’snumer- market and in sluggish international trade stimulated by reviving global ous plants producing equipment and trade economic growth. systems for the military. Areas pro- Other trouble spots also could gene Another problem sector, particularly ducing sophisticated hardware should rate problems for the regional econ- for the Southeast, is agriculture The benefit moist from the spending boom omy in the months ahead. The inter- drought across most of the region with Florida a likely beneficiq. national trade and energyareas, which last Year left farmers hard Pressed to With the economic outlookgenerally declined so dramatically during the rePY the debts they had accumulated positive, construction and manu- recession, continue to lag the recovery during Several Ye= of adversity. A facturing firms are gearing up for of other economic sectors Worldwide mere f- in flcnida near Ym-end what they hope will be a second con- .d recession and a strong U.S dollar damaged many Crops and augured secutive year of growth. With the reduced trade flows through most of Poorly for the new Year. region’s economy gathering fresh c 1983, including the flow of agricul- Many farmers found some financial strength early in 1984, plants should tural and energy products at major relief in 1983 by participating in the continue reopening and the job pic- t- ports in the region. The speed of govemment’spayment-in-kind(orPlK) ture should continue to improve in - .l economic recovery worldwide shouid progmwhich offeredthem products response to the national recovery. * help shape the vigor of recovery in from storage in return for their agree While some states can expect to enjoy c important coal, phosphate chemical, ment to leave acres fallow. Partici- greater growth than their southeastem r and pulp and paper exports as well as pating farmers who received com- neighbors the outlook for the Sixth imports of oil and machinery into the modities from government storage District as a whole is for a year that *$ United States were able to sell them at prices inflated will continue the progress achieved , 9 A question mark hanging over that by the effects of drought and the PIK in 1983. recovery involves the large federal program. But most farmers weren’t .r. deficit If the federal government’s covered and had to watch their in- ‘ need for capital to finance the deficit come prospects shrivel with the heat 1 0 0 0 0 0 00 11 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Mary Jefferson personifiesthe Atlanta Fed's service orientation. The Atlanta The Depositow Institutions Deregulation and Monetary Control Act of 1980-com- .a monly abbreviated as "MCA- r 80-created a new environ- I ment with regard to Federal Reserve services to depositow institutions MCA-80 required the Federal Reserve to begin charging for several services previously provided free to member banks For the first time, it also required that Reserve Banks' services be made available to all deposit0 i: ~yinstitutions-credit unions savings and loan associa- t 1 tions and nonmemberbanks i? as well as member banks And it opened the door to competition from a num- ber of alternative provid- ers of some of those ser- viCeS The Atlanta Fed responded by communicating more closely with depository in- stitutions about their wants and needs for financial ser- vices We also have continued our efforts to control costs and improve services For us, the new environment cb has proved to be stimula- ting and challenging, and we believe that our presence in the market has been equal- ly stimulating and challeng ing to other providers of sim- ilar services The ultimate beneflcary is the public re ceiving services of a better quality and at a lower price than otherwise would be possible I- - Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis ped in the New Environment -A- As we review the Atlanta Fed's achieve plans must be subjected to continual activities-those unrelated to the fi- '4 ments in the post-MCA-80 era, we are review as developments accelerate de nancial services available to deposi- mindful that we owe much to the celerate, or take unexpected turns tory institutions These activities in- ,* suggestions offered by our customers Even the best plan can become a trap clude fiscal services to the U. S Trea- ,, and the pressure provided by our able if it is inflexible So, early in 1983 we sury: supervision and regulation of competitors reviewed our longterm goals and ob- banks bank holding companies and With the accelerating evolution of jectives for our priced services in light international banking facilities ad- 4. -*banking technology, it is not enough of the changing market demand We ministration of the "discountwindow;" to await developments and react to first reviewed internal and external and economic research, among others + them; we must anticipate develop trends identified strengths and weak- Following is a brief discussion of ments and prepare for them. To do nesses for each of our major services how this approach affected various i that we have embarked on an ongoing and evaluated the strategic alterna- areas of the Bank in 1983. program of strategic planning. Three tives available We established long- years ago,we analyzed our operations term strategies for product develop Financial SeMces their strengths and weaknesses as ment operations marketing aut@ the base from which we must ap mation and human ~..esourcesto match HECK COLLECTION. -r' proach the future Then we reviewed costs and revenues for these priced Several new services the opportunities and the hazards services as mandated by Congress were offered in 1983. inherent in technological change, de Later in the year, we developed sup One-MICR Capture- regulation and other factors On that porting strategies and business plans provides a payor bank ' basis, we could set goals and draw Essentially the same process was with a magnetic tape blueprints to achieve them But such carried out in our planning for other containing the encod- -- ed data from each check in a cash letter Table 1 Priced Services Volume it receives from us That bank can then 1982 1983 update its customers' Q1 Q2 Q3 Q4 01 02 03 I24 accounts without pm Automated Clearinghouse - Total 1,650 1,897 2,075 2,331 2,494 2,894 3,316 3,668 cessing the checks, Billable Commercial Volume thus obtaining ac- count balances much Book-Entry Securities" - Total 24,834 26,390 27,558 28,079 29,441 31,483 26,880 26,886 more quickly Another new service-Key Ae Check Collection - Average Daily 7,336 7,069 6,978 7,625 7,757 7,737 7.567 8,192 Incoming Items in Thousands count Reporting- pm vides a dollar total of Definitive Securities'* - Average 13,494 12,147 11,606 11,881 12,285 12,349 12,205 12,386 Monthly Safekeeping Receipts checks drawn against specified account num Noncash** - Total Items Collected 89,747 89,147 94,631 125,428 148,193 206,671 203,500 262,058 bers. These services Wire Transfer - Average Daily 10,800 11,313 11,542 12,017 12,011 11,901 11.852 12,271 greatly facilitate cash Transfers Originated management for the payor bank's larger ac- counts In addition, the deadlines for de posit of "other fded items (those drawn on , .'. 13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Chart 4. Check Collection Average Daily Volume Thousands 10,000 Total Incoming Checks 8.000 , I offices- in some cases by as much as 9?h hours-and most of our offices alsohaveinstalledasaturdaydeadline extending service to seven days a week Q2 Q3 Q4 Q2 Q3 Q4 Each of our six offices sends repre sentatives into the field to inform potential users about these new ser- vices and others, such as our Mixed c Cash Letter and Group Sort progmms 5 percent in 1983. Since check col- large regional bank’s cash concentra- ,- tion service for the U. S Treasury’s In addition to bringingincreased check lection is by far our largest priced 4 * volume into the Fed, these representa- service in terms of staft this contri- GendAmuntFUndsTIansfixsystem tives have also brought us valuable buted substantially to our ability to This represents a milestone-the first feedback-making us aware for ex- maintain our position as the Federal time a Reserve Bank has served as a ample that our Adjustments and Re Reserve System’s most cost-effective subcontractor for a major regional turn Item services are particularly Bank as measured by the System’s bank to provide cash concentration valued and that many of our helpful own standads By carefuuy controlling services for the Treasury. employees are singled out for praise. costs and keeping fees for Fed seMces -r) During theyear, the number of corn as low as possible we in turn help In the near future begin re mercial checks sent to Atlanta Fed minimize costs for financial insti- placing the terminals now in use by f offices increased by 6.9 percent The tutions that depend on us many of our wire transfer customers considerablv.I* emandine the menu of Fed services availableothrough the * Chart 5. Wire Transfer terminals; some additional details ~ Average Daily Volume follow in the section headed AUTC, t Thousands MATION SERVICES 3 14,000 Another focus of our efforts in the 12,000 payments system area is expansion of electronic links to include more,; 10,ooc ACH users A major goal is further 8,OOC development of the broad market for cj which we currently offer ACH ser- 6,000 vices For example, Reserve Banks in 1983 began accepting for deposit all 4,OOC types of ACH items at the nighttime Y- deposit deadline In addition, a cor-4 porate trade payment program wasa devised and implemented to facilitate . the use of the ACH by financial insti- ~ 1982 1983 tutions serving large corporate de sently examining several new pricinz largest increase- a remarkable 36 IRE TRANSFEWACH. structures that will allow Reserve percent-was in out-of-zone items We are also combin- Banks to remain pricecompetitive (checksdrawn on institutions located ingtraditionalces while also serving users better by 1 in other Districts or other Branch to create new ones For differentiating the segments of the zones). example wire tmnsfer ACH market through pricing The ACH+ Despite this volume increase, im- and automated clear- has the potential to improve the e% + proved productivity enabled us to re mghoo~(ACHsemices ficiency of the payments system and duce our checkcollection staff level by are being used togetherto facilitate one to facilitate the interbank clearing +, k 14 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1 and settlement of electronic pay- of cash items such as checks requires and in other Federal ReseIve Districts ments verification that specific conditions Even with its relaxed sorting require T-4 - ECURITIES SERVICES for payment have been met) A Mixed ments the new progmn offers lower 4 Since the implemen- DeposiVFine Sort Program is now prices and improved credit availabiliw. tation of MCA-80, the -4 4 Atlanta Fed has pur- sued innovations in Chart 7. Securities Services 4 the area of securities services. All six of our Thousands +‘ offices expanded their definitive safe keeping service in May 1982 to accom 250 modate securities owned customers Noncash Coupon EI by Bookentry Transfers of depositing financial institutions Definitive Receipts (Definitive securities are in conven- 200 - tional, paper form, as opposed to book-entry securities that exist only 150 as entries in ledgers) In September 1982, we began to offer definitive 100 safekeeping services under a pilot program designed to stimulate volume 50 - growth by simplifylng our price struc 0- ture and offering volume discounts Q1 Q2 Q3 Q4 Q1 Q2 ~3 ~4 Midwest Securities Trust Company 1982 1983 began depositing bearer securities with us in May 1983 under a custodial agency agreement This service is tailored to the needs of regional se- offered in addition to our standard The depositor can have the Fed col- curities depositories noncash collection service The new lect not only local in-zone items but At the end of July 1983,we began a program appeals to financial insti- also those payable in other Fed zones pilot program offering a new non- tutions that prefer not to sort their The depositor needs only to sort items cash collection service (The collection noncash items but rather to deposit according to past-due or futuredue of noncash items unlike the collection a mixture of items payable both locally maturity. ASH SERVICES. The focus in Cash Ser- ~ Chart 6. Automated Clearinghouse vices has been on im- proving the quality of Thousands 4,000 the paper money cir- Total Billable Commercial Volume I culating around the nation Installation of 3,000 more sensitive “fitness sensors” on theReseIveBanks’hgh-speedcurrency processing equipment began late in 2,000 ’ 1983 and will be completed soon on all 1 10 of these machines at 35 of the System’s37 offices The Resme Banks 1,000 collectively invested about $1 million to develop the new sensor, which will detect a variety of defects-including 0 C transparent tape- that slipped by the Q1 Q2 Q3 Q4 Q1 Q2 Q3 ~4 earlier sensor. Notes unfit for further I 1982 1983 circulation will be shredded aut@ matically. Given the volume of sub standard currency now in circulation, 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis t it may take a year or two to complete the clean-up. In the meantime signs of progress should become visible Suggesting the diversity of over coming months, and the oc- Atlanta Fed activities are casional problems arising from the Art Raglin and Tina Heaney, use of substandard notes in auto operating a communica- tions terminal, and attorney mated teller machines will begin to Rebecca Zimmerman, re dwindle viewina court Drecedents for-the knKs Ligal Depart- The Reserve Banks have embarked .F- on a program to develop the second- c I I---k I generation currency processing equip t. ment that will eventually replace the machines in use since 1978. That p future equipment will further improve i the speed and quality control of the (1 currency operation An officer of the Atlanta Fed was selected to head the + task force guiding this new program. Y- Supervision and Regulation P Responding to deregulation and , other changes in the financial ser- vices industry, our Supervision and Regulation staff directed its efforts in ' 1983 towards reducing the regulatory burden, providing more timely and I pertinent information to banks and bank holding companies and increas I-^ ing employee productivity. An impor- tant contributor to the success of this k. effort has been the use of micro- and 2 mini-computers both in the office and in the field This has expedited $ all phases of analysis while reducing on-site examination time and stream- ~ lining the preparation of reports of examinationsand application reviews The uniform bank performance re ' * ports together with new examination , formats introduced during the year, v offer bankers detailed an- and industry information that can assist commercial bank managers in today's competitive environment *- Another achievement in 1983 was an alternate examination agreement e with Louisiana adding that state to 16 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis the other two Sixth District states- Alabama and Georgia-with which * -4 we have such agreements Under these agreements thestateexaminesabank one year and we examine it the follow- 1 -+ ing year, cutting the examinaton ,, burden in hd.To provide continuous Healy performs an elee monitoring for both the state and the tronic literature search ,Fed, examination reports are ex- with David Holmes. c changed 4 J Research 4 Our Research operation received /* considemble national publicity during ' the year for its innovative use of micre and mini-computers as well as ' * telecommuting by the professional I staffto inc- productivity. Thebasic v function of economic research at a Federal Reserve Bank is to provide current and relevant input to help in the formulation of monetary policy. -$ The new computer applications reduce statistical lag and give our economists ?? access to a wider spectrum of data a An important byproduct is a wealth ,of economic intelligence that can be 1 shared with bankers other business -"( people and the public through an ambitious publications pmgmm. The keystone of this program is our month g' ly Economic Mew,which reaches nearly 30,000 subscribers and has been quoted extensively in the nation's ' press to gain a substantial secondary audience. An emphasis on results has enabled the department to double ' e- both the frequency and the size of the * 'Economic Mewin the past two ,years while improving its readablility and the timeliness and pertinence of + itscontent The professional staffs productivity has been enhanced through the privil- :< :< ege of working at home-often with the help of a portable computer-and through a management-by-objective ' program that lets economists and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Administrative and Support Services ij UTOMATION SER- 1~ VICES As a key sup port organization. AU- tomation SeMces plays a crucial role in cost- t-, reduction efforts Au- ,, tomation Services continues to be immersed in a major p+ Economists Pamela Whigharn and Charlie Carter confer on regional research project conversion to new mainframe com- puter equipment, the implementation fi of new software applications and the installation of an advanced communi-r% cations network To help offset the cost of those efforts Automation Ser- vices emphasized productivity en- Q hancement in 1983. Communications p network optimization thorough lease/ purchase analysis on hardware acqui- sitions and use of new software de k velopment tools produced cost savings of about $330,000 during the year. t- Through the development of an Information Center, Automation Ser- 1; vices has materially aided the effortP of many other departments to use ' computers and programs to improve u' operations and cut costs This has given these departments new capa- t; bilities in the areas of word processing e _I- data manipulation and management ~ ff information r As a part of the continuing evolution of electronic payments systems, the Atlanta Fed soon will begin replacing its extensive terminal network that 'i currently serves over320 Sixth District financial institutions A new network fi will be built around microcomputer- * based terminals capable of providing awide range of Fed senices through a single work station. -- UMAN FU3SOURCES.a * research analysts participate in set- The Atlanta Fed's op ting clear and appropriate goals In erations like those of '* addition to providing standards for any bank are highly ~ measuring individual performance, labor-intensive. Our this approach assures that the work- ability to decrease at-home privilege will be used only staff by 15 percent:: when it helps the professional attain between January 1981 and December the objectives for which he or she is 1983, therefore contributed impor- + accountable tantly to our success in reducing A 18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis costs Our staff reduction, though & substantial, was accomplished almost exclusively through attrition. At the Q same time we have restructured our 7 training and our compensation and 4 benefits programs to develop high- performanceskillsandrewardoutstand A ing performance New approaches to T appraising our staffs performance through goal setting and the use of performance standards were insti- tuted to increase employee involve Cascading coins illustrate the Atlanta Fed's role in cash services ' ment enhance communications and raise Droductivitv. I PERAilONS~VE- MENT. For manyyears an operations improve ment program has been a major element in our effort to improve efficiency.In 1982, the 7 progmm9ssteering committee an- our general overhead and support *-' functions-functions that contribute to the cost of all other activities The !\- benefits of this analysis were realized in 1983 through combined cost savings 1 _Im and cost avoidances totaling about ' $1.8 million. The most significant improvements were in the areas of .* mail, personnel, protection, auditing data systems support, building oper- ations and housekeeping. with the 1c? staff reduced by nearly 80 employees c UALITY CONTROL Despite the Atlanta Fed's emphasis on cost control and produc- tivity, we have not lost sight of the fact that x our reputation as an institution and our ability to find -r personal satisfaction in our work de -- Ypendsimportantly on its quality. A ,qualityassurance progmn, established their work is judged by the users of c in December 198 1, remains in place our services the AtlantaFed's reputa- to keep hlgh standards of re~pon~ive tion will be formed. ' ness, reliability, and flexibility before With todaqts accelerating pace of our employees at all levels A special technological and managerial evolu- ? 3 training program was conducted in tion, the Atlanta Fed is dedicated to 1983 to polish the skills of our staff in meeting the challenge of change and + providing the services and conducting participating actively as a forward- a the many operations of the Bank As moving organization. ,t 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Directors and Officers Board of Directors. 1983 WILLIAM A. FICKLING, JR CHAIRMAN Chairman and Chief Executive, Charter Medical Corporation Macon, Georgia -+- c JOHN H WEITNAUER JR DEPUTY CHAIRMAN Chairman and Chief Executive Officer, c Richway Atlanta Georgia c DAN B. ANDREWS President. First National Bank Dickson, Tennessee HAROLD B. BLACH, JR President, Blach’s Inc Birmingham. Alabama GUY W. BO’ITS Chairman of the Board, Barnett Banks of Florida Inc Jacksonville, Florida JANE C. COUSINS President and Chief Executive Officer, Merrill Lynch Realty/Cousins Miami, Florida BERNARD F. SLIGER President, 1983 Dhectorr Seated left to right are Fickling and Weitnauer. Standing are Cousins Botts, Andrews Florida State University Willson, Thompson, Blach, and Philip Me,Federal Advisory Council member. Not pictured is director Sliier. Tallahassee, Florida HORATIO C. THOMPSON pa- President, 1 Horatio Thompson Investment, Inc Baton Rouge, Louisiana HUGH M. WILLSON k President. Citizens National Bank Welcome Athens Tennessee BRADLEY CUmY,JR MARY W. WALKER Federal Advisory Council President, Rock-Tenn Company, Norcross President, The National Bank of Walton ‘F: Georgia has been appointed to a threeyear County, Monroe Georgia has been elected to PHILIP F. SEARLE term on the Board of Directors of this Bank a threeyear term on the Board of Directors of Chairman He will serve as Deputy Chairman for 1984. this Bank Sun Banks Inc Orlando, Florida 20 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis L -* Senior Officers HARRY C. SCHIERING W. M. DAVIS General Auditor Vice President * ROBERT P. FORRESTAL President H. TERRY SMITH DELMAR HARRISON I Senior Vice President Vice President and JACK GUY" Atlanta Branch Manager First Vice President WARDLYN BASSLER -+-, Vice President ROBERT E. HECK (lr B.H.WGE'IT Vice President Executive Vice President HARRY BRANDT 1 f Corporate Secretary and JOHN R KERR W. R CALDWELL Assistant to the President Vice President ' Senior Vice President ELY S. MATIERI WILLIAM N. COX I11 Vice President LS CHARLES D. EAST Vice President and 4' Senior Vice President Associate Director of Research RICHARD OLIVER 1 DONALDLKOCH Vice President .* Senior Vice President and FRANK CRAVEN a Director of Research Vice Resident JOHN M. WALLACE Vice President -1 1983 Management Committee: Seated, left to right, Schiering, Guynn, Koch. Standing, Caldwell, Hargett. Not pictured are East and Smith, who joined the committee in 1984. EDMUND WILLINGHAM Vice President and General Counsel JACK GUY" First Vice President B. H. HARGE'IT Executive Vice President W. R CALDWELL Senior Vice President CHARLES D. EAST Senior Vice President DONALD L KOCH Senior Vice President and Director of Research HARRY C. SCHIERING General Auditor H. TERRY SMITH Senior Vice President Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Jacksonville Branch Manager: James D. Hawkins Vice President I 1383 Directors 11983 Directors JOAN W. STEIN SAMUEL RICHARDSON HILL JF CHAIRMAN I CHAIRMAN Chairman, President ierties I[nc University of AI Birmingham. Alabama G. MACKDOVE iEORGE C. =NE, JR President President and Chief Executive Officer, AAA Cooper Trans Security First Federal Savings Dothan Alabama and Loan Association Daytona Beach. Florida GRADY GIL GORDON W. CAMPBELL Chairman, Vice Chairman, The Amencan Nati NCNB National Bank of Fiorida Gadsden Alabama Tampa Florida LEWIS A DOMAN President, Citizens and Peoples National Bank Pensacola Florida 1 IE. F. KEEN, JR Vice Chairman and President. Ellis Banking Corporation IBradenton Florida JEROME P. KEUPER 3 President Florida Institute of Technology Melbourne. Florida $7 E WILLIAM NASH, CLU President, SIXTH Q South-Central Operations Prudential Life Insurance FEDERAL RESERVE + Company of America DISTRICT & Jacksonville. Florida Welcome.. To Incoming Din CARL -. JONES, JR Chairman, President and Chief Executive Officer, Merchants National Bank Mobile Alabama We were saddened in 1983 by the de of New Orleans branch director Thomas G. Rapier. A Jacksonville branch director, Roy G. Green. resigned during the year. i 22 Digitized for FRASER u, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Vice President HENRY President and Chief Executive Office] Union Bank & Trust Company Montgomew,-- Alabama MAFUWA McIV President, EnviroSouth Inc 1 Montgomery, Alabama -E LLWYD ECCLESTONE, JR President and Chief Executive Officer, Atlanta I First National Bank and Trust ComDanv of acksonville -""rdll c ... . ;>, .... Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 16,17, 18,19,20,21,2 iia Bureau of Industry and Trade - Cove a Deaartment of Commerce - D. 7. 51.. 5 Julia ...St Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis \ \ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis