Full text of Annual Report of the Federal Reserve Bank of Atlanta : Fifth Annual Report of the Federal Reserve Bank of Atlanta, by Joseph A. McCord, Chairman of the Board and Federal Reserve Agent : 1919

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FIFTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF ATLANTA
BY

JOSEPH A. McCORD
CHAIRMAN OF THE BOARD
AND

FEDERAL RESERVE AGENT




1919

FIFTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF ATLANTA
BY

JOSEPH A. McCORD
CHAIRMAN OF THE BOARD
AND

FEDERAL RESERVE AGENT




1919

2

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

LETTER OF TRANSMITTAL

January 16, 1920.
SIR:

I have the honor to submit herewith the Fifth Annual Report of the
Federal Reserve Bank of Atlanta, covering the year 1919.
Respectfully,
JOS. A. McCORD,
Chairman and Federal Reserve Agent.

Hon. W. P. G. Harding, Governor,
Federal Reserve Board,
Washington, D. C.




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

DIRECTORS AND OFFICERS
Of The

FEDERAL RESERVE BANK OF ATLANTA
For 1920
CLASS A

CLASS B
W. H. HARTFORD, Nashville, Tenn.

P. R. KITTLES, Sylvania, Ga.
OSCAR NEWTON, Jackson, Miss.
JNO. K. OTTLEY, Atlanta, Ga.

J. A. MCCRARY, Atlanta, Ga.
L. C. SIMON, New Orleans, La.

CLASS C
Jos. A. MCCORD, Atlanta, Ga.
E. T. BROWN, Atlanta, Ga.
W. H. KETTIC, Birmingham, Ala.

OFFICERS
M. B. WELLBORN, Governor.
L. C. ADELSON, Deputy-Governor.
M. W. BELL, Cashier.
J. M. SLATTERY, Secretary.

W. B. ROPER, Asst. Cashier.
W. R. PATTERSON, Asst. Cashier.
R. A. SIMS, Asst. Cashier.
J. L. CAMPBELL, Asst. Cashier.
ll. F. CONNIFF, Asst. Cashier.
W. H. TOOLE, Manager Fiscal Agent
Department.

Jos. A. MCCORD, Chairman of Board
and Federal Reserve Agent.
E. T. BROWN, Deputy-Chairman.
WARD ALBERTSON, Asst. Federal Re-

serve Agent.
CREED TAYLOR, General

Auditor.

F. M. SHEFFIELD, Asst. Auditor.
C. R. TIDWELL, Examiner in Charge Department of Examinations.

NEW ORLEANS BRANCH
DIRECTORS:

OFFICERS:
MARCUS WALKER,

Manager.

W. H. BLACK, Asst. Manager.
M. F. HARLAN, Cashier.

JAS. A. WALKER, Asst. Federal Reserve Agent.

p H. SAUNDERS, Chairman, New Or-

leans, La.
JNO> £. BOUDEN, JR., New Orleans,
A. P. BUSH, Mobile, Ala.
FRANK W. FOOTE, Hattiesburg, Miss.
R. S. HECHT, New Orleans, La.

H. B. LICHTCAP, Jackson, Miss.
MARCUS WALKER, New

Orleans,

La.

BIRMINGHAM BRANCH
OFFICERS:
A. E. WALKER, Manager.
W. C. STERRETT, Cashier.

J. B. COBBS, Asst. Federal Reserve
4gentm




DIRECTORS:
W. H. KETTIC, Chairman,
ham
> Ala-

Birming-

W. W. CRAWFORD, Birmingham, Ala.
JNO. H. FRYE, Birmingham, Ala.
T. O. SMITH, Birmingham, Ala.
OSCAR WELLS, Birmingham,

Ala.

4

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

JACKSONVILLE BRANCH
OFFICERS:

DIRECTORS:

GEO. R. DESAUSSURE, Manager.
W. G. WILSON, Cashier.

JNO. C. COOPER, Chairman, Jacksonville, Fla.

GEO. N. MARTIN, Asst. Federal Re-

BION H. BARNETT, Jacksonville, Fla.

serve Agent.

E. W. LANE, Jacksonville, Fla.
FULTON SAUSSY, Jacksonville, Fla.
GILES L. WILSON. Jacksonville, Fla.

NASHVILLE BRANCH
OFFICERS:

DIRECTORS:

BRADLEY CURREY, Manager.

W. H. HARTFORD, Chairman,

J. B. MCNAMARA, Cashier.
w, T, T,
.
j, , , D
W. T. TYLER, Asst. Federal Reserve
Agent.

_ viUe,Tenn.
J. E. CALDWELL, Nashville, Tenn.
p A U L M D A V I S Nashvmet
Tenn.
T. A. EMBRY, Winchester, Tenn.
E. A. LINDSEY, Nashville, Tenn.

Nash-

SAVANNAH AGENCY
OFFICERS:
R. J. TAYLOR,

Manager.

R. N. GROOVER, Assistant

Manager.

GENERAL COUNSEL
HOLLINS N. RANDOLPH, Atlanta,

Ga.

MEMBER FEDERAL ADVISORY COUNCIL
OSCAR WELLS, Birmingham,

Ala.

I

PERSONNEL
December 31, 1915-1919.

1915 1916 1917 1918 1919
Chairman and Federal Reserve Agent
Governor
Other Officers
Banking Department
Transit Department
Federal Reserve Agent's Department
War Savings Organization
Fiscal Agent Department
General




:

1
1
4
23
2
2

1
1
4
21
24
3

5

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6

41

1
1
3
35
28
3
,
51
4

1
1
14
85
68
5

1
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18
98
109
10
13
93 58
35 46

65 132 317 386

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

TABLE OF CONTENTS
Page
Introduction
Review of Service
Financial Results of Operations
Comparative Balance Sheets for December 31, 1918-1919
Earnings and Dividends
Profit and Loss Statement for 1919
Discount Operations
Rediscounts—Commercial Paper
Rediscounts—Liberty Loan
Trade Acceptances
Acceptances
Growth of Open Market for Acceptances
Policy Regarding Acceptance Purchases
Reserve Position
Movement of Membership
National Banks
State Banks
Relations with National Bank Members
Discount Operations
Trustee Powers
Relations with State Banks and Trust Companies
Discount Operations
Examinations
Member Banks Reserve Accounts
Fiscal Agency Operations
For Treasury Department
Sale of Treasury Certificates to Banks in the District
Flotation of Victory Loan
Deposits and Withdrawals of Treasury Funds with Banks
Work in Connection with Sale of War Savings Certificates
Interchange and Exchange of Government Securities
War Finance Corporation
Capital Issues Committee
Note Issues
Federal Reserve Notes
Federal Reserve Bank Notes
Position of Commercial Banks as Result of War Financing
Increase of Their Obligations
Effect on Commercial Paper of District
Relation to, and Effect on, General Business
Policy to be Pursued in Restoring the Liquidity of Banks
Probable Time in Which They Can Clear Up Their "War Paper"
Policy of Federal Reserve Bank Toward Them Meanwhile
Operation of Federal Reserve Bank Branches



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9
9
10
10
10
10
11
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11
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6

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

Savannah Agency
Nashville Branch
Miscellaneous
Internal Organization
Clearings
Collections
Gold Settlement Fund
Foreign Accounts
Foreign Government Credits
Gold with Foreign Agencies
Banking Quarters
Treasurer's General Account
General Business and Banking Conditions
Money Market

Page
20
20

21
21
22
22
25
23
23
23
24
24
24
26

SCHEDULES
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

Comparative Balance Sheet Dec. 31, 1918-Dec. 31, 1919
Comparative Statement of Earnings and Expenses
Profits and Loss Account for Calendar Year 1919
Movement of Principal Earning Assets
Total Investment Operations and Number of Banks Accommodated
1919—Combined
Average Daily Holdings of the Several Classes of Earning Assets for
Each Month—1919—Combined
Changes in Discount Rates During Year 1919
Movement of Cash Reserves, Net Deposits, Federal Reserve Note Liabilities and the Reserve Percentage
Movement of Membership for 1919
Member Banks in District
Movement of State Banks
Member Banks' Accounts Operations—1919—Combined
Subscriptions and Allotments—Sixth Federal Reserve District—Liberty
Loans
Treasury Certificates of Indebtedness Issued in Anticipation of Liberty
Loan Bond Payments Allotted in the Sixth Federal Reserve District
Treasury Certificates of Indebtedness Issued in Anticipation of Taxes Allotted in the Sixth Federal Reserve District
Subscriptions to U. S. Treasury Certificates
Federal Reserve Notes
Federal Reserve Notes Issued and in Actual Circulation
Federal Reserve Notes Received and Returned
Federal Reserve Bank Notes Issued, Redeemed, and in Actual Circulation.
Currency Receipts—1919—Combined
Currency Shipments—1919—Combined
Annual Report of Clearing Operations




28-29
30
31
33
34
35
36
38
39
40
41
42-43
44-45
46
47
48
49
50
51
52
54-55
56-57
58

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

.24
25
26
27
28

^7

Page
Summary of Transit Operations for 1919
59
Collection Department Operations—1919—Combined
60
Gold Settlement l\und Operations
62-63
Treasurer General Account Operations—1919—Combined
64-65
Earnings and Expenses (Eliminating Earnings Derived from Government
War Obligations)
66
CHARTS

Movement of Earning Assets
Movement of Cash Reserves. Net Deposits, Federal Reserve Note Liabilities
and the Reserve Percentage




32
37

•

8

ANNUAL REPORT OF T H E FEDERAL RESERVE BANK OF ATLANTA

FIFTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK OF ATLANTA

INTRODUCTION

In many respects, the year Nineteen Hundred Nineteen has been more
remarkable than any preceding year. The operations of the Federal Reserve Bank of Atlanta during the period of readjustment since the Armistice and for the year Nineteen Hundred Nineteen have been more active
than during the war period of Nineteen Hundred Eighteen. The expansion in all lines has made heavy demands on the banking interests, which,
in part, have been met by the increased deposits of banks, while it has
been left for the Federal Reserve Bank of Atlanta to make up the deficiency, resulting in increased loans to and rediscounts for member banks
over the amounts held during the latter months of Nineteen Hundred
Eighteen and the early months of Nineteen Hundred Nineteen.
The increase in Government secured obligations is due partially to the
flotation of the Victory Loan and partially to a general demand for commercial, industrial and agricultural purposes, the banks using their Government collateral for these purposes in order to secure the lower rate
of discount. The demand from the member banks for other classes of
discounts is attributed to business expansion and higher prices rather
than to a speculative demand, which so far has been observed, is negligible throughout the district.
During the month of December there was considerable liquidation by
the members of this district, resulting in increased reserves for the Federal Reserve Bank of Atlanta, and placing it in a position to rediscount
for other Federal Reserve Banks.
The increase of nearly every item on the balance sheet for Nineteen
Hundred Nineteen is an indication of the increasing use by member banks
of the facilities offered by the Federal Reserve Bank of Atlanta. More



ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

V

detailed information will be given under appropriate heads and schedules
herewith.
REVIEW OF SERVICE

Member banks throughout the district have come to realize more fully
the benefits to be derived from membership in the Federal Reserve System, and are taking advantage of the facilities offered more than ever before.
The member and non-member banks were advised, effective March
17th, that when their relations with this bank or its branches made it necessary to ship currency for credit or in payment of cash letters, the charges
would be absorbed by the Federal Reserve Bank of Atlanta, and also
that charges would be absorbed for all shipments to member banks on
currency shipped them by this bank or its branches.
On March 31st, 1919, the member banks of the district were advised
that the Federal Reserve Bank would absorb the cost of telegrams instructing charges to their accounts, viz:
(a)
(b)
(c)

Shipments of currency
Credit to another member bank
And the continuance of transfer of funds for credit
with any member bank of any other Federal Reserve
Bank

and when certified to, charges would be absorbed for messages instructing any member bank in the United States ordering the transfer of funds
through the Federal Reserve Bank or its district to us for credit of our
member.
During the year, there have been many other improvements of service
to the member banks and it is believed that the year just ended has shown
the real value of the Federal Reserve System.
FINANCIAL RESULTS OF OPERATIONS

(a) Comparative Balance Sheets for December 31, 1918-1919
A comparative statement of the condition of the Federal Reserve Bank
of Atlanta as of December 31, 1918-1919, is shown in Schedule 1 of this
report. The total resources at the close of business December 31, 1919,
show 37 per cent, or $76,447,455.27 increase as compared with 1918. By
referring to the schedule mentioned it will be noted that practically all
of the items on the statement of condition show increases.



10

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

(b) Earnings and Dividends
A comparative statement of earnings and dividends is shown in Schedule No. 2. Gross earnings from the principal sources of revenue for
1919 show an increase of 92 per cent, or $2,122,942.71 over the preceding year, while the total expenses show an increase of $331,946.07, or 52
per cent.
(c) Profit and Loss Statement for 1919
Schedule No. 3 shows the principal credits and debits to the Profit and
Loss Account for the year 1919. After deducting all expenses, dividend
payments and amounts authorized by the Federal Reserve Board to be
reserved, $3,185,000 was carried to surplus fund. This amount is an increase of $1,715,000, or 116 per cent as compared with the previous
year.
DISCOUNT OPERATIONS

During the year Nineteen Hundred Nineteen the discount operations
of this bank have been very active. Out of the four hundred and twentyseven member banks in this District more than two hundred have had
paper under discount at all times. During the month of June, the maximum number of banks were accommodated, being two hundred and sixtyfive banks. Reference is made to the Exhibit showing the number of
banks accommodated throughout the year by months. This exhibit also
shows by months the number of items handled for the year. The maximum was reached in September, when five thousand six hundred and
fifty notes were discounted. The classification of the discount holdings
of this bank is shown in the Exhibit, also the total of discounts in each
classification by months.
Reference is made to the Exhibit "Movement of Earning Assets;" this
classification shows a distribution of earning assets by weeks and also the
ratio of assets secured by war obligations to the total earning assets. Particular attention is called to this percentage. In January, 1919, the percentage was sixty-two per cent and gradually increased until August; from
that date on a decrease is shown in the percentage, and in December it
was only fifty per cent. This reflects a gradual liquidation of loans secured by war obligations.
Reference is made to the Exhibit "Average Daily Holdings of Earning Assets by Classes for Each Month During the Year;" this schedule
also reflects the liquidation of paper secured by war obligations.
(a) Rediscounts—Commercial Paper
The rediscounts of commercial paper for the year, while not as heavy
as that secured by war obligations, has been very active, particularly dur


ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

11

ing September, October and November. During the month of December
there was a very decided liquidation in this class of paper, the total
amount in November being $34,000,000, and for December only $9,000,000.
(b) Rediscounts—Liberty Loan
As outlined in the exhibits above referred to, the discount holdings
of this bank have been largely secured by Liberty bonds and Treasury
certificates. This, however, does not indicate that the proceeds of the
notes discounted were used entirely for Govrnment financing. For a
greater part of the year there has been a preferential rate of one-half to
three-fourth per cent on notes secured by Government obligations, and it
is, therefore, obvious that member banks when in need of funds to care
for the commercial or agricultural requirements of their community, rediscounted paper secured by war obligations instead of commercial paper on account of the differential rate.
TRADE ACCEPTANCES

Trade acceptances are now being generally used throughout the District and their use is becoming broader as the business interests recognize
and appreciate the advantage of securing acceptances in settlement of
shipments, instead of opening book accounts and giving future dating.
In order to encourage the use of trade acceptances in this District, they
have enjoyed, when offered to this bank for discount, a rate of one-fourth
of one per cent less than the prevailing rate on commercial paper.
ACCEPTANCES

(a) Growth of Open Market for Acceptances
The development of an open market for bankers' acceptances in this
District has not progressed to any great extent, the only market for bankers' bills being the Federal Reserve Bank of Atlanta. Banks that extend
acceptance credit also obligate themselves to sell the bills for the account of the drawer. It has been difficult to educate them to the idea
of loaning their credit in accepting drafts, charging the customary fee
and requiring the drawer to sell the bill in the open market.
(6) Policy Regarding Acceptance Purchases
The policy of this bank now is to purchase bankers' bills from the
accepting bank, and on account of this policy it is required that banks
offering their own acceptances for purchase, must attach the documents
when the amount of such bills of one drawer is in excess of ten per cent
of the capital and surplus of the offering bank. However, to discourage



12

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

member banks from offering their own acceptances to this bank for purchase, a differential is made in the rate of acceptances of this kind, that
is, acceptances purchased from the accepting bank are discounted at a
rate higher than if they were offered and endorsed by a bank other than
the accepting bank. It is hoped that the difference in rate will encourage the drawer in seeking an open market for bankers' bills and thus create and establish a real open market for bankers' bills in this District.
RESERVE POSITION

Due to discount accommodation required by member banks, because
of the large amount of government securities being carried, as well as the
large volume of cotton and other products awaiting ship bottoms for export, it was necessary during the first five weeks of 1919 that our reserve position be maintained through the rediscount of bills with other
Federal Reserve Banks. Shipping then having become, available, commodities began their movement to foreign ports, with accompanying
liquidation of loans and increase in the deposits of member banks, which
in turn enabled us to liquidate our rediscounts, and to maintain our reserve position without assistance.
From the early part of February until the latter part of August, our
reserve position remained steady, fluctuating between 42 per cent and
49 per cent, after which time the discount demands of our member banks
to replenish reserves depleted by withdrawals of deposits and the additional loan accommodation necessary to aid in the movement of the new
crops, we were again compelled to rediscount with other Federal Reserve Banks to maintain our reserve position.
Toward the middle of October, a sufficient volume of the crops having been marketed, a period of liquidation set in which enabled us to
discharge our liability on account of rediscounts and materially improve
our reserve position. Subsequent liquidation so strengthened our position that during the last two months of the year we were amply able to
care for the abnormal demands of our member banks located in port
cities, whose reserves were temporarily frozen by reason of loans that
were necessary in order to carry cotton which was being received at the
ports, but could not be put in the process of shipment because of labor
disturbances.
The close of the year found our reserve position strong, enabling us
to comfortably care for the essential needs of our own member banks,
as well as to give aid to other sections of the country, if necessary.



ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

13

MOVEMENT OF MEMBERSHIP

(a) National Banks
On December 31st, 1918, the National bank membership was 372.
During the year thirteen new National banks were added to the membership and twenty-two National banks withdrew by liquidation, resulting in a net loss of National bank membership of nine. Of the thirteen National bank additions, eight were new banks and five were State
banks converted into National banks. The decrease of twenty-two National bank members was as follows: One liquidation, one absorbed
by a National bank, eight absorbed by State banks and twelve succeeded
by State banks.
(b) State Banks
On December 31st, 1918, there were reported fifty-four State banks
and Trust company members. During the year Nineteen Hundred Nineteen there have been sixteen additions to membership, and six withdrawals,
or a net increase of ten State bank and Trust company members for the
year. Fifteen of the State bank admissions were new members and one
was the result of two State bank members consolidating. Besides these
two banks reported as a consolidation, one was absorbed by a National
bank and three withdrew from membership. Practically all of the largest State banks and Trust companies in the District are now members,
there being only one bank in the District with a capital and surplus of
$1,000,000.00 or more that is not a member. There seems to be an increasing disposition on the part of other banks to apply, and it is expected
that the membership will be considerably increased during the ensuing
year. There were no failures among the membership of the Federal Reserve Bank of Atlanta during Nineteen Hundred Nineteen.
RELATIONS WITH NATIONAL BANK MEMBERS

(a) Discount Operations
Naturally, the largest part of rediscount transactions have been for
National bank members and through rediscount privileges the member
banks have been assisted in taking care of the increased volume of business, which almost all of them have had. The relations existing between
this bank and its National bank members through discount operations
are, as a whole, cordial and friendly. The service extended during the
past year is believed to have fully met the rquirements of the members.
(b) Trustee Powers
Fiduciary or additional fiduciary powers authorized under Section 11,
Sub-section (k) of the Federal Reserve Act have been granted to twenty


14

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

two National banks during the year. There is an apparent inclination
on the part of the National banks to broaden their functions, although,
so far, this has not been as marked under the prevailing conditions of the
past year as is anticipated it will be when conditions become more normal. Fiduciary powers have been granted to National banks in the States
of the District and are being more or less exercised as follows:
Alabama
Florida
Georgia
Louisiana
Mississippi
Tennessee

14
7
8
3
4
10

RELATIONS WITH STATE BANKS AND TRUST COMPANIES

(a) Discount Operations
In common with the National bank members, the State bank and
Trust company members have rediscounted throughout the year very
freely, and those State bank members that have exercised their rediscount
and borrowing privileges have realized more fully the advantages of membership and are highest in their praise of the Federal Reserve System.
(6) Examinations
All State banks and Trust companies applying for membership have
been examined, with the exception of newly organized banks which were
admitted upon their organization certificate. The Superintendents of
Banks have all expressed their willingness to co-operate and are allowing
the Federal Reserve Bank's Examiners to participate with their Examiners in the examination of State bank and Trust company members. This
privilege has been exercised in approximately fifty per cent of the State
bank members. The arrangement with the Superintendents of Banks of
the various states by which we are permitted to participate in the examinations enables the Federal Reserve Board and the Federal Reserve Bank
to obtain information not incorporated in the reports of examination used
by the State Authorities. These joint examinations have been conducted
in thorough accord and harmony with the State Examiners and are appreciated by the banks, in that they are not subjected to an additional
and independent examination by the Federal Reserve Bank. The various Superintendents of Banks are also furnishing copies of their independent examinations, one each for the Federal Reserve Board and the
Federal Reserve Bank.



ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

15

MEMBER BANKS' RESERVE ACCOUNTS

The reserve balances of both State and National banks have gradually increased during the year, the gross amount being approximately
$10,000,000.00. The highest figure was reached during the month of
December, with an average of $58,378,256.45. The majority of the accounts have been very active, particularly for wire transfers. There were
7,933 charges, aggregating $421,885,452.19, transferred to member banks
of other districts and 10,936 credits, aggregating $723,252,594.69, for
transfers received for credit of our members. It will be seen that transfers received from other districts greatly exceed the transfers to other
districts and the transferring of funds by wire is meeting with more favor
and the volume is gradually increasing.
FISCAL AGENCY OPERATIONS

(a) Treasury Department
The Fiscal Agency operations of the Federal Reserve Bank of Atlanta, though somewhat reduced in total volume as compared with the
year 1918, due primarily to the partial cessation of government financing by the flotation of bonds, coincident with the demobilization of the
army and navy, and the reduction of the strain on the government's
treasury for funds for war purposes, were, nevertheless, large in total
volume, and show most unmistakably that the banks and the people of
the Sixth Federal Reserve District stood squarely behind the government
in supporting its program for raising funds necessary to meet the obligations incurred in the prosecution of the war.
(1) Sale of Treasury Certificates to Banks in the District
Ten series of Treasury certificates of indebtedness were issued in anticipation of the Victory Liberty Loan, eight series in anticipation of Income and Profit taxes payable in 1919. and four in anticipation
of the same classes of taxes payable in 1920; and, in addition to these
issues of certificates, four other series of loan certificates of indebtedness were issued, all of which were subscribed to very liberally by the
banks, the total of their subscriptions being $328,838,500.
(2) Flotation Victory Loan
While the Victory Liberty Loan lacked the impelling call upon the
patriotism of the people that characterized previous Liberty Loans issued during the period of actual hostilities when our armed forces were
engaged in the terrific struggle with the enemy, this District subscribed
practically its entire quota, the amount of the subscription being $133,080,800.



16

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

(3) Deposits and Withdrawals of Treasury Funds with Banks
The Secretary of the Treasury continued the established practice of
permitting qualified depositary banks to pay for subscriptions for bonds
and certificates of indebtedness by credit in special deposit accounts maintained with the Federal Reserve Bank, the purpose being to provide for
the gradual withdrawal from the banks of the funds paid to them by subsribers for bonds and certificates of indebtedness, and the funds representing payment of their own subscriptions of the same character. This
was accomplished by the balances thus created being withdrawn by order
of the Secretary of the Treasury in relatively small installments at intervals of fifteen to thirty days, until the balances in the special deposit accounts were completely withdrawn. The total amount held by qualified
depositary banks in these special deposit accounts during the year was
$224,879,046.36.
(4) Work in Connection ivith the Sale of War Savings Certificates
The organization and direct charge of all activities for the promotion
of the sale of Treasury savings certificates were, during this year, known
as the War Loan Organization. It previously consisted of six state organizations, but was this year consolidated into a single district organization with headquarters in Atlanta, and was placed under the supervision
of the Governor of the Federal Reserve Bank, with Mr. Silas W. Davis
in direct charge as Government Director.
This, in our opinion, has taken up lost motion, simplified and solidified the organization in a manner conducive to economy and efficiency.
At the beginning of the year there was a tremendous reaction against
the self-denial of the war period, and a spending craze seemed to take
possession of the people. The organization has been fighting this all the
year by propaganda through the press and the schools, and by the organization of some six thousand Savings Societies, with a pledge of savings
amounting to approximately $2,000,000 per annum. About $2,000,000
worth of Treasury savings certificates have been sold in this district,
and the demand is increasing from month to month. The sales for the
district will be approximately $10,000,000 in War Savings and Thrift
Stamps for this year. The sales have been increasing steadily since midsummer, and at this writing it appears that the December sales will be
much larger than those of recent months.
This, and other evidence, indicates that public sentiment is turning
against extravagance, and the spending craze is beginning to subside.
We think this will be still more apparent when people soberly review the
year's work and the year's expense.



ANNUAL REPORT OF T H E FEDERAL RESERVE BANK OF ATLANTA

17

(5) Interchange and Exchange of Government Securities
In connection with the vast operations of the Fiscal Agency, growing
out of the sale and delivery of bonds and certificates of indebtedness, it
is interesting to note the very extensive service rendered to the banks and
other holders of those securities, in effecting the interchange and exchange
of bonds and certificates of indebtedness, and the conversion of bonds.
During the year a total of $32,482,900 of coupon bonds of all issues
were interchanged; that is, at the option and request of the holders they
were given in exchange for bonds of any one issue, other bonds of the
same issue of different denominations. This enabled the holders of those
securities to obtain bonds of larger or smaller denominations than those
initially delivered to them, without any expense to such holders. A total
of $7,459,950 of bonds were converted during the year, in accordance
with the provisions of law relating to conversion, and a total of $7,527,150
of bonds were exchanged, coupon bonds for registered bonds, and registered bonds for coupon bonds, at the option, and in accordance with the
wishes, of the holders of those securities.
(6) War Finance Corporation
Acting as fiscal agent for the War Finance Corporation in this district, this bank sold $1,801,000 of One-Year 5% Gold Bonds, issued by
that Corporation on April 1, 1919; and during the course of the year consummated other transactions for account of the Corporation amounting
to $34,759,289.86.
(c) Capital Issues Committee
At the request of the Capital Issues Committee at Washington, the
District Capital Issues Committee suspended supervision of the issue and
sale of stocks and bonds at the close of business last year and no jurisdiction was exercised over the issue and sale of stocks and bonds during the
year 1919.
NOTE ISSUES

(a) Federal Reserve Notes
During the year there has been comparatively a small amount of Federal Reserve Notes issued in exchange for gold and gold certificates, the
banks and public having patriotically responded to previous appeals for
the exchange of Federal Reserve Notes for gold or gold certificates; there
is probably some gold still in the hands of the banks and the public
throughout the District, yet it is not believed that there is any great volume. The average circulation of Federal Reserve Notes during the year
has been greatly in excess of any previous year, which is due to the busi


18

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

ness expansion, high prices, high wages, and larger amounts of till and
pocket money. The redemption of unfit Federal Reserve Notes has been
heavy throughout the year, as well as a large volume of fit money in the
early months; however, with the issuance to the Treasurer of the United
States of upwards of $50,000,000, there was comparatively little fluctuation in the bank's outstanding circulation. The demands for the crop
movement from September 15th to December 25th resulted in an increase of outstanding Federal Reserve Notes of a little more than $40,000,000. The amount of fit money returned to the Federal Reserve
Agent by the bank for the year was $82,038,000, as compared with $60,016,080 from organization up to the close of business December 31, 1918,
or 136 per cent. There was issued to the bank $183,598,000 for 1919
as against $211,334,180 from November 16, 1914, to December 31, 1918,
or 86.8 per cent. The redemption of unfit money increased more than
any other item. The amount redeemed was $65,072,465 for 1919 as compared with $27,904,715 from organization to December 31, 1918, or 233.4
per cent.
(b) Federal Reserve Bank Notes
Section 4 of the Federal Reserve Act, as approved December 23, 1913,
provides that Federal Reserve Banks may issue bond secured currency in
the same manner as it is issued by National banks, except that they are
not restricted in the issue to the amount of capital stock of the issuing
bank. However, only a small amount of this currency was issued prior
to June 1, 1918. On December 31, 1918, the Federal Reserve Bank of
Atlanta had outstanding, circulating bank notes amounting to $6,085,600.
During the year 1919 Federal Reserve Bank notes of $1 and $2 denominations were freely issued by all Federal Reserve Banks, in order to prevent contraction of currency caused by the redemption of silver certificates. The demand for currency of small denomination in the Sixth Federal Reserve District during the year was very heavy, and the circulation of notes of these denominations increased from $6,085,600, as shown
by the last annual report, to $15,777,600, at the close of business December 31, 1919. In addition to this amount, we were forced, on account of
our excessive demands, to obtain through the Federal Reserve Board notes
of $1 and $2 denominations issued by other Federal Reserve Banks to the
amount of $3,324,000.
Attached hereto you will find a monthly report of all notes issued
and redeemed by the Federal Reserve Bank of Atlanta.
POSITION OF COMMERCIAL BANKS AS RESULT OF WAR FINANCING

(a) Increase of Their Obligations
In view of the fact that the commercial banks were called upon to



ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

19

make up the full quota of the district in the sale of Liberty Bonds, Victory Notes and U. S. Treasury Certificates of Indebtedness, this naturally
encroached upon their resources for the handling of their commercial
business, which within itself had increased after the armistice as business
began to take on new life. It was, therefore, necessary in many instances
for the commercial banks to use the bonds, notes and certificates issued
by the government and purchased by the banks to build up their available resources for the handling of their commercial business. This
brought about the unavoidable result of the banks showing in their statements of condition more rediscounts and bills payable than would have
otherwise existed. The taking care of these conditions very naturally
brought about an expansion of credits. This situation was relieved by the
sale of cotton and its by-products at increased prices, the higher prices being the result of decreased production caused by unfavorable weather, the
boll weevil and labor conditions. The deposits in the commercial banks
have very materially increased during the year, and in our opinion the
banks in this district are in a very strong financial position.
(6) Effect on Commercial Paper of District
We do not believe that the increased discount of commercial paper
has shown any marked effect on conditions. The agricultural products
have brought good prices, the commercial business of the district has been
in good shape, and those engaged in farming have been enabled to liquidate their obligations, thus relieving the banks, the funds arising from
this source being used in the commercial and industrial activities of the
district. The sale of commercial paper in the district by leading brokerage houses has materially increased, and while we have no definite figures, we are of the opinion that there is a greater amount of commercial
paper being sold in this district arising out of financing of large corporations throughout the United States, and as this paper matures, the conditions of the district will remain strong and in satisfactory shape for
the future.
(c) Relation to, and Effect on, General Business
As a whole, we believe the general business conditions are going to
be materially strengthened by the purchase of commercial paper during
the months when the funds could not be profitably used in the district,
as these maturities will come at a season of the year when financing would
be needed. This, in our opinion, places the banks in a very strong and
satisfactory position for the immediate future.
POLICY TO BE PURSUED IN RESTORING THE LIQUIDITY OF BANKS

(a) Probable Time in Which They Can Clear Up Their "War Paper"
A great number of the member banks in our district are carrying large



20

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

amounts of war paper for their customers, and it is not very likely that
this class of paper will be totally cleared up for several years, unless
there is a reaction in business and other investments—in which event I
should say that the general investing public will begin to look out for
"safety first," and cease purchasing stocks and investments on which they
are led to believe they will reap rich rewards. When "settling up" time
comes, investors will turn to government securities, and those who are
now borrowing from their banks on Liberty bonds will very likely be
able to dispose of a large amount of these bonds to the general investors.
(6) Policy of Federal Reserve Bank Toward Them Meanwhile
It would seem to be a wise policy for the Federal Reserve Banks to
continue to raise their discount rates, in order to force to some extent those
who are borrowing from member banks on government securities to curtail their borrowings and economize sufficiently to pay off their obligations.
OPERATION OF FEDERAL RESERVE BANK BRANCHES

In addition to the branches already in operation at New Orleans, Birmingham and Jacksonville, an agency was established at Savannah, Georgia, on February 5, 1919, and a branch was established at Nashville, Tennessee, on October 21, 1919.
(a) Savannah Agency
Mr. R. J. Taylor, formerly connected with banks in Savannah and
afterwards cashier of a bank at Guyton, Georgia, was appointed manager
of the Savannah Agency, and Mr. R. N. Groover, formerly connected with
banks in Savannah, was appointed assistant manager. The functions of
this agency are limited to the furnishing of currency to Savannah member banks, receipt of currency on deposit from Savannah member banks,
and the holding of collateral pledged as security to bills offered to and
under rediscount with the parent bank. A large percentage of the cotton, and other products, grown in this district, pass through the port of
Savannah, and in order to facilitate their handling, large sums of currency and frequent discount accommodations are needed by Savannah
member banks. It was, therefore, deemed advisable to establish an
agency there, so that the currency requirements of the member banks in
Savannah could be taken care of promptly.
(6) Nashville Branch
Mr. Bradley Currey, who, prior to his entrance in the United States
Army, was an officer of the Fourth and First National Bank of Nashville,
was elected manager of the Nashville Branch, and Mr. W. T. Tyler, for


ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

21

merly connected with Nashville banks, was elected Assistant Federal Reserve Agent. The Board of Directors is composed of the following:
Messrs. W. H. Hartford, Chairman; Paul M. Davis, Jas. E. Caldwell and
E. A. Lindsey, all of Nashville, and T. A. Embry, of Winchester, Term.
There are twenty-three employees in addition to the officers. The territory assigned to this branch is that part of the State of Tennessee which
is located in the Sixth Federal Reserve District, with the exception of the
City of Chattanooga. The plan of operation of this branch is identical
with that existing at Birmingham and Jacksonville Branches; the accounts
of all member banks in its zone being carried on the books of the parent
bank, and all entries relating to transactions consummated, are handled
promptly over private telegraph wires.
MISCELLANEOUS

(a) Internal Organization
At the January meeting, 1919, of the Directors of the Federal Reserve
Bank of Atlanta, it was announced that Mr. M. B. Wellborn had been
redesignated as Chairman of the Board and Federal Reserve Agent for
the year 1919, and that Mr. J. M. Slattery had been reappointed Assistant
Federal Reserve Agent; and at that meeting Mr. Jos. A. McCord was reelected Governor of the Bank, together with the following officers: M.
W. Bell, Cashier; W. B. Roper, J. L. Campbell, W. R. Patterson, R. A.
Sims and Creed Taylor, Assistant Cashiers, and Ward Albertson, General
Auditor.
At the February meeting of the Board of Directors, Mr. Jos. A. McCord resigned his position as Governor of the Bank, and Mr. M. B. Wellborn resigned as Class C Director and Chairman of the Board and Federal Reserve Agent. Mr. McCord was then appointed by the Federal
Reserve Board as Class C Director for the term ending December 31,
1920, and was designated as Chairman of the Board and Federal Reserve
Agent of the Federal Reserve Bank of Atlanta for the year 1919. Mr.
M. B. Wellborn was elected Governor of the Bank, Mr. L. C. Adelson,
Deputy-Governor, Mr. J. M. Slattery, Secretary, and Mr. H. F. Conniff,
Assistant Cashier. Mr. Ward Albertson was appointed Assistant Federal
Reserve Agent, and Mr. Creed Taylor was elected Auditor of the Bank.
At the November, 1919, meeting of the Directors, Mr. Jas. E. Zunts,
of New Orleans, resigned as Class B Director of the Federal Reserve Bank
of Atlanta, and Mr. Leon C. Simon, of New Orleans, was elected to fill
the unexpired term caused by Mr. Zunts' resignation, said term expiring
December 31, 1920. Mr. W. H. Hartford, of Nashville, Tenn., was reelected a Class B Director for the three-year term ending December 31,



22

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

1922, and Mr. F. W. Foote, of Hattiesburg, Miss., Class A Director, having
declined to stand for re-election, Mr. Oscar Newton, of Jackson, Miss., was
elected for the three-year term ending December 31, 1922. Mr. W. H.
Kettig, of Birmingham, Ala., was reappointed by the Federal Reserve
Board as Class C Director for the three-year term ending December 31,
1922.
At the meeting of the Board of Directors, January 10, 1919, on petition of the banks in the City of Savannah, Georgia, and upon approval
of the Federal Reserve Board, the Directors voted to establish an Agency
at Savannah, largely to meet the needs of that cotton port.
On petition of the banks in Tennessee, especially in the City of Nashville, the Board of Directors, at their meeting on August 8, 1919, voted
to establish a Branch at Nashville, Tennessee, which was approved by the
Federal Reserve Board; and in compliance therewith the Branch was
opened at Nashville on October 21, 1919.
Owing largely to the establishment of the Branch Bank at Nashville,
the number of employees was increased to 386 as compared with 317 in
1918. During the year the bank and branches have strengthened and
improved their internal organization and have reached a much higher degree of efficiency.
(6) Clearings
Comparing these figures with the 1918 Report, we show a gain in the
number of items handled of 91.4 per cent, and in the amount of money
54.2 per cent. The direct-sending member banks have increased their
volume of business to other Federal Reserve Banks and their Branches
75 per cent.
Cost per item for 1919 was .0119, and per thousand dollars .0307,
against .0097 per item and .0228 per thousand dollars for 1918. This
shows an increase in the cost per item over 1918 of .0022, and per thousand dollars of .0079.
There has been a marked improvement in the handling of Transit
Operations during 1919, due to better organization and the adoption of
better methods.
During the year we added to our Par List 106 banks. We now have
in the Sixth District 783 banks remitting at par.
(c) Collections
The number of items handled by the Collection Department has increased to a very considerable extent during the year 1919. We handle
all items forwarded to us as "Collection Items" by other Federal Re


ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

23

serve Banks and their Branches; also from member banks located within
this District. The greater volume of items handled consists of notes,
drafts and bill-of-lading drafts.
During the year 1919 the Collection department handled 21,821 items,
amounting to $52,996,504,47.
(d) Gold Settlement Fund
The year 1919 was the first full year's operation under the daily settlement basis. With the volume of transactions between Federal Reserve
Banks now being handled, and especially with reference to special transfers of funds for member banks, and for the Treasurer of the United
States, and for rediscounts between Federal Reserve Banks, the account
has been very active and it would be well nigh impossible to conduct the
business through the Federal Reserve Banks without this fund. The
handling of this account is greatly facilitated by the private wire system,
connecting all Federal Reserve Banks, their Branches and the Federal
Reserve Board. On April 1, 1919, the New Orleans Branch was permitted to begin settling direct in common with a number of other Branches
-of Federal Reserve Banks.
(e) Foreign Accounts
1 Foreign Government Credits
The account of Foreign Government Credits was opened July 17 under
participation with other Federal Reserve Banks, through the Federal Reserve Bank of New York, and has been maintained with little fluctuation
since that date. The daily average balance of this account has been $2,761,701.19. The maximum balance was when the account was opened
on July 17, of $3,333,408.37. The minimum balance was on October 31,
when it stood at $2,602,586.02. The average difference between the resource item of Gold with Foreign Agencies and the liability item of Foreign Government Credits has been $416,156.07. This resource amount
has been available as part of the Bank's cash reserve.
2 Gold with Foreign Agencies
A balance in this account was continued from 1918, and was closed out
on April 2. It was opened again in September, and maintained throughout the balance of the year. The daily average balance during the period of activity was $2,345,545.12; the minimum balance during the period of activity was from January 1 daily until April 2, when it was
closed. The maximum of $5,270,626.78 was on November 13th. The
amount carried over from last year was dormant until it was closed on
April 2, but since reopening the account in September it has been very
active, increasing and decreasing in varying amounts almost weekly.



24

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

(/) Banking Quarters. New Buildings
The Federal Reserve Bank of Atlanta has under construction in Atlanta additions to the permanent quarters which will nearly treble the
present floor space. The total estimated cost of the new building under
construction amounts to $205,000. These additions will be completed
in May, 1920. The construction follows out the same line of materials
and architecture as the original building, being reinforced concrete, with
granite exterior, fireproof and thoroughly modern in every way.
In June, 1919, the Board of Directors authorized the purchase of the
Commercial National Bank Building, New Orleans, Louisiana, for permanent quarters of the New Orleans Branch. This building is situated in
the block bound by Carondelet, Common, Baronne and Canal Streets.
The price paid for the property was $236,250.00. This property is centrally located and well adapted for the purpose intended, and it is thought
that these quarters will be entirly adequate for the New Orleans Branch
for a number of years. .
(g) Treasurer's General Account
This account has been very active, as will be seen by reference to the
appended detailed schedule. The number and amount of warrants and
coupons redeemed have been large. The monthly average of warrants
redeemed was 104,224 items, amounting to $28,523,435.67, and the
monthly average of coupons redeemed was 274,960 items, amounting to
$1,097,650.33. Since the earlier months of the year there has been a
steady decline in the number and amount of warrants redeemed, except
for the months of September and October, when there was a slight increase in the amount redeemed.
GENERAL BUSINESS AND BANKING CONDITIONS

The month of December brings to a close a year of remarkable commercial activity and expansion in the District. The transition from a
war footing to a peace basis, while it has been marked, has taken place
with comparatively little disturbance. There was some uncertainty in the
early months of the year occasioned by the cancellation of Government
contracts and orders, but the attention of business was at once turned to
the general trade, and for several months now manufacturing plants and
jobbers have experienced difficulty in filling orders as rapidly as received.
A slight decline in prices in the early months of the year almost immediately gave way to a steady and continuous advance, with the result
that prices of practically all staples have for months been higher than.



ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

25

at any time during the war. An investigation during the spring months
developed the fact that sales by retail stores were for cash in a much
larger percentage of instances than heretofor, and that the proportion of
credit sales had decreased relatively.
While peace has not officially been declared, there has been a good foreign demand for our raw and manufactured products, as well as foodstuffs, until more recently when the decline in foreign exchange has had
the effect of somewhat curtailing this demand. Nevertheless, it has had
the effect of reducing our supplies and correspondingly increased prices
with the result that very few articles have escaped the general rise in
prices.
The price of cotton, the principal staple product of the District, has
increased during the year from around twenty-seven or twenty-eight cents
to around forty cents. A large proportion of the crop was held for
thirty-five cents, and much cotton was held by the producer until the price
reached forty cents. Diversification in farming has continued to an encouraging extent, and a large increase is shown in the production of live
stock in all the states comprising the district. A larger proportion of
farmers are raising blooded cattle, hogs and sheep, and the average character of the stock shows a steady improvement in quality.
The larger towns and cities of the District have experienced a serious shortage of houses, both for renting purposes and for sale to homeseekers, throughout the year. This has been relieved, to some extent,
by extensive building operations exceeding those of any previous year.
The lumber market has consequently been very active throughout the year,
and prices have steadily advanced, production being reported as below
normal. The year closes with the greatest demand for lumber and the
highest prices ever known, and the outlook is for still higher prices next
year.
All lines of business have had to cope with the problem of shortage
and inefficiency of labor. Upon the cancellation by the Government of
its war orders, a few manufacturing plants closed for a short time only,
others operated on a part time basis, pending resumption of business with
the general trade. With this exception, however, there has been little
or no unemployment, and a shortage has existed in practically all lines
during the year. The shortage of farm labor has been a serious handicap, especially during the harvesting season, when, in some cases, fields
of cotton and other crops were abandoned because of lack of farm help.
The steel and coal strikes, while serious in their effect, have not affected the District greatly from a standpoint of production, for the reason that in Alabama steel plants and coal mines there is a larger per


26

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

centage of non-union workers than union men. The production of pig
iron has increased, and all industrial plants are operating to full capacity.
Bank clearings at the principal cities of the District have consistently
shown increases from month to month over those for the same periods
of 1918, and collection conditions have been reported as good throughout the year.
It is undoubtedly true that the average individual has had more money
this year than ever before, and while savings deposits have increased, the
"individual has spent money unrestrainedly, and for more expensive things,
than ever before. The business in automobiles, jewelry, fine furs, and
expensive clothing exceeds that of any previous year.
MONEY MARKET

There has been a continuous and strong demand for money, both for
investment and regular pursuits, with a slight easing off the latter part
of the year. In some instances those banks in the District which have
had a surplus of funds have kept them employed by the purchase of openmarket paper. There has apparently been no tendency to increase rates
of discount throughout the District, but, if anything, there is more of a
disposition to reduce rates. As a whole, however, throughout the year
they have remained practically normal.




•

:

!




28

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA
COMPARATIVE BALANCE SHEET.

SCHEDULE NO. 1

FEDERAL RESERVE BANK OF ATLANTA
INCLUDING BRANCHES.
Close of business Dec. 31. 1919 and Dec. 31, 1918.
RESOURCES

RESERVES
Gold Redemption Fund - F R Notes
Gold Certificates (inc C H Certs.)
Gold with Foreign Agencies
Total Gold Reserves
I ecal tender notes
Silver Certificates
Silver Coin
Total Cash Reserves
Nicke's and Cents
5% Fund against F R Notes
Overdrafts
Total . .

DEDUCTIONS FROM GROSS DEPOSITS:
National Bank Notes
Bank Notes-Other F R Banks
F R Notes
"
"
Unassorted Currency _
Transit Items.
..
Checks and Other Cash Items
Exchanges for Clearing House.
Other Items.
Branches
._ _.

Municipal Warrants.

$ 7,940,425.13
63,503,220.00
19,333,518.51
1,930,767.62
0,482,040.00
4,727,527.61
$103,917,498.87

$ 6,957,760.00

S

163,325.00
117,580.00
709,806.30
?104.908,210.17

$

$

$

1,336 40
310,690.00

$

312,026.40

$

MISCELLANEOUS ASSETS:
War Finance Corporation..
Deferred Charges.
Bank Premises..

.




165,009.00
55.544.00
16,690.50
% 63.838,626.60

$ 4,119,829.00

367,700.00
449,700.00
1,278,455.00
7,181,806.00
36,319,680.10
67,064.23
2,602,513.91

16,399,909.62
122,324.66
2,876,114.04
9,981,436.18
2,518,975.61
$ 36,018,589.11
$ 47,626,800.00

$ 61,832,680.00
4,558,955.09
635,000.00
26,025,232*73
16,639,000.16
3,900.00
261,600.00
113,700.00
15,664,000.00
1,000.00
846.00

36,408,710.93
11.514,685.61
261,600.00
292,150.00
5,964,000.00
102,000.00
13,000.00
$103,182,946.54
228.225.46
830.70
229,056.16
24,961.80

204,094.36

$125,607,457.73

$102,978,852.18

$

121,786.25
47
9,269.68
463,301.88

*

594,358.28

$

$
TOTAL RESOURCES

6,302,193.45
1,900,488.42
6,086,890.00
174,866.23
$ 63,601,383.10

6,170.35
878,550.00
10,049.31
894,769.66

$125,735,913.98
Par value of Earning Assets. .
DEDUCT:
$
...$259,673.32
Unearned Discount
Dep. Reserve U S Bonds
4,686.85
$
Total
. $264,360.17
128,456.25
Less: Int. accrued on U S Securities. . . . . . 135,903.92 $
Liquid Value Earning Assets

42,W»,I8O.IA»

$ 48,266,919.24

Total Deductions

U S Bonds t»o secure circulation. _
Other U S Bonds..
..
Certs, of Ind. to secure circulation
Other U S Certs, of Ind.

Dec. 31, 1918

$

„

EARNING ASSETS
Member Banks' Coll. Notes-Gov't Sec'd
AllOther
"
"
Member Banks' Coll. Notes-Otherwise Sec'd
AllOther.
"
"
Bills Purchased

Dec. 31, 1919

$280,271,715.08

456,208.21
2,957.31
217,000.00
676.165.52

$203,824,259.81

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

29

SCHEDULE NO. 1—CONT'D. COMPARATIVE BALANCE SHEET.
FEDERAL RESERVE BANK OF ATLANTA
INCLUDING BRANCHES
Close of business Dec. 31, 1919 and Dec. 31, 1918.
LIABILITIES
Dec 31, 1918

Dec. 31, 1919
FEDERAL RESERVE NOTES OUTSTANDING
Less: Held by Bank and Branches
Forwarded for Redemption

$ 4,108.635
488.250

$160,107,820.00
4,596,885.00

$

$155,510,935.00

In actual circulation

FEDERAL RESERVE BANK NOTES
SECURED BY GOVT OBLIGATIONS $ 15,777,600.00
OUTSTANDING
216,300.00
Less: Held by Bank and Branches
216.300
$ 15,561,300.00
In circulation - Net Liability
.
DEPOSITS:
U. S. Treasurer's - Gen'l Account
Members - Reserve Account
Foreign Gov't Credits. . .
Non-Members Clearing Account
Cashier's Checks
Deferred Availability Items Gold Settlement Fund - Suspense
Gov't Transit Items
All other "
"

$

2,706,991.38
58,388,305.76
2,602,586.02
12,498.22
163,501.14

$120,672,430.00

$
269.000

$
$

6,085,600.00
269,000.00
5,816,600.00
2,839,711.85
46,222,851.15
40,931.30
173,956.21

5,862,338.16
998,183.13
30,270,446.54

16,335,014.92

. $101,004,850.35

$ 72,585,923.58

-

Gross Deposits
MISCELLANEOUS LIABILITIES:
Reserved for Taxes
Reserved for Expense
Difference Account

$123,620,285.00
2,786.200
161.655 $ 2,947,855.00

25,583.24
45,846.49

$

47,572.19
384.04

71,429.73

S

47,956.23

S

3,425,650.00
2,550.00

$

3,191,350.00

$

3,428,200.00

$

3,191,350.00

Surplus Fund

$

4,695,000.00

$

1.510,000.00

TOTAL LIABILITIES

$280,271,715.08

.

$

6,973,458.15

CAPITAL, SURPLUS AND NET EARNINGS
Paid in by applicants for Membership
Total Capital




$203,824,259.81

30

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE NO. 2. COMPARATIVE STATEMENT OF EARNINGS AND EXPENSES.
FEDERAL RESERVE BANK OF ATLANTA
INCLUDING BRANCHES.
Dec. 31, 1919 and Dec. 31, 1918.
Dec. 31, 1919

EARNINGS.
Bills discounted & Bought
Bills discounted - Members & F. R. Banks....
Bills bought

;$ 3,735,032.95 $ 1.758.074.691
i
367,337.75
302.231.06

Investments
U. S. Securities
Municipal Warrants. ..
Transfers - Net earnings
Bill Lading Drafts
Deficient Reserve Penalties!...
Profits on U S Securities
Net Service Charges Received.
Sundry Profits

228,958.61
85,27
8,356.00
68,312.83
5.06
7,912.80

Total Earnings

-!$

TotalExpense of Operation
Cost of Fed. Res. Currency
Misc. charges note issues
Taxes F. R. Bank Note Circulation
Cost Currency shipments
F u r n i t u r e * Equipment
Bank Premises
Total Current Expense
Net Earnings
Totals




'

--

. _ .
. . . .

Dec. 31, 1918

22,391.31
469.57
575.23
132.94
116,951.58
289,854.40
10,036.83
12,933.96
3,013.00
4,085.00
3,024.91
9,113.22
4,494.40
14,017.81
8,268.10
2,988.35
24,325.50
49,906.31
8,831.08
8,881.19
3,889.11
46,294.43
2,619.32
44,003.23

15,368.71
454.7X
70.36
142.3O
70,643.45
124,938.35
5,280.40
3,059.67
2,295.00
2,548.40
2,688.70
3,006.84
3,494.87
18,722.10
3.275.9O
765.82
5,030.41
28,997.62
5,140.14
2,041.04
762.35
23,781.58
132.43
53,332.90

$ 691,100.78
148,734.44
,
11,535.89
41,561.31
j
31,981.91
46,844.39
457.93

$ 375,974.07
149,390.49
9,313.22

972,216.65
3,443,784.62
$4,416,001.27

640,270.58
1,652,787.98
$2,293 058.56

$
. . .

114,451.31
2,889.31
33,756.92
3,654.65
35,240.00
11,139.06
21,752.62
9,868.94

4,416,001.27 $ 2,293,058.56

Dec. 31, 1919

CURRENT EXPENSES
Assessments - Expenses F. R. Board
Federal Advisory Council
Governors' Conferences
. . .
.
F. R. Agents'
"
. '.
Salaries- Bank officers
Clerical StaffSpecial officers <fe Watchmen.
All other
Directors' fees
Per diem Allowance
Traveling Expenses
Officers <fc Clerks
"
"
Legal fees
.
. .
. . .
Rent
Taxes & Fire insurance
Telephone
Telegraph
~
__„__•„.
Postage
Expressage
Insurance & Prems. Fidelity Bonds
Z_Z_Z_Z_
Light, heat & power
Printing & stationery
Repairs & alterations
All other Expenses

Dec. 31, 191&

4,6615.11
88,13"0.35
12,797.34

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

31

.SCHEDULE NO. 3. PROFITS AND LOSS ACCOUNT FOR CALENDAR YEAR 1919.
SHOWING AMOUNT CARRIED TO SURPLUS FUND.
'Earnings from:

Earnings from:

'Other credits from:

Bills discounted
Bills bought
U. S. Securities
Municipal warrants

.

Penalties on deficient reserves.
Miscellaneous profits -

$3,735,032.95 '
i 367,337.75
| 228,958.61
j
85.27 $4,331,414.58
S
$

68,312.83
16,989.24

Extraordinary items, excess
Depreciation allowances, etc...

9,676.65
$4,426,393.30

Total credits.
Dividends paid
Interest paid on stock surrendered..
'Current expenses
Depreciation on Bank premises 10%.
Assessment F. R. Board expense Jan. 1 to June 30, 1920.
Carried to surplus fund




85,302.07

$ 192,361.56
5,035.48
1
j
!

197,397.04
972,216.6.5
51,477.99
20.301.62
. i 3,1S5,000.00

Total deb-ts

$4,426,393.30

32

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

FEDERAL RESERVE BANK Or ATLANTA
MOVEMENT
OEEARNINGASSETS
DURING CALENDAR YEAR 1919.

I

26

0
U/YITEDSTATES

SECURITIES.

•

25

0
25

26

0

ACCEPTANCES BOUGHT.

if
SO
60
10
20
0

PERCEHTA6EOF WAR PAPER TO TOTALDISCOUNTS.

125

I2S

TOTAL BILLS DISCOUNTED, 'D;

AlfPfVARPAPER/fY:

SO
25
OTAL EARniNO

ASSETS.

JAli\FEB\MCH\APFl\MAr\JUntyULr\AUG\SEPf\OCT.\flQV\



ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA
SCHEDULE NO. 4;
MOVEMENT OF PRINCIPAL EARNING ASSETS OF THE FEDERAL
RESERVE BANK OF ATLANTA DURING THE CALENDAR YEAR 1919.
'In thousands of dollars.)
DiscountedPaper secured by
United
States wal
obligations
52,147
45,752
42,016
50,461
48,368
51,503
58,542
60,197
62,808
64,722
64,905
65,423
65,256
66,836
67,952
68,975
70,682
72,772
72,241
74,017
70,909
72,198
64,647
73,122
72,405
71,819
68,194
67,990
69,080
78,916
75,778
79,530
72,794
78,167
82,465
77,635
75,946
74,872
71,308
73,667
72,184
71,530
71,174
70,135
69,548
68,166
68,895
65,630
65.497
63,879
61,843
61,379

29,880
30,731
28 865
27,567
22,838
19,430
17,929
15,008
12,752
11,905
12,318
12,621
14,017
13,516
12,805
10,976
11,474
11,436
11,681
11,636
13,479
13,011
13,174
13,125
15,296
16,771
14,165
13,547
11,907
12,579
12,441
11,648
14,641
13,374
14,892
15,766
20,208
24,513
26,928
31,110
31,792
35,923
33,988
37,051
36,370
37,691
38,172
36,541
35,208
32.39IJ
31,173
28,843




Total
earning
Assets

Total
bills discounted
and
bought

Other
discounted
Paper
S2,02
76,483
0,881
78,028
1,206
70,933
76,471
75,205
75,560
76,627
77,223
78,044
79,273
80,352
80,757
79,951
82,156
84,208
83,922
85,653
84,383
85,209
77,821
86.247
87,701
88,590
82,359
81,537
80,98
91,495
88,219
91,178
87,435
91,541
97,357
93,401
96,154
99,385
1)8,236
104,777
103,97(1
107,453
105,162
107,186
105,918
105,857
107,067
102,171
100,705
96,269
93,016
90,222

11,860
03.6
59..s i 11,920
11,329
59.3
11,106
(14.
10,37
67.8
0,619
2.6
8,550
6.6
7,980
80.0
7,603
83. l
7,504
84.5
,398
84.0
7,223
83.8
6,527
82.3
6,166
83.2
5,741
84.1
5,577
86.3
5,713
86.0
6,031
86.4
6,104
86.1
5,641
Mi.4
5,151
5.2S3
84.0
5,382
84.
6,345
83.1
7,05!)
8-1.8
7,173
82.6
6,589
81.1
6,726
si'.s
ti,sS5
83.4
6,992
8.3.3
0,508
,S6.3
6,035
85.9
5,432
87.3
4,861
83.3
4,165
85.4
3,923
84.7
3,904
B3J
3,730
0.0
5.100
75.3
5,982
2.6
6,934
Hl.3
8,564
69.4
65.4
65.7
64.4
64.3
64.2
66.0
66.4
66.5
6s.ll

10,282
12,209
12,871
12,520
12,428
11,912
11,841)
12,18"
17,128
16.231

93.887
88,403
82,210
89,134
81.583
80,552
85,021
83,185
83,163
84,131
84,621
85,267
85,800
86,518
86,498
87,869
90.242
90,026
91,294
89,539
90,492
83,203
92,592
94,760
95,763
88,948
88,2113
S7..S72
98,487
94,787
97,213
92,86
96,402
101,522
97,324
100,058
103,121
103,336
110,759
110,900
116,017
115,444
119,395
118,789
118,377
119,495
114,083
i 112,554
108,456
110,144
106,453

6,622
7,122
7,067
7,062
7,054
7,496
7,346
7,346
7,846
7,846
8,346
8,856
8,855
8,854
8,851
8,851
9,351
9,351
9,401
10,018
9,893
9,968
10,932
10,982
10,982
10,982
10,958
10,958
10,861
10,861
10,861
11,361
11,861
12,360
12,860
13,360
13,345
13,844
13,845
13,844
14,844
14,844
14,944
15,544
16,044
16,045
16,044
16,045
16,044
16,045
16.045

100,509
95,525
89,277
96,196
88,637
88,048
92,367
90,531
91,009
91,977
92,967
94,123
94,655
95,3*72
95,349
94,379
97,220
99,593
99,427
101,312
99,432
100,460
94,135
103,574
105,742
106,745
99,906
99,221
98,733
109,348
105,648
108,574
104,728
108,762
114,382
110,684
113,403
116,96.
117,181
124,603
124,744
130,861
130,288
134,339
134,333
134,421
135,540
130,127
128,599
124,500
126,189
122.498

SCHEDULE NO. 5:

TOTAL INVESTMENT OPERATIONS AND NUMBER OF BANKS ACCOMMODATED - 1919 - COMBINED.
1

2

SEC. BY GOV'T.-WAR
OBLIGATIONS
MONTH

January
February

Member Banks
Coll. Notes

AH Other

$ 135,331,080.00 $ 5,488,110.00 $

3

4

OTHERWISE SECURED
AND UNSECURED
Member
Banks1 Coll.
All Other
Notes

5

SUB-TOTAL

BILLS
BOUGHT

GRAND
TOTAL

!

ill

!>Jo. items Bills Bought
handled from other

MS «V
173,923,730 425

245

4,390

1,817,889.00

110,534,370 427

236

2,783

144,222,477.00

3,171,230.00

147,393,707 424

214

3,282

151,937,970.00

3,064,032.00

155,002,011 425

223

3,251

165,527,564.00

2,788,678.00

108,310,242 420

262

4,011

161,886330.00

5.020,103.00

107,505,093 425

265

4,277

0,915,281.00

178,1S4,975.00

4,802,004.00

182,987,030 428

233

3,410

9,832,528.00

181,645,013.00

2,286,371.00

183,931,984 427

241

4,459

762,800.00 $ 28,252,034.00 $ 109,S35,23G.OO $ 4,088,404.00

99,313.000.00

1,138,803.00

05,000.00

8,199,084.00

108,710,487.00

March

130,075,650.00

920,623.00

32,000.00

12,294,204.00

April

137,352,350.00

3,314,016.00

00,000.00

11,211,013.00

May....

151,400,675.00

2,176,444.00

742,030.00

11,308,406.00

June

143,179.059.00

2,03P,732.00

1,321,613.00

15,448,820.00

July

103,735,433.00

2,905,538.00

1,628,723.00

August

16S.999.124.00

2,177,602.00

630,359.00

September..

182,040,760.00

3,137,658.00

2,738,500.00

24,871,808.00

212,788,726.00

3,950,570.00

210,739,296 429

255

5,650

October

160,082,789.00

3,639,097.00

1,144,270.00

40,983,866.00

205,850,022.00

9,686,840.00

215,536,862 429

247

4,953

November..

135,408,300.00

3,043,184.00

1,410,000.00

31,171,552.00

174.033,036,00

4,365,746.00

178,398,782 j 427

185

3,589

December . .

128,959,975.00

2,899.987.00

2,775,000.00

16,513,075.0U

151,148,637.00

6,019,116.00

157,167,753 427

173

2,916

TOTAL.. $1,736,780,001.00




$32,878,400.00 $13,216,304.00

$22>,902,877.00 $2,005,777,582.00 $51,601,193.00 $2,057,438,775

3471

•Representing total number of banks accommodated during entire year (no bank being counted more than once.)

5,064,648.01

46,971 $5,064,048.01

SCHEDULE NO. 6:
AVERAGE DAILY HOLDINGS OF THE SEVERAL CLASSES OF EARNING ASSETS FOR EACH MONTH - 1919 - COMBINED.
1

2

3

Sec'd by Gov't War Obligations:
Member Hanks
Coll. Notes.
All Other

Month

4

Otherwise Sec'd and Unsecured
Member Banks
Coll. Notes.
All Other

5
Bills Purchased in
open Market.

S 41,228,614.28 $ 6,789,916.60 $ 1,065,782.37 $ 27,901,412.97 $11,402,917.01 $
17,425,652.86 8,803,908.51
50,397,490.56 6,077,033.64
113,303.57

January
February

6

U. S. Bonds.

540,870.97
447,804.40

7
U. S. Certs, of
Indebtedness.

8

Municipal
Warrants

Total Earning Assets.

$0,447,451.01 $ 8,483.87 $
6,996,107.14

4,000.00

95,385,449.74
90,325,300.74

March..

59,531,903.23

5,122,859.02

13,258.07

12,684,099.03

7,279,145.45

377,696.77

April..

64.370,743.33

3,995,530.33

100,857.79

12,297,824.89

5,770,024.53

377,190.60

May..

68,122,612.90

3,997,524.32

290,130.21

11,805,272.87

5,028,806.39

381,704.51

9,300,290.32

99,526,401.52

June.

65,980,599.65

4,344,102.87

015,773.07

13,617,132.89

0,379,012.22

383,220.00

10,432,000.00

101,751,840.70

Julv

65,545,569.78

4,540,119.85

818,013.08

12,409,898.03

0,747,947.04

382,009.35

10,520,838.71

100,971,056.44

August

73,973,271.79

3,504,049.80

431,029.90

12,245,977.21

5,400,995.21

381,738.33

11,412,333.34

107,415,995.58

September

69,549,459.92

4,538,404.56

734,513.50

20,483,910.00

4,255,822.40

380,041.93

13,078,193.55

113,020,945.92

October

66,618,238.22

5,150,300.07

1,103,130.40

32,247,984.34

8,358,331.50

380,140.32

13,960,774.20

127,824,971.11

November

64,274,093.84

4,775,000.89

707,020.69

30,151,048.28 12,333,098.40

379,732.70

15,402,482.70

134,025,477.62

December

58,344,485.32

4,703,902.20

042,812.50

31,N27,01K.23 13,751,015.14

379,550.00

15,005,317.25

125,374,700.70

.




7,985,290.32
8,557,333.34

3,838.71

92,998,690.00

700.00

95,476,210.87

CS
d

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1
;

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

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May

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

FEDERALRESERVEBANKOFATLANTA
NET DEPOSIT LIABILITY.
F.R. NOTE CIRCULATION,
C4SMRESERVES. AMP RESERVE RAT/0J9I9

I
70
60
SO
4O
30
2O
10
0

70
60
SO
40
30
20
10
0

RESERVE RATIO, (PERCEr<TA6E0FC+L).

P5
SO
25
0

lipi
DEPOSIT LIABILITY.

75
50
25
0

DEPOSITANDERNOTELIABILITIES/I;, AND TOTAL RESERVES;'C:
JAN)FEB\MCH\APR^MAr\JUnE\JUlJr\AU6\SEPT\OCT:,liOVDEC




37

38

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE NO. 8,
MOVEMENT OF GOLD AND CASH RESERVES, F. R. NOTE AND NET
DEPOSIT LIABILITIES, AND THE RESERVE PERCENTAGE OF THE
F. R. BANK OF ATLANTA DURING THE CALENDAR YEAR 1919.
(In thousands of dollars i. e. 000 omitted.)

Jan.

Feb.
Mar.
Apr.
May

June
July
Aug.

Sept.
Oct.

Nov.
Dec.

3
10
17
24
31
7
14
20
28
7
1421
28
4
11
18
25
2
9
16
23
29
6
13
20
27
3
11
18
25
1
8
15
22
29
5
12
19
26
3
10
17
24
31
7
14
21
28
5
12
1926

Gold
Reserves

Cash
Reserves

F. R.
Notes in
actual
circulation

62,529
64,924
64,230
67,954
65,313
67,525
69,997
74,010
72,089
' 75,426
70,195
63,100
67,055
67,055
72,300
74,126
68,424
66,180
69,021
69,526
68,229
73,158
71,085
74,624
65,824
67,325
75,690
79,129
79,870
74,700
67,203
69,760
72,365
68.119
63,724
64,165
64,453
64,010
65,989
.
72,676
73,417
, 75,913
' 77,530
77,272
85,787
86,355
88,153
96,132
97,409
99,856
103,392
110,706

02,891
65,576
64,945
68,848
66,180
68,584
70,875
74,867
73,077
76,388
71,078
63,977
68,065
68,116
73,485
75,494
69,772
67,596
70,596
71,186
70,029
74,861
72,523
75,955
67,308
68,853
77,222
80,712
81,226
76,024
68,494
71,036
73,548
69,428
65,086
65,504
65,708
65,271
67,199
73,787
74,506
77,010
7o,720
78,521
86,949
87,566
89,442
97,349
98,629
101,018
104,430
111,676

119,641
118,137
117,123
112,741
111,391
113,065
110,320
113,009
110,785
111,823
110,087
112,269
115,975
115,173
114,078
115,216
115,333
115,539
115,854
113,171
112,264
113,350
115,569
115,128
115,995
115,662
117,320
118,119
119,318
116,835
115,933
116,613
115,742
112,991
113,631
114,807
116,367
117,963
121,012
128,384
133,448
137,215
140,943
141,976
150,379
151,376
149,812
148,567
150,749
150,831
153,920
156,599

i

-

..




Net
Deposits

(3 +4)

Ratio of
cash reserves fo
net deposit and F.
R. note
liabilities combined

33,827
33,194
26,809
41,972
32,742
32,589
41,989
41,048
41,747
44,673
41,880
33,645
34,668
35,668
41,875
41,724
38,415
38,127
40,569
45,451
43,169
47,832
36,781
49,774
42,223
44,921
45,210
47,113
45,707
53,483
43,043
47,325
46,489
48,513
48,653
43,736
45,760
45,833
44,750
51,147
46,926
51,881
48,117
50,924
50,081
50,074
53,816
57,494
55,016
53,153
54,720
54,924

153,468
151,331
143,932
154,713
144,133
145,654
152,309
154,057
152,532
156,496
151,967
145,914
150,643
150,841
155,953
156,940
153,748
153,666
156,423
158,622
155,433
161,182
152,350
164,902
158,218
160,583
162,530
165,232
165,025
170,318
158,976
163,938
162,231
161,504
162,284
158.543
162,127
163,796
165,762
179,531
180,374
189,096
189,060
192.900
200,460
201.450
203,628
206,061
205,765
203,934
208,640
211,523

41.0
43.3
45.1
44.5
45.9
47.1
46.5
48.6
47.9
48.8
46.8
43.8
45.2
45.2
47.1
48.1
45.4
44.0
45.1
44.9
45.1
46.4
47.6
46.1
42.5
42.9
47.5
48.8
49.2
44.6
43.1
43.3
45.3
43.0
40.1
41.3
40.5
39.8
40.5
41.1
41.3
40.7
41.6
40.7
43.4
43.5
43.9
47.2
47.9
49.5
50.1
52.8

SCHEDULE NO. 9:

MOVEMENT OF MEMBERSHIP IOR 1919.
NATIONAL

TOTAL

STATE

No. Banks

No. Shares

Amount

No. Banks

Membership Dec. 31, 1918
Increase in Members and Stock

372
13

48,361
3,148

$2,418,050
157,400

15,466
8,942

$773,300
447,100

426
29

53,827
12,090

53,191,350
604,500

Decrease in Members and Stock

385
22

51,509
4,150

$2,575,450
207,500

54
10
70
8

24,408
3,254

$1,220,400
162,700

455
28

75,917
7,404

$3,795,850
370,200

Membership Dec. 31, 1919

363

47,359

2,367,950

64

21,154

$1,057,70

427

68,513

$3,425,650




No. Shares

Amount

No. Banks

No. Shares

Amount

40

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE NO. 10:

MEMBER BANKS IN DISTRICT.
State
Banks
and
Trust
Companies

National

Total

Capital Stock
Paid In

January

53

372

425

$3,190,950

February

54

372

426

3,176,950

Month

Increase
For
Month

S

S

March

56

368

424

3,189,900

12,950

57

366

423

3,235,150

45,250
10,200

May.

56

369

425

3,245,350

June

56

369

425

3,246,650

1,300

July

59

368

427

3,276,250

29,600

August

63

366

429

3,350,450

74,200

September..

62

366

428

3,371,700

21,250

October

61

368

429

3,435,800

64,100

November..

63

365

428

3,405,650

December..

64

363

427

3,425,650




.....

Net Increase During Year

400 $

.

14,000

April

TOTAL.

Decrease
For
Month

30,150
20,000
278,850

44,550

$234,300

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA
SCHEDULE NO. 11:

41

MOVEMENT OF STATE BANKS.

ADMITTED:
NAME
Pickens County State Bank
Farmers State Bank
Union Commercial Bank
Bank of Orange and Trust Company
Atlanta Trust Company
Glynn County Bank
Peoples Bank
Canon Bank
Bank of Grayson
Bank of Sasser
Citizens Trust Company
Hibernia Bank
Mercantile Bank and Trust Company
Canal-Commercial Trust and Savings Bank
Bank of Tennessee
Bank of Cave Springs

LOCATION
Carrollton
: Huntsville
: Mobile
Orlando
Atlanta
Brunswick
Calhoun
Canon
Grayson
[ Sasser
i
I Savannah
Savannah
Savannah
New Orleans
Nashville
Cave Springs

Ala.
Ala.
Ala.
Fla.
Ga.
Ga.
Ga.
Ga.
Ga.
Ga.
Ga.
Ga.
Ga.
La.
Tenn.
Ga.

CAPITAL
$ 60,000
100,000
200,000
100,000
1,000,000
100,000
55,000
25,000
40,000
25,000
200,000
200,000
200,000
4,000,000
200,000
25,000
$6,530,000

SURPLUS

82,000,000
1,250,000
200,000
25,000
30,000
50,000
$3,555,000

$ 800,000
800,000
100,000

$

35,000
6,595
20,000
100,000
20,000
11,000
12,500
7,750
2.5,000
50,000
200,000
20,000
1,500,000
50,000
25,000

$2,082,845

MERGERS AND WITHDRAWALS:
Canal Bank and Trust Company
Commercial Trust and Savings Bank
City Bank and Trust Company
Cherokee County Bank
Citizens Bank and Trust Company
Hillsboro State Bank




' New Orleans
' New Oileans
New Orleans
Centre
Athens
Plant City

La.
La.
La.
Ala.
Ala.
Fla.

18,000
50,000
$1,768,000

SCHEDULE NO. 12:

MEMBER BANK'S ACCOUNTS OPERATIONS -1919 -COMBINED.

Wire Transfers "Debits"

Month

Number

Amount

Checks and Other Debits

TOTAL DEBITS

Number

Amount

Number

Amount

Wire Transfers "Cieditu"
Number

Amount

January.

532

36,394,499,43

18,809

$ 428,842,628,49

19,341

$ 465,237,127.92

697

Februaiy

531

32,875,430,10

15,201

$ ',296,013,358,41

15,792

328,888,794.51

633

46,903,607.91

March

558

37,133,973,08

17,857

353,293,500,79

18,415

390,427,480.47

702

44,852,781.92

April..

554

23,481,083,90

18,980

300,893,002,38

19,534

390,374,680,34

792

41,44627,33

May

607

28,054,117,87

19,409

431,106,988,19

20,016

459,221,106,06

851

43,104,806.47

June

058

28,001,820,34

16,319

433,119,970,04

16,977

461,721,802,38

809

43,512,147.03

July

041

31,074,100,41

10,020

454,184,389,31

17,261

485,258,489.72

859

46,260,439.01

780

38,410,074,56

)S,095

432,303,338,53

18,875

470,714,013.09

050

39,225,883.04

September

ti(J5

38,978,771.53

18,344

538,114,532,68

19,009

577,093,304.21

1,019

66,875,997.63

October

799

37,948,961,50

22,453

622,042,438,10

23,252

659,991,399,72

1.282

87,205,444.62

November

812

44,183,922,98

19,049

570,382,176,98

19,861

614,566,099.96

1,192

94,169,700.37

December

790

44,748,083,77

18,524

590,485,641,28

19,320

635,233,725.05

1,390

106,911,735.37

7,933

$ 421,885,452,19

219,720

$5,516,842,577,24

227,653

$5,938,728,029.43

10,930

$7,723,252,594.69

August

TOTAL

,.




$

$

62,685,423.99




SCHKDULE NO. 12;—Continued.

Month

MEMBER HANK'S ACCOUNTS OPERATIONS-1919 - COMBINED.
Total Credits

Other Credits
Number

Amount

Number

BALANCES

Amount

January

26,847

04.r>,247,6.r>0.4()

27,544

467.93.-S.080.39

February..

19,422

277,874,111.80

20,055

324,777,719.71

44,807,728.82

March

^4,771

349,235,822,49

25,533

394,088,604.41

48,468,852.70

April

24,829

345,022,571.86

25,621

386,507,199.19

44,661,365.61

May

29,110

416.253,585.37

29,961

459,358,391.84

44,798,651.39

June

23,383

420,348,229.47

24.192

463,860.370.50

46,937,225.51

July

26,639

439,342,762.81

27,498

485,003,201.82

47.281.937.01

August

23,339

428,666,025.25

23,989

467,891,908.29

44,459,832.91

September.

27,432

513,235,845.02

28,451

580,111,842.65

47.478,371.25

October

29,923

574,600.426.80

31,205

061,805,871.42

49,292,842.95

November.

28,206

525,334,512.90

29,398

619,504,213.27

54,230,956.26

December.

33,1)05

532,469,289.87

35.295

639,381,025.24

58,378,256.45

TOTAL

317.800

328,742

$ 5,950,883,434.73

$

$5,227,630,840.04

5

48,918,803.62

44

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE NO. 13:

SUBSCRIPTION AND ALLOTMENTS - SIXTH FEDERAL
RESERVE DISTRICT - LIBERTY LOANS
FIRST LIBERTY LOAN
Amount

No. Subscribers

STATES

1 Allotment

ATLANTA ZONE:
Alabama.
Florida
Georgia
. .
Tennessee
Miscellaneous

50,807
27,352
96,483
51,234

\i5

TOTAL. .

225.922

i

5,648
84,642
22,592

t

112,910

1
1

i

46

9,311.350
5,966,900
16,123,450
9,504,450
12,550
40,918,700

ii

6,029,400
5,271,700
11,848,850
7,842,700
12,550
31,005,200

587,000
14,709,600
2,287,950
3,550
17,588,100

5

S

587,000
12,399,450
2,287,950
3,550
15,277,950

58,506,800

$

46,283,150

14,414,350
8,978,150
22,423,900
17,966,350
4,950
63,787,700

$

12,466,000
8,611,650
21,175,850
15,785,600
4,950
58,044,050

1,430,150
21,947,350
5,748,200
4,850
29,130,550

$

$

1,381,150
19,446,350
5,732,900
4,850
26,565,250

92,918,250

$

84,609,300

iI

NEW ORLEANS ZONE:
AlabamaLouisiana
Mississippi
Miscellaneous. .
TOTAL

28

.

GRAND TOTALS

338,832

..

SECOND LIBERTY LOANATLANTA ZONE:
121,430
37,683
115,320
101,450

s

375,925

S

8,673
112,862
28,215

$

TOTAL

149,784

GRAND TOTALS

525,709

1
$

Florida
Georgia. _ __
Tennessee.
Miscellaneous-.

.

42

TOTAL-..

$

NEW ORLEANS ZONE:
AlabamaLouisiana
Alississippi
Miscellaneous

._

34

THIRD LIBERTY LOAN
ATLANTA ZONE:
75,424
61,877
123,036
60,092

$

21,388,450
18,053,900
39,031,100
22,786,400

$

21,388,450
18,053,900
39,031,100
22,786,400

..

320,429

8

101,259,850

$

101,259,850

5,864
96,872
34,520

$

1,793,000
26,505,900
8,090.200

$

..

1,793,000
26,505.900
8,090,200

TOTAL

137,260

1

36,389,600

$

36,389,600

GRAND TOTALS

457,689

137,649,450

S

137,649,450

Alabama.
Florida
Georgia
Tennessee
Miscellaneous

- .

.

_

.

.. . . ..

TOTAL
. ...
NEW ORLEANS ZONE:
Alabama
Mississippi.
Miscellaneous

_




500

4

. _ .

1

s

500

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA
SCHEDULE NO. 13-CONT'D.

*

SUBSCRIPTION AND ALLOTMENTS- SIXTH
FEDERAL RESERVE DISTRICT - LIBERTY LOANS.
FOURTH LIBERTY LOAN
STATES

No. Subscribers)

Allotment

Amount

ATLANTA ZONE:
Alabama-.

190,410

S

32,484,550

Florida

113,051

8

27,538,350

..

Georgia

.

Tennessee

.

TOTAL...

$

32,484,550
27,538,350

251,951

62,814,550

62,814,550

166,193

37,583,800

37,583,800

721,605

$

12,820

$

160,421,250

$

3,731,950

$

160,421,250

NEW ORLEANS ZONE:
Alabama
Louisiana

.

Mississippi

3,731,950

94,792

40,675,300

40,675,300

117,830

13,056,700

13,056,700

TOTAL

225,442

$

57,463,95)

$

57,463,950

GRAND TOTALS . . . .

947,047

$

217,885,200

$

217,885,200

Alabama

50,164

S

18,315,400

$

Florida

36,799

18,677,150

Georgia

97,282

38,943,600

36,394,450

Tennessee

63,447

24,732,400

23,550,500

VICTORY LIBERTY LOAN.
ATLANTA ZONE:

TOTAL

17,604,550
17,918,100

100,668,550

S

2,462,150

$

95,467,600

247,692

$

Alabama.

9,860

$

Louisiana

32,625

28,572,450

26,198,350

Mississippi

18,715

9,076,700

9,047,700

NEW ORLEANS ZONE:

TOTAL
GRAND TOTALS

2,367,150

61,200

$

40,111,300

S

37,613,200

308,892

$

140,779.850

$

133,080,000

338,832

$

58,506,800

$

RECAPITULATION.
FIRST LIBERTY LOAN

46,283,150
84,609,300

SECOND LIBERTY LOAN

525,709

92,918,250

THIRD LIBERTY LOAN. .

457,689

137,649,450

137,649,450

FOURTH LIBERTY LOAN

947,047

217,885,200

217,885,200

VICTORY LIBERTY LOAN
TOTAL....




133,0S0,800

140,779,85 I

308,892
2,578,169

$

647,739,550

$

619.507,900

46

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE NO. 14:
TREASURY CERTIFICATES OF INDEBTEDNESS ISSUED
IN ANTICIPATION OF LIBERTY LOAN BOND PAYMENTS ALLOTTED IN
THE SIXTH FEDERAL RESERVE DISTRICT.
FIRST LIBERTY LOAN.

Apr. 25, 1917 Jun.
May 10,1917 Jul.
May 25, 1917 Jul.
Jun. 8,1917 Jul.

3
3
3
3

30, 1917 5
17, 1917
30, 1917
30,1917

6,500,000
1,610,000
775,000
1,000,000

S

9,885,000

Total

New Orleans

Atlanta

M J iturity

Issue

Per Cent

$

1,500,000
995,000
925,000

$

8,000,000
2,605,000
1,700,000
1,000,000
13,305,000

3,420,000

SECOND LIBERTY LOAN.
q i /

3*4
4
4

Aug.
Aug.
Sept.
Sept.
Oct.
Oct.

9, 1917
28, 1917
17, 1917
26, 1917
18, 1917
24, 1917

Nov.
Nov.
Dec.
Dec.
Nov.
Dec.

15, 1917 $
30, 1917
15, 1917
15, 1917
22, 1917
15, 1917
$

2,518,000
3,218,000
1,287,000
5,081,000
2,192,000
2,726,000
17,022,000

$

$

1,782,000
1,630,000
993,000
3,208,000
4,343,000
3,157,000
15,113,000

$

$

4,300,000
4,848,000
2,280,000
8,289,000
6,535,000
5,883,000
32,135,000

THIRD LIBERTY LOAN.
4
4
4%

4J4
4

' ••

4^

Jan.
Feb.
Feb.
Mch.
Apr.
Apr.

22, 1918
8, 1918
27, 1918
20, 1918
10. 1918
22,1918

Apr.
May
May

Jun.
Jul.
Jul.

22,
9,
28,
18,
9,
18,

1918 $
1918
1918
1918
1918 ,
1918
$

4,555,000
8,868,000
9,426,000
9,734,500
9,722,500
6,082,000
48,388,000

$

S

4,952,000
3,523,000
5,388,000
4,822,500
7,372,500
5.127,000
31,185,000

S

$

9,507,000
12,391,000
14,814,000
14,557,000
17,095,000
11,209,000
79,573,000

FOURTH LIBERTY LOAN.
Per Cent i
4«

4H
4H
4H

V*

Series
4-A
4-B
4-C
4-D
4-E
4-F
4-G

Atlanta

Maturity

Issue
June 25, 1918
July 9, 1918
July 23, 1918
Aug. 6, 1918
Sept. 3, 1918
Sept.17, 1918
Oct. 1. 1918

New Orleans

Total

Oct. 24,1918 % 9,945,500
9,629,000
Nov. 7, 1918
8,505,000
Nov. 21, 1918
8,966,500
Dec. 5, 1918
11 061,000
Jan. 2,1919
11,415,500
Jan. 16, 1919
13,772,500
Jan. 30, 1919

$ 7,288,000
6,392,500
4,663,500
6,002,000
5,144.500
4.456,500
7,615,000

S

17,233,500
16,021,500
13,168,500
14,968,500
16,205,500
15,872,000
21,387,500

$ 73,295,000

41,562,000

$

114.857,000

4,438,500
5,618,000
4,868,000
4,109,000
5,124,000
4,974,000
4,956,000
4,245,500
4,658,000
3,254,500
46,245,500

S

11,600,000
16,349,500
15,265,500
12,288,000
16,262,500
15,482,000
14,977,500
13,175,500
13,274,500
14,636,500

S

143,311,500

FIFTH LIBERTY LOAN.
4H
4X
4H

*H

4X
4
4
4
4

^
^
^
^

5-A
5-B
5-C
5-D
5-E
5-F
5-G
5-H
5-J
5-K

Dec.
Dec.
Jan.
Jan.
Jan.
Feb.
Feb.
Mar.
Apr.

5, 1918
19,1918
2, 1918
16, 1918
30, 1918
13, 1918
27, 1918
13, 1918
10, 1918
M a y I, 1918




May 6, 1919
May 20, 1919
June 3, 1919
June 17, 1919
July 1, 1918
July 15, 1919
July 29, 1919
Aug. 12, 1919
Sep. 9, 1919
Oct. 7, 1919

$

7,161,500
10.731,500
10,397,500
8.170,000
11,138,500
10,508,000
10,021,500
8,930,000
8,616,500
11,382,000
% 97,066,000

S

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

47

SCHEDULE
No. 15
TREASURY CERTIFICATES OF INDEBTEDNESS ISSUED IN ANTICIPATION
OF TAXES ALLOTED IN THE SIXTH FEDERAL RESERVE DISTRICT.
1918 TAXES
Per Cent

Series

Issue
Nov. 30,1917
Jan. 2, 1917
Feb. 15, 1917
Mar. 15, 1917
Apr. 15, 1917
May 15, 1917

4
4
4
4
4
4

Maturity
June
June
June
June
June
June

25,
25,
25,
25,
25,
25,

1918
1918
1918
1918
1918
1918

Atlanta

New Orleans

$ 1,200,000 $ ,355,000
3,750,500
1,800,500
942,000
327,000
264,000
562,000
1,887,500
862,000
627,500
428,000

Total
1,555,000
5,551,000
1,269,000
826,000
2,749,500
1,055,500

$ 8,671,500 .$ 4,334,500 $ 13,006,000
1919 TAXES
1919
"T"
T-2
T-3
T-4
T-5
T-6

T-7

Aug. 20, 1918
Nov. 7, 1918
Jan. 16, 1919
Mar. 15, 1919
June 3, 1919
June 3, 1919
July 1, 1919
July 1, 1919

July 15, 1919
Mar. 15, 1919
June 17, 1919
June 16, 1919
Sept. 15, 1919
Dec. 15, 1919
Sept. 15, 1919
Dec. 15, 1919

688,000
4,245,500
1,945,500
990,000
3,646,000
2,224,000
2.176,000
3,683,500

3,412,000
11,487,000
6,533,500
3,920,000
13,228,000
6,984,000
15,152.000
10,697,500

51,815,500 | 19,598,500

71,414,000

2,724,000
7,241.500
4,588,000
2,930,000
9,582,000
4,760,000
12,976,000
7,014,000

1920 TAXES
4*4
414
4Vi
4K
4y,

T-8
T-9
T-10
T-M-3-1920
T-J-1920

July 15, 1919
Sept. 15, 1919
Sept. 15, 1919
Dec, 1, 1919
Dec. 15, 1919




Mar.
Mar.
Sept.
Mar.
June

15, 1920
15, 1920
15, 1920
15, 1920
15, 1920

8,930,000 $ 3,511,500 $ 12,441,500
2,691,500
1,014,500 ; 3,706,000
3,152,500
2,465,500 ] 5,618,000
8,441,000
2,780,000 i 11.221,000
13,033,000
9,223,500 j 22,256,500

48

ANNUAL REPORT OE THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE NO. 16:
Percent

SUBSCRIPTIONS TO U. S. TREASURY CERTIFICATES.

Series

Issue

Atlanta

Maturity

New Orleans

Total

A-1920

8-1-1919

1-2-1920

10,865,000 $

3,993,000 $14,858,000.00

4M

B-1920

8-15-1919

1-15-1920

11,078,000

4,349,500

15,427,500.00

4H

C-1920

9-2-1919

2-2-1920

14,997,500

4,314,500

19,312,000.00

4M

D-1920

12-1-1919

2-16-1920

7,293,000

1,979,500

9,272,500.00

TOTAL




S

S 44,233,500 $ 14,636,500 $58,870,000.00

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE

No. 17.
FEDERAL RESERVE NOTES.

1.
2.
3.
4.

Dec. 31, 1919. Dec. 31. 1918I
Received from Comptroller
$ 298,000,000 $ 196,240,0008
Received from F. R. Bank
$ 142,054,080 $
60,016,080$
Received from Treasurer of U. S. (Fitnotes)
31,100 ]$
31,100
Received by Comptroller from Treasurer
of U.S. for destruction and credit of F. R. |
Agent's account (unfit notes):
(a) From other F. R. Banks
S 39,527,080$
8,947,440 8
(b) Direct from reporting F.R. Banks j
and from other sources
$ 53,212,100 $
18,719,275$

TOTAL
6. Issued to F. R. Bank.
7. Returned to Comptroller of Currency for
destruction, including notes returned by
U. S. Treasury for credit of F. R. Agent's
Account.
8. Notes on hand at end if month
9'TOTAL




Increase
101,760,000 50.7
82,038,000 136.6

30,579,640 341.7
34,492,825 184.0

283,953.895$
211,334,180$

248,870,4*5 87.7
183 598,000 86.8

27,904,715$
92,977,180
44,715,000
$ 44,915,000
$ 532,824,360 $ 283,953,895 $

65.072,465 23.4
200,000
.4
248,870,465 87.7

S 532,824,360 $
S 394,932,180 S

FEDERAL RESERVE NOTES ISSUED AND IN ACTUAL CIRCULATION.

SCHEDULE NO. 18:
Month
January

Issued during
month

Outstanding at
beginning of month
S

123,020,285

$

5,715,000

1

$

Redeemed
during month
14,376,845

Held by F. R. In actual Ciiculation at <-nd of month.
Outstanding at
1919
1918
end of month
Bank
$
111,391,190
$
3,567,250
$
58,511,185
S 114,958,440

February-

114,958,440

9,550,000

9,166,860

115,341,580

4,556,370

110,785,210

59,057,000

March

115,341,580

13,965,000

10,810,365

118,496,215

3,237,350

115,258,865

56,927,645

April-.-

118,496,215

11,115,000

12,536,030

117,075,185

3,382,395

113,692.790

58,006,285

May

117,075,185

14,140,000

14,250,505

116,964,680

3,875,585

113,089,095

57,089,380

June

116,964,680

13,806,000

11,143,665

119,627 015

4,644,330

114,982,685

56,212,090

July

119,627,015

10,015,000

8,802,500

120,839,515

4,818,180

116,021,335

57,464,515

August

120,839,515

7,797,000

12,007,245

116,629,270

3,680,120

112,949,150

07,358,995

116,629,270

20,754,000

10,268,070

127,115,200

3,754,655

123,360,545

100,514,885
110,024,095

September

$

October

127,115,200

32,098,500

13,258,285

145,955,415

3,979,082

141,970,333

November

145,955,415

21,008,600

13,656,835

i53,307,180

3,848,125

149,459,055

117,289,865

December

153,307,180

23,790,000

16,989,360

160,107,820

4,596,885

155,510,935

120,672,430




t

183,754,100

$

147,266,565

SCHEDULE NO. 19:

FEDERAL RESERVE NOTES RECEIVED AND RETURNED.

Amounts of Federal Resen-e Notes of the Several Denominations Received from other Federal Reserve Banks for Redemption or Credit and Returned to
other Federal Reserve Banks for Redemption oi Credit by the Federal Reserve Bank of Atlanta during the peiiod since January 1, 1919.
Date January 5, 1920.

Exchange with F. R. Bank of

5's Amounts

10's Amounts

20's

Amounts

'iii'.-

Amounts

100's

Amounts

Received
from

Returned
to

Received
from

Returned
to

Received
from

Returned
to

Received
from

Returned
to

Received
from

Returned
to

Boston.
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas Citv..
Dallas
.
San Francisco

173.050
2,120,250
220.000
121,000
648,360

103,480
2,171,140
303,750
515,530
1,182,030

849,500
5,914,000
1,007,000
1,120,000
2,557,000

528,240
4,881,100
794,till)
1.344,640
2,048,510

1,282,700
423,640
9,020,050 • 4,379,680
2,200,000 1,104,820
2,046,000 2,236,440
5.300,000 2,267,400

79,300
758,050
100,000
87,450
129,500

364,800
1,127,300
245,900
735,000
548,400

54,700
547,800
84,500
53,500
70,000

mt.roo
1,272,700
271,900
114,400
220,200

792,500
1,647.210
47,000
236,000
557.400
100,985

947,450
2,222,360
172,440
477,870
973,370
138,000

1,798,000
2,906,890
161,000
499,000
1,019,250
324,320

2,191.360
3,070,920
642,440
699,880
1,360,560
201,090

3,130,000
4,184,760
320,500
820,000
1,111,100
770,380

3,320,280
3,768,720
213,120
1,100,100
1,045,320
473,020

261,000
322,000
26,500
70,400
66,500
84,350

331,850
342,150
16,900
52,200
110,550
70,700

147,00
210,500
10,500
40,000
58,000
75,900

167,900
102,100
18,600
48,900
40,200
81,000

TOTAL

6,664,645

9,317,420 1,8161,960 17,769,350 30,200,490 20,938,540

1,985,050

3,945,750

1,365,000

2,437,600

500's

Amounts

1000's

Amounts

Returned
to

Received
from

Returned
to

500
25,500

1,000

4,000
117,000

1,000
4,000

1,000

1,000
1.000

Chicago
St. Louis

3,000

8,000

8,000

Dallas

500
3,000
500

8,000
2000

38,000

20,()()()

Received
from
Boston
New York . .
Philadelphia
Cleveland
Richmond




5000's

Amounts

10000's

Amounts

Totul

Received
from

Returned
to

Received
from

Returned
to

deceived i
from

40,000

1,000
40,000

Returned
to

2,439,250
1,584,360
18,301,150 14,014,420
3,617,500 2,770,980
3,434,950 4,948,010
8,699,750 6,271,540
6,145,500
9,271,300
571,500
1,077,400
2,820,850
1,357,935

2,000
134,000

Amounts

6,975,840
9,506,250
1,003,500
2,381,450
4,139,000
905,310

58,397,145 54,020,660

to
CHEDl LK NO. 20:

FEDERAL RESERVE BANK NOTES ISSUED, REDEEMED AND IN ACTUAL CIRCULATION.

Outstanding
at
beginning
of Month

Month

Issued
during
Month

Redeemed
during
Month

Outstandinj
at end of
Month

Held by
F. R. Bank

In actual circulation at
end of Month
1919

1918

January - - .

6,085,600

616,000

44,000

6,657,600

195,750

6,461,850

February ..

6,657,600

616,000

80,000

7,193,600

29,400

7,164,596

March

7,193,600

964,000

256,000

7,901,600

174,602

7,726,998

April

7,901,600

920,000

224,000

8,597,600

241,109

8,356,491

May

8,597,600

1,096,000

351,040

9,342,560

276,500

9,066,060

June

9,342,560

760,000

272,000

9,830,560

97,000

9,733,560

55,100

July

9,830,560

203,040

37,500

9,996,100

201,900

9,794,200

110,100

9,996,100

2,119,000

81,500

12,033,600

401,602

11,631,998

109,830

September.

12,033,600

1,452,000

284,000

13,201,600

720,001

12,481,599

718,340

October

13,201,600

236,000

14,673,600

609,214

14,064,386

November

14,673,600

744,000

15,097,600

348,692

14,748,908

December

15,097,600

892,000

15,777,600

216,300

15,561,300

August

1,708,000

TOTAL

i
I




1,168,000
1,572,000
* 13,194,040

S 3,502.040
i

NOK-I- oi

Notes of

1,584,890
3,871,000
5,816,600

New York
San Fianeipco
San Francisco
New York . . .
St. Louis
Philadelphia
Kansas City .
Chicago
New Yoik.. .

Oth. i I' R
BanJu Reed
rom li S, treas.

500,000
500,000
400,000

300,000
76,000
500,000
148,000
300,000
500,000
3,324,000




SCHEDULE NO. 21:

CURRENCY RECEIPTS - 1919 (COMBINED).
FEDERAL RESERVE BANKS.

Numbei of
Shipments

Month

Non-Member Banks

Member Banks

827

January

670

February

73,280,00

12,193.296.00

773

March

98,887.00

904

April

$

100,700.00 S 21,945,734.00

U.S. Treasury

Boston

$

210,000

New York

Richmond

Cleveland

S

$

143,950

507,750

1,397,400 S

289,000

OIP.,000

121,230

1,182,800

140,000

182,000

769,750

10,175,012.00

964,000

124,400

1.073,350

274,000

201,500

614,750

137,509.00

17,385,307.00

920.000

142,400

1,529,750

268,000

174,500

782,000

May _.

230,901.00

19,851,010.00

1,090,000

245,500

1,907,700

325,000

321,500

990,500

907

June

141,897.37

16,616,332.06

1,212,000

226,900

1,590,550

378,000

307,000

819,000

995

July

10J.0oK.6o

20,306,097.03

699,010

272,100

1,693,350

363,500

387, 500

890,000

1,076

610,000

*

Philadelphia

August

181,831.00

17,168,538.00

2,119,000

222,700

1,329,850

388,000

331,500

900,500

907

September

120,093.00

13,320,702.00

2,452,000

222,000

1,597,350

379,500

362,000

557,500

1.136

October..

166,432.98

16,769,788.13

2,208,000

246,100

1,675,700

325,000

355,000

576,000

1,017

November

431,141.00

17,192,404.71

2,244,000

215,300

1,483,700

216,500

339,500

642,000

December

1,094,199.00

27,559,192.00

2,520,000

190,600

1,293,650

241,000

329,000

650,000

$ 2,880,930.00 $ 210,484,102.92

S 17,606.040

$ 2,439,250

18,301,150 $ 3,617,500

* 3,434,950

1,110

r

l,. >17
11,905

TOTAL




S

$ 8,699,750
I

CURRENCY RECEIPTS - 1919 (COMBINED).

SCHEDULE NO. 21:-CONT'D.

FEDERAL RESERVE BANK
Month
January

S

Chicago

St. Louis

558,000

$ 1,111,605

Minneapolis
$ 44,000

Dallas

Kansas City
$

104,700

$

389,150

Total

San Franc'sco
$

12,000

$

27,429,989.00

February

339,000

674,230

20,000

83,500

335,700

104,030

16,834,836.00

March

333,000

583,450

28,000

104,450

194,300

144,500

21,513.599.00

April

385,000

824,250

43,000

112,250

107,450

70,650

22,972,126.00

May

719,500

1,068,350

50,500

150,500

217,450

84,015

27,258,456.00

June

596,000

774,110

78,000

196,100

165,300

72,990

23,180,179.42

July

504,000

734,310

54,000

154,400

175,150

52,250

26,390,355.68

August

595,500

903.055

72,500

183,600

221,400

167,020

24,784,994.00

September..

510,000

676,550

53,500

151,250

215,750

165,0.r)0

20,783,245.00

October

640,500

629,660

44,000

152,700

215,550

211,500

24,215,931.11

November

491,000

614,095

46,000

138,100

194,600

115,700

24,394,040.71

December

474,000

677,695

38,000

145,850

299,050

158,230

35,670.466.00

S 6,145,500

S 9,271,360

$ 571,500

S 1,677,400

2,820,850

$ 1,357,935

S 295,428,217,92

TOTAL:




i

SCHEDULE NO. 22:

CURRENCY SHIPMENTS - 1919 (COMBINED).
FEDERAL RESERVE BANKS.

Number of
Shipments

Non- Member Banks

Month

Member Banks

U. S. Treas.

8,000

6,470,050.00

3,865,450

156,200

1,343,900

314,850

524,300

695,250

175,000

7,027,525.00

3,448,875

158,520

1,487,880

318,535

488,720

668,800

Boston

New York

Philadelphia

Cleveland

Richmond

SOI

January

(ill

February

632

March

10,000

9,569,600.00

4,655,850

111,400

950,800

213,850

330,050

446,100

G54

April

20,000

8,822,550.00

4,698,752

120,510

1,235,400

267,830

401,500

641,570

821

May

1,000

10,755,969.00

5,069,480

103,450

1,128,540

222,900

317,300

505,250

805

June

9,984,660.00

6,330,800

84,650

1,103,050

181,150

347,350

437,050

804

July...

500

9,291,460.00

6,122,200

84,750

1,211,750

193,000

384,500

451,500

862

August

500

13,627,093.00

4,689,700

159,050

1,076,350

236,050

479,150

495,300

1.420

September

23,765,016.00

6,969,650

173,400

1,048,200

185,250

445,750

405,050

1,291

October

32,814,774.00

4,726,050

135,800

898,050

140,500

264,950

321,200

1,031

November

20,082,141.21

3,830,010

134,08G

1,387,010

246,965

530,580

512,520

1,313

December..

22,427,375.00

4,896,700

: 62,550

1,143,400

250,100

433,800

691,950

10.751

TOTAL

14,014,420

$ 2,770,980

» 4,048,010

$ 6,271,540




$

215,000

$ 175,238,213,21

$ 59.903.517 $ 1,584,31)0

$

SCHEDULE NO. 22:-CONT*D.
CURRENCY SHIPMENTS - 1919. (COMBINED).
FEDERAL RESERVE BANKS.
Month

Chic ago

St. Louis

Minneapolis

Kansas City

San Francisco

Dallas

TOTALS

January

804,500

1,002,7.50

123,200

289,050

517,950

90,950

February

720,915

801,295

105,630

545,975

422,100

99,95

17,120,725.00

563,300

686,450

90,400

163,400

373,050

74,750

18,239,000.00

April

527.630

784,330

109,020

176,150

415,350

85,600

18,306,342.00

May

555,900

711,500

62,100

151,050

331,200

7S.7OO

20,594,339.00

June

487,000

693,700

77,000

146,500

309,050

74,600

20,256,560.00

July

498,750

733,000

79,500

153,780

363,250

73,000

19,640,910.00

August

512,500

724,300

75,650

149,000

262,950

80,200

22,568,093.00

September

460,050

683,150

58,750

140,380

297,000

68,500

34,700,116.00

201,050

56,250

40,553,124.00

March

•

16,216,000.00

October

413,250

443,000

45,800

92,4.r>0

November

772,045

1,285,325

100.100

200,425

330,300

95,755

29,513,250.21

76,3.-)<)

165,850

315,750

87,050

32,268,325.00

965,310

t 289,977,390.21

December..

660,000

TOTAL

; 1 6.975,840




957,460
»

9,506,250

$

1,003,500

$

2,381,450

$

4,139,000

$

58

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE NO. 23:
ANNUAL REPORT OF CLEARING OPERATIONS.
For the period beginning January 1, and ending December 31, 1919 inclusive.
FEDERAL RESERVE BANK OF ATLANTA-COMBINED.
Daily Average.
Number

Amounts

Items payable

Number

1. By banks in F. R. Bank
Head Office city.

1061425

$ 1,001,447,359.84

3492

S 3,294,234.70

2. By Banks in F. R.
Branch city

Amounts

1325039

1,031,494,077.08

4359

3,393,072.33

3.

By members and non-members
district other than in F. R.
Bank and Branch cities

7971684

1,502,571,448.80

26223

4,942,669.28

4.

By U. S. Treasurer .

1485934

396,820,056.91

4887

1,305,329.13

11844082

$ 3,932,332,942.63

38961

$ 12,935,305.44

1100122

252,123,984.29

3619

829,356.54

258007

376,202,026.31

849

1,237,506.67

1053650

926,446,064.19

3466

3,047,519.94

14255861

$ 5,487,105.017.42

46895

$ 18,049,688.59

Totals..
Items doubly handled in this district.
5. Sent to Branches in this district
6. Sent to own Head Office
7. Sent to other F. R. Banks and
their Branches
Grand Toal




SCHEDULE 21:

Month

SUMMARY OF TRANSIT OPERATIONS FOR 1919.
ITEMS HANDLED.
Head Office
Cleaiings
65,842
54,494
U KM
80,566
03,663
92,548
97,774
97,170
99,296
100,29f)
85,824
98,862

January
February
March
April
-.
May
June
July
August
September
October
November
December
Totals

1,061,425

Branch Office
Cleaiings
79,846
74,773
101,725
94.302
93,687
97,959
109,990
99,560
112,863
132,748
137,778
189,808
1,325,039

To Branches

Branches to
Head Office

To Other
F. R. B.

SIXTH
District

Government
Items

531,149
503,143
(.20,683
599,260
651,293
619,421
653,711
635,463
709,018
759,358
773,632
909,553

147,891
119,997
147,537
173,143
152,691
115,217
99,527
90,705
86,494
105,153
118,656
128,923

83,831
72,413
97,811
79,479
81,091
7(i,78.-t
82,612
72,486
79,400
120,794
144,301
109,121

12,090
9,568
21,740
19,712
21,074
20,787
20,054
19,336
22,835
23,957
29,814
37,040

66,909
62,100
97,841
73,874
81,076
89,141
78,704
74,906
85,027
181,747
114,364
110,961

987,558
896,488
1,188,438
1,120,33(1
1,174,565
1,111,856
1,142,372
l,089,62(i
1,194,933
1,361,516
1,404,369
1,579,886

7,971,684

1,485,934

1,100,122

258,007

1,053,650

14,255,861

34.062,752.56
27,443,577.96
23,302,207.89
l.i,l(i(i,.r)28,53
19,950,092.83
16,000,359.48
17,235,897.17
14,947,989.38
18,103,597.90
18,825,257.96
22,209,318.46
23,876,404.17
252,123,984.29

16,834,361.83
14,090,439.87
24,985,157.36
23,468,558,09
23,465,854.88
25,822,956.85
26,059,639.92
24,304,806.77
33,266,986.79
51,149,446.31
56.898,908.97
55,854,908.67
1376.202,026.31

92,940,392.47
67,049,588.48
81,473,030.21
62,629,857,25
77,529,854.43
78,944.169.55
79,780.224.31
68,095,213.51
80,919,209.22
96,562,576.04
71,625,354.84
68,296,593.88
926,416,064.19

Total*

AMOUNTS
January
Februnry
March
April

May
June
July.
August
September
October
November
December.. .
Totals

66,768,019.84
52,223,415.12
65,836,925.71
63,255,738.75
55,250,422.16
80,615,732.04
90,313,350.34
79,728,394.14
103,325,677.20
113,644,203.14
119,100,228.17
111,385,253.23

74,250,800.52
56,770,380.43
73,472,336.73
62,131,220.92
74,263,078.99
77,264,230.24
66,968,866.93
69,619,340.76
91,445,016.33
86,176,531.35
120,701,068.14
178,431,205.74

113,418,704.50
85,328,570.77
111,986,836.44
96,446,605.79
102,542,452.87
114,761,426.83
114,767,582.67
113,251,854.26
144,191,987.38
171,218,767.65
171,344,562.85
163,312,096.79

57,961,544.37
43,508,435.04
43,705,086.41
34,162,935,82
30,341,335.45
21,282,714.43
21,157,943.27
31,354,122.32
38,684,423.45
30,982,432.16
20,230,639.06
23,447,845.13

1,001.447,359.84

1,031,494,077.08

1,502,571,448.80

396,820,050.91




456,236,576.09
346,404,417.67
424,772,170.75
358,201,445,15
383,343,091.61
414,691,589.42
416,283,504.61
401,901,721.14
509,936,898.27
568,559,214.61
582,110,080.49
624,604,307.61
5,487,105,017.42

SCHEDULE NO. 25:
Collections
Number

Month
February March
April
June..
July. .
August
September ..
October
November
December. .

COLLECTION

.

TOTAL-1919 .




Received
Amount

DEPARTMENT

Collections
Number

1389
1342
1441
1252
1042
1243
1420
2119
2080
2207
2401
2085

$ 2,937,751.04
2,092,047.82
2,628,931.92
3,294,356.66
3,426.338.39
3,2X4,918.12
5,070,374.02
4,600,846.08
7,162,564.74
7.138,709.28
6,600,157.83

1232
1215
1323
1212
979
1140
1313
1926
2755
is is
2120
2344

21821

$52,996,504.47

19413

•I,N.~>9,.'> 1 7 . 6 7

OPERATIONS

1919- COMBINED.

Paid
Amount
$ 2,572,630.21
1,999,611.28
2,397,057.61
3,127,898.75
3,442,002.33
3,006,608.82
4,659,932.82
4,346,155.08
4,674,402.03
6,S()7,97(i.92
6,374,668.53
o,!M.-),K76.10

Collections
Number

$49,442,810.83

1482

132
134
87
71
76
101
• 86
110
13S
199
164
184

Total Cost
Per Month

Returned
Amount

743.70
743.70
743.70
743.70
743.70
743.70
743.70
743.70
743.70
791.55
887.20
SS7.2O

.536
.560
.516
.594
.713
.518
.524
.351
.250
.359
.370
.298

.253
.356
.283
.226
.217
.226
.147
.162
.153
.110
.124
.136

$ 9,259.25

.424

.175

$ 362,023.33 $
105,407.34
223,837.67
94,201 ..54
43,638.07
208,996.13
374,984.58
139,392.68
99.931.80
115.346.23
532,928.73
141,106.42
$2,441,794.52

Total Cost Total Cost
Per Item Per $1,000




to

SCHEDULE NO. 26.

Month

January
February--

GOLD SETTLEMENT FUND OPERATIONS.

Received
Through
Cli

Special TransSpecial Transfers from Fed. Re- fera from Treas.
serve Agent
of U. S.

S 150,375,385.07

3,000,000

7,002,020.00

121,891,479.17

3,354,000.00

Special Transfers trom other
F. R. Banks.

36,190,000.00

Total
Receipts

$

Payments
Through
Clearings

Special Transfers to F. R.
Agent

197,167,405.67

169,054,958.36

4,000,000

125,245,479.17

116,239,085.71

3,000,000

March

133,454,684.15

9,068,500.00

142,523,184.15

123,640,044.91

7,000,000

April

128,004,004.98

0,747,000.00

2,000,000.00

136,751.004.98

128,059,073.46

7,500,000

May

144,001,097.05

6,468,000.00

4,157,000.00

154,626,697.65

144,331,160.64

2,000,000

June

155,030,472.07

7,000,000

0,527,010.00

108.557,482.67

138,653.301.12

12,000,000

July

152,397,955.57

4,000,000

4,212,000.00

173,609,955.57

149,537,135.98

10,500,000

August

149,610,330.05

8,183,000.00

157,799,336.05

146,336,409.19

0,000,000

September-

171,655,703.23

6,3.->3,3N0.79

44,054,578.51

222,063,662.53

189,744,330.45

9,400,000

October...

220,347,447.11

6,568,000.00

21,847,723.01

248,763,170.12 |

231,145,369.59

13,500,000

November-

224,584,957.92

9,120,960.00

1,485,011.17

235,196,920.00

213,531,010.00

8,500,000

December.

249,945.230.07

3,151,100.00

653,202.07

S253,749,.r.98.14

217,025,861.02

16,000,000

77,360,970.79

$ 123,387,574.76

TOTAL




$2,001,305,420.84 S

14.000,000 *

13,000,000.00

| $2,216,053,966.39 $ 1,967,298.353.03 $

99,400,000

SCHEDULE NO. 26:-CONT'D.
GOLD SETTLEMENT FUND OPEItATIONS.-CONT'D.

Special Transfers to other
F. R. Banks.

Special Transfers to Treas.
of U. 8.

Month

Total
Payments

Net Gain for Month

Net Loss for Month

Balance forward
January
February

$

15,080,000

$

3,585,000.00

.

$

191,719,958.36
119,239,085.71

$

5,447,447.31

Balance at close of
Month

$

6,302,193.45

$

11,749,640.76
17,756,034.22

6,006,393.46
3,171,360.76

14,584,673.46

March

5,054,500

April

1,016,300

5,000,000.00

141,575,373.46

May

34,410

1,000,000.00

147,365,570.64

1,481,150

23,000,000.00

175,134,451.12

534,505

12,500,000.00

173,071,640.98

81,500

6,000,000.00

158,417,909.19

618,572.54

10,364,265.59

1,113,100

23,857,386.44

224,114,822,89

2,051,160.36

8,313,105.23

532,700

4,196,173.05

249,374,242.64

611,072.52

November

1,095,850

692,699.74

223,820,166.34

11,376,762.75

19,078,795.46

December

10,973,200

9,495,814.07

253,494,875.09

254,723.05

19,333,518.51

99,327,073.30

$ 2,203,022,641.33

30,884,768.17

June

,

July
August
September
October

TOTAL

$




36,997,215

10,000,000,00

$

145,694,544.91

4,824,308.48

9,760,364.98
17,021,491.99

7,261,127.01
6,576,968.45
538,314.59

*

S

17,853,443.11

10,444,523.54
10,982,838.13

7,702,032.71

SCHEDULE NO. 27:
TREASURER'S GENERAL ACCOUNT OPERATIONS -1919 COMBINED.
Coupons Paid

Warrants Paid

1919
Month

Number

Amount

Amount

Number

Redemption of Treasury
Certificates
Number

Amount

Transfer and
Misc. Debits
Number

January.

147,891

57,961,544.37

109,277

337,811.54

5,663

30,701,000.00

394

February

119,997

43,508,435.04

51,399

138,523.36

445

1,140,000.00

289

147,537

43,705,686.41

208,142

970,586.69

3,454

15,846,000.00

508
522

March

,

$

$

$

April

173,143

34,162,935.82

372,398

1,588,157.79

203

1,158,500.00

May..

152,691

30,341,335.45

394,749

1,574,135.08

4,881

29,794,000.00

622

214,688

721,311.44

17,991

46,237,000.00

548

June

115,217

21,282,714.43

July

99,527

21,157,943.27

141,204

399,368.91

5,892

34,790,000.00

612

August

90,705

31,354,122.32

587,723

2,303,666.84

1,737

11,599,500.00

903

September

86,494

38,684,423.45

203,158

1,096,028.72

6,838

48,018,000.00

610

105,153

30,982,432.16

374,948

1,749,803.86

123

302,500.00

602

October

..

November

118,656

20,230,639.06

331,408

1,412,721.19

14

16,500.00

572

December

128,923

23,447,845.13

310,432

2,079,684.98

4,575

31,728,000.00

499

1,485,934

$396,820,056.91

3,299,526

14,371,800.40

51,816

$ 251,331,000.00

6,681

TOTAL




$

SCHEDULE NO. 27:-CONT'D.
TREASURER'S GENERAL ACCOUNT OPERATIONS - 1919 COMBINED.
Transfer and
Misc. Debits

1919

Amount

Month

Total Debits
Number

Amount

Deposits
Number

Number of
Employees

Balances

Amount

$ 98,558,761.38

263,225

187,559,117.29

910

$ IS 1,342,854.54

51,927,374.72

172,130

96,714,333.12

720

1.06,327,531.96

March

50,874,797.38

359,041

117,397,070.48

838

114,.114,832.68

8

April

43,800,061.17

546,266

80,715,054.78

1,105

78,980,148.00

10

4,424,903.36

May. .

81,278,501.10

552,943

142,987,971.09

1,034

147,237,407.88

10

8,674,399.55

January
February

June

.

,

July.

$

9

$ 3-76,550.90-0/D
9,236,047.94
0,154,410.14

80,247,522.49

348,444

148,488,548.30

1,038

141,980,000.02

10

2, 171,857,21

90,880,389.78

247,235

147,227,701.96

1,008

147,244,070.20

8

2,188,225.45

August

,

40,029,175.79

681,068

85,880,404,95

1,136

88,625,215.28

10

4,926,975.78

September

,.„

82,407,238.38

297,100

170,205,G90.55

1,089

170,079,132.74

10

4,740,417.97

October.,

15,148,007.92

480,820

48,182,743.94

1,300

49,237,921.94

11

5,795,595.97

November

10,200,859.81

450,050

37,800,720.06

1,289

30,542,172.07

12

4,477,047.98

December

59,908,225.08

444,429

117,163,755.79

1,356

115,393,099.19

11

2,706,991.38

TOTAL

$717,920,915.06

4,843,957

$ 1,380,449,772.97

12,889

$ 1,380,317,052,50




66

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE NO. 28.
EARNINGS AND EXPENSES FEDERAL RESERVE BANK OF ATLANTA AND ITS
BRANCHES FOR YEAR ENDING DECEMBER 31, 1919.
(Eliminating earnings derived from Government War Obligations.)
EARNINGS FROM:
Bills discounted—Commercial, Industrial
and Agricultural
Bills Purchased in Open Market--Municipal Warrants—Owned
Deficient Reserve Penalties
Miscellaneous Profits---

-

$ 881,938.56
367,337.75
85.27
68,312.83
16,989.24

TOTAL EARNINGS,

$1,334,663.05

EXPENSES:
Salaries—Officers Parent Bank and Branches
Salaries—Clerks—Parent Bank and Branches
Other Expenses
—
TOTAL OPERATING EXPENSES.
Dividends Paid
Deireciation—Bank Building
Assessments—F. R. Board




$ 116,951.58
312,825.19
542,439.88
$972,216,65
J 197,397.04
51,477.99
20,301.62
§269,176.65
$1,241,393.3U
SURPLUS EARNINGS

$ 93,270.30-