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SIXTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF ATLANTA
BY

JOSEPH A. McCORD




CHAIRMAN OF THE BOARD
AND

FEDERAL RESERVE AGENT

1920

SIXTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF ATLANTA
BY

JOSEPH A. McCORD




CHAIRMAN OF THE BOARD
AND

FEDERAL RESERVE AGENT

1920

2 *

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

LETTER OF TRANSM1TTAL

February 16, 1920.
Sir:
I have the honor to submit herewith the Sixth Annual Report of
the Federal Reserve Bank of Atlanta, covering the year 1920.
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 1921
CLASS A
P. R. KITTLES, Sylvania, Ga.

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

OSCAR NEWTON, Jackson, Miss.
JNO. K. OTTLEY, Atlanta, Ga.

J. A. MCCRARY, Decatur, Ga.
LEON C. SIMON, New Orleans, La.

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

OFFICERS
M. B. WELLBORN, Governor.
L. C. ADELSON, Deputy Governor
J. L. CAMPBELL, Deputy Governor.

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

M. W. BELL, Cashier.

WARD ALBERTSON, Asst. Federal

J. M. SLATTERY, Secretary.
W. B. ROPER, Asst. Cashier.
W. R. PATTERSON, Asst. Cashier.

Reserve Agent.
C. R. TIDWELL, Asst. Federal
Reserve Agent.

R. A. SIMS, Asst. Cashier.

CREED TAYLOR, General Auditor.

H. F. CONNIFF, Asst. Cashier.
J. B. TUTWILER, Asst. Cashier.
W. H. TOOLE, Manager Fiscal Agent
Department.

NEW ORLEANS BRANCH
OFFICERS:

DIRECTORS:

MARCUS WALKER, Manager.

W. H. BLACK, Asst. Manager.

P. H. SAUNDERS, Chairman, New Or"

leans, La.

JAS. A. WALKER, Cashier.

JNO. E. BOUDEN, Jr., New Orleans,

M. F. HARLAN, Asst. Cashier.
F. C. VASTERLING, Asst. Cashier.
W. S. JOHNS, Asst. Federal Reserve Agent.

La.
A. P. BUSH, Mobile, Ala.
FRANK W. FOOTE, Hattiesburg, Miss.
R. S. HECHT, New Orleans, La.

H. B. LIGHTCAP, Jackson, Miss.
LEON C. SIMON, New Orleans, La.

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

J. B. COBBS, Asst. Federal Reserve
Agent.




DIRECTORS:
W. H. KETTIG, Chairman, Birmingham, Ala.

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

4

ANNUAL KEPOKT OF THE FEDERAL RESERVE BANK OF ATLANTA

JACKSONVILLE BRANCH
OFFICERS:
GEO. R. DESAUSSTJRE, Manager.
F. M. SHEFFIELD, Cashier.

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

GEO. N. MARTIN, Asst. Federal Re-

serve Agent.

BION H. BARNETT, Jacksonville, Fla.

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

NASHVILLE BRANCH
OFFICERS:
J. B. MCNAMARA, Manager.
J. B. FORT, JR., Cashier.
W. T. TYLER, Asst. Federal Reserve
Agent.

DIRECTORS:
W. H. HARTFORD, Chairman, Nashville, Tenn.
J. E. CALDWELL, Nashville. Tenn.
PAUL M. DAVIS, Nashville, Tenn.
T. A. EMBRY, Winchester, Tenn.
E. A. LINDSEY, Nashville, Tenn.

SAVANNAH AGENCY
OFFICERS:
R. J. TAYLOR, Manager.

R. N. GROOVER, Assistant Manager.

GENERAL COUNSEL
HOLLINS N. RANDOLPH, Atlanta, Ga. •

MEMBER FEDERAL ADVISORY COUNCIL
E. W. LANE, Jacksonville, Fla.

PERSONNEL
December 31, 1915-1920.
1915 1916 1917 1918 1919 1920

Chairman and Federal Reserve Agent
Governor
Other Officers
Banking
Bookkeeping
Transit
Federal Reserve Agent
FiscalAgent
..
General
Auditing




4
23
'3
2
2
5
41

1
1

4
21
5
24
3
6

1
1

3
35
6
28
3
51
4

1
1

1 1 1
1 1 1
14 18 21
85 98 112
15 32 44
68 109 104
5 10 17
93 71 60
35 46 64
22

65 132 317 386

446

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

TABLE OF CONTENTS
Introduction
Review of Service and Activities
Financial Results of Operations
Comparative Balance Sheet for December 31, 1917, 1918, 1919 and
1920
Earnings and Dividends
Profit and Loss Statement for the years 1917, 1918, 1919 and 1920
Discount Operations
Trade Acceptances
Growth of Open Market for Acceptances
Policy on Acceptance Purchase
Reserve Position
Movement of Membership
National Banks
State Banks
All Member Banks
Trustee Powers
Acceptance up to 100 per cent
Examinations
Member Banks' Reserve Accounts
Fiscal Agency Operations
Sales of Treasury Certificates
"
Deposits and Withdrawals of Treasury Funds
Interchange and Exchange of Government Securities
Sales of War-Savings Securities
War Finance Corporation
Note Issues
Federal Reserve Notes
Federal Reserve Bank Notes
Position of Commercial Banks in regard to Financing
Increase of their Obligations
Effect of Commercialr Paper on the District
Relation and Effect on General Business Conditions
Operation of Federal Reserve Branches
Miscellaneous
Internal Organization
Clearings
Collections
Gold Settlement Fund
Foreign Accounts
Treasurer's General Account
Private Wire Operations
General Business and Banking Conditions
General Conditions
Labor
Money Market
Relations with the Public




7
S
9
31
9
10
10
11
11
11
11-14
15
15
15
15
16
16
16
16
17
17
17
18
18
18
19
19
20
_
20
20
21
21
22
23
23
24
24
25
25
25
25
26
26
28
28
29

ANNUAL EEPOET OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULES
Comparative Balance Sheet Dec. 31, 1917-Dec. 31, 1920
31-32
Comparative Statement of Earnings and Expenses 1917-1920
33-34-35
Profit and Loss Account for Calendar Year 1920, and Comparison with Years
1917-1919
36
Movement of Earning Assets
38-39-42-43
Total Investment Operations and Number of Banks Accommodated—1920—Combined
44
Average Daily Holdings of the Several Classes of Earning Assets for Each Month
—1920—Combined
45
Volume of Paper Discounted and Bought, and Classified According to Character—
1920—and Comparison with Years 1917-1919
46
Changes in Discount Rates during 1920
47
Movement of Cash Reserves, Net Deposits, Federal Reserve Note Liability, and
the Reserve Percentage
50-51
Movement of Membership for 1920
52
Member Banks in District
53
State Bank and Trust Company Members
..54-55-56
Fiduciary Powers Granted to National Banks
57-58-59
Acceptance up to 100 per cent
60
Statement of Federal Reserve Agent
61
Federal Reserve Notes
62-63
Federal Reserve Notes Issued and in Actual Circulation
64
Federal Reserve Notes Received and Returned
65
Federal Reserve Bank Notes Issued, Redeemed, and in Actual Circulation
66
Currency Receipts—1920—Combined
67-68
Currency Shipments—1920—Combined
.
69-70
Currency Receipts From and Shipments To Member and Non-Member Banks—
—1920—and Comparison with Years 1917-1919
71
Operations of Check Clearing and Collection Department
72-73
Collection Department Operations—Combined
:
74
Treasurer's General Account Operations—1920—Combined
__ 76-77
Member Banks' Accounts Operations—1920—Combined
78-79
Leased Wire Operations—1920.
_.
80
United States Treasury Certificates of Indebtedness Issued During 1920.
81
United States Treasury Certificates of Indebtedness, Redemed During 1920
82-83
Sales of War-Savings Stamps—1920
84-85

CHARTS
Movement of Earning Assets
Movement of Net Deposit Liabilities, Federal Reserve Note Circulation, Cash
Reserves, and Reserve Ratio




40
48

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SIXTH ANNUAL

REPORT

OF THE

FEDERAL RESERVE BANK OF ATLANTA

INTRODUCTION

Probably never in the history of this country has its financial structure been so severely tried as during 1920, certainly the Federal Reserve
System has received a most severe test, and successfully performed the
functions for which it was inaugurated.
During the early months of the year prices continued high and there was
a growing disposition on the part of the buying public to purchase more
conservatively. This together with the increasing production brought
about a restraining influence on the advancing prices, with the result
that prices began to show evidence of declining in the early summer,
and at the end of the year there was a considerably lower level.
It must be remembered that during 1919 the demobilization of those
in the country's service was taking place, but the larger number were
still consumers, and it was not until the early part of 1920 that a large
majority became producers. With production increased and the export demand limited, the price of farm products declined rapidly. This
was particularly noticeable in cotton, with a prevailing price of approximately 393^ cents on the New York market December 31, 1919, as
compared with 14% cents on December 31, 1920.
Ordinarily the cotton crop throughout the district is largely marketed in the fall months. During the 1920 season only a small part of the
cotton had been marketed up to the close of the year on a declining and
very inactive market. One of the causes of the decline in the price of
cotton was the carrying over of about four million bales of low grade
cotton which could not be manufactured in this country. The early
part of the year, textile manufacturers were running on two and three
shifts, and in this the seeming consumption of cotton was continuous




g

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

and regular. However, when the price began to decline, commission
merchants with large stocks of cotton goods began to throw them on
the market; this, in turn, absorbed the orders that otherwise would
naturally have been received by the mills. This condition of affairs
placed the mills in the position of not having their quota of orders and
forced a slowing up of production, hence, they were not in the market
for the present crop of cotton. Stocks of cotton goods are now fast
disappearing, and the mills are opening up, and raw cotton is coming
more in demand.
This same condition was reflected to a more or less extent in commodities and products other than cotton.

REVIEW OF SERVICE AND ACTIVITIES

During the year 1919 a larger number of member banks than ever
before had availed themselves of the Federal Reserve Bank service, but
the year 1920 saw a more general call for the performance of all of its
functions, particularly in the matter of loan accommodations.
The continued growth of the Federal Reserve System par list
caused a larger number of member banks to take advantage of our check
clearing and collection facilities, resulting in the creation of balances in
excess of required reserves, which were drawn upon by orders for the
shipment of currency or the transfer of funds to other points for the
requirements of member banks.
Of a total membership of 462 banks during the year, 372 availed
themselves of the discounting privilege. The number of bills handled
was 112,125, aggregating $2,271,522,757.
During the year the total number of checks handled in the clearing
departments of the parent bank and its branches was 3,317,079, amounting to $2,729,236,456.99. The number of out-of-town items handled
was 12,375,290, amounting to $2,490,307,827.59.
The practice of absorbing the shipping costs of currency forwarded
to member banks and currency remitted by member banks for credit
was continued. This service was broadened during the year by the
adoption of the policy of also absorbing the shipping charges on subsidiary silver and minor coin sent to member banks, and by making




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

9

currency shipments to member banks at the request of other member
banks. The aggregate amount of currency and coin furnished the member banks was $247,885,157.
The wire transfer of funds, without telegraphic cost to the member
bank for whose account made, was continued in effect, and the privilege
was used most freely, the total amount of such transfers being $924,864,
635.58. The leased wires of the Federal Reserve System, connecting
the Federal Reserve Board and all Federal Reserve Banks and branches,
were used, extensively in connection with transactions being handled for
account of member banks and without cost to them.
During the year this bank received and paid 3,337,925 interest
coupons clipped from United States securities, aggregating $17,337,
425.04.
The safe-keeping and custodian departments handled a large volume
of securities received for collateral and safe-keeping purposes, and
attended to the clipping of matured coupons, which were either credited
or remitted to the banks owing the securities, as the}r directed, without
any trouble or expense to them.
FINANCIAL RESULTS OF OPERATION

(a) Comparative Balance Sheet for December 31, 1917,
1918, 1919, and 1920
On Schedule No. 1 is shown a comparative Statement of Condition
of the Federal Reserve Bank of Atlanta for the twelve months ending
December 31, 1917, 1918, 1919, and 1920. It will be noted from this
statement, a gradual increase is shown in all items over the previous
years from 1917 to 1919; however, in 1920 the total resources show a
decrease of approximately $5,000,000. This is due almost entirely to
the decrease in reserve deposits of member banks.
(b) Earnings and Dividends.
Schedule No. 3 shows a comparative statement of Earnings and
Dividends for each twelve months' period ending December 31, 1917,
1918, 1919, and 1920. A marked increase in earnings is shown each
year, and, during the year 1920, the net earnings of the Federal Reserve
Bank of Atlanta were $6,010,324.13 for the year ending December 31,
1920.




10

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

(c) Profit and Loss Statement for the Years 1917, 1918,
1919, and 1920
A comparative statement, showing the principal debits and credits
to Profit and Loss Account for the twelve months' period ending December 31, 1917, 1918, 1919, and 1920, is shown on Schedule No. 3. It will
be noted that the net earnings for the year 1920, over the year 1919,
show an increase of $2,627,927.09. It will also be noted that from the
net earnings for the year 1920, the following distribution has been made:
Dividends paid to Member Banks
Transferred to Surplus Fund
Franchise tax paid to U. S. GovernmentTotal Net Earnings. __

$ 225,570.94
3,648,465.31
2,136,287.88
$6,010,324.13

DISCOUNT OPERATIONS

Discount operations for the calendar year 1920 have shown a marked
increase in activity over the preceding year 1919, both as to number of
items handled and amounts.
A great majority out of 462 Member Banks in this district have had
paper continuously under discount during the year. The maximum
was reached during the month of November when a total of 335 banks
was accommodated, as compared with 265 during the month of June
1919, which was the highest number accommodated during the preceding year.
The number of items handled for each month during the year 1920
showed a grand total of 112,125. The maximum number of notes
handled in one month was reached in the month of December, when
18,013 items were handled as compared with 5,650 notes discounted in
September, the maximum of the previous year. The distribution of
discount operations is also shown in this schedule, giving total discounts in each month according to classification, and a grand total of
$2,271,522,757 as compared with $2,057,438,775 during the year 1919.
Schedule No. |7 shows the average daily |holdings of the several
classes of earning assets for each month. The total earning assets
reached a maximum during the month of November, during which
month the average of $161,758,391 was maintained as compared with
$134,025,477 during the month of November 1919.




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

H

Schedule No. 4 shows the movement of earning assets and classification, giving distribution of earning assets by weeks, and also the ratio
of assets secured by War Obligations to the total earning assets. In
January 1919 the percentage was 63 per cent as against 52 per cent in
January 1920, and 68 per cent in December 1919, as compared with 40
per cent in December 1920. This decrease in the ratio of paper secured by Government War Obligations is due in part to the increase in
the total amount of earning assets, as well as to a certain amount of
liquidation in Liberty Bonds, etc.
Rediscounts of commercial paper have been remarkably active for
practically the entire year, beginning in the early spring, and very little
liquidation was accomplished during the latter months of the year, due
to the unusual decline of all commodities and the shrinkage in deposits
of the Member Banks.
BANKERS AND TRADE ACCEPTANCES

W^hile there has not been any considerable increase in the use of
trade acceptances in the District during the past year, the growth has
been stead}^ and of a more healthy nature than in the past, due to the
fact that to discourage the improper use of such trade paper, the Federal
Reserve Bank of Atlanta has more closely scrutinized this class of paper
and been more rigid in compelling strict compliance with the regulations laid down by the Federal Reserve Board.
In view of the extraordinary demands made upon the Federal
Reserve Bank of Atlanta, and the somewhat extended condition of a
number of member banks, practically no work was done looking to an
extension of open market operations. Under a more stabilized influence, it is hoped that the work of building up an open market for
acceptances may be enlarged.
RESERVE POSITION

A comparison of the reserve position as it stood during the early
part of 1920, and the low point which it reached in the autumn, tells
its own story of the service of the Federal Reserve Bank of Atlanta
to its member banks and the Federal Reserve System.
Because of the liquidation taking place during the latter part of 1919,
and the large reserves maintained by member banks by reason of their




12

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

increased deposits, the year 1920 was commenced with an actual reserve percentage of 51.8%, the second highest of all the Federal Reserve Banks, and at the same time re-discounts for the Federal Reserve
Bank of Boston amounted to over $5,000,000, giving an adjusted reserve position of approximately 54%. The first week in the year
showed still further liquidation of loans and increases in member banks'
reserve deposits, which permitted an increase in the accommodations
extended to other Federal Reserve Banks to $7,000,000, and at the same
time showed an actual reserve percentage of 53.7%, or an adjusted percentage of 57.1%, if no re-discounts for other Federal Reserve Banks
had been made. While the end of the second week showed the actual
reserve position to be 49.5%, the adjusted position was further improved and showed as 60.3%, the lowering of the actual reserve position having been occasioned by the fact that accommodation extended
to the Federal Reserve Banks of New York, Philadelphia, and Richmond
had reached a total of $22,000,000.
During the following five weeks period, the actual reserve position
showed very little fluctuation, and the re-discounts for other Federal
Reserve Banks ranged between fourteen and twenty million dollars.
During the next eight weeks period, the reserve deposits of member
banks declined, and while the actual reserve position remained practically stationary around 47%, the large amount of rediscounting for
other Federal Reserve Banks that had been taken care of previously could not be continued, although during the period varying amounts
were rediscounted for Boston, New York, Philadelphia, and Richmond.
From the latter part of April until the middle of May, the reserve
deposits of member banks declined further, and credit accommodation
to member banks increased, and, while, as a result, the actual reserve
position declined, it was not until May 13th, that it was found necessary
to rediscount in order to maintain an actual reserve position at 40%,
and this was done, to the extent of two million dollars with the P'ederal
Reserve Bank of New York.
During the following three months, the individual deposits with
member banks were heavily drawn upon for crop-making purposes,
making it necessary that credit extension to member banks be materially
increased for the replenishment of their reserve deposits required to be
maintained with this bank, and, in addition, the continued labor troubles
at New Orleans, the principal port city of the district, made necessary
increased advances to member banks in that city to aid in financing




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

13

the carrying of goods destined for export, that rapidly accumulated because of the paralysis in the movement of vessels, due to the dock
strikes. The crop making operations in that section of the district also
contributed to the already heavy burdens upon New Orleans member
banks. These factors made it necessary to call further upon other
Federal Reserve Banks for rediscount accommodations and, on August
6th, the Boston, New York, and Cleveland Reserve Banks, which had
rediscounted in varying amounts at different times during the period,
were rediscounting a total of approximately twenty-eight million dollars for this bank, giving an actual reserve percentage at that time of
40.9%, as against an adjusted one of 26.0%. The subsequent few
weeks saw further diminution of individual deposits, as they were withdrawn for financing the final touches in the making of the new crop and
the payment of labor incident to the harvesting, and this was accompanied by an increased demand for rediscount accommodations, making
it necessary by the middle of September, when the marketing of the
new crop should normally have been fully under way, that rediscounts
with other Federal Reserve Banks continue to ascend to the total of
$31,700,000, so that the actual reserve position at that time was 40.2%,
and upon adjustment showed 23.4%.
The rapid decline in the prices of cotton, rice, sugar, peanuts, naval
stores, and live stock, as well as the recession in prices of other commodities, individually of minor consideration, but collectively of large volume,
which was accompanied by little or no demand, caused a general stagnation of marketing and a consequent inability on the part of the interior merchants and general supply stores to make collections for
materials and supplies furnished in the making of the crops. This in
turn deprived the wholesalers, the jobbers, and the fertilizer manufacturing concerns, located at central points, of the collections usually
enjoyed in the early fall and made liquidation on their part impossible.
The situation brought about by these circumstances was considerably
aggravated by the disinclination of the buying public to make purchases from the retailers of the high priced goods with which their
shelves were stocked in anticipation of good fall business, the consumer
in the interior sections having well nigh exhausted his credit, and having
sold little or none of his production, had no cash, and, therefore, could
not buy; and in the cities those who had abundant credit or cash with
which to make purchases, held off under the belief that a lower level of
prices would prevail after the holiday season. The decline of deposits
with member banks continued, and in many cases funds that had been




14

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

deposited at interest were withdrawn to be loaned to friends or relatives at a higher rate of interest, being borrowed by the latter, to enable
them to hold their crops for better prices. The September income tax
payments were also responsible for considerable withdrawals, as well as
additional loans. To care for the increased credit demands of member
banks for the upbuilding of reserves, and the transfer to other districts
of the excess amount of the government's income tax receipts over the
government's requirements within this district, and to aid in the gradual
marketing of the crops produced in our district, additional rediscounting became necessary, the peak of which was reached on September
28th and amounted to $49,491,000, the actual reserve percentage on
that da'.e being 40.85%, as against and adjusted one of 14.9%.
The succeeding month saw only a slight movement of crops and a
continued lowering of deposits with member banks, but notwithstanding
he increasing borrowings of member banks, which reached the high
total on October 30th of $182,000,000, the actual reserve position of
this bank on that date was 40.2%, after redisconting with other Federal
Reserve Banks of only $37,000,000, a reduction of about twelve and
one-half million dollars from the high total, and giving an adjusted reserve percentage of 23.7%.
The following month did not bring any material change in conditions, and the reserve position remained practically stationary. During
the early part of November, loans to member banks receded slightly,
but, during the latter part of the month, they increased to the previous
high point of $182,000,000, which caused an upward trend in rediscounts with other Federal Reserve Banks to $42,800,000, the actual reserve percentage on November 27th being 40.3%, and as adjusted
22.2%.
While during the last month of the year no appreciable marketing
of cotton, rice, naval stores had gotten under way, sugar, peanuts,
citrus fruits, and vegetables moved to some extent, which coupled with
a fairly brisk holiday trade in the cities and the beginning of the seasonal tourist travel, brought about a slight liquidation, the loans on the
last day of the year being $170,000,000, at which time rediscounts with
other Federal Reserve Banks amounted to $34,000,000, leaving an
actual reserve percentage of 41.4%, and an adjusted one of 25.7%.




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

15

MOVEMENT OF MEMBERSHIP

(a) National Banks
During the year the National bank membership increased from 363
members to 375 by the addition of fifteen new National banks organized in the district and the surrender of stock by three member National
banks; one of these having liquidated and two having consolidated
with other National banks. The net increase in the number of National banks for the year being twelve, as compared with a net decrease of
nine National bank members for 1919. At the beginning of the year
47,389 shares of the stock were owned by National bank members,
during the year 684 shares of original stock and 7,355 shares of additional stock were allotted to National bank members, or a total of 8,039
shares. During the same period 192 shares of stock were surrendered,
resulting in a net increase of 7,847 shares, with the total holdings by
National bank members of 55,236 shares at the close of the year.
(b) State Banks
The State Bank and Trust Company members increased from 64 to
87 by the allotment of stock to twenty-four new members and the surrender of stock by one member State bank, which consolidated with a
non-member State bank, resulting in a net increase of twenty-three
State Bank and Trust Company members, as compared with a net
increase of ten for 1919. State Bank and Trust Company members held
21,124 shares of stock at the beginning of the year, and during the year
1,739 shares of original stock and 2,952 shares of additional stock were
allotted and 23 shares surrendered by State Bank and Trust Company
members, or a net increase of 4,668 shares. This increased the holdings of State Bank and Trust Company members to 25,792 shares at
the close of the 3rear.
(c) AU Member

Banks

The total number of member banks holding stock on December 31,
1919 were 427, amounting to 68,513 shares. During the year thirtynine National and State banks purchased 2,423 shares of original stock,
10,307 shares of additional stock were allotted to member banks, and
215 shares were surrendered, resulting in a net increase of 12,515
shares, and bringing the total holdings of 462 member banks up to
81,028 shares at the close of the year, on which fifty percentum had
been paid, amounting to $4,051,400.




16

ANNUAL REPORT OP THE FEDERAL RESERVE BANK OF ATLANTA

TRUSTEE POWERS

During the year fiduciary powers, under Section 11, Subsection "K",
of the Federal Reserve Act, were granted to nineteen National Banks
and supplementary powers granted to two National Banks, bringing the
total number of banks in the district that have been granted authority
to act in a fiduciary capacity up to sixty-five.
There has been a growing disposition on the part of officers of National Banks to avail themselves of all the privileges permitted under the
laws and to equip their banks to handle any business that may come to
them.
ACCEPTANCE UP TO 100 PER CENT

The total number of banks authorized to accept up to 100 per cent
is thirty-two, permission having been granted to four during the year.
Approximately 60 per cent of the number are located in Reserve cities,
wrhere more use is made of this form of financing in order to handle
foreign transactions.
EXAMINATIONS

The policy of participating with State Examiners in the examination
of State Bank members has been pursued during the year, and the bank
departments of the several states in the district have given their hearty
cooperation. These joint examinations are being made in thorough
accord and harmony with the State Bank Examiners, and the member
banks have offered every facility to expedite the examinations where
the Federal Reserve Bank has participated.
During the year twenty-four examinations were made of State
Banks that applied for and were admittc,' to membership, and the
Federal Reserve Examiners participated with State Bank Examiners in
seventy-one State Bank and Trust Company examinations, fifteen of
the banks examined having total resources exceeding $5,000,000.
MEMBER BANKS' RESERVE ACCOUNTS

A gradual but very perceptible reduction in member banks' reserve
balances has been noticeable throughout the greater part of the year,
reflecting the gradual shrinkage which occurred in their own deposits
during the same period.




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

17

Reserve deposits were highest in the month of January, when they
reached $60,404,000, and lowest in October, when they were reduced to
$44,455,000, but the average for the year as compared with the previous
year shows an increase of approximately $5,000,000. Wire transfers of
funds made to other Federal Reserve Districts for account of our
member banks were 13,172, amounting to $542,796,000, while 15,431
transfers were received, amounting to 790,079,000.
FISCAL AGENCY OPERATIONS

The Fiscal agency operations of the Federal Reserve Bank of Atlanta
for the year 1920 were somewhat greater in total volume as compared
with the year 1919, due primarily to the exchange of permanent for
temporary bonds. During the year. permanent bonds of the First,
Second, and Third loans were available for delivery, and these, together
with other operations incident to the exchanges, resulted in the shipment by registered mail of approximately 50,000 deliveries.
(a)

Sales of Treasury Certificates

Eighteen series of Treasury Certificates of Indebtedness were issued
during the year; eight loan series, four maturing in 1920, and four maturing in 1921, and ten tax series, two in anticipation of income and
profits taxes payable in 1920, and eight in anticipation of the same
classes of taxes payable in 1921. The offerings were not subscribed to
as liberally as in 1919, due to the unusual conditions existing during the
latter half of the year, the total subscriptions of all the issues being
$71,518,500.
(b) Deposits ar] ~"- Withdrawals of Treasury Funds
The Secretary of the Treasury continued the established practice of
permitting depositary banks to pay for certificates of indebtedness by
credit in special deposit accounts, the purpose being to provide for the
gradual withdrawal from the banks of the funds paid to them by subscribers for certificates of indebtedness, and the funds representing
payment of their 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 15 to 30 days, until the balances in the special deposit




]§

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

accounts were completely withdrawn.
The total amount held by
qualified depositary banks in these special deposit accounts during the
year was 153,757,500.
(c) Interchange and Exchange of Government

Securities

During the year 1919, the holders of bonds and certificates of indebtedness were permitted to make exchange of coupon for registered,
and registered for coupon, as well as the interchange of denominations
and the conversion of bonds, which operations reached large proportions. During the year 1920, the same privileges were extended and
exercised in greater proportions and augmented by the exchange of
temporary for permanent bonds. During the year the total of
$172,846,550 of coupon bonds of all issues was interchanged; in other
words, 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. A total of $14,848,450 of bonds was converted during the year in accordance with the provisions of law relating to conversions, and a total of $12,915,950 of coupon bonds was
exchanged for registered bonds, and $2,986,350 of registered bonds were
exchanged for coupon bonds. A total of $126,493,200 of permanent
coupon bonds of the First, Second, and Third loans vvas delivered in
exchange for temporary bonds of relative loans surrendered.
(d) Sale of War-Savings

Securities

The organization and direct charge of all activities for the promotion
of the sale of Treasury Savings securities during the year known as the
War Loan Organization, was the same as for the year 1919, being under the
direct supervision of the Governor of the Federal Reserve Bank, with
Mr. Silas W. Davis in direct charge as Government Director. The sale
of the securities was not as great as in the previous year, the total sales
by the Federal Reserve Bank, which, of course,, does not include sales
made by postmasters throughout the district, amounting to $376,416.45.
During the year a total of $14,458,849.09 of War-Savings Stamps were
redeemed by the Federal Reserve Bank for the various postmasters.
WAR FINANCE CORPORATION

The transactions engaged in by this bank acting as Fiscal Agent for
the War Finance Corporation were confined entirely to the payment
for its account of War Finance Corporation Bonds, which matured on




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

19

April 1st, 1920, and coupons, which matured October 1st, 1919, and
April 1st, 1920, and to the collection of maturing securities which had
been purchased by the Corporation in this district. The aggregate
of bonds redeemed was $1,414,000.00, coupons paid, $40,555.00, and
securities collected, $18,898,500.00.
NOTE ISSUES

(a) Federal Reserve Notes
The outstanding Federal Reserve Notes at the close of business
December 31, 1920, were $179,760,000, as compared with $160,108,000
at the close of business December 31, 1919, or an increase of $19,652,000.
During the year the Federal Reserve Agent issued notes amounting
to $196,035,000, which included payments to the Treasurer of United
States in Washington, aggregating $49,280,000, and $40,067,000 issued
to Federal Reserve Bank for shipment to Havana, Cuba, at the request
of the Federal Reserve Bank of New York for account of its member
banks.
The amount of fit money redeemed by the Federal Reserve Agent
during the year was $90,890,000, and there were shipped to the Comptroller of the Currency for redemption unfit notes aggregating
$85,493,000, making the total redemption of fit and unfit Federal
Reserve notes $176,383,000 for the year.
It is of particular interest to note the increasing amount of unfit
money redeemed, as follows:
Total redemption from organization of Bank to
December 31, 1917
_
$10,883,000
Twelve months ending December 31, 1918
. . 17,022,000
Twelve months ending December 31, 1919-_ .
65,072,000
Twelve months ending December 31, 1920
. . 85,493,000
Total

$178,470,000

The total amount of Federal Reserve notes issued to the Treasurer
in Washington, including the amount shipped to Cuba, was $89,347,000,
while the outstanding Federal Reserve notes at the close of December 31,
1920, had increased only $19,652,000 over the amount outstanding
December 31, 1919. This small increase, when considering the amounts




20

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

paid to the Treasurer and shipments to Cuba, is largely due to the fact
that there were not the usual seasonal demands for crop moving, it
being estimated that approximately only 25 or 30 per cent, of the
agricultural products for 1920 had been marketed up to the close of the
year.
(b) Federal Reserve Bank Notes
The amount of the Federal Reserve Bank notes outstanding at the
beginning of the year was $15,777,600, during the year $16,916,000
were issued, and the redemption amounted to $16,523,800, with a
balance of $16,169,800 outstanding at the close of the year, or an increase of $392,200. The amount of Federal Reserve Bank notes in
actual circulation at the close of December 31, 1920, was $15,174,950, as
compared with $15,561,300, or a decrease of $386,350.
The Federal Reserve Bank of Atlanta and its branches had $216,300
of Federal Reserve Bank notes on hand December 31, 1919, as compared with $994,850 at the close of business December 31, 1920, or an
increase of $778,550.
The demand for currency in small denominations in the Sixth Federal Reserve District during the past twelve months has been exceedingly heavy, and, in addition to the Federal Reserve Bank note circulation of one and two dollar denominations, there were received during
the year from the United States Treasurer approximately three million
dollars of United States notes.
POSITION OF COMMERCIAL BANKS WITH REGARD TO FINANCING

(a) Increase of their

Obligations.

In our last annual report we called attention to the fact that the
commercial banks were called upon to make up the full quota of the
district by the purchase of Liberty Bonds, Victory Notes, and Treasury
Certificates of Indebtedness, which very materially encroached upon
their resources for handling commercial business. This condition still
exists, and, in addition thereto, the enormous increase in price of all
commodities which our people had to purchase and the increase in price
of labor, added to the burden of a year ago which the banks were called
upon tofinance,made it necessary in many instances for the commercial
banks to accommodate their customers of long standing, in order that
they might carry on their various enterprises at the new high level of




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

21

prices and costs. This condition existed up to the maturity of our
crops, when the inevitable deflation set in over the country. The
prices of commodities produced in this district (being practically all
agricultural products) declined more rapidly than almost any other
products of the United States. The decline was so rapid and unexpected by the producers that a determined effort set up on the part of
the producer to hold his products for better prices, and this condition
still exists. The commercial banks are not in position to force the collection of their loans by reason of this concerted action on the part of all
producers to endeavor to hold their products for more reasonable prices.
We are informed by the officers of our member banks and by citizens
who are interested, that quite a lot of our commodities will be placed on
the market within the next ninety days. This being true, there should
be considerable liquidation of obligations now outstanding, and the
amount of money needed for incoming production will thereby be very
materially reduced from previous years, due to the determination of
those who produce the crops to economize to the fullest extent in the
production for the coming season. This statement already shows the
cause of the increase in the obligations of the commercial banks at this
time.
(b)

Effect of Conunercial Paper on the District

During the early part of 1920, nearly all of the banks in this district
were at high tide in deposits, and they employed a large amount of their
funds in the purchase of commercial paper, which was bought in large
volumes by small banks. Most of this paper matured in the summer
and early autumn, and the proceeds from the liquidation of this paper
were used for caring for maturing crops which had not been marketed
to any great extent.

(c) Relation and Effect on General Business Conditions
The decline in price of nearly all of the commodities produced in
this district and the determination of the producers not to sell at the
lower price have seriously affected business conditions throughout the
district. In 1919 and the first part of 1920 the producers of commodities sold their products as soon as ready for market, obtaining good
prices, with the result that a wave of extravagance seemed to possess




22

ANNUAL REPORT OF THE, FEDERAL RESERVE BANK OF ATLANTA

the entire district; whereas, with the decline in prices of commodities,
the reverse is true, and a spirit of economy seems to control the people
to the extent that they are restricting their purchases more to necessities, with the result that there has been a very marked decline in the
sale of all kinds of merchandise.
OPEEATION OF FEDERAL RESERVE BANK BRANCHES

The volume of business transacted by our New Orleans, Birmingham,
Jacksonville, and Nashville Branches during the past year, which is
included in the total transactions of the bank, shows a large increase.
The New Orleans Branch, the only one of our branches to which has
been delegated the same powers, with the exception of capital stock and
open market transactions, as exercised by the parent bank, was called
upon to function to a higher degree than ever before. The total of rediscounts made for and advancements made to member banks located
within the New Orleans zone was approximately $709,400,000. Currency receipts and shipments amounted to $93,909,000 and $76,225,000
respectively. In the matter of check clearings and collections, a total
of 2,791,000 items was handled, amounting to $1,215,294,000.
The aggregate of rediscounts for and advancements to member
banks located in the zone of the Birmingham Branch was $79,953,000.
Currency receipts and shipments amounted to approximately $47,891,
000 and $36,691,000 respectively. The total number of checks handled
for clearing and collection was 2,808,036, having a value of $1,139,355,000.
It will be noted that in the exercising of transit functions this Branch
handled a slightly greater physical volume of business than the New
Orleans Branch, but in the total value the aggregate was about
$75,000,000 less.
Rediscounts for and advancements to member banks located in the
zone of the Jacksonville Branch amounted to a total of $99,296,000.
Currency receipts and shipments amounted to approximately
$45,840,000 and $33,856,000 respectively. The number of items handled
for clearing and collection was 2,507,799, amounting to $606,091,000.
Rediscounts for and advancements to member banks located in the
zone of the Nashville Branch amounted to $665,496,000. Currency
receipts and shipments amounted to $27,449,000 and $21,862,000 respectively. In the clearing and collection of items this Branch handled
a greater physical volume than any of our other branches, the total




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

23

number being 3,474,519, but the amount thereof, $897,591,000, did not
equal the total value of the smaller number of items handled respectively by the New Orleans or Birmingham Branches.
The Savannah Agency was also called upon for much greater services than in the past. While in the matter of currency transactions
there was no material increase, the volume of collateral deposited with
the Agency, in connection with bills discounted for and purchased from
Savannah member banks by the parent bank, increased considerably,
and, as a result, the service rendered by the Agency was more frequent
and more widely distributed.
MISCELLANEOUS

(a) Internal

Organization

1. At the regular election held for Directors in November, Mr.
Leon C. Simon, of New Orleans, was reelected as a Class B Director,
and Mr. P. R. Kittles, of Sylvania, Georgia, was reelected as Class A
Director.
2. In accordance with the procedure adopted by the Board of
Directors, establishing a rotation in the member of the Federal Advisory
Council representing the Sixth District, Mr. Edward W. Lane, President of the Atlantic National Bank, Jacksonville, Florida, was elected
as a member of the Federal Advisory Council for the year 1921.
3. During the latter half of the year the Board of Directors authorized the Governor of the bank to appoint three officers as a Managing
Committee, to be responsible for the planning and general conduct of
the interior operation of the bank. Messrs. Creed Taylor, L. C. Adelson,
and J. M. Slattery were named as the members of this Committee.
At the December meeting of the Board of Directors the office of a second
Deputy Governor was created, and resulted in the election of Mr. J.
L. Campbell. Mr. J. B. Tutwiler was elected Assistant Cashier to fill
the vacancy caused by the promotion of Mr. Campbell.
4. At the NashviHe Branch, Mr. J. B. McNamara was elected
Manager to succeed Mr. Bradley Currey resigned; and Mr. Joel B.
Fort, Jr., was elected Cashier to fill the vacancy caused by the promotion of Mr. McNamara.
5. At the Jacksonville Branch, Mr. F. M. Sheffield, formerly
assistant auditor of the parent bank, was elected Cashier to fill the
place of Mr. W. G. Wilson resigned.




24

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

6. At the New Orleans Branch, Mr. Jas. A. Walker was elected
Cashier, and Mr. M. F. Harlan and F. C. Vasterling were elected
Assistant Cashiers.
7. During the year the addition to the Atlanta Bank building was
completed, the new space more than doubling the original floor area.
While the amount of business handled by the bank largely increased
during the year, it was found necessary to only increase the number of
employees from 386 to 446.
8. Mr. W. S. Johns was appointed Assistant Federal Reserve Agent
in New Orleans to succeed Mr James A. Walker, who was elected
Cashier of that Bank, and Mr. C. R. Tidwell was appointed Assistant
Federal Reserve Agent in charge of Department of Examination in
Atlanta.
(b)

Clearings

During the year 1920 there was a steady increase in the number of
items handled, as well as amounts, up to and including July 1st, but,
due to the general depression in business, a slight decrease is shown
thereafter. The total number of items handled was 16,572,303 against
12,897,732 for 1919, an increase of 3,674,571, or 28.5%, at a cost of $.0155
for 1920 against $.0119 for 1919, an increase in cost per item of $.0036.
The total volume of business for 1920 aggregated $5,381,294,000 against
$4,858,779,000 for 1919, an increase of $522,515,000, or .107%.
The Transit Department has functioned with increasing efficiency
during the past year. While temporarily restrained, by Court order,
from effecting collection of checks drawn on non-member banks in this
district at par, an increase of 35 member banks and 53 non-member
banks to the Par List during 1920 was shown.
(c)

Collections

The Collection Department continues to show a steady increase.
During 1920 it handled 49,694 items as compared with 21,821 for 1919,
an increase of 27,873, or, 127%. The amount of collections received
during 1920 aggregated $89,911,329.48 as compared with $52,966,504.47
for 1919, an increase of $36,914,825.01, or 69%. These items are being
handled free of charge for member banks, except where a charge is made
by the collecting Bank.




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

(d)

Gold Settlement

25

Fund

Total transactions through the Gold Settlement Fund for 1920
increased approximately 43% over 1919, which were larger than any
previous year, the result being that the fund was more active than at
any time since it was established. This to some extent may be
accounted for by the increased amount of wire transfers and larger
clearings.
(e) Foreign Accounts
These accounts have been handled the same as in 1919, in participation with the other Federal Reserve Banks, debits and credits being
made through the Gold Settlement Fund against the account of the
Federal Reserve Bank of New York in the usual manner.
{£) Treasurer's General Account
Coupon Redemptions for the account of the Treasurer indicate a
slight falling off as compared with 1919. The total number of pieces
aggregating 3,337,925 coupons, amounting to $17,337,425.04. Checks
and warrants cashed for the year amounted to 879,934 pieces in the sum
of $161,751,921.48. The Treasurer has requested twenty-five transfers
from us to other Federal Reserve Banks for his use, amounting to
$41,500,000, and has made seventy-six transfers from other Federal
Reserve Banks to us, amounting to $81,500,000. Thus indicating an
excess of expenditures in this district for the account of the Treasurer
over receipts of $40,000,000.
(h) Private Wire Operations
Our private wire facilities furnish us with a circuit to all other
Federal Reserve Banks and Branches via Washington, and direct
wires to our own Branches at New Orleans, Birmingham, Jacksonville,
and Nashville.
On the main line circuit to Washington we sent and received 21,254
messages, containing 706,845 words, to and from other Federal Reserve Banks and Branches, and, in addition thereto, 20,694 were sent
and received for transfer of funds. We exchanged 4874 messages
with the Treasury Department, containing 152,363 words. This
does not include messages sent and received to and from the Federal
Reserve Board, which aggregated 25,566 messages, bringing the total




26

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

number of messages sent and received over the main line circuit from
this office up to 71,388.
The number of intra-district messages amounted to 45,686, containing 2,641,174 words.
To take care of this work it was necessary to use four operators at
the Atlanta office and one at each of the four Branches in the District.
GENERAL BUSINESS AND BANKING CONDITIONS

(a)

General Conditions

The year 1920 began during a period of individual and commercial
prosperity, and likewise a period of careless spending and reckless extravagance which seemed to recognize no limitations.
The preceding year had seen increase followed by increase in both
wages and prices, and an effort to produce at almost any cost not only
the necessities of everyday living but also those luxuries and nonessentials which were in universal demand. This condition existed
during most of 1919 and into 1920. The average workman was receiving higher wages than ever before, and while some of this increase
in wages was added to savings deposits, most of it was spent in unbridled fashion for those things which during the War were termed nonessentials.
This was a condition which no student of economics would imagine
could continue, and signs of the approaching turn of the tide were seen
early in the year. During February and March more conservatism in
buying was shown by the consuming public and by retailers, and it
was evident that the almost universal wave of extravagance had about
spent its force. Before the end of the summer, sales of both retail and
wholesale firms had fallen, bank clearings were lower, and by September,
what amounted to a consumers' strike had been effected. The buying
of all manner of luxuries abated, sales of apparent necessities fell off
appreciably, and the real estate market, which had gone through a
period of excited activity, became very quiet, and few sales were recorded.
The shortage of railroad cars and the continued wet weather during
the spring and summer months seriously curtailed the production of
lumber, although the demand for building purposes was heavy. Coal
mining was also handicapped by the transportation situation, but this




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

27

was materially improved in the late summer. Coal production has been
maintained at a degree almost normal, in spite of the strike by union
miners on September 8th, which is still on.
While the States comprising the Sixth Federal Reserve district produced less cotton during 1920 than during the previous year, the
country's crop is estimated by the United States Department of Agriculture to be about 1,500,000 bales more than was raised in 1919, and,
while early in the year the price of the staple ranged around 40 cents,
and went as high as 43 cents, the size of the 1920 crop and the large
carry-over resulted in a decline in the price to around 13 to 15 cents in
December.
Much progress has been made throughout the District toward diversification. Interest in the production of livestock has resulted in an
increase in the number of packing plants, and the quality of stock on
the farms is being steadily improved by breeding.
The shortage of houses in almost every city and town has been alleviated in only a small degree. Prices on all kind of property reached
such heights during the early summer, however, that people realized
something definite must be done to bring about a lower level of prices,
and buying of all kinds of real estate almost stopped for a time. While
some classes of property have declined but little, there is now a very
distinctly lower level on almost all kinds of real estate, and some transfers are taking place.
The general slowing up has had its effect upon production of iron
and steel in Alabama, where less than half of the furnaces are in operation. Estimates, however, as to pig-iron production in Alabama for
the year total around 2,364,092, against 2,130,092 tons in 1919. A
better feeling now exists in the steel market in this section, as shipping
lines out of Southern ports report bookings for the near future which
include thousands of tons of steel. Demand already received will warrant full capacity operation of the mills producing standard steel rails
for some time, and the demand for steel wire nails exceeds production.
Stocks in the hands of retailers in all lines are low. Wholesale
houses are preparing to send their representatives again on the road,
and cotton mills and various other manufacturies which have been
partially or wholly closed down for periods ranging from two weeks to
three months are making ready to resume operations, many of them on
full capacity, promptly with the turning of the year.




gg

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

(b)

Labor

There was a shortage of farm labor during the first half of the year,
numbers of workers having been attracted to the cities and towns by
high wages paid in various industrial plants. The slowing down in
various lines during the summer and fall has forced some labor back to
the farms, and the supply during the last four or five months has been
ample in most parts of the district. The strike of the Union Mine
Workers in Alabama on September 8th, which followed the refusal of the
operators to recognize and deal with the Union, is still in effect. Quite
a number of the workers are idle, but other labor was obtained to supplant the strikers. A number of other strikes occurred throughout the
district, most of them of minor importance, the matter of increased
wages being the point in controversy. Strikes by street railwaj' operatives occurred in Atlanta in March, and in New Orleans in July, but
lasted only a few days. Other strikes during the year were the union
plumbers of Birmingham for $12.00 per day; plumbers, steam-fitters,
painters, paper hangers, glass workers, and carpenters in New
Orleans in May; painters and decorators in August; and plasterers
and iron workers in New Orleans in November for $10.00 per day. This
resulted in delay to structural work on large buildings in the course of
construction.
(c) Money Market
The demand for funds has been heavy throughout the year, especially so during the spring and fall months, when money was needed for
making and moving the crops. The fall in prices has caused the farmers
to suffer heavy losses, and a large percentage of agricultural paper has
been renewed. Interest rates have been fairly steady, ranging from
six to eight per cent, seven and eight per cent having prevailed except in
a very few instances. Demand and savings deposits were increasing up
through May, but in June and July decreases were reported. In September savings deposits again showed increases over the same period
of 1919, and have been well maintained. In June and July the banks
began to scrutinize very carefully all applications for new loans and
renewals, and to refuse loans for speculative purposes. Collections
were almost universally reported excellent through May; in June fair,
and beginning with August, collections fell off and the number of accounts allowed to run past due greatly increased.




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

29

RELATIONS WITH THE PUBLIC

Contact with the public for the purpose of disseminating information relative to the activities and functions of the Federal Reserve Bank
has been maintained systematically through the financial columns of a
large number of the principal daily newspapers of the South, which
papers have regularly published our statements of condition, and also
excerpts from our monthly reports of general business conditions.
The many public addresses made by our officers have been a means
of affording organizations of business men, as well as bankers, more or
less, intimate impressions of the scope of the business and functions of
the Federal Reserve System, and have served to give to the general
public a better knowledge of the ideals and aims of the Federal Reserve
Banks.







SCHEDULE No. 1.

STATEMENT OF CONDITION.
RESOURCES.
As of December 31st, Each Year.
1920

Gold coin and certificates in vault
Gold settlement fund
Gold with foreign agencies
Gold with F. R. Agent
Gold Redemption fund
Total Gold Reserves
Legal tender notes, silver, etc
Total Reserves
Bills Discounted:
Secured by Gov't Obligations
AllOther
Bills bought in Open Market
Total Bills on hand
Municipal Warrants
U. S. Gov't Bonds
U. S. Victory Notes
U. S. Certificates of Indebtedness
Total Earning Assets
Banking House
UncoUected items and other deductions from gross deposits
Five per cent, fund against F. R. Bank notes
All other resources
TOTAL RESOURCES




1919

1918

1917

7,987,378.42
6,302,193.45
174,866.23
42,179,185.00
6,957,760.00
63,601 ,383.10
237,243.50

5,717,322.72
12,482,000.00
1 ,575 ,000. 00
50,701 ,320.00
1 ,119,140.98
71,594,783.70
415,715.00

8,744,466.40
7,442,406.46
118,800.00
60,709,940.00
10 ,297 ,580. 39
87,313,193.34
2,026,593.00

8,412,807.62
19,333,518.51
4,727,527.61
63,503,220.00
7 ,940 ,425.13
103,917,498.87
990,711.30

89,339,786.34

$ 104,908,210.17

61,439,901.62
71 ,161,100.39
3,570,950.74
136,171,952.75

66,391,635.09
26,660,232.73
16 ,639 ,000. 16
109,690,867.98

113,650.00
2 ,800.00
16,672,489.88

375,300.00
3,900.00
15,665,846.00

6,066,000.00

1 ,491 ,000 .00

$ 152,960,892.63

$ 125,735,913.98

$ 103,182,946.54

$25,697,104.43

541,272.96
31,406,141.22
560,586.15
381,421.62

463 ,301.88
48,266,919.24
878 ,550. 00
147,276.06

217,000.00
36,019,925.51
310,690.00
484,127.32

140,875.20
21 ,785,720.46

$ 275,190,100.92

280,400,171.33

$ 204,053,315.97

$119,708,532.53

$

63,838,626.60
54,171,028.61
29,864,482.32
12,514,685.61
96,550,196.54
13,000.00
553,750.00

$

72,010,498.70
2 ,124 ,250. 76
12,903,420.00
6 ,497 ,061. 67
21 ,524,732.43
284,372.00
2,397,000.00

74,333.74

SCHEDULE No. I.

STATEMENT OF CONDITION.
LIABILITIES.
As of December 31st. Each Year.
1920

TOTAL LIABILITIES- -




4,053,050.00
8,343,405.31

$

3,428,200.00
4,095,000.00

$

3,191,350.00
775,000.00

$

2,812,750.00
40,000.00

$

3,715,581.57
49,172,490.00
20,300,019.53
302,491.32

S

2,700,991.38
58,388,305.70
37,130,907.83
2,778,585.38

$

2,839,711.85
40,222,851.15
23,308,473.07
214,887.51

$

4,470,782.74
30,849,923.90
10,074,908.35
374 ,027.01

-.

Government Deposits
..
_ _
Due to Members, Reserve Account __ . _ _
Deferred Availability Items ._
_ _
Other deposits, including foreign Gov't Credits -

Federal Reserve Bank Notes in actual circulation

1917

1918

$

Capital paid in
Surplus

Total gross deposits

1919

__

73,550,589.08

101 ,004 ,850.35

73,320,923.58

51,770,242.00

173,400,190.00
15,174,950.00
001 ,850.53

155,510,935.00
15,501 ,300.00
199,885.98

120,072,430.00
5,810,000.00
1 ,012,012.39

04 ,914,890.00

$ 280,400,171.33

S 204 ,053,315.97

$ 119,708,532.53

$ 275,190,100.92

,

104 ,049_93

33

ANNUAL REPORT OF THE FEDERAL RESERVE BAXK OF ATLANTA
SCHEDULE No. 2:

EARNINGS AND EXPENSES FOR THE CALENDAR YEAR 1920
AND COMPARATIVE TOTALS FOR THE PRECEDING YEARS.
1918

EARNINGS
Discounted Bills

>6 ,688 ,341. 88 $3,735,032.95 $1,758,074.69 $231 ,035.57

Purchased Bills

337,991.12

367 ,337.75

302,231.06

102,311.56

U. S. Securities

320,450.89

228 ,958. 61

114,451.31

140,820.48

85.27

2 ,889.31

3,629.26

8,356.00

33,756.92

17,134.05

68,312.83

35,240.00

13,526.88

5.06

11 ,139.06

25,568.99

7,912.80

35,276.21

6,758.45

Municipal Warrants
Transfers - Net Earnings
Deficient Reserve Penalties (including interest)

102,846.10

Porifit realized on U. S. Securities
Sundry Profits
Total Earnings
Current Expense
Net Earnings




20,801.4;

$7,476,431.46 S4 ,416,001.27 $2 ,293 ,058.56 $541,385.24
1,385,441.23

972,216.65

627 ,473. ?4

226,281.24

86,090,990.23 $3,443,784.62 $1,665,585.32 $315,104.00

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA
SCHEDULE No. 2—Cont'd: EARNINGS AND EXPENSES FOR THE CALENDAR YEAR 1920
AND COMPARATIVE TOTALS FOR THE PRECEDING YEARS.
EXPENSE OF OPERATION
Assessments — Expenses F. R. Board Federal Advisory Council (Fees &
traveling expenses)
Governors' Conferences (including
traveling expenses)
F. R. Agents' Conferences (including
traveling expenses)
Salaries - Bank Officers
Clerical Staff
Special Officers & Watchmen)
AllOther
Directors' fees
Per diem Allowances
Traveling expenses
Officers & Clerks Traveling ExpensesLegal fees
Rent
Taxes and Fire Insurance
Telephone
Telegraph
Postage
Expressage
Insurance & Prems. Fidelity Bonds. _
Light, heat & power
Printing & Stationery
Repairs & Alterations
Cost of Currency shipments to and
from Member and Non-menber
Banks
AllOther
Total expense of Operation




1920

1918

1917

27.S82.11

22,391.31

15,308.71

9 ,442.27

1 ,092.02

409.57

454.73]

400.03

504.38

575.23

70.30

299.98

174.72
150,990.13
433,190.51
15,030.80
27,077.59
4 ,090. 00
0,530.00
0,807.29
15,494.99
8,008.49
19,432.77
10,774.08
3,589.49
50,740.13
57,540.97
1 ,405.98
13,743.08
0,095.12
80,239.50
9,339.82

132.94
110,951.58
289,854.40
10,030.83
12,933.90
3,013.00
4 ,085.00
3,024.91
9,113.22
4,494.40
14,017.81
8,208. 10
2,988.35
24,325.50
49,900.31
8,831.08
8,881. 19
3 ,889. 11
40,294.43
2,019.32

142.30
70,043.45
124 ,938.35
5,280.40
3,059.07
2,295.00
2,548.40
2,088.70
3,000.84
3,494.87
18,722.10
3,275.90
705.82
5,030.41
28,997.02
5 ,140. 14
2,041.04
702.35
23 ,781. 58
132.43

50,087. 14
34,009.71

31 ,981.91
44 ,003.23

4,005. 11
53 ,332.90

81,040,009.48 $ 723,082.09 $

30,470.93
37,892.48
3,424.10
2,1S8.O8
2,540.00
2,471.42
1 ,000.94
000.00
12,152.92
1 ,210.04
535.05
842.80
0,825.77
2,483.33
1 ,801.90
174.07
7 ,002.07
27.80

10,494.72

380,039.18 $140,475.22

35

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE No. 2—Cont'd: EARNINGS AND EXPENSES FOR THE CALENDAR YEAR 1920
AND COMPARATIVE TOTALS FOR THE PRECEDING YEARS.
EXPENSE OF OPERATION
Continued.
Brought forward Total Expense of Operation

1920

$1 ,046,609.48 $

Cost of Fed. Res. Currency (including
expressage, insurance, etc.)
Misc. charges note issue
Taxes F. R. Bank Note Circulation. _
Furniture & Equipment
Bank Premises
Total Current Expenses

126,009. 13
72,808.48
63,957.58
76,056.56
$1,385,441.23 $

1919

1918

1917

723,082.69 $ 380,639.18 $146,475.22
148,734.44
11 ,535.89
41,561.31
46,844.39
457.93

149,390.49
9,313.22

69,128.22

88,130.35
12,797.34

8,177.80
2,500.00

972,216.65 $ 627,473.24 $226,281.24

Current Net Earnings Year 1920_ _ $6 ,090 ,990. 23 $3,443,784.62 $1 ,665,585.32 $315,104.00
Per cent of Monthly Average of
54.7%
12.6%
104.4%
Paid in Capital
160.8%
Fiscal Agent Department Expense,
Amounts Reimbursed by Treas.
Dept.,and Balances reimbursable
at end of the Calendar Year.
Total disbursements _. _
Amounts reimbursable Jan. 1st

$

233,985.48 $ 712,656.25 $ 776,638.93 $ 70,380.45
45,694.07
458,649.62
121,786.72

Total
$ 355,772.20 $1 ,171 ,305.87 $ 822,333.00 $ 70,380.45
24,686.38
363,683.38
315,852.30 1 ,049,519.15
Reimbursements received during year
Balance reimbursable Jan. 1st




S

39,919.90 $

121,786.72 $ 458,649.62 $ 45,694.07

36

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE No. 3:

PROFIT AND LOSS ACCOUNTS
EARNINGS AND EXPENSES FOR THE CALENDAR YEAR 1920
AND THRU' PRECEDING YEARS
1920

Earnings
Current Expenses.
Current net earnings for year
Credit to current net earnings on
account of amounts previously
• reserved for depreciation
United States Bonds.
AllOther
Total.
Deduction from cunent net earnings
on account of - •
Bank Premises
Reserve for depreciation U. S.
Bonds
Assessment account - Federal
Reserve Board Special Services.
AllOther
Total Deductions.

$7,470,431.40
1,385,441.23

1917

: ,410,001.27 $2,293,058.50 $541,385.24
627 ,473.24 226,281.24
972,216.65

20,319. 19

10,392.03

10,557.54

iO,lll ,309.42

,454 ,170.05

,005,585.32 $325 ,661.54

00,141.45

51 ,477.99

12,797.34
24 ,90!). 00

9,506. 11
31,337.73
100,985.29
1,010 ,324. 13

Dividends paid
Transferred to surplus fund
Franchise tax paid U. S. Government.

225,570.94
3,048,465.31
2,136,287.88




1918

$0 ,090,990. 2:-! S3 ,443 ,784.02 $1 ,065,585.32 $315,104.00

Net earnings available for dividends,
surplus, and franchise tax, Dec.
31st, 1920

Total

1919

$0,010,324.13

20,301.02
71 ,779. 011 $

315.30

2,549.05

13 ,112.04 $ 27 ,458.05

,382 ,397.04 $1 ,052,472.0 $298,203.49
197 ,397.04
3 ,185,000. CO

182,472.08 218 ,203.49
1 ,470 ,000. C
O 40 ,000.00
40 ,f CO. CO

<
; ,382,397.04 $1 ,052 ,472.08 $298 ,203. 4 >




SCHEDULE No. 4.

CO
CO

MOVEMENT OF PRINCIPAL ASSET AND LIABILITY ITEMS DURING THE CALENDAR YEAR 1920.
(Amounts in thousands of dollars)
Discounted Bills

Total

Date

Jan.

Feb.

Earning
Assets

SI20 ,994 $
110,718
124 ,797
124,710
23__125 ,575
30.. _

Total
Held

Rediseounted
with other
F.R.Banks

Purchased Bills

Disc'ted for member Banks
in this District
B

Total

Sec'd by Percent
Gov't
War Ob- (B"=-A)
ligations

88 ,724 $ — 5,
5 ,000 $ 83 ,724 $
90 ,787
- 7 ,000 83 ,787
99 ,091
-22 ,000 77 ,091
99,109
-19 ,500 79 ,609
-15 ,000 83 ,433
OS ,433

Purchased
in Open
Market

Purchased
from
other
F. R.
Banks

Total

Total
Held

Net

U. S.
Cash
Deposits In CircuSecuri- Reserves
lation
ties

50.7
57.1
00.3
58.0
50.0

57 ,845
55 ,955
00 ,050
50,511

143,916
144,173
146 ,202
145 ,778

49.1
40.0
40.9
44.2

50.0
50.1
54.9
52.2

61,451
55 ,787
50 ,392
54 ,245

140,717
149,145
147 ,772
145 ,779

47.8
47.2
47.6
48.3

53.9
52.7
51.1
50.0

15 ,782 92 ,524
15 ,782 100,120
15,782 95,415
15 ,783 80 ,534
15 ,78i
83 ,492

54
57
52
52
54

145
147
149
147
147

,944
,493
,422
,008
,400

46.3
48.9
47.3
43.4
41.4

48.1
49.0
47.3
43.4
41.4

,044 $105 ,079$
,044 109,218
,044 99 ,923
,044 97 ,094
,044 90 ,880

50
52
57
57
57

5,087
5,087
5,087

12 ,648
17 ,599
17 ,449
16,741

15
15
15
15

,782
,782
,782
,782

98 ,990
92,107
90 ,979
89 ,449

10 ,230
9 ,080
8,500
8,440

3,283
1,787
1 ,382
701

13,513
10,873
9,942
9,141

15
15
15
15

,782
,782
,782
,782

99
90
94
90

591
112
112

8,411
8,298
7 ,530
7,501
7,330

$ 11,101 $
9,887
9,002
9 ,503
11,098

58
56
59
61

,103
,019
,081
,238

09.9
08. S
07.3
00.9

12 ,048
12,512
12 ,302
11 ,054

57
57
55
55

,501
,925
,371
,808

02.7
02.2
59.5
58.4

5,065

Actual Adjusted

51.8
53.7
49.5
48.9
48.5

10
10
16
16
10

70.3
72.4
70.2
70.8
70.4

Reserve Percentages

154,112
150,613
144 ,704
142 ,770
142 ,090

16 ,226
9,887
9,662
9,503
11 ,098

58,898
60 ,645
58 ,733
61 ,218
58 ,749

|F.R. Notes

,049 $
,761
,326
,162
,772

13--20. __
27___

97,177
125 ,00
130 ,045 97 ,264
99 ,238
132 ,409
135,150 102 ,033

— 1 4 ,040
—15,000
— 1 1 ,500

—11 ,100

83,13
82 ,264
87 ,738
91 ,533

Mai eh

5
19--"
20--.

130,441 101 ,140
129,347 102 ,092
124 ,370 98 ,040
123 ,099
98,170

—
—
—
—

9 ,500
9 ,500
5,025
2 ,050

91 ,646
93 ,192
93 ,021
95 ,526

April

2.-.
9.-.
16.-_
23.._
3O.__

127,155 102 ,902
124 ,343 100 ,263
120,132 102 ,820

— 3 ,000

99 ,962
100 ,263
102 ,820
108 ,735
114,207

50,510
58 ,447
59 ,479
00 ,932
60 ,59i

50. 5
58.3
57.8
50.0
53.1

7,820
8,180
7,418
7 ,501
7,330

116,616
8 ,500 124,822

60 ,880
63 ,544
64,1
04 ,02/

52.2
53.2
52.3
51.3

0,599
0 ,088
5 ,086
5 ,88(

0 ,599
0,088
5 ,080
5 ,881

15
15
15
15

,783
,781
,783
,782

80
81
80
80

,746
,107
,02
,236

53 ,374
55 ,780
54,100
53 ,28"

147 ,410
145,010
145 ,749
145 ,080

40.2
40.3
40.0
40.4

40.2
39.3
37.5
30.2

121 ,54
120,101
115,992
122,018

03 ,351
05 ,238
50,173
50 ,944

52.1
51.7
48.4
40.7

5 ,739
4 ,816
4,912
4,621

5 ,739
4,816
4,912
4,021

15
15
15
15

,783
,783
,783
,783

81
78
78
77

,067
,781
,381
,12^

49 ,804
53 ,938
48,07
49 ,520

140,104
143 ,070
140 ,574
140 ,59.r

41.4
40.0
41.4
40.0

37.3
30.1
39.0
36.4

108 ,735
114,207

21._.
28__.

132,019
137 ,320
138 ,098
139,303
139 ,086
137 ,984

110,010
117,433
117,617
116,322

2 ,000 119,433
5 ,()()( 122,61

11--.
18- _
25_ __

135 ,00(.
138,951
132 ,071
134 ,402

113,54
118,351
111 ,371
114 ,058

8
7
4
7

May

June




,000
,750
,010
,900

,489
,738
,271
,041

,075
,145
,468
,229
,353

SCHEDULE No. 4—Continued: MOVEMENT OF PRINCIPAL ASSET AND LIABILITY ITEMS DURING THE CALENDAR YEAR 1920.
(Amounts in thousands of dollars)
Purchased Bills

Discounted Bills

Total

Total

Net

F.R. Notes

Reserve PercentagDS

Disc'ted or member Banks
in this District
Date

Earning
Assets

Total
Held

Rediscounted
with other
F.R. Banks

A

Total

July

2 - - - $134 ,214 $114,524 $
134,64S 114 ,570
g
134 ,408 113,821
134 ,158 114 ,075
23""133 ,445 114,127
30...
135,155 115 ,901
0
13
130,222 117,220
135 ,085 1 17,117
2()"!27- __ 130,802 118,892
10

August

Sept-

3_-_
10_ __
17

24.--

137,245
137 ,339
139,130
140,155

119 ,788
119 ,921
121 ,857
122,949

Purchased
B
c
in Open
Sec'd by Percent Market
Gov't
(B~^~ A)
War Obligations

4 ,778 $119 ,302 $ 57 ,207
5 ,507 120 ,077 57 ,091
10,923 124 ,744 57,391
15,650 130,325 59 ,002
21 ,007 135 ,734 00,172

47.8
48.0
46.0
45.3
44.3

$

Purchased
from
other
F. R.
Banks

Total
Held

3,909
4 ,297
3 ,805
3 ,702
3 ,530

—
—
—
—

3 ,909 % 15,781 $
4,297 15,781
3 ,865 10,782
3,702 15,781
3,536 15 ,782

$

15




Actual

tAd-

justed

80 ,433 $
74,512
75 ,872
75,416
76 ,509

52 ,373 *
45 ,837
48,123
48 ,563
48 ,045

140,554
141 ,302
140 ,194
138,641
139,277

41.7
39.8
40.3
40.3
40.8

28,183
25 ,209
32 ,723
31 ,903

144 ,084
142 ,429
149 ,840
150,855

02 ,238
01 ,937
03,915
04 ,319

43.2
43.5
42.7
42.0

3 ,472
3 ,220
2 ,780
2,188

—
—
—

3 ,472
3 ,220
2 ,780
2,188

15,782
15,782
15 ,782
15,782

77 ,408
70,841
70 ,076
70 ,071

48 ,799
48 ,900
48 ,492
47 ,484

140,787
140 ,707
139 ,548
142 ,420

40.9
40.5
40.5
40.4

30 ,824
31 ,711
34 ,748
45 ,533

150,012
151 ,032
150 ,005
108,482

04 ,409
00,190
05 ,300
07 ,044

42.8
43.7
41.7
40.1

1 ,070
1 ,037
1 ,497
1 ,423

—
—
—

1 ,070
1 ,037
1,497
1 ,423

15,781
15,781
15,782
15,783

77 ,084
75 ,908
79,819
78 ,505

47 ,830
42 ,072
48,143
46 ,903

142 ,901
140,340
140,441
147 ,003

40.7
40.2
41.0
40.5

1 ,880
2 ,393
2,743
2 ,690
2,253

15,782
15 ,785
10,782
15,783
15,782

79 ,442
78 ,048
80,181
88,178
89 ,719

46 ,370
40,143
40 ,207
41 ,325
44 ,007

147 ,538
147 ,883
158,982
176,408
177,734

41.0
40.5
40.3
40.5
40.5

2,125
2,244
2,150
2,409

15 ,782
15 ,783
15,782
15,784

88,181
87 ,002
86,191
85 ,242

41 ,042
39 ,893
49,910
40,143

176,670
170,195
174 ,078
172 ,398

40.4
40.3
40.1
40. 1

2 ,565
2,634
2,037
3,112
3,492

15,784
10,285
10 ,289
10 ,789
10,789

87 ,494
86 ,732
87 ,237
88,119
86,091

40 ,848
42 ,890
39 ,095
37 ,239
30 ,240

172 ,230
171 ,093
172 ,551
176 ,931
175,166

41. 1
40.4
41. 1
41.1
40.7

48 ,S50 170,529 08 ,694 40.3
1 ,880
1. _ _ 139,341 121,073
—
2 ,393
140 ,874 122,090
47 ,490 170,192 08 ,075 40.0
8
—
2 ,743
144 ,070 125,145
44 ,042 109 ,787 00 ,892 39.4
—
2 ,090
155,777 137 ,304
37 ,758 175 ,002 08 ,470 39. 1
—
2 ,253
158,708 140 ,073
30,122 170 ,795 OS ,901 39.0
29...
37 ,508 176 ,902 09 ,760 39.4
2,125
Nov.
5 . _ - 157 ,301 139 ,394
—
12
2,244
150 ,353 138 ,320
35,141 173,407 69 ,780 40.2
—
2,150
150,435 138,503
38 ,845 177 ,348 71,022 40.0
lSlII
—
2 ,409
155,219 137,020
40,210 177 ,242 71 ,527 40.4
20--_
41 ,419 170 ,747 71,241 40.3
2 ,565
153,077 135,328
Dec.
3___
—
2,034
35,912 173,137 70 ,932 41.0
10. __ 150,144 137 ,225
—
2,037
153,585 134 ,659
35,018 169 ,677 66 ,792 39.4
17...
—
3,112
154,830 134 ,935
30 ,757 171 ,692 06 ,843 38.9
23...
—
3 ,492
154 ,430 134,149
33 ,059 167 ,808 05 ,883 39.2
30...
*-Minus sign indicates paper discounted for other Federal Reserve Banks.
j-Adjusted percentages are calculated after increasing or reducing reserves held by the amount of
Banks.

Oct.

Cash
Deposits In CircuU. S.
lation
Securi- Reserves
ties

39.2
36.9
34.5
31.9
29.3
20.0
27.2
23.1
23.5
24.0
23.4
23.2
17.0
15.8
10. 1
17.8
23.2
24.2
23.2
24.0
22.0
21.2
21.6
23.7
24.0
24.0
24.8

accommodation extended to or received from other Federal Reserve

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

40

i

11

FEPERALR^ERVEBANKOFATLAPiTA.
MOVEMENT OF EARNING ASSETS
DURING 1920,

Z6

im

II
25

^ ^ ^ ^ ^ ^
UNITED STATES SECURITIES

n

PURCHASED BILLS HELD
100
SO
60
40
20
0

PERCEHTAGE OFWAR PAPER TO TOTAL DISCOUHTS FOR BAMS M DISTRICT.
2O0

DISCOUNTED BILLS. (SEE NOTE BELOW

TOTAL EARIiMO ASSETS
JAM. FEB. MAR. APR. MAY JUN3JULY AU6. SEPT. OCT. MOV. DEC.

A $zftersecured by 6oPcrnmenbJt&r Obligations discountel/brJSan/Cs uiflistrict.
Sjuucbeiween. tinesB and Crejwesents
d h b d £ J b




fr,oth6rSzdt^




T P -i< •»*••}<

or 33
-

• * i-H —i - f
- * -r -i* * *

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307
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008

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,411
,4
79
,0
05
,122
X

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409
184
982
797
,8
00
,8
40
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80
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,8
70

oo o©o
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1-1-

c^sniH

MN-ffd

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

35
« s
3

— 3 I - t-- 3

— MTO—MM




,297
,348
,125
,5
80

,8
00
,8
20
,8
80
,505

943
,944
,023
,038
,8
00
,180
,3
90
,8
00

080
004
905
581
900
,3
00
,3
40
,130

SCHEDULE No. 5—Continued:

MOVEMENT OF EARNING ASSETS WEEKLY - 1920.

1

3

Sec'd. by Goy't. War Obligations:
Week

Member Bunks'
Collateral
Notes

All Other

4

5

Otherwise .Secured and
Unsecured
Member
Banks' Coliteral Notes

All Other

iills Purchased
in Open
Market

6

7

10

U. S.
Bonds
Owned

U. S. Certificates of
Indebtedness

Per Cent
Sec'd by
War Obligations plus2 ; G

Municipal
Warrants

Total Earning
Assets

3,908,497.98
4,296,986.03
3,805,186.03
3,702,377.85
3,535,830.00

116,600
110,600
116,600
116,000
110,600

15,064,860
15,664,860
16,664 ,860
15,664,860
15,664 ,860

134,214,185.14
134,648,381.70
134,467,933.74
134,158,540.61
133,445,440.38

39.7
39.3
39.2
40.0
40.9

59,054 ,041.28
59 ,711 ,655.87
55,546,464.78
54 ,367 ,455.43

3,471,914.62
3,219,974.62
2,785,848.51
2,187,842. 10

116,000
110,000
116,000
110,000

15,664,862
15,604,802
15,664,862
15,664,862

135,154 ,591.06
136,221 ,518.46
135,084,358.29
130,861,422.33

41.5
42.1
45.2
46.9

236,000.00
248,000.00
250,000.00
255,000.00

55 ,083 ,020. 10
57,103,515.31
60,643,103.29
59,014,941.90

1 ,075,842. 10
1 ,636,800.21
1 ,490,913.94
1 ,423,470.79

110,600
116,600
110,600
116,600

15,664,864 Unmatured
15,664 ,864 Coupons
15 ,664 ,864
897.81
15 ,664 ,804 1 ,051.28

137,245,354.00
137,338,789.90
139 ,136 ,039. 2(
140,154,755.54

46.9
45.5
43.8
45.4

50,433,180.00 13 ,860,559.91
52 ,372 ,380. 00 13,340,055.51
51 ,306,830.00 12 ,385,820.29
54,976,480.00 13,388,814.90
55,402,130.00 13,558,469. 13

170,000.01
258 ,000. Ot
221 ,365.00
208,000.01
133,000.00

57,209 ,291.60
50 ,725 ,048.53
61 ,231 ,321.49
68,731 ,156.02
71,578,791.36

1 ,885,635.5^
2,393,214. 19
2 ,742,800.49
2,690,247.19
2,253,313.96

116,000
110,600
116,600
110,600
116,600

15 ,004 ,804
15,664 ,866
10,004 ,800
15,664 ,806
15 ,664 ,866

1 ,137.71
3,354.7^
965.41
857.30
888.55

139,341,268.80
140,874,118.98
144 ,670,574.68
155,777,022.01
158,708,059.00

46. 1
46.6
44.0
43. S
43.4

26

53,792,030.00
54,103,960.01
54 ,992 ,800.00
55,331 ,980.00

13,704,257.7
13,508,488.34
13,671 ,548. oi
14,163,450.02

llS,000.0(
153 ,000. 0(
133,000.01
191 ,000. (X

71 ,778,700.3^
70,500,042.80
09,704 ,933. 6<
67,339,935.56

2,125,342.91 116,600
2,244,248.91 110,600
2 ,150,399.3? 116,500
2,408,628.11 116,500

15 ,664 ,868
15 ,604 ,868
15,064,868
15,664,868

928.61
1 ,692.63
616.95
2,531.91

157,301,327.61
156,352,900.08
156,434,726.52
155 ,218 ,900. 20

42.9
43.2
43.8
44.7

3_
10.
1723.
30.

54,132,490.00
55 ,030,110. 0(
52 ,292 ,375. 0(
46,005 ,815.00
48 ,257 ,720. 00

14,475,700.53
13,687,956. of
14 ,041 ,105.9,
14 ,171 ,369.6
13,714,232.76

350,372.99
354 ,859.64
304 ,000.00
380,133.14
294,400.00

66,369 ,221
08,151 ,715.98
08,022,447. 13
73,717,835.07
71,883,374.92

2 ,564,819.06
2 ,634,341.56
2 ,636 ,571.31
3,112,313.95
3,491,430.74

15,664 ,870 2,054.42
16,164,870 3,461.60
16,171 ,870
701.42
16,071 ,870
575.26
16 ,671 ,87C
575.2C

153 ,676 ,578. 5J
156,143,765.3'
153,585,520.8
154,836,362.67
154,430,053.0

44.6
44.2
43.1
39.2
40.1

2
16
23
30

$45 ,941 ,555. 0 0 $
45,888,055.00
45,296,605.00
45,329 ,330.00
46,209,330.00

7,463,063.04
7,071,177.87
7,471 ,521.89
8,413,423.28
8,430,229.21

August

6
13
20
27

47,244,580.00
48,271 ,809.87
51 ,700,340.00
53,809,140.00

8,876,993.16
9,106,550. 10
9 ,662,243.00
10,509 ,522.74

125,000.00
130,000.00
208,000.00
206,000.00

Sept.

3
10
17
24

53,050,540.00
50,774,540.00
48,727,030.00
50,475,280.00

10,812,487.68
11 ,794,464.38
12 ,230 ,030. 16
13,203,541.57

Oct.

1.
8.
1522 _
29 _

July

Nov.
12

Dec.




115,000.00 $61 ,004 ,609.12
127 ,000.0(r 01 ,483,702.80
191 ,000.00 00,802,160.82
203,500.00 60,728,449.48
112,500.00 59,370,091.17

116,450
110,450
110,450
110,450
116,450

TOTAL INVESTMENT OPERATIONS AND NUMBER OF BANKS ACCOMMODATED—1920—COMBINED.

SCHEDULE No. 6:

Sec'd by Government War
Obligations
Month

Member Banks'
Collateral
Notes

All Other

Otherwise Sec'd & Unsec'd.
Member
Banks
Collateral
Notes

Total

Bills bought
in open
market

Grand Total

All Other

Number
Member
Banks in
District

Number
banks
accommodated during
1920

120,212,000 $

1,825,306$

610,000 $

21,773,207

150,421,233

6,636,248

157,057,481

429

February

112,055,710

2,501,105

355,000

21,190,588

130,708,403

0,730,039

143,535,102

431

March

11-1,781,100

3,421,889

270,000

37,543,113

150,010,402

3,901,324

159,917,786

435

177

April

113,103,500

4,31(5,121

359,000

38,807,109

156,635,790

4,209,404

160,845,194

435

L'()7

May

122,441,860

4,211,710

535,000

40,984,336

174,172,912

3,095,982

177,268,894

437

251

June

113,706,135

4,406,562

490,000

44,148,324

162,751,021

2,979,124

165,730,145

438

267

July

116,564,285

5,765,290

714,500

57,142,798

180,186,879

1,430,084

181,616,963

443

288

August

142,808,720

6,042,579

551,000

58,881,111

208,283,410

1,198,097

209,481,507

445

291

September

132,100,770

8,809,663

713,000

06,110,388

207,733,821

2,039,421

209,773,242

446

310

October

136,955,860

8,388,538

576,000

80,864,044

226,884,442

2,959,767

229,844,209

449

323

November

149,091,805

0,927,471

1,410,147

81,800,300

239,295,849

1,710,730

241,006,579

453

335

December

125,025,495

8,676,451

992,500

97,501,509

232,855,955

2,679,700

235,535,055

462

310

January

TOTAL

*

$ 1,506,098,380 « 65,292,757$ 7,676,147 $ 652,878,953 $ 2,231,940,237 $ 3 9 , 5 7 6 , 5 2 0 $ 2,271,522,757




4.")

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA
SCHEDULE No. 7:

AVERAGE DAILY HOLDINGS OF EARNING ASSETS DURING
1920—Combined.

Bills
Purchased

Month

$

U. 8. Bonds
and Certificate;
Combined

Total
Earning
Assets

January..

95 ,344 ,069

11,461,698

16,099 , 253

February.

95 ,394 ,403

15,256,841

15,428 ,196

120,070,500

S

122,905,020

March

104 ,431 ,588

11,765,502

16,419 ,834

132,610,924

April

104 ,877 ,874

7.792,011

15,781 ,937

128,451,822

May

117 ,322 ,262

0,142,520

15,782 ,615

139,247,403

June

114 ,709 ,207

4,981,629

15,882 ,4 S3

135,573,319

July

115 , 109 ,041

3,874,899

15,910 , 525

134,894,465

August

117 ,058 ,707

3,065,269

15,781 ,462

135,905,438

September-

121 ,759 ,811

1,623,817

15,781 ,924

139,165,552

October

124 ,812 ,870

2,299,S93

15,306 ,398

142,419,161

November.

143 ,172 ,171

2,277,ISO

16,309 ,040

161,758,391

December.

136 ,630 ,219

2,913,945

16,399 ,411

155,949,575




SCHEDULE No. 8: VOLUME OF PAPER DISCOUNTED AND BOUGHT BY MONTHS CLASSIFIED ACCORDING TO CHARACTER OF PAPER
(In Thousand" of Dollars)
Purchased
Paper

Discounted Paper
Month

Secured by
Government
War Obligation;

SubTotal

All Other

Totals

Bankers
Acceptances

January

128,038

22,

150,421

0,030

February

115,157

21,

130,709

March

US, 203

37, 813

April

117,470

May

1917
157,057

173,923

17,527

4,304

0,737

143,440

110,534

13,187

2,098

150,010

3,901

159,917

147,391

21,055

3,573

39, 100

150,030

4,209

160,845

155,002

37,527

3,120

120,654

47, 519

174,173

3,090

177,209

168,310

47,893

4,421

June

118,113

44, 038

102,751

2,979

105,730

107,507

54,114

4,273

July

122,330

57, 857

180,187

1,430

181,017

182,987

04,749

4,763

August

148,851

59, 432

208,283

1,198

209,481

183,932

83,943

0,875

September

140,010

00 824

207,734

2,039

209,773

210,739

122,683

9,439

October

145,344

81 540

220,884

2,900

229,844

215,537

177,452

20,444

November

150,019

83 277

239,296

1,711

241,007

178,399

107,797

27,695

December

134,302

98 554

232,850

2,080

235,536

157,108

107,680

39,570

2,271,522

2,057,438

$ 975,607

Total

$

1,571,391

$

000,555

$

2,231,940

*-These figures include transactions with other Federal Reserve Banks.




$

$

$

*

30,496
$121,570*

SHEDULE No. 9.

CHANGES IN DISCOUNT RATES DURING 1920.

Januarv 1, Januarv G, Januarv 2G, February
1920
26, 1920
1920
1920
MEMBER
Secured
Secured
Secured
Secured
Secured
Secured
Secured

BANKS' NOTES (15 DAYS OR LESS):
bv Certs of Ind
bv Certs of Ind bearing 5V£ %
bv Certs, of Ind bearing 5J4 %
by Certs, of Ind — All other
by Libertv Bonds or Victory Notes
by Customers' paper cligble for rediscount
bv War Finance Corporation Bonds.

4M%

VA%

5%

April 1,
1920

April 21,
1920

May 21,
1920

July 2,
1920

November
1, 1920

5%

fl

5J^ °7

5

b2

5A
G

G

6

6

2

7

6

7

5^2

G

6

6

7

G

0

G

7

5M

2

5M

6
7

6
7

6
7

COMMERCIAL PAPER - (INCLUDING COMMODITY PAPER):
Maturities within 90 days

G

6

G

BANKERS' ACCEPTANCES (ENDORSED)

5

5

G

6

G

G

0

6

G

4M

5

2

5

AGRICULTURAL AND LIVE STOCK PAPER:
Maturities within months
Over 90 days to 6 90 days
One day to 6 months
TRADE ACCEPTANCES:
Maturities within 90 days
CUSTOMERS' NOTES SECURED
OBLIGATIONS:
Maturities within 90 days Secured by Certificates

BY

Secured by Certificates bearing h^A %
Secured bv Certificates—All other
Secured by Liberty Bonds or Victory Notes

\%
5'A

GOV'T

5

4M

4M

5A

514

5J18
5

51/2

OPEN MARKET PURCHASES: Previous rates reseined - New rates furnished upon application.
NOTE: Progressive discount rates were effective for the period from May 31 to November 1, 1920, which applied on borrowings in excess of normal or basic
discount lines. The normal or basic line of a member bank was doterrnined by the following formula: - 65% of the average balance maintained
by the member bank with the Federal Reserve Bank during the preceding reserve computation period; plus the investment of the member bank in
the capital stock of the Federal Reserve Bank; multiplied by two and one-half. Offerings aggregating the amount of a member banks basic line were
discounted at the normal rates. The rate progressed by one-half of one percent for each bracket of 25% in excess of its basic line. Notes secured
by Treasury Certificates of Indebtedness, liberty bonds oi Victory Notes actually owned by the borrowing member bank on April 1, 1920, were not
considered as part of the sum constituting the normal or basic line, and progressive rates did not apply to such direct obligations. Notes, proceeds,
which were used for strictly farm production, were exempt from the basic discount line of the discounting member bunk to an amount not exceeding
the paid-in and unimpaired capital and surplus of such member banks. Bill of lading drafts covering commodities in actual process of shipment under
bona-fide contract of sale, were exempt from the normal or basic discount line.



G

5'A

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

48

FEDERALRESERVEBANK OF ATLANTA
NET DEPOSIT LIABILITY,

FR. NOTE CIRCULATION
CASH RESERVES, AND RESERVERATIOS,1320.
70

70
60

60
SO

50

A

40

40

\

3D

30
o
D

20

—k

20

10
O

RESERVEKRCENTA6ES. ACWAL-A', ADJUSTED'B-. SEEMTEBELOW.

25

F.R. NOTE CIRCULATION
250
225
200

DEPOSITANDFRMOTELIABILITIES/I; AMD TOTAL RESERVES.'C:

250
225
200
IPS
150
125
iOO
75
50
25
0

JAti. FEB. MAR. APR. MAr JUNE JULY AUG. SEPT. OCT. NOV. DEC.

JIdjvested jtcrcentages are calcula/ed, after increasing or
reducing
reserpegheld-bytheamaujitafaccoTTwdatiorv
extended to or received, from,other federalSksetre'&wKs.



10
0




o
SCHEDULE No. 10. MOVEMENT OF CASH RESERVES. NET DEPOSITS, F. R. NOTE LIABILITIES, AND THE RESERVE PERCENTAGE—1920.
1

2

3

4

Net Deposits

F. It. Notes in Actual
Circulation

2 plus 3

5

Week

Total Cash Reserves

January

2
9
16
23
30

$ 105,079,047.51
109,218,030.79
99,923,123.27
97,094,420.71
96 ,880 ,090. 89

$ 50,048,578.73
52,761 ,076.54
57,320,407.46
57,161 ,633. 18
57,772,251.46

$ 154,112,290.00
150,612,680.00
144,703,050.00
142,770,230.00
142,090,575.00

% 204 ,100,808.73
203,373,750.54
202,030,057.46
199,931 ,803. 18
199,862,826.46

51.8
53.7
49.5
48.9
48.5

February

6
13
20
27

98,995,774.81
92,107,000.48
96,978,740.71
89,448,923.08

57,845,489.09
55,955,288.03
60,655,903.78
56,511,430.40

143,916,415.00
144,173,140.00
146,201 ,900.00
145,777,595.00

201,761,904.09
200,128,428.03
206,917,803.78
202,289,031.40

49.1
46.0
46.9
44.2

March

5__
12
19
26

99,488,290.85
96,738,792.91
94,270,154.64
96,040,959.22

01,450,351.17
55,788,200.00
50 ,390 ,800.15
54 ,244 ,750.12

146,716,800.00
149,144,500.00
147,772,585.00
145,778,940.00

208,167,151.17
204,932,706.60
198,163,391.15
200,023,690.12

47.7
47.2
47.5
48.3

April

2
9
16
23
30

92 ,524 ,202.44
100,125,863.54
95,415,369.32
86 ,534 ,088.92
83,492,310.33

54,074,732.11
57,144,531.12
52,468,328.09
52,228,673.89
54,353,621.40

143,643,755.00
147,493,420.00
149,422,365.00
147,008,322.50
147,400,390.00

200,018,487.11
204,637,951.12
201,890,693.09
199,236,996.39
201 ,820,011.40

46.2
48.9
47.2
43.4
41.3

Mav

7
14
21
28

80,745,319.72
81,106,558.28
80,023,587.52
80,235,336.81

53,374,277.56
55,785,512.09
54 ,160,100.96
53,286,310.34

147,409,605.00
145,610,295.00
145,749,100.00
145 ,080 ,280. 00

200,783,882.56
201 ,395,807.09
199,909,200.96
198,366,590.34

40.2
40.3
40.0
40.4

81,067,571.65
78,781 ,836.93
78,380,263.80
77,127,332.27

49,805,008.63
53,938,339.40
48,077,477.53
49,526,720.44

146,103,895.00
143,009,775.00
140,573,550.00
140,591,825.00

195,968,903.03
197,008,114.40
189,251,027.53
190,118,545.44

41.3
40.0
41.4
40.5

June

.

.

4..
11
18
25




Reserve Percentages Combined

SCHEDULE No. 10—Confd.

MOVEMENT OF CASH RESERVES, NET DEPOSITS, F. R. NOTE LIABILITIES, AND THE RESERVE PERCENTAGE—1920.
1
Total Cash Reserves

Week

2

3

4

5

Net Deposits

F. R. Notes in Actual
Circulation

2 plus 3

Reserve Percentages Combined

23
30

$ 80,433,349.90
74,512,259.19
75,872,598.78
75,416,010.20
70,508,852.08

$ 52,372,998.95
45,837 ,086.06
48,124,376.22
48,562,416.25
48,045,533.80

$ 140,553,720.00
141 ,362,205.00
140,193,900.00
138,641 ,220.00
139,277,020.00

$ 192,926,718.95
187 ,199,291.06
188,318,270.22
187 ,203,036.25
187 ,322,553.80

41.6
39.8
40.2
40.3
40.8

13
20
27

July

77,408,639.32
76,841 ,623.39
76,075,851.80
76,071,172.69

48,799,970. 14
48,966,380.53
48,492,300.83
47,484,761.73

140,786,840.00
140,707,105.00
139,547,520.00
142,425,940.00

189,586,810.14
189,673,491.53
188,039,820.83
189,910,701.73

40.8
40.5
40.4
40.3

77 ,683 ,430.90
75,907,504.05
79,818,485.32
78,565,403.73

47,835,923.37
42,072,223.86
48,142 ,091.49
40,903,244.22

142,961,275.00
140,340,110.00
146,440,750.00
147,003,040.00

190,797,198.37
189,018,333.86
194 ,583 ,441.49
193 ,906,284.22

40.7
40.2
41.0
40.5

79,442,280.28
78,649,397.08
80,180,720.04
88,178,192.41
89,719,402.11

40 ,375 ,876. 57
46,145,265.49
40,206,056.84
41,325,373.25
44,008,001.10

147,537,040.00
147,882,640.00
158,982,390.00
176,407,790.00
177,733,890.00

193 ,913 ,516.57
194 ,027 ,905.49
199,188,446.84
217 ,733,163.25
221 ,741 ,891.10

41.0
40.5
40.2
40.5
40.5

88,181 ,020.52
87,001 ,541.04
86,191,000.00
85,241 ,560.47

41 ,641 ,370.86
39,892,650.38
40,910,000.00
40,142,374.12

176,676,190.00
170,195,240.00
174,078,240.00
172,397,890.00

218,317,560.86
216,087,890.38
215,093,999.38
212,540,204.12

40.4
40.2
40. 1
40.1

87,494,999.87
80,731,842.60
87,237,292.63
88,117,640.19
86,091,743.39

40,848,323.00
42,890,080.46
39,695,470.95
37,238,061.08
36,240,033.67

172,230,140.00
171,693,140.00
172,550,640.00
176,931 ,140.00
175,166,140.00

213,078,463.00
214,583,220.46
212,246,116.95
214,169,201.08
211 ,406,173.67

41.0
40.4
41. 1
41. 1
40.7

2
9

10

September 3
10
17
24
8
15

22.
29

November 5
12
19
26

December

3
10
17
23
30

_ -.
. . . . . .




.en

MOVEMENT OF MEMBERSHIP FOR 1920.

SCHEDULE No. 11.

STATE

NATIONAL
No.
Banks

No. Shares

Amount

No.
Banks

No. Shares

Amount

2 ,369 ,450

64

21 ,124

1 ,056 .200

427

68 ,513

3 ,425 ,650

401 ,950

24

4,691

234 ,550

39

12,730

636 ,500

2 ,771 ,400

88

25,815

1 ,290 ,750

466

81 ,243

4,062,150

No.
Banks




47 ,389
8,039

378

55 ,428

3

Decrease in Members and Stock
Membership December 31, 1920

Amount

15

Total

No. Shares

363

Membership December 31, 1919-.
Increase in Members and Stock

TOTAL

..

192

9,600

1

23

1 ,150

4

215

10 ,750

375

55 ,236

2 ,761 ,800

87

25 ,792

1 ,289 ,600

462

81 ,028

4 ,051 ,400

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

53

STATISTICAL DEPARTMENT—FEDERAL RESERVE BANK OF ATLANTA.
MEMBER BANKS IN DISTRICT.
SCHEDULE NO. 12:

Month

State
Banks
and
Trust
Companies

National

Total

Capirtal
Stock
Paid In

Increase
for
Month

Decrease
for
Month

Net Increase
for Year

—1920—
January...

66

363

429

83 ,467 ,100 $

February..

68

364

432

3 ,525 ,800

58 ,700!

March

70

365

435

3 ,559 ,100

33 ,300

April

71

365

436

3 ,683 ,900

124 ,800

May

71

366

437

3 ,736 ,400

52,500

June

72

366

438

3 ,779 ,300

42 ,900

July

74

368

442

3 ,851 ,950

72 ,650

August

75

370

445

3 ,883 ,500

31 ,550

September

75

370

445

3 ,926 ,000

42 ,500

October...

77

373

450

3 ,959 ,700

33 ,700

November

80

373

453

4 ,012 ,750

53 ,050

December.

87

375

462

4 ,051 ,400

38 ,650

Totals




$

41,450

625,750

!$

625,750.00

SCHEDULE No. 13.
Location

STATE BANK AND TRUST COMPANY MEMBERS.
Name

Date Admitted

Capital

Surplus

Total Resources

ALABAMA:
Birmingham.
Carrollton.
Clayton
Cullman
Eufaula
Hartselle__
HuntsvilleMarion
Mobile
Montgomery,
Pitts view
Talladega
Union Springs.

American Trust & Saving Bank.
Birmingham Trust & Saving Bank.
Pickens County State Bank
Bank of Commerce
Alabama Bank & Trust Co
Bank of Eufaula
Farmers & Merchants Bank
Farmers State Bank.
Marion Central Bank
Merchants Bank
Peoples Bank
* Union Commercial Bank
Merchants Bank (Successor to Sullivan Bank
Trust Co.)
Bank of Pittsview
Bank & Trust Co
American Bank

7-19-10
2-23-18
2-27-19
10-21-20
12- 9-18
1-26-15
4-15-20
11 -3-19
11-20-17
8-30-18
5 -4-18
8- 2-19

500,000.00
500,000.00
60,000.00
50,000.00
50,000.00
250,000.00
50,000.00
100,000.00
50,000.00
200,000.00
200,000.00

35,000.00
100,000.00
350,000.00
300,000.00

$ 10,812,808.01
15,450,530.25
155,017.91
167,392.04
245,440.20
664 ,284.25
192,500.88
607,693.98
501,022.03
7,648,924.51
7,270,692.05

11 -6-14
7-30-20
2-26-20
7 -2-18

100,000.00
25,000.00
100,000.00
50,000.00

25,000.00
2,500.00
16,000.00
10,000.00

1 ,286,644.85
109 ,523.92
488,962.93
280,641.78

1- 4-18
G- 8-18
12-24-20
2-13-18
5-24-18
1-26-20
7-25-19
C- 1-18
12-13-17
1- 4-19

100 ,000. 00
200,000.00
100,000.00
30 ,000.00
100 ,000.00
25,000.00
200,000.00
50,000.00
1 ,000,000.00
30 ,000. 00

125,000.00
25,000.00

1,944,720.01
1,053,028.49
501,131.05
633,726.19
1,531,216.50
128,472.57
1,208,002.60
416,051.15
9,973,937.68
429,588.24

250 ,000 ,00
700,000.00
1,000.00
4,000.00
5,000.00
5,000.00

FLORIDA:
DeLand...
Jacksonville
Lakeland
Leesburg
Miami
Ocoeo
Orlando
Tallahassee
Tampa
Winter Park




Volusia County Bank.
American Trust Cc
Central State Bank
Leesburg State Bank
Southern Bank & Trust Co
Bank of Ocoee
Bank of Orange & Trust Co
Exchange Bank.
Citizens-American Bank & Trust Co.
Union State Bank

15,000.00
2,500.00
51 ,600.00
12,500.00
300,000.00
6,000.00

SCHEDULE No. 13.—Continued.
Location

STATE BANK AND TKUST COMPANY NUMBERS.
Name

Date Admitted

Capital

12- C-17
3-30-20
8- 6-19
11-20-17
11- 6-18
12-13-17
12- 5-17
7-23-19
12- 8-20
11- 5-19
2-28-18
8-30-19
3-27-20
7-23-20
12-31-19
2- 5-20
11- 2-20
6-13-18
11-15-20
1-14-20
3-11-19
12- 8-20
10-18-18
9-17-18
11- 4-20
12-14-20
12-28-18
7- 6-18
12-21-20
12-13-20
12-14-18
8-30-19

100 ,000.00
100 ,000.00
1,000 ,000.00
1 ,000 ,000.00
500 ,000.00
1,000 ,000.00
150 ,000.00
100 ,000.00
25 ,000.00
55 ,000.00
50 ,000.00
25 ,000.00
25 ,000.00
60 ,000.00
25 ,000.00
25 ,000.00
100 ,000.00
UK) ,000.00
100 ,000.00
25 ,000.00
40 ,000.00
1(K) ,000.00
60 ,000.00
100 ,000.00
250 ,000.00
25 ,000.00
25 ,000. (X)
30 ,000.00
300 ,000.00
S 50 ,000.00
25 ,000.00
25 ,000.00

Surplus

Total Resources

20 ,000. 00
20,000.00
125,(XX). 00
500,000.00
150,000.00
1,500,000.00
100,000.00
20,000.00
5,000.00
11 ,00.00
50,000.00
12,500.00

706,051.56
822,851.17
2,898,324.81
l'l ,621 ,695.10
2,443,627.01
4,655,515.97
1,538,849.02
823,919.62
86,234.56
454,188.11
487,679.25
108,110.21
68,129.65
506,765.85
215,596.75
230,022.36
228,095.06
706,075.04
724,939.22
295,321.59
141 ,260.38
422,977.73
462,278.65
278,651.31
3,473,818.93
331 ,099.08
308,847.76
195,248.96
1 ,009,844.44
I 535,765.69
92,338.98
143 ,648.72

GEORGIA:
Athens-..
Atlanta..

BrunswickBowersville
Calhoun
Camilla
Canon
Carroll ton
Cave Springs - Chipley
Commerce
Donaldsonville.
Forsy th
Grayson
Hartwell
Jackson
LaGrange
Lexington
Louisville
Metter
Monroe
Plains
Sardis
Sasser




American State Bank.
Commercial Bank.
Atlanta Trust Co
Central Bank & Trust Corp
Georgia Saving Bank & Trust Co.
Trust Co. of Georgia
Brunswick Bank & Trust Co
Glynn County Bank.
Bank of Bowersville
Peoples Bank
Bank of Camilla
Canon Bank
,
Farmers Bank
Peoples Bank
Bank of Cave Springs
Farmers & Merchants Bank
Commerce Bank & Trust Co
Northeastern Banking Co
Bank of Donaldsonville
Monroe County Bank
Bank of Grayson
Farmers & Merchants Bank
Hartwell Bank
Jackson Banking Co.
LaGrange Banking & Trust Co._.
Oglethorpe County Bank
Bank of Louisville
Citizens Bank
Bank of Monroe
Plains Bank
Peoples Bank
Bank of Sasser

27 ,000.00
25,000.00
15 ,000. (X)
1 ,772.63
60,000.00
50 ,000.00
25 ,000.00
10,000.00
12,000.00
30 ,000. (X)
20,000.00
650,(XX). 00
25,000.00
55 ,000. (X)
20,000.00
75,000.00
35,000.00
6 ,000. (X)
25 ,000.00

Or

SECHEDtL No. 13—Continued:
Location

STATE BANK AND TKUST COMPANY MEMBERS.
Name

Date Admitted

O5

Capital

Surplus

Total Resources

GEORGIA:
Savannah.

Swainsboo..
Valdosta
Wadley
West Point.
Winder
Winterville . . .

American Bank & Trust Co.
Citizens & Southern BankCitizens Trust Co
Hibernia Bank
Mercantile Bank & Trust C o . . .
Savannah Bank & Trust Co
The Central Bank
Exchange Bank
Bank of Wadley
Citizens Bank
Farmers Bank
North Gogia Bank & Trust Co.
Pittard Banking Co

10- 4-18
11-30-17
9-16-19
8-16-19
7-29-19
1 1 - 8-17
12-14-20
10- 7-20
6-25-20
12-29-17
10-24-18
5-29-20
7-31-18

200 ,000.00
2,000,00.00
200,000.00
200,000.00
300,000.00
700,000.00
25,000.00
100,000.00
25,000.00
100,000.00
50,000.00
200,000.00
25,000.00

12,500.00
2,500,000.00
50,000.00
300 ,000.00
35,000.00
700,000.00
14,800.00
10,000.00
16,500.00
8,000.00
24 ,000.00
11 ,000.00

1,112 ,564.66
43 ,321 ,979.04
1,271 ,234.74
5 ,903 ,243.98
1 ,027 ,442.59
8,010 ,451.47
50 ,598.24
291 ,511.44
159 ,121.74
413 ,663.24
330 ,737.90
951 ,931.91
139 ,943.00

3-15-18
9-21-17
11-25-16
10-31-18
7-12-18
4 - 8-18
8-21-17
1- 4-18
7 - 1-18
3-22-18
10- 3-17
10-14-18

1.50 ,000.00
50 ,000.00
25 ,000.00
200 ,000.00
4,000 ,000.00
1,000 ,000.00
2,000 ,000.00
750 ,000.00
500 ,000.00
1,500 ,000.00

50 ,000.00
5,000.00
10,000.00
23,000.00
2 ,000 ,000 00
250,000.00
2,500,000.00
575 ,000.00
115,000.00
800,000.00

2,858 ,229.72
588 ,249.72
320 ,119.21
980 ,431.49
71 ,997 ,457.10
8,634 ,466.26
56 ,880 ,408.57
13 ,769 ,815.60
2,938 ,476.40
19,007 ,861.80

60 ,000.00

6,600.00

351 ,065.88

LOUISIANA:
Baton Rouge.
Gretna
Iota
New Orleans.

New Roads. -

Union Bank & Trust Co
Jefferson Commercial Trust & Savings Bank_
Bank of Iota
American Bank & Trust Co
Canal-Commercial Trust & Savings Bank
Citizens Bank & Trust Co. of Louisiana
Hibernia Bank & Trust Co
Interstate Bank & Trust Co
Liberty Bank & Trust Co
Marine Bank & Trust Co
•Pan-American Bank & Trust Co
Pointe Coupee Trust & Savings Bank

MISSISSIPPI:
•Laurel

Commercial Bank & Trust Co.

5-25-18

Chattanooga Saving B a n k i .
Bank of Tennessee
Wartrace Bank & Trust Co.

5-16-18
4-15-19
7-14-20

TENNESSEE:
Chattanooga.
Nashville
Wartrace

•-Absorbed by other banks — Capital stock not yet surrendered.




750,000.00
200 ,000.00
25 ,000.00

$

250,000.00
50,000.00

$

6,474,307.22
3,301 ,984.22
106,518.75

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE No. 14:

57

.

FIDUCIARY POWERS GRANTED TO NATIONAL BANKS
Trustee, executor, administrator, registrar of stocks and bonds,
guardian of estates, assignee, receiver, and committee of estates of
lunatics:
Anniston, Ala.
.
Bessemer, Ala.
.
Florence, Ala.
.
Mobile, Ala.
.
Oxford, Ala.
.
Selma, Ala
.
Tuscaloosa, Ala. .
Tuscaloosa, Ala. .
Tampa, Fla.
.
Athens, Ga.
.
Atlanta, Ga.
.
LaGange, Ga.
.
Quitman, Ga.
.
Alexandria, La.
Meridian, Miss. .
Dickson, Tenn.
.
Nashville, Tenn. .

.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

**First National Bank
**Bessemer National Bank
First National Bank
First National Bank
*First National Bank
City National Bank
City National Bank
First National Bank
First National Bank
*Georgia National Bank
*Atlanta National Bank
LaGrange National Bank
First National Bank
First National Bank
First National Bank
Citizens National Bank
Fourth & First National Bank

Trustee, executor, administrator, guardian of estates, assignee,
receiver, committee of estates of lunatics:
McMinnville, Tenn.

.

.

Peoples National Bank

Trustee, executor, administrator, registrar of stocks and bonds,
guardian of estates, assignee, receiver, committee of estates of lunatics,
or in any other fiduciary capacity in which State Banks and Trust
Companies or other corporations, which come into competition with
National Banks, are permitted to act under the laws of the State in which
the National Banks are located:
Birmingham, Ala. .
.
.
Bartow, Fla.
.
.
.
St. Augustine, Fla.
.
.
, West Palm Beach, Fla. .
.
Atlanta, Ga.
.
.
.
, . Atlanta, Ga.
. , ,. . .
Brunswick, Ga. .
.
.
Carrollton, Ga. .
.
.
Winder, Ga.
.
.
.




First National Bank
*Polk County National Bank
*St. Augustine National Bank
*First National Bank
*Fourth National Bank
*Fulton National Bank
*National Bank of Brunswick
*First National Bank
Winder National Bank

58

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

FIDUCIARY POWERS GRANTED TO NATIONAL BANKS
(Continued)
New Orleans, La.

.

.

.
.

.
.

.
.

Laurel, Miss.
.
Nashville, Tenn. .

.
.

.
.

Opelousa, Ga.
Laurel, Miss.

.

*Whitney-Ccntral National
Bank
*Opelousa National Bank
^Commercial National Bank
& Trust Co.
First National Bank
American National Bank

Trustee, executor, administrator, registrar of stocks and bonds,
guardian of estates, assignee, receiver, or any other tiduciary capacity
in which State Banks, Trust Companies, or other corporations, which
come into competition with National Banks, are permitted to act under
the laws of the State in which the National Bank in located:
Kingsport, Tenn. .

.

.

*First National Bank

Trustee, executor, administrator, and registrar of stocks and bonds:
Cullman, Ala.
.
.
.
Leeth National Bank
Talladega, Ala.
.
.
.
Talladega National Bank
Bradentown, Fla. .
.
.
First National Bank
De Funiak Springs, Fla .
.
First National Bank
Jacksonville, Fla. .
.
.
Barnett National Bank
St. Petersburg, Fla.
.
.
First National Bank
Athens, Ga.
.
.
.
*National Bank of Athens
Atlanta, Ga.
.
.
.
Lowry National Bank
Fitzgerald, Ga.
.
.
.
Exchange National Bank
Macon, Ga.
.
.
.
Fourth National Bank
Savannah, Ga.
.
.
.
Merchants National Bank
(Liquidated)
Biloxi, Miss.
.
.
.
First National Bank
Canton, Miss.
.
.
.
First National Bank
Harriman, Tenn. .
.
.
Manufacturers National Bank
(Liquidated)
Nashville, Tenn. .
.
.
Broadway National Bank
Nashville, Tenn. .
.
.
Cumberland Valley National
Bank
Nashville, Tenn. .
.
.
Tennessee-Hermitage National Bank
Trustee, executor, administrator, guardian of estates, receiver, or
any other fiduciary capacity in which State Banks, Trust Companies,
or other corporations, which come into competition with National
Banks, are permitted to act under the laws of the State in which the
National Bank is located:
Anniston, Ala.
.
.
.
Anniston National Bank




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

59

FIDUCIARY POWERS GRANTEL TO NATIONAL BANKS
(Continued)
Trustee, executor, and administrator:
Piedmont, Ala.
.
.
.
First National Bank
Gadsden, Ala.
.
.
.
First National Bank
St. Petersburg, Fla.
.
.
Central National Bank
Trustee and registrar of stocks and bonds:
Montgomery, Ala.
.
.
First National Bank
Pensacola, Fla.
.
.
.
National Bank of Commerce
(Liquidated)
Trustee, executor, administrator, registrar of stocks and bonds,
guardian of estates, assignee, and receiver:
Crowley, La.
.
.
.
First National Bank of
Acadia Parish
Trustee, executor, administrator, and guardian of estates:
Fayetteville, Tenn.
.
.
Elk National Bank
Trustee:
Athens, Ala.
.
.
.
Knoxville, Tenn. .
.
.
Registrar of stocks and bonds:
Panama City, Fla.
.
.

*First National Bank
City National Bank
*First National Bank

Trustee, executor, administrator, guardian of estates, assignee,
receiver, committee of estates of lunatics, or any other fiduciary capacity
in which State Banks, Trust Companies, or other corporations, which
come into competition with National Banks, are permitted to act under
the laws of the State in which the National Bank is located:
Dawson, Ga.
.
.
.
*Dawson National Bank
Trustee, executor, administrator, registrar of stocks and bonds,
assignee, receiver, or any other fiduciary capacity in which State Banks,
Trust companies, or other corporations, which come into competition
with National Banks, are permitted to act under the laws of the State
in which the National Bank is located:
Atlanta, Ga.
.
.
.
Third National Bank
(Liquidated)
Fitzgerald, Ga.
.
.
.
*First National Bank
Lake Charles, La.
.
.
Calcasieu National Bank of
Southwest Louisiana
* Permission granted in 1920.
**Permission for supplementary powers granted in 1920.



61)

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE No. 15:

ACCEPTANCE UP TO 100 PER CENT.
ALABAMA
Albany
Decatur .
Huntsville
Troy

Central National Bank
City National Bank
Henderson National Bank
Farmers & Merchants National Bank

FLORIDA
Jacksonville
Pensacola

Atlantic National Bank
Citizens & Peoples National Bank

GEORGIA
Atlanta

.

Cordele
Macon
Savannah .

Valdosta .
LOUISIANA
Jennings
New Orlean3

New Roads
MISSISSIPPI
Vicksburg
TENNESSEE
Chattanooga
Clarksville
*Authority granted in 1920.




Atlanta National Bank
Fourth National Bank
Lowry National Bank
American National Bank (Liquidated)
Fourth National Bank
Macon National Bank
Citizens Trust Company
Citizens & Southern Bank
Hibernia Bank
National Bank of Savannah (Liquidated)
Savannah Bank & Trust Company
First National Bank

*Jennings National Bank
Canal-Commercial National Bank
Canal-Commercial Trust & Savings Bank
Hibernia Bank & Trust Company
Interstate Trust & Banking Company
""Liberty Bank & Trust Company
Marine Bank & Trust Company
New Orleans National Bank (Liquidated)
Whitney-Central National Bank
*Pointe Coupee Trust & Savings Bank

Merchants National Bank

*First National Bank
Hamilton National Bank
First National Bank

61

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA
SCHEDULE NO. 16:
STATEMENT OF FEDERAL RESERVE AGENT
at close of business Dec. 31, 1920.
In thousands of dollars 000 omitted.
1920

RESOURCES

1917

1919

$ 60,450

$ 44,715

11.S70

160,108

123 ,620

66 ,867

178 ,470

Federal Reserve Notes outstanding

i 44,915

179 ,760

Federal Reserve Notes on hand

92 ,977

27 ,905

10 ,883

Federal Reserve Notes sent to Comptroller of Currency for Redemption
Eligible Paper held as security for outstanding Fed133 ,899

109 ,345

86 ,800

16,179

Gold Certificates on hand

3,500

2,500

2,503

3,603

Gold Redemption Fund

3,210

3,003

2,406

3,428

54,000

58,000

37 ,270

43 ,670

613 ,289 $470 ,848

$325 ,219

$156 ,500

418,680 $298 ,000

$196 ,240

89 ,620

eral Reserve Notes

Gold with Federal Reserve Board

Total
LIABILITIES.
Federal Reserve Notes received from the Comptroller of the Currency
Collateral pledged against outstanding

Federal

Federal Reserve Notes:
Gold and Gold Certificates
Eligible Paper

Total




60,710

63 ,503

42,179

50,701

133 ,899

109 ,345

86,800

16,179

$613 ,289

$470 ,848

$325 ,219

$156,500

STATEMENT OF FEDERAL RESERVE NOTES

SCHEDULE No. 17:

10's

5's

100'8

50's

20's

500's

RESOURCES:
$

18 ,200,000

$

22 ,000 ,000

$

6 ,800,000

Received from Comptroller of the Currency. _ $

84 ,040 ,000

Received from Federal Reserve Bank

40,972 ,000

G2 ,070 ,000

94 ,093 ,080

9 ,953 ,000

12 ,461 ,000

13 ,050

8 ,300

8 ,400

450

900

13 ,024 ,710

24,049,170

28 ,029 ,530

1 ,323 ,500

750,000

2,000

33,931,000

38 ,900 ,300

34 ,382 ,190

1 ,929 ,000

1 ,183 ,900

4,500

Received from Treasurer of U. S. (Fit notes) Received by Comptroller of the Currency
from Treasurer of U. S. for destruction
and credit of F. R. Agent's account—
unfit notes:
(a) From other F. R. Banks
(b) Direct from reporting F. R. Banks
and from other sources
TOTAL

$

119,480,000

$

159,360,000

5 ,450 ,000

$

172 ,581 ,420

$

244 ,507 ,770

$

315,873,200

$

31 ,405 ,950

$

36 ,395 ,800

$

12,256,500

$

119,283,050

$

107 ,383 ,300

$

227 ,795 ,480

$

23 ,688 ,450

$

30 ,040 ,900

$

8 ,920,000

LIABILITIES:
Issued to F. R. Bank
Returned to Comptroller of the Currency for
destruction, including notes returned by
U. S. Treasurer for credit of F. R.
Agent's account

47 ,708 ,370

TOTAL




$

03 ,079 ,470

62 ,427 ,720

3 ,252 ,500

1,933 ,900

6,500

5 ,590,000

Notes on hand at end of month.

14,105,000

25 ,650 ,000

4 ,465 ,000

4,415,000

3 ,330 ,000

172,581,420

$

244 ,507 ,770

$

315,873,200

$

31,405,950

$

36,395,800

S

12,256,500

SCHEDULE No. 17:

STATEMENT OF FEDERAL RESERVE NOTES

1,000's

Total
December 31, 1920

Total
December 31, 1919

Total
December 31, 1918

Total
December 31, 1917

RESOURCES:
Received from Comptroller of the Currency- $

8 ,800,000

Received from Federal Reserve Bank

7 ,945 ,000

$

418,680,000

$

298 ,000 ,000

$

196 ,240 ,000

232 ,944 ,080

142 ,054 ,080
31,100

19,000

67 ,797 ,910

39 ,527 ,080

8 ,947 ,440

43,000

110,434,550

53,212,100

89 ,620 ,000

31 ,100

18,719,275

Received from Treasurer of U. S. (Fit notes) _ _
Received by Comptroller of the Currency
from Treausrer of U. S. for destruction
and credit of F. R. Agent's account—•
unfit notes:
(a) From other F. R. Banks
(b) Direct from reporting F. R. Banks
and from other sources

$

60,016 ,080

31,100

-

26 ,956 ,760

$

16 ,807 ,000

$

829 ,887 ,640

$

532 ,824 ,360

$

283 ,953 ,895

$

116,576,760

. . $

13 ,850,000

$

590,967 ,180

$

394,932,180

$

211,334,180

$

93,824,180

TOTAL
LIABILITIES:
Issued to F. R. Banks

Returned to ComtroUer of the Currency for
destruction, including notes returned by
U. S. Treasurer for credit of F. R.
Agent's account. --

62,000

TOTAL




$

178 ,470,460

92,977,180

27,904,715

10 ,882 ,580

2 ,895 ,000

Notes on hand at end of month

60 ,450 ,000

44 ,915 ,000

44,715,000

11,870,000

16,807,000

$

829 ,887 ,640

$

532 ,824 ,300

$

283 ,953 ,895

$

116,570,760

SCHEDULE No. 18.

FEDERAL RESERVE NOTES ISSUED AND IN ACTUAL CIRCULATION.
Outstanding at
beginning of
month

Month

Issued during
month

Redeemed
during
month

Outstanding at
end of month

Held by F. R.
Bank

In actual circulation at end of month
1920

1919

1918

1920
$ 21 ,804 ,705

146 ,348,115

3 ,693 ,245

142 ,654 ,870

111 ,391,190

146 ,348,115

15 ,330 ,000

9 ,932 ,930

151 ,745,185

4 ,989 ,700

146 ,755 ,485

110,785,210

59 ,057 ,000

March

151 ,745 ,185

15 ,090 ,000

16,312,010

150 ,523 ,175

4 ,479 ,960

146 ,043 ,215

115,258,865

56 ,927 ,645

April

150 ,523 ,175

16 ,350 ,000

14 ,227 ,095

152 ,646 ,080

5 ,179 ,690

147 ,466 ,390

113,692,790

58 ,006 ,285

May

152 ,646 ,080

10 ,770 ,000

14 ,467 ,400

148 ,948 ,680

5,155,175

143 ,793 ,505

113,089,095

57 ,089 ,380

$

160 ,107 ,820

$

58,511,185

8 ,045 ,000

February

January

June

148 ,948 ,680

11,330,000

15,604,100

144 ,014 ,580

4 ,954 ,585

139 ,659 ,995

114,982,685

56 ,212 ,090

July

144 ,614 ,580

10,010 ,000

11,316,040

143 ,308,540

3 ,686 ,780

139 ,621,760

116,021,335

57 ,464 ,515

August

143 ,308 ,540

16 ,615 ,000

13 ,661,550

140 ,261 ,990

4 ,224 ,705

142 ,037 ,225

112,949,150

67 ,358 ,995

September

146 ,261,990

16,635,000

12,190,450

150 ,706 ,540

4 ,257 ,700

146 ,448 ,840

123 ,360 ,545

100 ,514 ,885

October

150 ,706,540

43 ,075 ,000

10,312,800

183 ,468 ,740

5,177,050

178 ,291 ,690

141,976,333

116,024,095

November

183 ,'468 ,740

13,560 ,000

20,351,900

176 ,676 ,840

4 ,586 ,950

172 ,089 ,890

149 ,459 ,055

117,289,865

December

176 ,676 ,840

19 ,225 ,000

16,142,300

179 ,759 ,540

6 ,353 ,350

173 ,406,190

155,510,935

120 ,672 ,430

$196,035 ,000

$176 ,383 ,280

TOTALS




FEDERAL RESERVE NOTES RECEIVED AND RETURNED

SCHEDULE No. 19.

Amounts of Federal Reserve Notes of the Several Denominations Received from other Federal Reserve Banks for Redemption or Credit and Returned to
other Federal Reserve Banks for Redemption or Credit by the Federal Reserve Bank of Atlanta during the period since January 1, 1920.
5's Amounts
Exchange with F. R. Bank of

Boston
New York
Philadelphia..
Cleveland
Richmond
Chicago
St. Louis
Minneapolis . .
Kansas City__
Dallas
.San Francisco .
TOTAL

Received
from
$

210 ,S0() $
1 ,781 ,500
260 ,750
44(5,000
1 ,082 ,750
930 ,000
1 ,961 ,830
40 ,500
289 ,000
1 ,154,150
197 ,755

Returned
to
230 ,250$
,929 ,500
385 ,250
739 ,000
,671 ,500
,130 ,500
,622 ,750
153 ,000
384 ,000
,387 ,000
145 ,500

500's Amounts

1 ,108,000 $
5,169,
I,500
1 ,185,
.,000
1 ,291,000
, ,250
3 ,245 ,
r
,500
2 ,057 ,
> ,900
2 ,926 ,
131 ,500
5581,000
,
1 ,693 ,
! ,250
702,
!,470

50's Amounts

Returned
to

Received
from

100's Amounts

Returned
to

Received
from

Returned
to

1000's Amounts
Received
from

Returned
to

2,5>00 $
233 ,500
13 ,500
10 ,500
9 ,000
42 ,500
21 ,000
1 ,500
9 ,000
28 ,500
20 ,000

6 ,000 $
704 .,000
10 i,000
10,,000
,000
63 ,
14 ,000
,
76, ,000

$

237,000$

391,500$

993,000$

2,121,000

5000's Amounts
Received
from

,000
,000
,000
,000

10,000's Amounts

Returned
to

Received
from

Returned
to

2 ,998 ,800 $

2 ,637 ,900

Total Amounts
Received
from

Returned
to

5,000

159,000
1 ,067 ,000
41 ,000
15,000
33 ,000
73 ,000
15 ,000
6,000
15 ,000
33 ,000
34 ,000

2 ,000 $
200 ,000
6,500
2 ,500
5 ,000
1 ,500
7 ,500
500

Returned
to

681 ,500 $ 1 ,408 ,700 $
672 ,500 $
98 ,100 $ 325 ,450 $
85 ,300 $
14S ,700
,129,750
9,185,000
3,592,000 1,093,750 1,103,650
1,646,000
1,119,400
798,750
2,376,000
1,178,000
138,500
363,350
169,000
251,000
,504,500
2,002,500
2,807,000
120,000
817,100
74,500
157,000
,733,750
8,160,000
2,904,000
290,750
593,750
190,000
238,900
,408,750
2,981,500
3,736,200
238,500
652,200
185,000
236,700
,098,750
3,902,680
4,035,500
323,000
345,150
221,900
152,000
307,250
258,500
252,500
26,500
19,350
19,500
19,800
560,050
854,000
794,000
71,200
50,750
59,300
57,100
,710,500
1,740,600
1,860,000
105,950
241,650
151,900
140,200
219,500
1,531,560
556,500
149,250
120,000
196,400
117,100

5 ,500
6,000

Boston
New York
Philadelphia . .
Cleveland
Richmond
Chicago
St. Louis
Minneapolis..
Kansas C i t y . .
Dallas
San Francisco.




Returned
to

20's Amounts
Received
from

$8 ,361 ,035 $ 11 ,778 ,250 $ 20 ,068 ,370 $ 19 ,153 ,050 $ 34 ,401 ,040 $ 22 ,388 ,200 $2 ,655 ,500 $4 ,632 ,400$

Received
from

TOTAL.

10's Amounts
Received
From

$ 2 ,924 ,900 $
19 ,779 ,750
4 ,151 ,750
3 ,946 ,500
13 ,036 ,750
6 ,408 ,000
9 ,419,810
479 ,000
1 ,842 ,500
,890 ,350
4
2 ,835 ,435

5,000

$ 230 ,000 $ 69 ,714 ,745 $ 63 ,337 ,300

$

$

230,000

,219 ,900
,004 ,800
,030 ,850
,050 ,100
,183 ,900
,279 ,850
,320 ,150
759 ,400
,869 ,900
,400 ,850
.217 ,600

SCHEDULE No. 20.

Month

FEDERAL RESERVE BANK NOTES ISSUED, REDEEMED, AND IN ACTUAL CIRCULATION.
Outstanding
at beginning
of Month

Issued during
Month

Redeemed
during Month

Outstanding
at end of
Month

Held by F. R.
Bank

In actual Circulation at end of Month
1920

1919

1918

1920
210,700

$ 15,229,300

15,440,000

700 ,000

1 ,830 ,000

14 ,304 ,000

189,000

14 ,175 ,000

7 ,104 ,590

March

14 ,304 ,000

308 ,000

3 ,408 ,000

11 ,204 ,000

107 ,300

11 ,090 ,700

7 ,720 ,998

April

11,204,000

470 ,000

2,010,000

9 ,724 ,000

140,107

9 ,583 ,833

8,350,491

9 ,724 ,000

3 ,200 ,000

1 ,119,300

11 ,804 ,700

2 ,013 ,700

9,791 ,000

9 ,000 ,000

June

11 ,804,700

1 ,144 ,000

914,200

12 ,034 ,500

1 ,031 ,700

11 ,022 ,800

9 ,733 ,500

55 ,100

July

12 ,034 ,500

830 ,000

988 ,400

11 ,882,100

208 ,074

11 ,014,020

9 ,794 ,200

110,100

$ 15 ,777 ,000

$

872,000

*

1 ,209 ,000 $ 15 ,440 ,000

*

$

0,401,850

August

11 ,882,100

1 ,840 ,000

1 ,058 ,000

12,004,100

504 ,700

12,099,400

11 ,031 ,998

109 ,830

September

12 ,004 ,100

2 ,304 ,000

875 ,500

14 ,152 ,000

1 ,427 ,000

12 ,725 ,000

12 ,481 ,599

718,340

October .

14 ,152 ,000

2 ,192 ,000

900 ,000

15,43S,G00

1 ,510,900

13 ,927 ,700

14 ,004 ,3SG

1 ,584 ,890

November

15,438,000

870 ,000

879 ,100

15,435,500

950 ,050

14 ,478 ,850

14 ,748 ,908

3 ,871 ,000

December _

15,435,500

1 ,98S ,000

1 ,253 ,700

10,109,800

994 ,850

15,174,950

15 ,501 ,300

5,810,000

$ 10,910,000

$ 10,523,800

TOTAL




CURRENCY RECEIPTS—1920—(COMBINED).

SCHEDULE No. 21:

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

--

TOTAL




FEDERAL RESERVE BANKS

Non-Member
Banks

Member Banks

1,755
1,644
1,696
1,699
1,754
1,665
1,753
1,679
1,710
2,052
2,073
2,146

$ 1,309,911.00
1,424,407.00
1,120,106.00
1,231,511.00
1,089,284.00
1,174,643.00
1,165 ,884 ,00
1,172,925.00
1,278,649.00
1,640,774.00
902,997.00
662 ,059 ,00

$ 34 ,747 ,320.00
21,625,626.00
26,950,527.00
27,711,798.00
26,514,864.00
26,039,140.00
26,381,128.00
22,562,418.00
22,072,051.00
26,036,081.00
29,823,394.00
30,847,148.00

$

21,626

$14,173,150.00

$ 321,311,495.00

$

Number of
Shipments

Month

U. S. Treasury

Boston

872,000 $
760 ,000
368 ,000
476 ,000
3 ,200 ,000
1,144 ,000
836 ,000
1 ,840 ,000
2 ,964 ,000
2 ,392 ,000
876,000
2 ,088 ,000
17,810,000

$

276,100

$

113,800

1 ,748 ,800

Cleveland

Philadelphia

New York

$

336,500

$

475,000

1 ,205 ,200

174 ,000

211,500

161,000

1 ,248 ,750

260 ,500

336 ,500

207 ,500

1 ,443 ,050

321 ,250

254,000

249 ,800

1 ,487 ,250

388,000

309 ,500

253 ,900

1 ,424 ,350

347 ,000

195 ,000

308 ,200

1 ,091 ,850

455 ,750

707 ,500

282 ,000

1 ,995 ,800

364 ,250

300,500

275,100

1,908 ,400

408 ,750

258,000

259 ,000

2 ,408 ,200

398 ,250

308 ,500

277 ,300

1,770 ,550

334 ,500

286,500

261,200

1 ,986 ,950

363 ,000

304 ,000

2 ,924 ,900

$

19 ,779 ,750

$

4,151,750

$

3 ,946 ,500

00

CURRENCY RECEIPTS—1920—(COMBINED).

SCHEDULE No. 21.—Continued:

FEDERAL RESERVE BANKS
Month
Richmond
January

$

February

1 ,216 ,500

St. Louis

Chicago

$

672,000

$

1 ,249 ,S05

Minneapolis

$

39,500

Dallas

Kansas City

$

169,100

761 ,750

302 ,000

019 ,855

30 ,000

$

517,700

San Francisco

$

211,400

Total

$

43 ,841,696

276,100

131 ,500

213 ,200

27 ,848 ,938

781 ,750

449 ,000

881 ,245

33 ,500

119,550

364 ,800

333 ,250

33 ,408 ,478

1 ,080 ,750

491 ,000

872 ,530

34 ,500

152 ,050

410,600

208,165

34 ,895 ,304

1 ,492 ,500

638 ,500

910,815

41,000

178 ,450

459,150

224 ,320

37 ,183 ,433

June

1,10S ,750

530 ,500

059 ,040

48 ,000

153 ,600

307 ,750

204 ,395

33 ,590 ,668

July

1,000 ,000

723 ,000

S24 ,910

47 ,000

10S.150

370 ,200

230 ,450

34,310,022

978 ,250

534 ,500

051 ,795

48 ,000

155 ,450

400 ,400

306 ,650

31,65S ,938

845 ,500

532 ,000

672 ,805

40,000

173 ,000

304 ,850

232 ,700

31,965 ,805

1,196 ,250

599 ,000

737 ,450

47 ,000

160,700

402 ,600

205 ,S00

36 ,851,605

1 ,298 ,000

464 ,500

704 ,750

37 ,000

164 ,750

422 ,450

265 ,080

37 ,628 ,371

1,276 ,750

472 ,000

034 ,150

33,500

116,200

587 ,750

199 ,425

39 ,832 ,132

479,000

$ 1,842,500

March.. . . .
April.

. -

May..

-.

August
September

. .

October
November
December..
TOTAL

. .
§




13 ,036 ,750

$

6 ,408 ,000

$

9.419.S10

$

$

4 ,890 ,350

$

2 ,835 ,435

$

423 ,015 ,390

CURRENCY SHIPMENTS—1920—(COMBINED).

SCHEDULE No. 22:

Month

January

1,239

February..

FEDERAL RESERVE BANKS

Non-Member
Banks

Number of
Shipments

1,149

$

S

U. S. Treasury

Member Banks

10,183,007

$

12,378,000.00

$

273,750

Philadelphia

New York

Boston

$

1,870 ,300

$

387,150

Cleveland

$

751,100

20 ,200 ,550

7 ,520 ,800.00

133 ,000

729 ,500

173 ,750

206 ,300

1 ,567

.

May...

.

1 ,850 ,000

17,450,173

11 ,423,471.00

270 ,900

1,095 ,150

307 ,550

763 ,450

1,489

March
April

5 ,042 ,014

19 ,858 ,798

9,676,782.50

182 ,000

1,100 ,750

244 ,000

484 ,400

18 ,399 ,012

10,254,938.00

141 ,400

998 ,950

227 ,000

445 ,350

17 ,464 ,317

10,692,869.00

152 ,950

949 ,300

218,450

440 ,350

21,707,179

9,380,832.00

117,000

791 ,650

184 ,300

381 ,400

19 ,241,055

10,404,134.00

112,000

777 ,450

190 ,650

414 ,200

24 ,646 ,898

9,483,848.80

95 ,850

003 ,000

172 ,850

339 ,000

24 ,530 ,830

8,182,126.00

122 ,050

714,450

220 ,200

428 ,800

17 ,289 ,070

10,171 ,526.00

324 ,200

1 ,411,350

304 ,300

633 ,000

30,913,002

12,801,050.00

287 ,000

2 ,290 ,950

334 ,650

090 ,750

247 ,885 ,157

$ 122,490,383.30

$2 ,219 ,900

$ 14,004,800

3 ,030 ,850

$ 6,050,100

-4

1 ,405

June..
July

1,490

August

1 ,040 ,000

1 ,442
1,459

September

..

-4
1,052 ,239
72 ,500

1,S33

October
November

1,449

December..

150 ,000

1,459
2,329

TOTAL




18 ,310

125 ,800
28,500,411
$

2,212,300
41,090,015
1,038 ,751

$

$

SCHEDULE No. 22.—Continued:

CURRENCY SHIPMENTS—1920—(COMBINED).
FEDERAL RESERVE BANKS.

Month

January

Richmond
.

. $

February .

_.

1 ,123 ,000

Chicago
$

1,190,150

St. Louis
$

2 ,092 ,450

Minneapolis
$

136,300

Kansas City
$

289,450

Dallas
$

815,400

Total

San Francisco
$

151 ,200

$

37,647,257.00

253 ,900

March

417,700

511 ,450

44 ,350

90 ,750

215,450

55 ,450

30,613,550.00

1 ,020 ,650

1,084 ,950

1 ,649 ,250

118,850

238 ,150

525,550

149 ,300

38,613,394.00

April

..

618 ,400

657 ,550

1 ,013 ,200

66 ,600

143 ,750

396,400

102 ,000

39,587,244.50

May

. . ...

649 ,000

595 ,950

978,100

57 ,350

143 ,850

424 ,250

95 ,550

34 ,450 ,700.00

June

652 ,250

602 ,150

965 ,100

57 ,750

133 ,650

434 ,300

84 ,600

33,906,275.00

July.

539 ,400

529 ,850

884 ,900

42,850

122 ,800

434 ,500

87 ,150

35,276,311.00

August-

. . -

629 ,200

November

.

December
TOTAL




$

45 ,900

134 ,100

414 ,850

86 ,950

34 ,053 ,639.00

649 ,150

37 ,450

102 ,400

303 ,900

57 ,500

37 ,548 ,746.80

565 ,900

765 ,900

44 ,600

121,500

388 ,900

91,050

65,242,123.00

785 ,900

1,001,200

52 ,050

170 ,000

519 ,600

115,800

35,895,896.00

794 ,100

October

847 ,600

438 ,100

905 ,600

.

532 ,350

433 ,000
565 ,400

September

879 ,300

961 ,850

55 ,350

179 ,500

527 ,750

141,050

51,967,719.00

8 ,279 ,850

$ 12,320,150

759,400

$ 1,869,900

5 ,400 ,850

$ 1,217,600

$ 474,802,855.30

8,183 ,900

$

$

$

SCHEDULE No. 23.

CURRENCY RECEIPTS FROM AND SHIPMENTS TO MEMBER AND NON-MEMBER BANKS BY MONTHS DURING 1920
WITH TOTALS FOR THREE PRECEDING YEARS.
RECEIPTS

Month

From
Member
Banks

January

$ 34 ,747 ,32C

To
Member
Banks

TOTAL SHIPMENTS

TOTAL RECEIPTS

SHIPMENTS

From
Non-member
Banks

To
Non-member
Banks

1920

1919

1918

1917

1920

1919

1,309 ,911 8 10 ,183 ,007

057 ,231 $ 22 ,046 ,434

$ 10,183 ,007

,478 ,050

February

21 ,025 ,G2(:

1 ,404 ,407

20 ,200 ,550

,050 ,033

12 ,266 ,576

20 ,200 ,550

,802 ,525

March

26 ,950 ,527

1,120 ,100

17 ,450,173

,850 ,000

,070 ,033

10 ,273 ,899

19 ,300,173

,579 ,600

April

27,711,798

1,231 ,511

19 ,S58 ,79S

,042 ,014

,943 ,309

17 ,522 ,870

24 ,900 ,812

,842 ,550

May

26 ,514 ,804

1,089 ,2S4

18 ,399 ,012

,040 ,000

,004 ,148

20 ,081 ,941

19 ,439 ,012

,750 ,909

June

26,039,140

1 ,174 ,043

17 ,404 ,317

,052 ,239

,213 ,783

10 ,758 ,230

18 ,516 ,556

,984 ,660

July

26 ,381 ,128

1,105 ,8S4

21 ,707 ,179

72 ,500

,547 ,012

20 ,410,755

21 ,779 ,679

,291,960

August

22,562,418

1,172 ,925

19 ,241 ,055

150,000

,735 ,343

17 ,350 ,369

19 ,397,655

,627,593

September

22,072 ,051

1,278 ,649

24 ,646 ,898

125 ,800

,350,700

13 ,440 ,795

24 ,772 ,698

,765 ,016

October

26 ,030,OS 1

1,640 ,774

24 ,530 ,830

,500,411

,676 ,855

10 ,936,221

53 ,031 ,247

,814 ,774

November

29 ,823 ,394

902 ,997

17 ,023 ,545

19 ,501 ,370

,082 ,141

December

30,847 ,148

602 ,059

28 ,653 ,391

31,952 ,413

,427 ,375

TOTALS

17 ,289 ,070
30 ,913 ,662

,212 ,300
,038 ,751

,726 ,391
,509 ,207

$321,311,495 $ 14 ,153 ,150 $247 ,885 ,157$ 41,090,015 $335 ,484 ,645 $219 ,365 ,032




$288 ,975 ,172$175 ,453 ,213

1918

1917

SCHEDULE No. 24:

OPERATIONS OF CHECK CLEARING AND COLLECTION DEPARTMENT.

Detailed classification of number and amount of items handled, by months, during 1920, with totals for 1920, 1919, 1918, and 1917—(Amounts in thousands of doll ars)
Items drawn on banks in own District
Month
Located in F. R. Bank and
Branch Cities
Amount

Number

January

Number

-

Amount

Number

Amount

15,792

133 ,250

S99 ,782

140 ,429

07,518

15,174

132 ,819

08 ,014

1 ,009 ,009

101 ,970

75 ,55S

14,811

199 ,303

83 ,180

14 ,998

148 ,078

02 ,237

218 ,284

329 ,558

250,219

$

Number

Items forwarded to other
F. R. Banks and their Branches

01 ,792

805,917

• 270,320

Amount

Items drawn on Treasurer
of United States

109,843

240,808

240 ,337

. .. -

February
March

Located outside F. R. Bank
and Branch Cities

$

$

$

77,355

April. . . . -

209 ,025

241 ,148

934 ,391

155 ,428

80 ,002

May

203 ,421

230 ,300

805 ,517

140 ,980

73,140

12,778

128,958

58 ,000

June

200 ,590

231,024

S50,190

144 ,000

71,431

11 ,S8G

129,012

02 ,003

July

280 ,230

221,840

840 ,092

133 ,840

04,123

14,131

151 ,417

55 ,000

202,151

202 ,521

814 ,103

125 ,899

72 ,084

14,119

143 ,417

57 ,892

September...

270,377

220 ,73S

S39 ,370

132 ,258

OS ,088

10,957

142,183

01 ,822

October

281,573

229 ,004

S94 ,342

142 ,079

81,907

10,130

130,877

59 ,940
50 ,081

August

November

-- --

—

December




209 ,750

210 ,9SG

801 ,357

130,738

SI ,225

12 ,057

137,000

295,147

213 ,038

1 ,017 ,822

134,119

83 ,000

14,913

159 ,200

3,317,079

$ 2,729,230

10 ,032 ,498

$ 1,718,195

S79 ,934

$ 101,752

1 ,742 ,792

09 ,903
$

772,111

SCHEDULE No. 24.—Continued:

OPERATIONS OF CHECK CLEARING AND COLLECTION DEPARTMENT.

Detailed classification of number and amount of items handled, by months, during 1920, with totals for 1920, 1919, 1918 and 1917—(Amounts in thousands of dollars).
TOTALS (a)

Month

1919

1920

Amount

Number

Number

1918

Number

Amount

1917

Amount

Number .

Amount

January..

1,337 ,285

509,858

S91 ,037

109,227

343 ,504

February

1,346 ,450

441,901

814 ,507

304 ,870

309 ,074

323 ,095

292 ,403

83 ,005

March

1 ,613 ,428

510,180

1 ,008 ,887

376 ,485

416,023

200 ,695

343 ,010

102 ,985

April.. .

1 ,432 ,090

473,811

1,021,145

318,620

416,759

215,514

329 ,059

113.7S9

May

1 ,271,030

454 ,730

1 ,072 ,400

339 ,927

444 ,440

264 ,300

320 ,999

112,035

1 ,317 ,823

449 ,519

1,014 ,280

372 ,869

457 ,097

234 ,232

306 ,845

119,217

1 ,330 ,402

424 ,817

1 ,039 ,700

372 ,988

570,514

235 ,099

301 ,118

127-.419

.

1 ,291 ,755

400,431

997 ,804

362 ,649

059 ,050

246 ,243

303 ,051

113,127

_ . .

1 ,326 ,024

425 ,775

1 ,092 ,698

458 ,500

603 ,630

279 ,210

308 ,489

129 ,943

October

1 ,394 ,099

442 ,425

1,216,301

498 ,584

709 ,402

305 ,530

3S9 ,160

192 ,794

November

1 ,349 ,938

415 ,802

1 ,230 ,254

503 ,002

783 ,018

422 ,292

394 ,827

210,500

June

-

July
August
September..

December




$

$

405,340

$

304,400

$

$

109,531

1 ,555 ,301

431,973

1 ,438 ,107

544 ,873

799 ,724

381 ,784

398 ,393

220 ,710

10 ,572 ,303

$ 5 ,381,294

12 ,897 ,732

$ 4,858,779

$ 6,593,809

$ 3,343,287

4 ,031,458

$1,030,315

SCHEDULE No. 25.
1920
Month

COLLECTION DEPARTMENT OPERATIONS — COMBINED.
Collections Received
Number

C ollcctions Paid

Amount

Number

Amount

Collections Returned
Number

Total Cost
Per Month

Amount

Total
Total
Cost
Cost
Per
Per Item $1 ,000

;

.in

January

3555

7,458 ,431.48

2845

7,099,082.96

283

222,353.17

887.20

$ .250

February

3077

6,292 ,453.07

2704

5,770,121.10

268

335,181.21

887.20

.288

.141

March

3G99

6,374 ,909.14

3228

0,131,638.41

352

237,269.47

887.20

.239

.139

3480

7,398 ,127.38

3119

6,199,447.95

369

1 ,121 ,252.82

887.20

.255

.120

3898

6,747 ,53S. 78

3344

6,345,518.74

429

455,570.97

887.20

.227

.117

4260

7,606 ,409.59

3610

6,704,201.50

542

4S6 ,250.54

887.20

.208

.110

4428

8,458 ,907.13

4200

7,866,832.66

.652

465,210.71

887.20

.200

.105

4GG9

9,022 ,308.68

3711

7,464,782.50

724

1,077,354.51

SS7.20

.190

.098

4122

7,609 ,302.51

3584

6,674,796.01

620

732,009.82

887.20

.215

.110

4733

8,218 ,276.64

3791

7,823,400.53

739

694,184.70

887.20

.193

.108

4710

8,396 ,837.40

4003

7,G70,369.78

720

708,817.84

887.20

.188

.105

50G3

6,327 ,767. 6S

4120

5,905,318.19

721

G O ,236. 77
O

887.20

.175

.140

89,911,329.48

42259

10,646.40

.219

.118

April
May
Juno
July
August
September
O ctober
November
December
TOTAL — 1920




49694

$

$

$

$

81,655,576.33

0419

7,135,692.59

$




SCHEDULE No. 26:

TREASURER'S GENERAL ACCOUNT—OPERATIONS—COMBINED.
Warrants Paid

Redemption of
Treasury Certificates

Coupons Paid

Month
Number

1920

Amount

Number

Amount

Number

Amount

15 ,791,708. OS

330 ,072

1,404,948.20

2,804

07 ,51S

15,174,225.12

95 ,S05

341,570.01

2,301

20,051 ,00!). 00

March

75 ,55S

14,S11,O13.2O

287 ,SS8

1,442,822.95

4,437

25,488,000.00

April.

SO ,002

14,998,300.59

402 ,520

1,S93,734.73

47

217 ,000.00

73 ,140

12,778,309.50

328,331

1,540 ,73G.S8

14

17,500.00

71 ,431

11 ,885,022.99

327 ,045

2,457,945.43

3,142

21,094,500.00

04 ,123

14,131,250.70

211 ,281

809 ,480. 31

1 ,227

72 ,084

14.11S ,951.53

100 ,857

330,978.30

20

85,500.00

September

08 ,OSS

10,950,907.49

174 ,781

9S0.705.S2

1,184

7 ,789 ,000.00

October

81,907

10,135,098.45

372 ,154

1,934,345.07

855

2,909,500.00

November

81 ,225

12,057,151.01)

349 ,204

1,088,340.00

592

1,920,000.00

83 ,0G0

14,912,770.23

345 ,327

2,379,810.02

2,411

12 ,207 ,500.00

101,751,921.48

3 ,337 ,925

17,337,425.04

19 ,100

January
February

01,792
_.

—

May

-

June
July
August

..

December

.

TOTAL.




879 ,934

$

$

$

$

%

25,220,000.00

5,94G,500.00

$

123,012,000.00

TREASURER'S GENERAL ACCOUNT—OPERATIONS—COMBINED.

SCHEDULE No. 26—Continued.

Total Debits

Transfers and Misc. Debits

Deposits

Month

Balances
Amount

Number

1920
January

820

-

896

February

Number

Amount

Number

Amount

$

81,112,798.08

38,604,822.13

402 ,148

81,087,479.07

1,375

28,050,032.21

$

106,520

04,216,827.94

1,210

$

2,732,310.99

04,847,411.42

$

3,362,894.47
.

2,417,330.94

53,618,376.24

371 ,545

95,360,212.39

1,434

94,414,054.80

30,747,708.20

488 ,296

47,856,803.58

1,451

47,157,255.24

1,717,788.00

5,183

24,245,822.87

406 ,068

38,588,369.25

1,255

37,117,045.14

247,004.49

5,OSS

39,593,917.34

406 ,706

75,031,985.76

1,225

74,971,361.35

180,440.08

5,004

-

3,662
5,727

March..

27,577,024.39

281,635

48,524,261.40

1,280

49,119,006.85

7S1.845.53

—

2,518

22,909,997.57

181 ,485

37,511,427.40

1,243

38,634,072.82

1,904,490.95

. . .

.

8,208

42,565,173.90

252,201

62,291,787.27

1,107

02,629,132.60

2,241,830.28

.

4,045

21 ,254,534.75

458 ,961

30,234,078.87

1,393

35,423,435.12

1,431,192.53

November.

..

.

3,776

15,207,887.83

434 ,857

30,873,378.89

1,582

29,856,842.16

414,055.80

December..

.

5,263

33,047,911.55

430 ,067

62,608,003.80

1,875

65,908,929.57

3,715,581.57

50,190

$ 378,083,269.10

4 ,287 ,149

$ 080,184,615.02

16,430

$ 081,193,205.81

August

—

September..

..

October.

TOTAL




SCHEDULE No. 27:

MEMBER BANKS* ACCOUNTS OPERATIONS—1920—COMBINED.
Wire Transfers "Debits"

Month

Number

Amount

Number

Amount

TOTAL DEBITS
Number

Amount

January

885

53,450,942.40

18 ,835

574,199,354.88

19 ,720

February

771

43,531,011.50

17,500

404,943,469.39

18,271

508,474,480.95

1,030

47,780,438.30

20 ,924

549,200,615.70

21 ,900

596,981,054.00

9S1

41,423,894.27

19,177

516,253,940.15

20,158

557,677,834.42

1,110

45,387,519.89

21 ,459

527,241,220.21

22 ,575

572 ,628 ,740.10

1,202

47,940,910.42

21,201

518,396,065.05

22 ,403

566,342,976.07

July

1,198

50,415,107.57

23 ,752

498,166,938.95

24 ,950

548 ,582 ,106. 52

August

1 ,201

47,278,291.47

24 ,544

528 ,009 ,245.88

25 ,745

575,947,537.35

. . . _

1 ,199

42,397,223.01

26 ,382

542,100,363.63

27 ,581

584,563,580.64

. . .

1,332

43,441,000.90

33 ,20G

587,206,909.40

34 ,59S

030,047,910.42

_. .

1,459

43,493,380.85

31,443

577,389,559.43

32 ,902

020,882,940.28

1,332

30,244,285.81

34 ,489

583,546,918.39

35,821

019,791,204.20

542 ,796,072.51

292 ,972

0,407,380,001.72

306 ,684

March

-

April

. . . .-

May..
June

-_ _- -

September...
October

. .

November-- - . .
December

TOTAL




13,712

$

Checks and Other Debits

$

$

$

$

$

627,656,297.28

7,010,176,674.23

SCHEDULE No. 27.—Continued.

MEMBER BANKS* ACCOUNTS OPERATIONS— ld20—COMBINED.

Wire Transfers "Credits"
Month

Number

January. .

1 ,119

Amount

OTHER CREDITS
Number

Amount

TOTAL CREDITS
Number

Balances

Amount

$

020 ,567 ,665.3S

78,503,498.18

36 ,035

548,004,157.20

37,154

903

February

55 ,755 ,660. 51

32,515

451 ,177,247.80

33 ,418

500,932,908.37

55,748,041.97

$

*

$

57,289,014.55

March

1,171

67,440,027. 17

39 ,758

533,330,640.01

40 ,929

600,776,007.18

59,543,055.15

Apri!

1 ,198

04,411,028.04

32 ,779

487,500,752.81

33 ,977

551,971,780.85

53,837,001.58

May

1 ,232

62,063,212.74

32 ,950

510,520,607.21

34 ,182

573,183,819.95

54,392,081.43

1 ,368

66 ,588 ,950. 54

35 ,189

497,856,487. 13

30 ,557

5G4,445,437.07

52,495,143.03

July

1,344

57,902,205.26

34 ,457

487 ,490 ,850. 04

35 ,801

545,393,061.90

49,300,098.41

August

1 ,364

04,040,044.68

34 ,805

514 ,455 ,705. 79

30,109

579,095,810.47

52,454,371.53

September.-

1 ,310

57,414,882.07

32 ,045

525,594,949.32

33 ,301

583,009,831.99

50,900,010.88

October

1 ,450

73,328,750.80

35 ,377

558,220,472.51

36 ,833

631,549,229.31

51 ,801 ,929.77

November

1 ,458

06,498,854.10

30 ,406

550,437,483.08

37 ,924

010,930,337.24

47,855,320.73

December .

1,502

74,872,835.10

39 ,434

540,080,514.52

40 ,936

020,959,349.08

49,023,472.21

790,079,955.91

421 ,810

$ 0,210,741,934.08

437 ,241

$ 7,000,821,889.99

Juno

.

TOTAL




15 ,431

$

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71,8

721
Septe

No.

No.
Messag
No. W

,57

AllgUE

a

-Dis ;ri

No.

No.
Messa^

ran

Fedora
e Bank
asury
rtmor
L

lonth

ANNUM; REPORT OF THE PEDEKAL RESERVE BANK OF ATLANTA
SCHEDULE No. 29.

81

U. S. TREASURY CERTIFICATES OF INDEBTEDNESS—SIXTH
DISTRICT—ISSUED DURING 1920.
AMOUNTS

Series

IN ANTICIPATION
TD-1920
TM4-1920

Maturity

Date of
Issue

Rate

Total
Atlanta

New Orleans

OF 1920 TAXES:
12-15-20
3-15-20

1- 2-20
2- 2-20

8 ,306 ,500
00
IS* $ 6 ,073 ,500 00

$ 0,234,000 00
2 ,002 ,500 00

$14 ,000 ,500 00
9 ,270 ,000 00

$15,040,000 00

$ 8,830,500 00

$23 ,870,500.00

$ 1 ,964,000.00
2,835,000.00
593,500.00
671 ,500.00
1,062,500.00
1 ,393,500.00
1 ,770,03^.00
2,280,500.00

$

$ 2,582,500.00
4,498,000.00
1 ,726 ,000.00
1 ,092 ,500.00
4,537,500.00
2 ,227 ,500. 00
2,570,500.00
3 ,757 ,000.00

TOTAL
N ANTICIPATION OF 1921 TAXES:
TM-1921
TJ-1921
TM2-1921
TM3-1921
TS-1921
TM4-1921
TJ2-1921
TD-1921

3-15-20
0-15-20
7-15-20
9-15-20
9-15-20
10-15-20
12-15-20
12-15-20

3-15-21
0-15-21
3-15-21
3-15-21
9-15-21
3-15-21
0-15-21
12-15-21

6
0

618,500.00
1 ,663 ,000.00
1,132,500.00
421 ,000.00
2,875,000.00
834,000.00
800,500.00
1,476,500.00

TOTAL.

$13,170,500.00

$ 9,821 ,000.00

$22,991 ,500.00

GRAND TOTAL..

$28,210,500.00

$18,057,500.00

$40,808,000.00

$ 3,395,000.00
1,986,000.00
2,274,000.00
1,629,500.00

$

700v000.00
285,000.00
2,849,000.00
433,500.00

$ 4,101 ,000.00
2,271,000.00
5,123,000.00
2,003,000.00

$ 9,284,500.00

$ 4,273,500.00

$13 ,558 ,000.00

$ 1 ,878,500.00
1,008,000.00
2,324,000.00
1 ,421,500.00

$ 1 ,103,000.00
477,000.00
1,938,500.00
942,000.00

$ 2,981,500.00
' 1,4S5,000.00
4 ,202 ,500.00
2 ,303 ,500. 00

$ 6,632,000.00

$ 4,400,500.00

$11,092,500.00

$15,916,500.00

$ 8,734,000.00

$24,050,500.00

AGGREGATE TOTAL $44,127,000.00

$27,391,500.00

$71,518,500.00

LOAN SERIES:
E-1920
F-1920
G-1920
H-1920

4- 1-20
4-15-20
4-15-20
5-17-20

7- 1-20
7-15-20
10-15-20
11-15-20

4M
5
5M
5V2

TOTAL
A-1921
B-1921
C-1921
D-1921

0-15-20
7-15-20
8-10-20
11-15-20

1- 3-21
1-15-21
8-16-21
5-16-21

TOTAL
GRAND TOTAL




5M
5M
6
5M

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

U. S. TREASURY CERTIFICATES OF INDEBTEDNESS
REDEEMED DURING 1920 BY SIXTH DISTRICT.

SCHEDULE No. 30.

Series

Date of
Issue

AMOUNTS

Date of
Maturity

Rate

11- 7-18
9-15-19
12-15-19
9-15-19
12-15-19
1- 2-20
1-15-20
2- 2-20

4H%
43^
4K
4H
4J4
4M
4M
4H

Total
Atlanta

New Orleans

JANUARY
4-B
T-4
T-5
T-6
T-7
A-1920
B-1920
C-1920

7- 9-18
0- 3-19
0- 3-19
7- 1-19
7- 1-19
8- 1-19
8-15-19
9- 2-19

1,000
18,000
115,500
17 ,500
5 ,904 ,000
10 ,026 ,000
4 ,359 ,500
$

20 ,440 ,500

1,000
18 ,000
10 ,000
115,500
51 ,500
8,318,000
12 ,317 ,500
4 ,394 ,500

10,000
34 ,000
2 ,414 ,000
2,291,500
35 ,000
%

4 ,785 ,500

$

25 ,226 ,000

FEBRUARY
5-A
T-7
T-9
A-1920
B-1920
C-1920
D-1920

12-15-18
7- 1-19
9-15-19
8- 1-19
8-15-19
9- 2-19
12- 1-19

5 - 6-19
12-15-20
3-15-20
1- 2-20
1-15-20
2 - 2-20
2-10-20

4M
4K
4J4

2,000
7 ,000

25 ,000
506 ,000
5 ,000
149 ,000
8 ,570 ,000
0 ,712 ,000

4M
$

500
60,000
2 ,979 ,000
1 ,029 ,500

15,973,000

4 ,078 ,000

1 ,000
5,140,000
2 ,153 ,000
4 ,723 ,500
5 ,903 ,000
10 ,000
36 ,500
21 ,000

4^

2,000
32 ,000
506 ,000
5 ,500
209 ,000
11 ,555 ,000
7,741,500

3 ,027 ,000
804 ,500
1 ,093 ,000
2 ,553 ,500
4 ,500
11 ,000

$

20 ,051 ,000

MARCH
T-5
T-8
T-9
T-M-3
T-M-4
B-1920
C-1920
D-1920

0- 3-19
7-15-19
9-15-19
12- 1-19
2 - 2-20
8-15-19
9- 2-19
12- 1-19

12-15-19
3-15-20
3-15-20
3-15-20
3-15-20
1-15-20
2- 2-20
2-10-20

4M
4M

4J-2

434
±Yi
%

17 ,994 ,500

$

7 ,493 ,500

1 ,000
8,107,000
2 ,958 ,000
5 ,810 ,000
8 ,450 ,500
20 ,500
47 ,500
21 ,000
$

25 ,488 ,000

APRIL

3-15-20
3-15-20
3-15-20
3-15-20
1- 2-20
1-15-20
2- 2-20
2-16-20

4M
4M
4M
4H
VA
43^
4H
4>6

32,000
5,000
7,000
1,000
1,000
5 ,000

57,000
15 ,000
83,000
47 ,500
2,000
6,500
1,000
5,000

51 ,000

217 ,000

5,000

7,500
5,000

12 ,500
5,000

5,000

7-15-19
9-15-19
12- 1-19
2 - 2-20
8- 1-19
8-15-19
9- 2-19
12- 1-19

25 ,000
10 ,000
76 ,000
47 ,500
2,000
5,500

166 ,000

T-8
T-9
T-M-3
T-M-4
A-1920
B-1920
C-1920
D-1920

12 ,500

17 ,500

MAY
T-8
D-1920

7-15-19
12- 1-19

3-15-20
2-16-20

4M
4H

JUNE
5-J
T-8
T-9
T-J-1920
E-1920
F-1920

4-10-19
7-15-19
9-15-19
12-15-19
4 - 1-20
4-15-20

9- 9-19
3-15-20
3-15-20
6-15-20
7- 1-20
7-15-20




43^
43^
434
43^
4%
0

500
1,000
25 ,000
12 ,550 ,500
45,000
1,500
12,029,500

500
1,000
25,000
20,971,500
95 ,000
1,500

8 ,415 ,000
50 ,000
%

8,465,000

%

21,094,500

83

ANNUAL REPORT OF TIIK FEDERAL RESERVE HANK OK ATLANTA
SCHEDULE No. 30.—Cont'd.

U. S. TREASURY CERTIFICATES REDEEMED DURING 1920
BY SIXTH DISTRICT.
AMOUNTS

Series

Date of
Issue

Date of
Maturity

12-15-19
4- 1-20
4-15-20

0-15-20
7- 1-20
7-15-20

Total

Rate

New Orleans

Atlanta

JULY
6 ,000
3 ,227 ,500
1 ,801 ,500

$

1 ,000
623 ,500
287 ,000

$

7 ,000
3 ,851 ,000
2 ,088 ,500

5 ,035 ,000

$

911,500

$

5 ,946 ,500

$

50 ,500
10 ,000
2,000

$

500
17,500
5,000

$

51 ,000
27 ,500
7,000

$

4M
5

$

$

TJ-1920
E-1920
F-1920

62 ,500

$

23 ,000

$

85 ,500

$

2 ,387 ,000

ft

2 ,041 ,000

1,000
5 ,481 ,500
2,500
2,500
2 ,301 ,500
7 ,789 ,000

AUGUST
TJ-1920
E-1920
F-1920

12-15-19
4- 1-20
4-15-20

6-15-20
7- 1-20
7-15-20

5

4

SEPTEMBER
5-J
T-10
TJ-1920
F-1920
G-1920

4-10-19
9-15-19
12-15-19
4-15-20
4-15-20

9- 9-19
9-15-20
6 15 20
7-15-20
10-15^20

fA

%

5
5M

1 ,000
3 ,094 ,500
2 ,500
2,000
260 ,500

500

%

3 ,360 ,500

f

4 ,428 ,500

8

65 ,000
500
5,000
1 ,974 ,000
154 ,000

$

15,000
3,000
500
667 ,500
25 ,000

$

80,000
3,500
5,500
2 ,641,500
179 ,000

$

2 ,198 ,500

$

711 ,000

$

2 ,909 ,500

S

43 ,000
1 ,452 ,000

$

29 ,500
395 ,500

$

72 ,500
1 ,847 ,500

$

1 ,495 ,000

$

425 ,000

I

1,920 ,000

OCTOBER
T-10
TJ-1920
F-1920
G-1920
H-1920

9-15-19
12-15-19
4-15-20
4-15-20
5-17-20

9-15-20
6-15-20
7-15-20
10-15-20
11-15-20

5
5M
53^

NOVEMBER
G-1920
H-1920

4-15-20
5-17-20

10-15-20
11-15-20

SI

DECEMBER
D-1920
T-10
TD-1920
TJ-1920
A-1920
B-1920
F-1920
G-1920
H-1920
B-1921

12 1 20
9-15-19
1- 2-20
12-15-19
8- 1-19
8-15-19
4-15-20
4-15-20
5-17-20
7-15-20




2-16-21
9-15-20
12-15-20
6-15-20
1- 2-20
1 15 20
7-15-20
10-15-20
10-15-20
1-15-21

1 ,000

41/

T<i
4 x/i
43-3
5

5 740 ,500

1 ,000

70 ,500
14 ,500

2,000
1 ,500
10 ,000
500

8,000
97 ,000
5M
»

6,510,000

1 ,000
2,000
12 ,059 ,500
1 ,000
70 ,500
14 ,500
2,000
9,500
107,000
500

2,000

6,319,000

$

5 757 ,500

!

12 ,267 ,500

SCHEDULE No. 31:
State
Alabama

SALES OF WAR-SAVINGS STAMPS—1920.
January

Population

2 ,347 ,295

$

10,127.90

Florida

906 ,296

Georgia
Louisiana
Mississippi

1,789.384

8,404.80

2 ,337 ,459

9,060.51

March

February
$

2,219.00

$

2,204.07

S

1,335.05

$

2,840.63

TOTAL

1,464.60

7,^20.80

11,549.74

1 ,373.12

14,927.57

4,967.25

3,044.80

1 ,950.35




13,944.50

22,511.00

1,797 ,79S

31,638.26

6 ,998.00
7,847.00

82S.0I)

3,320.00

25,035.31

24,803.73

1,415.25

1,048.3-1

49,845.22

$ 18,951.25

$ 22,002.08

S

75,341.85

$ 66.52S. SO

5,519.54
1,080.59

2,686.47

1,918,55

12,132,915

$

92.90

2.165.S8

2 ,S94 ,6S3

Tennessee

June

May

April

5,617.25

$

832.00 .
627.41

$ 11,151.01 *

SCHEDULE No. 31.—Continued.
State

Alabama

SALES OF WAR-SAVINGS STAMP3—1920.
July

__ ._

$

1,863.27

August

$

377.81

September

S

1,428.40

October

$

7 ,256. 37

November

$

4,730.15

December

48,952.91

.02085

18.572.S8

12,570.00

4,202.50

1,852.40

6,752.00

8,125.83

66,237.25

.06854

Georgia

4,017.72

1,982.94

1,928.50

6 ,183 .54

2,314.56

8.06S.92

83,159.94

.02872

Louisiana-

1,685.93

1,333.64

667.25

2,912.48

2,744.36

6,093.75

79 ,563. 70

.04425

1,672.00

1,005.60

1,692.00

26,443.40

.01422

2 ,460.05

263.97

998.65

917.19

2,682.20

2,746.60

72,059.25

.03082

S 30,271.85

$ 17,533.96

$ 9,225.30

$ 19,963.98

$ 19,223.27

$ 35,777.82

$ 376,416.45

.03102

_

Tennessee

TOTAL




842 .00

9,050.72

$

Sales per
Capita

Florida

Mississippi. _

$

Total

GO


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102