View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

TWENTY-FIRST ANNUAL REPORT OF THE
FEDERAL RESERVE BANK OF ATLANTA










TWENTY-FIRST
ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF ATLANTA
1935

A T L A N T A , GEORGIA







DIRECTORS AND OFFICERS
FOR 1936
FEDERAL RESERVE BANK OF ATLANTA
DIRECTORS
Class
A
A
A
B

Group
1
R. G. CLAY, Atlanta, Georgia
President, Fulton National Bank
2
W. D. COOK, Meridian, Mississippi
Executive Vice-President, The First National
Bank in Meridian
3
GEORGE J. WHITE, Mount Dora, Florida
Executive Vice-President, First National Bank
1

B

2

B

3

C
C
C

Term Expires
December 31
1936

ERNEST T. GEORGE, New Orleans, Louisiana

Chairman and President, Seaboard Refining Co., Ltd.
J. A. MCCRARY, Decatur, Georgia
Vice-President and Treasurer, The J. B. McCrary
Company, Atlanta, Georgia.
FITZGERALD HALL, Nashville, Tennessee

1937
1938
193 8

1936
1937

President, Nashville, Chattanooga & St. Louis Railway
J. P. ALLEN, Atlanta, Georgia
1936
Vice-President, J. P. Allen & Company
W. H. KETTIG, Birmingham, Alabama, Deputy Chairman.. . 1937
Supervisor of Southern Branches, Crane Company
*H. WARNER MARTIN, Atlanta, Georgia

193 8

Chairman and Federal Reserve Agent.
* Appointed by the Board of Governors of the Federal Reserve System,
effective March 1.

OFFICERS
*OSCAR NEWTON, President

**H. WARNER MARTIN, Chairman and

* ROBERT S. PARKER, First Vice-President
Federal Reserve Agent
and General Counsel
L. M. CLARK, Assistant Federal
*H. F. CONNIFF, Vice-President
Reserve Agent and Secretary to
* W. S. MCLARIN, JR., Assistant
Board of Directors
Vice-President
E. P. PARIS, General Auditor
M. W. BELL, Cashier
J. W. HONOUR, Assistant Auditor
R. A. SIMS, Assistant Cashier
V. K. BOWMAN, Assistant Cashier
C. R. CAMP, Assistant Cashier
P. L. T. BEAVERS, Assistant Cashier
S. P. SCHUESSLER, Assistant Cashier
Member Federal Advisory Council
H. LANE YOUNG, Vice-President and Executive Manager,
Citizens and Southern National Bank, Atlanta
* New titles effective March 1.
** Appointed by the Board of Governors of the Federal Reserve System,
effective March 1.




NEW ORLEANS BRANCH
DIRECTORS
ERNEST T. GEORGE, New Orleans, Louisiana, Chairman
Chairman and President, Seaboard Refining Co., Ltd.

Term Expires
December 31
1937

MARCUS WALKER, New Orleans, Louisiana

1936

Managing Director
A. P. BUSH, Mobile, Alabama
Vice-President, T. G. Bush Grocery Company
J. D. O'KEEFE, New Orleans, Louisiana
President, Whitney National Bank
R. S. HECHT, New Orleans, Louisiana
Chairman of the Board, The Hibernia National Bank in New Orleans
HERBERT HOLMES, Yazoo City, Mississippi
Active Vice-President, Delta National Bank, Yazoo City, Miss.
VACANCY

1936
1936
1937
1938
1938

OFFICERS
MARCUS WALKER, Managing Director

J. A. WALKER, Assistant Manager
W. H. BLACK, Cashier

F. C. VASTERLING, Assistant Cashier
W. E. MILLER, Assistant Auditor

BIRMINGHAM BRANCH
DIRECTORS
E. F. ALLISON, Bellamy, Alabama, Chairman
President and Treasurer, Allison Lumber Company
W. E. HENLEY, Birmingham, Alabama
President, Birmingham Trust and Savings Company
JNO. H. FRYE, Birmingham, Alabama
Managing Director
JNO. G. FARLEY, Birmingham, Alabama
Real Estate Investments
F. M. MOODY, Tuscaloosa, Alabama
President, First National Bank
VACANCY
VACANCY




Term Expires
December 31
1936
1936
1936
1937
1938
1938
1938

OFFICERS
JNO. H. FRYE, Managing Director
H. J. URQUHART, Cashier

T. N. KNOWLTON, Assistant Cashier

JACKSONVILLE BRANCH
DIRECTORS
S. O. CHASE, Sanford, Florida, Chairman
President, Chase and Company
GEO. S. VARDEMAN, JR., Jacksonville, Florida
Managing Director
GEO. J. AVENT, Jacksonville, Florida
President, Florida National Bank
G. G. WARE, Leesburg, Florida
President, First National Bank

Term Expires
December 31
1936
1936
1936
1937

BAYLESS "W. HAYNES, Jacksonville, Florida

1937

President, Wilson & Toomer Fertilizer Company
W. R. MCQUAID, Jacksonville, Florida
President, Barnett National Bank

1938

VACANCY

1938

OFFICERS
GEO. S. VARDEMAN, JR., Managing Director
T. A. LANFORD, Cashier
MARY E. MAHON, Assistant Cashier




NASHVILLE BRANCH
DIRECTORS
WM. P. RIDLEY, Columbia, Tennessee, Chairman
Farmer

Term Expires
December 31
1936

JOEL B. FORT, JR., Nashville, Tennessee

1936

Managing Director
C. A. CRAIG, Nashville, Tennessee
President, National Life and Accident Insurance Company

1936

FITZGERALD HALL, Nashville, Tennessee

1937

President, Nashville, Chattanooga & St. Louis Railway
FRANK J. HARLE, Cleveland, Tennessee

1937

Cashier, Cleveland National Bank
C. W. BAILEY, Clarksville, Tennessee
President, First National Bank

1938

VACANCY

1938

OFFICERS
JOEL B. FORT, JR., Managing Director
E. R. HARRISON, Cashier

L. W. STARR, Assistant Cashier

SAVANNAH AGENCY
J. H. BOWDEN, Manager

JAS. A. GOETHE, Assistant Manager

HAVANA AGENCY
H. C. FRAZER, Manager




A. H. ALSTON, Assistant Manager

LETTER OF TRANSMITTAL
FEDERAL RESERVE BANK
OF ATLANTA

Atlanta, Georgia,
February 27, 1936
Sirs:
I have the honor to submit herewith the
Twenty-First Annual Report of the Federal
Reserve Bank of Atlanta, covering the
year 1935.
Respectfully,
W. H. KETTIG,
Deputy Chairman of the Board

Board of Governors of the
Federal Reserve System,
Washington, D. C.







GENERAL BUSINESS CONDITIONS

N

EARLY all of the available series of statistics give evidence of further
improvement in general business conditions in the Sixth Federal Reserve
District in 193 5 in comparison with other recent years. The volume of trade
at both retail and wholesale was the largest since 1930, residential building was
at the highest level since 1930, and electric power production was at the highest
level on record. Deposits and investment holdings of member banks in the
District have continued to increase, but loans to customers have declined.
Retail trade, based upon confidential reports from department stores
located in twenty-eight cities in the District, increased 5.9 per cent in 193 5
over the year before, after having increased 25.5 per cent from 1933 to 1934.
In December, department store sales were the largest for that month since 1929.
Wholesale trade increased 4.2 per cent from 1934 to 1935, following an increase
of 23.4 per cent from 1933 to 1934, and in 193 5 was the largest since 1930. Sales
of life insurance declined 1.5 per cent from 1934 to 1935, but were in that year
larger than in 1932 or 1933. The number of business failures in the District
increased 7.4 per cent in 193 5, but liabilities of defaulting firms declined 17.8
per cent, and both number and liabilities for 1935 were substantially less than
for other recent years prior to 1934.
Debits to individual accounts at banks in 26 reporting clearing house
centers of the District increased 7.4 per cent in 193 5 compared with the year
before, and were greater than for other years since 1931. Demand deposits of all
member banks in the District increased further in 193 5 and in December averaged 15 per cent higher than in December, 1934, and larger than in any other
month since March, 1929. Time deposits also increased somewhat in 193 5.
The value of buildings for which permits were issued during 193 5 at 20
reporting cities in the District increased 71.8 per cent over 1934, was nearly
three times the total for 1933, and larger than for other years since 1930. The
total value of construction contracts awarded in the District as a whole, according to F. W. Dodge Corporation statistics, increased 13.1 per cent in 193 5 over
the year before, and was the largest since 1931. Residential contracts more than
doubled from 1934 to 1935, and were the largest since 1930, but other awards
declined 3.4 per cent in 193 5 but were larger than in 1933 or 1932. Increases
in construction contracts over 1934 were reported for Georgia, Florida and
Tennessee, but decreases for Alabama, Louisiana and Mississippi. There were
declines in the production of bituminous coal in both Alabama and Tennessee
in 1935, compared with the year before, but pig iron production in Alabama
increased 11.2 per cent from 1934 to 193 5 and was the largest since 1931.
Production of electric power for public use in the six states of the District
increased 11.3 per cent over 1934 and was the largest on record. Production by
use of water power accounted for 62.2 per cent of the total in 193 5, about the
same proportion as in 1934. State figures for the year show increases over the
year before ranging from 4.3 per cent for Mississippi to 19.7 per cent for
Alabama. Consumption of cotton by mills in Georgia, Alabama, and Tennessee
increased 8.9 per cent from 1934 to 193 5, and although somewhat less than in
1933 was larger than in other years since 1929. The average number of cotton




11

spindles active in Georgia, Alabama, Tennessee and Mississippi declined slightly
in 193 5, but the total number of active spindle hours increased 6.4 per cent.
Employment statistics compiled by the United States Bureau of Labor
Statistics indicate a further small gain in the number of workers and in average
payrolls in this District during 1935. Number of workers on payrolls of reporting firms during 193 5 averaged only 0.3 per cent higher than in 1934, but was
10.6 per cent larger than in 1933 and 20.4 per cent above 1932, and payrolls in
193 5 averaged 4.2 per cent larger than in 1934, 26.4 per cent above 1933 and
3 5.2 per cent larger than in 1932.
Estimates by the United States Department of Agriculture indicate larger
production during 193 5 of most of the principal crops in this District, the
important exceptions being corn, potatoes and fruits. Estimates by the Department of Agriculture of the farm value of 64 principal crops, however, for the
six states of this District, based in some instances on average prices for the
crop marketing season and in others on prices prevailing on December 1, show
a decrease of 4.7 per cent from 1934, but increases of 23.7 per cent over 1933
and 87.5 per cent over 1932. Values of tobacco, sugar cane, citrus fruits, pecans
and peanuts were higher in 193 5 than in 1934, but the values of most other
crops declined. Notwithstanding this decline in total farm value, estimates of
cash receipts from the sale of principal farm products, including livestock and
livestock products, in the six states of this District increased 3.1 per cent over
1934, were 35.3 per cent larger than in 1933 and 54.1 per cent larger than in
1932. Rental and benefit payments in these states increased 23.2 per cent over
1934, and were nearly double those in 1933.

PRODUCTION AND FARM VALUE OF PRINCIPAL CROPS
IN SIXTH DISTRICT *
PRODUCTION IN THOUSANDS OF UNITS
VALUES IN THOUSANDS OF DOLLARS

Cotton-Lint
Cotton Seed
Corn
Oats
Wheat (1)
Tame Hay
Soy Beans
Cowpeas
White Potatoes
Sweet Potatoes
Peanuts
Pecans
Tobacco
Apples
Peaches
Oranges (2)
Grapefruit (3)
Sugar Cane Sirup




Bales
Tons
Bu.
Bu.
Bu.
Tons
Bu.
Bu.
Bu.
Bu.
Lbs.
Lbs.
Lbs.
Bu.
Bu.
Boxes
Boxes
Gals.

PRODUCTION
1935
1934
4,284
3,978
1,904
1,767
207,668 208,873
11,688
11,064
4,507
4,214
2,693
2,620
2,224
1,905
3,943
3,615
15,321
16,982
33,900
36,080
1,064,655 918,970
20,650
13,320
164,842 131,347
2,602
3,355
8,129
10,071
16,247
18,121
10,500
15,200
22,809
20,907

12

Percent
Change
+ 5.7
+7.8
— 0.6
+ 5.6
+ 7.0
+2.8
+16.7
+ 9.1
— 9.8
— 6.0
+15.9
+55.0
+25.5
—22.4
—19.3
—10.3
—30.9
+ 9.1

VALUE
1935
1934
$235,142
$243,788
60,111
61,378
145,627
171,518
6,785
7,525
4,113
4,242
27,891
33,341
3,689
3,908
5,492
5,053
12,571
14,794
23,840
28,418
32,549
28,657
2,115
1,832
27,249
19,654
2,809
3,025
7,094
7,950
28,506
27,528
12,075
11,801
9,001
9,202

Percent
Change
— 3.5
— 2.1
—15.1
— 9.8
— 3.0
—16.3
— 5.6
+ 8.7
—15.0
—16.1
+13.6
+15.4
+38.6
— 7.1
—10.8
+ 3.6
+ 2.3
— 2.2

Sugar Cane (4)
Sugar (4)
Rice (4)
Velvet Beans

Tons
Tons
Bu.
Tons

4,486
291
16,808
689

3,73 5
234
15,957
634

+20.1
+24.4
+ 5.3
+ 8.7

14,875
10,589
7,630

Sorghum

Gals.

5,678

7,873

—27.9

2,733

9,326

+59.5

13,085 —19.1
7,809 — 2.3
3,546

—22.9

Notes: (1) Tennessee, Georgia, and Alabama. (2) Florida, Louisiana, Alabama, and Mississippi.
(3) Florida. (4) Louisiana.
* Figures are combined totals for Alabama, Florida, Georgia, Louisiana, Mississippi, and
Tennessee. Parts of Louisiana, Mississippi and Tennessee are situated in other Districts.
Figures for 1934 revised in some instances.

TOTAL FARM VALUE OF 64 PRINCIPAL CROPS
IN THOUSANDS OF DOLLARS
1935
$131,016
78,640
157,3 53
92,500
137,983
99,948

1934
$142,396
77,110
156,663
87,519
143,669
124,423

193j
$99,454
66,659
128,588
68,821
100,325
100,132

1932
$62,051
57,914
67,039
54,711
66,630
63,709

Total Six States
$697,440
Figures for 1934 and prior years revised.

$731,780

$563,979

$372,054

Alabama
Florida
Georgia
Louisiana
Mississippi
Tennessee

CASH RECEIPTS FROM SALE OF PRINCIPAL FARM PRODUCTS
INCLUDING LIVESTOCK
IN THOUSANDS OF DOLLARS
1935
$92,886
87,224
114,883
84,743
116,863
95,712
Total

1934
$101,373
89,391
107,450
80,883
107,218
88,311

1933
$63,627
64,440
88,033
63,180
88,836
69,719

1932
$59,066
76,559
58,311
56,385
70,592
63,550

$592,311

Alabama
Florida
Georgia
Louisiana
Mississippi
Tennessee

$574,626

$437,835

$384,463

RENTAL AND BENEFIT PAYMENTS
IN THOUSANDS OF DOLLARS
Alabama
Florida
Georgia
Louisiana
Mississippi
Tennessee

1935
$11,406
1,933
12,599
20,600
15,321
9,769

Total




13

1933

$ 9,562
345
7,965
4,971
9,938
3,470

$71,628

,

1934

$12,800
860
14,215
7,880
15,719
6,646
$58,120

$36,251

SUMMARY OF SIXTH DISTRICT STATISTICS
(000 Omitted)
1935
Retail Trade—Sales of 34 Department Stores
Wholesale Trade—Sales of 84 Firms
Life Insurance Sales—Six States (1)
Alabama
Florida
Georgia
Louisiana
Mississippi
Tennessee
Commercial Failures—Number (2)
Commercial Failures—Liabilities
Sales of Fertilizer Tax Tags—
Short Tons (1)
Debits to Individual Accounts—26 Cities (3)

1934

1933

1932

$ 52,313
$ 67,412
$ 328,386

$ 49,650
$ 64,727
$ 333,446

$ 40,763
$
52,066
$ 294,332

$ 41,101
$ 45,058
$ 325,268

$
$
$
$
$

45,171
54,797
77,997
56,894
27,021

$
$
$
$
$

45,900
54,041
81,059
54,269
29,476

$
$
$
$
$

41,823
41,579
69,815
47,490
27,868

$
$
$
$
$

44,364
48,943
82,046
52,325
26,676

$

66,506
434
5,721

$

68,701
404
6,956

$

65,757
962
21,728

$

70,914
1,679
37,149

1,861
$9,552,281

1,662
$8,883,899

1,299
$7,072,823

1,141
$8,009,216

Demand
Time
Building Permits issued at 20 Cities

$ 589,824
$ 342,691
$ 39,892

$ 512,997
$ 334,090
$ 23,174

$ 376,993
$ 314,181
$ 14,218

$ 351,750
$ 344,157
$ 19,294

Construction Contracts Awarded—
6th District Total
Residential Contracts
All Other Contracts

$ 161,903
$ 44,026
$ 117,877

$ 143,110
$ 21,036
$ 122,074

$ 131,405
$
18,511
$ 112,894

$
$
$

86,755
15,825
70,930

$
$
$
$
$
$

$
$
$
$
$
$

$
$
$
$
$
$

$
$
$
$
$
$

10,503
19,292
21,363
22,594
14,643
16,358
1,601
564
902
135
5,091
1,660

Deposits of all Member Banks (4)

Construction Contracts—By States: (1)
Alabama
Florida
Georgia
Louisiana
Mississippi
Tennessee
Cotton Consumption—Bales—3 States
Alabama
Georgia
Tennessee
Cotton Spindles Active—4 States (5)
Alabama
Georgia
Mississippi
Tennessee
Active Cotton Spindle Hours—• States
Alabama
Georgia
Mississippi
Tennessee




18,383
53,843
35,398
36,068
14,961
26,896
1,796
609
1,054
133
5,353
1,656

3,003
159
535
18,576,056
5,730,491
10,334,493

21,223
41,823
28,684
40,395
15,507
20,805
1,649
550
977
122
5,446
1,683

3,049
175
539
17,452,022
5,401,166
9,617,053

25,762
28,727
15,194
34,745
9,348
36,298
1,923
645
1,140
138
5,317
1,674

2,972
158
513
20,322,175
6,315,057
11,186,881

2,789
138
504
17,370,901
5,682,734
9,086,495

510,013

562,149

612,764

495,945

2,001,059

1,871,654

2,207,473

2,105,727

14

Bituminous Coal Production—Tons:
Alabama
Tennessee
Pig Iron Production—Alabama—Tons
Active Furnaces—Alabama (2) (5)
Naval Stores (6) Receipts: Turpentine
Rosin
Stocks: (4) Turpentine
Rosin

8,412p
4,110p
1,268
7l/z
226
952
145
315

9,142
4,136
1,141
8
245
1,023
107
322

8,760
3,775
890
5
258
980
81
211

7,857
3,538
660
5
220
852
92
333

Production of Electric Power for Current Use—
(k.w. hours)—Total Six States (1)
Alabama
Florida
Georgia
Louisiana
Mississippi
Tennessee

6,739,784p
2,173,356p
718,478p
l,280,287p
l,277,606p
55,497p
l,234,560p

6,057,955
1,815,314
669,601
1,131,236
1,221,716
53,195
1,166,893

5,660,985
1,712,092
613,127
1,212,062
1,096,863
50,467
976,374

5,547,218
1,783,584
607,396
980,038
1,085,396
51,306
1,039,498

Production by use of Water Power—
Six States
Production by use of Fuels—Six States

4,189,810p
2,549,974p

3,759,623
2,298,332

3,600,201
2,060,784

3,529,520
2,017,698

Notes: (1) Parts of Tennessee, Mississippi, and Louisiana are situated in other Federal Reserve
Districts. (2) Actual Number—000 not omitted. (3) The 193 3 total is for eleven
months—no figures available for March. (4) December of each year. (5) Average of
monthly figures. (6) Combined totals for Savannah, Jacksonville and Pensacola, Turpentine in barrels of 50 gallons, rosin in barrels of 500 pounds, (p) Preliminary.




RESULTS OF OPERATION
OF

THE

FEDERAL RESERVE BANK OF ATLANTA
Ofl of
A
4- J
ASSet ana
Liability Items

Total resources of the Federal Reserve Bank of
Atlanta at the close of the year 193 5 amounted to
$312,248,000, the largest total for any year since
its organization. This represents an increase of more
than 56 millions, or 22.1 per cent, over the total a
year earlier, was nearly 79 millions greater than two years earlier, and 134.6
millions greater than at the close of 1932.
The increase in total resources is largely due to an increase of 49 millions
during 193 5 in total reserves held by the bank, which amounted at the end of the
year to $188,224,000, larger than at the close of any previous year. During the
year total reserves fluctuated between a low point at 124.5 millions on May 22
and the high at 188.9 millions on December 18. The average of Wednesday
figures for the year was 149.5 millions, and was 12.4 per cent larger than for
1934, and 25.6 per cent higher than for 1933.
The total volume of reserve bank credit outstanding at the Federal Reserve
Bank of Atlanta at the close of 1935, indicated by its total holdings of bills
and securities, amounted to $95,340,000, only slightly less than a year earlier,
but larger than at the end of any other year, except 1934, since 1925. Holdings
of discounted and purchased paper, already negligible in amount at the close of
1934, declined further in 193 5, and industrial advances outstanding at the end
of 193 5 were only slightly larger than a year earlier. Holdings of United States
Government securities which have constituted the major part of the bank's
earning assets in recent years, fluctuated within a narrow range, and at the
close of the year were slightly less than a year earlier, but larger than at the
end of any other year except 1934. Industrial advances for working capital made
direct to business firms increased from $849,400 on January 2 to $1,152,000 on
April 24, but declined between that time and December 31st to $928,300.
The volume of Federal Reserve notes of this bank's issue in actual circulation during 193 5 averaged 135 millions, larger than in 1934 by 3 per cent, and
the largest annual average since 1929. After declining from 136 millions the
last Wednesday in December, 1934, to 125 millions in February, 1935, weekly
figures remained at about that level until July, when a gradual increase began
which carried the total to 160.5 millions on December 24. A week later the
total was 156.4 millions, larger by 17.6 per cent than a year earlier.
Member banks' reserve deposits averaged 28.9 per cent greater in 193 5 than
in 1934, and were larger than in any previous year. During the first half of the
year these reserve deposits averaged 84 millions, and during the last six months
105.6 millions, and at the end of 1935 were 32.7 per cent greater than a year
earlier.
On page 24 of this report is a table setting out in detail the items in the
balance sheet of the bank at the close of each of the past four years.




16

Ufld
^ table presented on page 26 of this report shows in detail
JJ
the various classifications of income and expenditures of
LLXpCtlSCS
t n e bank, together with profit and loss statements showing
the disposition of earnings, for the past four years.
Total current earnings during 193 5 amounted to $1,672,606, the smallest
since 1931, and except for that year, since 1917. Earnings on discounted bills
were the smallest on record, and on purchased bills the smallest since 1915.
Earnings on United States Government securities, which accounted for 91 per
cent of total earnings, were slightly less than in 1934, but larger than for
any other year.
The cost of current operations of the Federal Reserve Bank of Atlanta
during 193 5, not including the cost of currency, amounted to $1,359,345,
larger by 7.1 per cent than in 1934. Including the cost of issue and redemption
of the bank's Federal Reserve notes, which was about two and one-half times
the small amount in 1934, total current expenses in 193 5 amounted to
$1,437,18 5, an increase of 10 per cent over expenses in 1934.
Current net earnings in 193 5 (total earnings less total current expenses)
amounted to $235,421, and after miscellaneous additions, and deductions for
depreciation on bank premises, furniture and equipment, reserves and other
items, there remained available for dividends and surplus the amount of $345,668.
Dividends for the year, at the rate of 6 per cent on the paid-in capital, were
paid to member banks, amounting to $260,538, the amount of $76,064 was
transferred to Surplus (Section 7 ) , and a payment amounting to $9,066 was
made to the Secretary of the Treasury in accordance with the provisions of
Section 13b of the Federal Reserve Act as amended.

VOLUME OF OPERATIONS IN PRINCIPAL
DEPARTMENTS
DisCOUtlts Ufld
^ ^ e t o t a l volume of bills discounted and rediscounted and
j
,
purchased by the Federal Reserve Bank of Atlanta declined
investments -in 1935 t o a \eve\ \ower than for any other year since its
organization. Purchases of United States securities made up the larger part of
the bank's total investment operations during the year, and most of these were
System purchases to replace maturing certificates, bills or bonds already held.
During 193 5 the Federal Reserve Bank received 200 applications for the
discount or rediscount of paper. This was a decrease of 58.1 per cent compared
with the number received in 1934 and less than in any other year. There were
accepted for discount or rediscount 463 notes amounting to $2,721,746, a
decrease of 68 per cent in number and 88.4 per cent smaller in amount than in
1934, and also less than in any previous year. Of a membership of 328 banks
(end of year), the monthly average number of banks accommodated by the
discount of paper in 193 5 was 7, which compares with 15 in 1934 and much
larger figures for previous years.
Bills purchased in the open market during 193 5 consisted entirely of this
bank's participation in bills payable in foreign currencies purchased for System
account by the Federal Reserve Bank of New York, and amounted to $1,132,042,
smaller by 59 per cent than in 1934, and less than in any other year since 1915.




17

Industrial
Under the provisions of Section 13b of the Federal Reserve Act,
A *
approved June 19, 1934, Federal Reserve Banks began in
Advances
August of that year to make loans direct to established industrial and commercial businesses for the purpose of providing working capital,
and to make commitments to banks, trust companies and other financial institutions with respect to such loans.
Efforts have been made continuously to acquaint banks and the business
public with the provisions of the legislation relating to these industrial loans,
and with the requirements to be met and the methods of obtaining them. The
Industrial Advisory Committee for the Sixth Federal Reserve District is composed of the following: J N Q £ S A N F O R D J
Chairman
President and Chairman, Armour Fertilizer Works
Atlanta, Georgia
A. R. FORSYTH, Vice-Chairman

Vice-President and Treasurer, Gulf States Steel Co.
Birmingham, Alabama
GEORGE WINSHIP

A. M. LOCKETT

President, Fulton Supply Company
Atlanta, Georgia

President, A. M. Lockett & Co., Ltd.
New Orleans, Louisiana

I. C. MILLER

Executive Vice-President, Gate City Cotton Mills
Atlanta, Georgia
During the last five months of 1934 industrial advances were made in 75
instances, aggregating $872,443, and in addition, commitments amounting to
$761,500 were made to banks or other financial institutions in connection with
such loans made by those institutions. During 1935 industrial advances amounting to $635,097 were made in 81 instances, an increase of 8.0 per cent in number,
but a decrease of 27.2 per cent in total amount, compared with such advances
made in 1934. In 16 other instances commitments were entered into to the extent
of $346,950 in connection with such advances made by banks to business firms.
T f, •
ana LjOin
1.6 per cent in
in amount than

num er
b
°f pieces of currency received and counted during
193 5 was 107,482,866, and the value of such currency was
$368,730,557, showing increases of 2.9 per cent in number and
value, compared with 1934, and larger in number but smaller
in 1933 or 1932.

Transit
^ e t o t a l number of checks handled during 1935 by the
f^,
,.
Federal Reserve Bank of Atlanta and its branches was
operations
38,922,724, and their value $8,608,828,374, larger by 8.6
per cent in number and 14.0 per cent in value than those handled in 1934, and
also larger than in other recent years. The number of items handled in 1935
which were drawn on banks in the Sixth District was larger than in any year
since 1929, and the amount of such items was the largest since 1930. Items
drawn on this bank and its branches, those forwarded to other Federal Reserve
Banks and their branches, and items drawn on the United States Treasury
declined in number but increased in amount over 1934.
The number of government security coupons paid during 193 5 was 358,437,
and their value $6,764,407, smaller by 44 per cent in number and 34.2 per cent




18

in value than in 1934, and also less than in 1933 or 1932. Other collection items
handled during 193 5 numbered 542,368, and amounted in value to $221,708,652,
larger in both number and amount than in other recent years.
Fiscal Agency
Transactions in direct obligations of the United States
j~
.
Government, and in securities issued by the various
yJpeYdtlOflS
agencies of the Government, during the year, involving
issues, redemptions and exchanges, numbered 213,905, and amounted to $323,404,119, larger in both number and amount than in other recent years.

Clearings

and Transfers

E a c h Federal

Reserve Bank maintains with

^i
I r~* 1J
1 hrOUgh KjOia
Settlement Fund

the Board of Governors of the Federal Reserve
S y s t e m i n Washington a Gold Settlement
Fund for the purpose of expediting by telegraph the settlement of current transactions
between Federal Reserve districts in the clearing of checks and in the transfer
of funds for its member banks. Both receipts and payments by the Federal
Reserve Bank of Atlanta through this fund increased further in 193 5 over the
year before, and were the largest since 1931.
In 193 5 there were 42,258 transfers of funds, amounting to $1,428,301,079,
smaller by 19.6 per cent in number, but larger by 2.6 per cent in amount,
than in 1934.
Total receipts for clearings and transfers of funds through the Gold Settlement Fund by the Federal Reserve Bank of Atlanta during 193 5 amounted to
$3,188,466,513, and total payments were $3,326,124,425. Both receipts and
payments were the largest since 1931. The excess of payments over receipts in
1935 was $137,657,912, in 1934 $158,596,000, and in 1933 $34,461,000.

CHANGES IN MEMBERSHIP
The changes which occurred in national banks and state bank members
during 193 5 resulted in a net reduction of 4 in the number of member banks
in the Sixth Federal Reserve District.
At the beginning of 193 5 there were 277 national banks and 5 5 state bank
members in the District, a total membership of 332. One new national bank was
organized, one was converted into a non-member state bank, and there were
consolidations which further reduced the number by 4, so that at the close of
the year there were 273 national banks in the District. There was no net change
in the number of state bank members, one state bank being admitted to membership and one state bank member having gone into voluntary liquidation. At the
end of 193 5, therefore, the membership in the Sixth District numbered 328 banks.
National

LOSSES I N MEMBERSHIP
Consolidation of national banks
Conversion of national bank to non-member state bank
Voluntary liquidation of state member bank
Active member banks on December 31, 193 5




State

Total

55

332

+1
—

Active member banks on December 31, 1934
ADDITIONS T O MEMBERSHIP
New national bank organized
State bank admitted to membership

—
+ 1

+ 1
-f-1

—4
—1
—
273

—
—
—1
55

—4
—1
—1
328

277

19

BANK ORGANIZATION AND PERSONNEL
George J. White, Executive Vice-President, First National Bank, Mount
Dora, Florida, was elected by member banks in Group 3 a Class A Director for
the three-year term ending December 31, 1938, succeeding G. G. Ware, of
Leesburg, Florida, whose term expired at the end of 193 5.
Ernest T. George, Chairman and President, Seaboard Refining Company,
Ltd., New Orleans, was elected by member banks in Group 1 a Class B Director
for the three-year term ending December 31, 1938, succeeding Leon C. Simon, of
New Orleans, whose term expired at the end of 193 5.
H. Warner Martin, who has served as Deputy Governor since January,
1935, has been appointed by the Board of Governors of the Federal Reserve
System a Class C Director for the three-year term ending December 31, 1938,
and has also been designated Chairman of the Board of Directors and Federal
Reserve Agent for the remainder of the year 1936. Mr. Martin has accepted the
appointment, effective March 1.
The Banking Act of 1935, enacted in August, 1935, amended Section 4
of the Federal Reserve Act, to become effective March 1, 1936, by providing
specifically for the appointment by the Board of Directors of each Federal
Reserve bank of "a president, vice-presidents, and such other officers and employees as are not otherwise provided for." Prior to the effective date of this
amendment there was no designation in the Act of the official titles of officers of
Federal Reserve Banks with the exception of the Chairman of the Board and
Federal Reserve Agent, and the Assistant Federal Reserve Agents.
In accordance with this provision of law, Oscar Newton, who had served
as Governor of the bank since January, 193 5, and as Chairman and Federal
Reserve Agent for ten years prior to that time was, at a meeting of the Board of
Directors in February, elected President of the bank for a five year term,
effective March 1.
Robert S. Parker, who had served as General Counsel for a number of years,
was elected First Vice-President for a term of five years, effective March 1.
Mr. Parker will continue to serve as General Counsel in addition to his duties as
First Vice-President.
H. F. Conniff and W. S. McLarin, Jr., formerly Deputy Governor and
Assistant Deputy Governor, were elected Vice-President and Assistant VicePresident, respectively, for the remainder of 1936.
Other officers had been re-elected for the year at the January meeting of
the Board of Directors.
H. Lane Young, Vice-President and Executive Manager, Citizens and
Southern National Bank, Atlanta, was re-elected by the Board of Directors to
represent the Sixth Federal Reserve District on the Federal Advisory Council
during the year 1936.
The number of officers and employees of the Federal Reserve Bank of
Atlanta, including its branches and agencies, at the close of 193 5, was 400, not
including 328 additional employees assigned to the Reconstruction Finance
Corporation and other agencies whose salaries are reimbursed to the bank. A year
earlier the number of officers and employees of the bank was 421, exclusive of
186 additional employees assigned to those agencies.




20

MEMBER BANK CREDIT
The total volume of member bank credit outstanding at the close of 193 5
indicated by the total loans, discounts and investments of all member banks in
the Sixth District was 2.5 per cent larger than a year earlier, and higher than at
the end of any year since 1931. The increase was, however, due to larger investment holdings, as total loans were 10.7 per cent smaller than a year earlier, and
less than at the same time of any other recent year. Loans on real estate at the
close of 193 5 were 5 per cent larger than a year earlier, but loans on securities
and all other loans were, respectively, 13.4 per cent, and 12.3 per cent smaller.
Total investment holdings of member banks have increased steadily in recent
years and at the end of 193 5 were 16 per cent larger than a year earlier. A comparison of loan and investment items at the close of 1935 with the three preceding
years is shown in the table.
, _ . ,v
'
Number of member banks
Loans and Investments—Total
Loans—Total
On Securities
On Real Estate
All Others
Investments—Total
U. S. Government direct obligations..
Securities Guaranteed by United States..
Other Securities

Dec. 31
1935
328
$892,972
392,832
84,219
49,049
259,564
500,140
260,784
82,836
156,520

(000 Omitted)
Dec. 31
Dec. 31
1934
1933
332
309
$870,903
$780,838
439,877
422,640
97,271
116,764
46,708
51,090
295,898
254,786
431,026
358,198
253,668
238,041
34,632
142,726
120,157

Dec. 31
1932
323
$844,929
516,292
145,352
72,092
298,848
328,637
177,633
151,004

DEMAND AND TIME DEPOSITS
OF ALL

MEMBER BANKS IN SIXTH DISTRICT
The total of demand and time deposits of all member banks in the Sixth
District averaged higher in 193 5 than in any of the past four years.
Demand deposits, which reached the lowest point on record in March, 1933,
at the time of the banking holiday, averaged 33.9 per cent higher in 1934 than
in 1933, and 22.5 per cent higher in 1935 than in 1934. Monthly averages of
daily figures show that demand deposits increased each month from June, 1934,
through April, 1935, declined from April through September, and increased
in the last quarter of the year. In December demand deposits were at the highest
level since March, 1929. These figures represent so-called net demand deposits,
or deposits against which member banks must maintain reserve balances at the
Reserve bank. In the Banking Act of 193 5 the definition of net demand deposits
was modified to include deposits of the United States Government and to permit
banks in computing deposits subject to reserve to subtract from gross deposits
the full amount of their balances due from other banks. Consequently, figures of
net deposits beginning August 24, 1935, are not comparable with earlier figures.
The change in definition, however, did not appreciably alter the reserve requirements of member banks in the Atlanta district as a whole, but for country banks,
at which Government deposits are relatively small and balances due from other




21

banks large, requirements declined, while at the larger reserve city banks, which
hold a greater volume of Government deposits and relatively smaller balances
with other banks, reserve requirements increased.
Time deposits of all member banks also reached their lowest level in March,
1933, and have increased irregularly since that time. In 1935 monthly averages
of figures for all member banks in the District averaged 3.9 per cent higher
than in 1934, and 8.8 per cent higher than in 1933.
Daily averages of both demand and time deposits are shown by months in
the table, in millions of dollars, for the past four years.
(IN MILLIONS OF DOLLARS)
DEMAND DEPOSITS
January
February
March
April
May
June
July
August
,
September
October
November
December

1935
$513
526
546
559
556
550
546
543
527
550
566
590

1933
$356
339
290
303
320
328
329
3 31
335
343
3 56
377

1932
$412
398
399
396
379
366
350
342
343
344
344
352

333
335
332
337
342
343
345
343
343
342
342
343

TIME DEPOSITS
January
February
March
April
May
June
July
August
September
October
November
December

1934
$396
417
429
444
440
436
438
440
449
470
492
513
320
322
325
327
328
324
328
328
328
330
33 5
334

356
347
270
274
295
303
317
321
318
320
317
314

370
361
360
358
355
351
349
352
349
349
347
344

CONDITION OF WEEKLY REPORTING MEMBER
BANKS IN SELECTED CITIES
OF THE SIXTH DISTRICT
For a number of years past weekly condition reports have been rendered
to the Federal Reserve Bank of Atlanta by member banks located in leading
cities of the District, but because of changes at the time of the banking holiday
the weekly figures for this District since that time are not strictly comparable
with those published prior to the holiday. Since the spring of 1933 the figures,
based upon these weekly reports, which have been published in the weekly statements for the press by the Board of Governors of the Federal Reserve System, and
which have been used in the monthly reviews and annual reports of this bank,
covered 17 weekly reporting member banks. Beginning in November, 1935, however, the figures published by the Board in its weekly press statement, and used




22

in the monthly reviews of this bank, have covered 22 weekly reporting member
banks. Figures for these banks subsequent to May, 1933, are not exactly comparable with those prior to March of that year, because of reorganizations in the
case of a few of the reporting member banks. On page 29 of this report is a
table summarizing some of the more important items of the weekly report.
Total loans and investments of these 22 weekly reporting member banks
averaged nearly 4 per cent higher in 1935 than in 1934, and about 12 per cent
higher than in the last seven months of 1933. Loans by these banks on securities
increased somewhat during the last half of 1933 and the first quarter of 1934,
but have since declined, and in 193 5 they averaged 21 per cent less than in 1934
and 23 per cent less than in the latter part of 1933. All Other Loans, however,
including those for commercial, agricultural and industrial purposes, averaged
the same in 1934 as in the last half of 1933, but increased a little more than
5 per cent in 1935.
Holdings of United States securities by these banks increased from an
average of 129 millions in the last half of 1933 to an average of 155 millions in
1934, and in 193 5 averaged 154 millions. Holdings of securities guaranteed by
the United States as to both principal and interest, reported separately beginning
in September, 1934, increased substantially in 1935, and holdings of Other
Securities averaged 1.5 per cent larger in 193 5 than in 1934, and 11.3 per cent
larger than in 1933.
Net demand deposits held by these reporting banks have increased steadily
since June, 1933. For the last seven months of 1933 they averaged 202 millions,
for 1934, 248 millions, and for 1935, 312 millions. As previously explained on
page 21, figures for net demand deposits beginning August, 1935, are not
strictly comparable with earlier figures, owing to the alterations made by the
Banking Act of 193 5 in the method of computing net demand deposits. Time
deposits, however, after increasing from an average of 173 millions for the last
seven months of 1933 to an average of 177 millions for 1934, remained at that
level in 193 5.
Except for small amounts in January and July, none of these weekly
reporting member banks have borrowed from the Federal Reserve Bank of
Atlanta since the first quarter of 1934.

NOTE: More detailed statistics concerning the operations of the Federal
Reserve Bank of Atlanta, and of member banks in the Sixth District, are published in the Annual Report of the Board of Governors of the Federal Reserve
System, which will be issued at a later date.




23

CONDITION OF FEDERAL RESERVE BANK
OF ATLANTA
(IN THOUSANDS OF DOLLARS)
Dec. 31,
193 5

Dec. 31,
1934

Dec. 31,
1933

Dec. 31,
1932

Gold Certificates on hand and due from U. S. Treasury (including balances in gold funds maintained
in Washington)
$173,298
Redemption Fund—Federal Reserve Notes
2,869
Gold
None
Other Cash
12,057
Total Reserves
$188,224
Redemption Fund—Federal Reserve Bank Notes

$121,475
3,853
None
13,849
$139,177

$105,895
3,157
9,166
11,874
$130,092
1,014

$72,582
2,878
6,707
10,078
$92,245

$

$

RESOURCES

Bills Discounted:
Secured by U. S. Government Obligations, direct
and/or fully guaranteed
$
Other bills discounted
Total bills discounted
$
Bills bought in open market
Industrial advances

6
51
57
303
847

$

230
3,954
$ 4,184
4,279

1,064
13,885
$ 14,949
3,439

$

8,240
64,596
21,373
$ 94,209

$13,584
59,308
21,385
$ 94,277

$11,305
32,295
28,298
$ 71,898

$ 95,340

$ 95,484

$

U. S. Government Securities:
Bonds
Treasury notes
Treasury bills and certificates
Total U. S. Government Securities
Other securities
Total bills and securities

25
13
38
165
928

$

$ 80,361

$10,281
8,110
29,013
$ 47,404
500
$ 66,292

24
1,644
23,283
2,284
1,449
$312,248

$

28
1,731
15,243
2,325
1,835
$255,823

$

117
1,640
14,013
2,372
3,775
$233,384

$

110
1,239
11,199
2,422
4,165
$177,672

LIABILITIES
Federal Reserve Notes in actual circulation
$156,385
Federal Reserve Bank Notes in actual circulation...

$132,968

$125,175
5,121

$ 97,139

$112,539
1,603
1,048

$ 84,804
5,921
671

$ 49,760
159
775
•

6,166
$121,356

3,709
$ 95,105

$ 65,442
112
146
1,948
264
4,170
$ 72,082

Due from Foreign Banks
F. R. Notes of other F. R. Banks
Uncollected items
Bank premises
All other resources
Total Resources

Deposits:
Member Banks—Reserve Account
Government
Foreign Banks
Special Deposits—Member Banks
Special Deposits—Non-member Banks
Other deposits
Total deposits




24

1,056
$ 51,750

Deferred

Availability

Items

$21,336

Ratio of total reserves to deposit and F. R. Note
liabilities combined
Contingent liability on bills purchased for
correspondents
Commitments to make industrial advances

$ 14,438

$ 13,332

$ 10,747

4,168
5,616
754
2,606
27
$312,248

Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities
Total Liabilities

4,368
4,450
5,540*
10,417
754
2,596
2,574
54
233
$255,823 $233,384

4,679
10,544
2,489
324
$177,672

67.8%

61.0%

66.0%

62.0%

23
590

133

1,440

498

foreign

* Surplus (Section 7) reduced $5,272,000 by reason of bank's subscription to stock of the
Federal Deposit Insurance Corporation, as provided by law.




25

EARNINGS AND EXPENSES
OF

THE

FEDERAL RESERVE BANK OF ATLANTA
EARNINGS
1935
Discounted bills
$
3,037
Purchased bills
1,322
United States direct obligations
1,524,200
Industrial advances
63,007
Commitments to make industrial advances....
3,275
Deficient reserve penalties
1,118
Miscellaneous
76,647
Total earnings
$1,672,606

1934
47,188
5,129
1,631,013
10,971
713
1,311
121,836
$1,818,161
$

193J
$ 521,500
44,601
1,024,999

1932
$1,186,612
127,554
602,366

21,613
73,784
$1,686,497

28,572
58,092
$2,003,196

CURRENT EXPENSES
Salaries:
Bank Officers
$ 200,351 $ 208,576 $ 194,010 $ 231,104
Clerical Staff
405,942
410,001
393,356
391,962
All other
97,014
95,143
92,214
78,998
Contributions—Retirement System
128,012
52,615
Governors' conferences
186
253
472
86
Federal Reserve Agents' conferences
153
94
106
Federal Advisory Council
997
912
865
1,129
Directors' meetings
17,241
17,924
23,268
23,281
Industrial Advisory Committee
381
825
Traveling expenses (1)
18,167
15,617
21,939
22,319
Assessments for Federal Reserve Board expenses
49,191
47,133
28,655
27,019
Legal fees
11,070
12,267
8,844
4,182
Insurance on currency and security shipments
12,892
18,993
28,483
16,886
Other insurance
18,936
18,193
28,775
27,361
Taxes on banking house
57,081
57,801
56,548
60,822
Light, heat, power and water
18,448
19,194
18,245
15,673
Repairs and alterations
25,012
4,422
4,345
4,182
Rent
4,573
4,489
4,3 50
4,572
Office and other supplies
17,952
16,970
15,161
13,508
Printing and stationery
23,357
26,966
24,069
18,546
Telephone
7,338
6,102
9,910
7,944
Telegraph
43,941
43,816
46,496
63,322
Postage
134,877
130,575
147,748
91,319
Expressage
35,804
31,521
31,533
28,789
Miscellaneous
30*582
29,074
30,711
30,121
Total, exclusive of cost of currency...$1,359,345 $1,269,534 $1,210,091 $1,163,232
Federal Reserve Currency, including shipping charges:
Original cost
$ 69,955 $ 24,590 $ 92,593 $ 48,895
Cost of redemption
7,885
6,430
7,280
5,650
Tax on Federal Reserve bank-note circulation
5,540
11,303
Total current expenses
$1,437,185 $1,306,094 $1,321,267 $1,217,777
(1) Other than those connected with governors' and agents' conferences and meetings of directors,
the Federal Advisory Council, and the Industrial Advisory Committee.




26

PROFIT AND LOSS ACCOUNT
Earnings
Current expenses
Current net earnings
Additions to current net earnings:
Profit on United States Government
securities sold—net
Withdrawn from reserve for losses
All other
Total additions

193?
$1,672,606
1,437,185
$ 235,421

1934
$1,818,161
1,306,094
$ 512,067

1933
$1,686,497
1,321,267
$ 365,230

1932
$2,003,196
1,217,777
$ 785,419

$ 213,954

$

31,536

$

80,652

19,257
$ 233,211

$ 293,043
128,579
25,559
$ 447,181

$

21,154
52,690

$

301
80,953

$

$

$

Deductions from current net earnings:
Bank premises—depreciation
Furniture and equipment
Reserve for losses
Reserve for self-insurance
All other
Total deductions

60,894
$ 122,964

237,750
4,388
$ 303,436

Net deductions from current net earnings

$+110,247

$+143,745

$ 210,259

$ 492,874

Net earnings

$ 345,668

$ 655,812

$ 154,971

$ 292,745

Dividends paid
$ 260,538
Transferred to Surplus (Sec. 7)
76,064
Withdrawn from Surplus (Sec. 7 ) :
Account dividends paid
Withdrawn from Surplus (Sec. 13b)
Payment to Secretary of the Treasury (Sec. 13b)
9,066

$ 264,093
394,351

$ 281,644

$ 292,545

47,293
13,334
1,443

47,115
14,183

•

49,855
13,235
185,642

14,217
$ 262,949

$

66,513
6,183
499,224

1,907
$ 573,827

126,673
2,632

REIMBURSABLE FISCAL AGENCY
EXPENSES
Salaries
All other
Total




1935
$ 355,337
87,731
$ 443,068

27

1934
$ 222,723
72,202
$ 294,925

1933
$ 121,699
38,141
$ 159,840

1932
58,580
26,505
$ 85,085
$

VOLUME OF OPERATIONS IN PRINCIPAL
DEPARTMENTS
FEDERAL RESERVE BANK O F A T L A N T A
NUMBER OF PIECES
HANDLED
Bills Discounted and
Rediscounted:
Applications
Notes discounted
Industrial Advances
Bills Purchased
Currency received and
counted
Coin received and counted..
Checks handled
Collection items handled:
U. S. Govt. coupons paid..
Coupons paid from issues of
other U. S. Govt. agencies
All other collections
U. S. Securities — Issues, Redemptions and Exchanges . . .
Other Issues—(Issues other
than U. S. Govt. Securities)
—Issues, Redemptions, and
Exchanges
Transfers of Funds

1935

1934

1933

1932

200
463
81

477
1,448
75
253

5,409
26,108

12,924
60,615

3,409

1,569

107,482,866
58,990,470
38,922,724

104,486,310
55,068,092
35,850,120

103,514,345
68,667,157
27,068,859

101,885,000
70,817,445
24,850,551

358,437

640,034

498,211

440,621

3 3 5,313
207,055

214,394

210,341

*
188,080

169,280

201,271

103,516

77,757

44,625
42,258

••
52,572

**
59,872

**
68,556

23,517,028
872,443
2,769,000

$ 246,247,000

$ 691,777,000

30,027,000

29,480,000

362,955,469
7,248,409
7,549,254,000

465,217,000
17,391,000
5,881,421,000

389,651,000
8,293,000
5,821,695,000

10,285,377

8,021,000

7,099,000

*
196,678,534

•
162,626,000

•
128,452,000

319,428,805

240,871,000

195,473,000

**
1,391,627,783

**
1,337,863,000

**
1,589,238,000

AMOUNTS HANDLED
Bills Discounted and
Rediscounted
$
2,721,746
Industrial Advances
63 5,097
Bills Purchased
1,132,042
Currency received and
counted
368,730,557
Coin received and counted. . .
7,467,154
Checks handled
8,608,828,374
Collection items handled:
U. S. Govt. coupons paid..
6,764,407
Coupons paid from issues of
other U. S. Govt. agencies
3,025,201
All other collections
218,683,451
U. S. Securities — Issues, Redemptions, and Exchanges.
286,708,729
Other Issues— (Issues other
than U. S. Govt. Securities)
Issues, Redemptions, and
Exchanges
36,695,390
Transfers of funds
1,428,301,079

$

• Included in "All Other Collections." ** Federal Intermediate Credit Bank debentures and
Federal Land Bank bonds included in "U. S. Securities."




28

CONDITION OF WEEKLY REPORTING MEMBER
BANKS IN SELECTED CITIES
Monthly Averages of Weekly Figures—In Millions
Total
Loans and Loans
on
Investments Securities

1933

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

All
Other
Loans

SECURITIES
Guar. by
All
Govt.
U.S.
Govt.
Other
Direct

U.S.

$411

$ 75

$164

$113

418

77

163

428
438
438
460
467

78
78
77
77
78

161
163
168
181
185

117
125
133
129
140
143

461
482
470

76
81
81
79
77
77
73
70
69

Borrowings
Demand Time at F. R.
Deposits Deposits Bank
Net

—
—
—
—
—

$ 59

$195

$166

61

$ —

194

64
64
64
64
61

196
202
201

175
177
175
175
174
172

207
219

$2
1

1
2
2
3
3

1934
January . ..
February . .
March . . . .

463

May

. .. ..

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

458
466
472

468
465
478
486
497

71
74
75

180
173
171
166
163
162
156
157
159
172
181
186

147
170
157
154
148
154
167
161
154
150
145

—

149

18

150
147
146
144
141
145
140
152
164
172

19
22

—
—
—
—
—
22
14
17

58
58

220

73
76
80
61

230
231
240
240
241
248
247
256

71
69
69

265
275
281

61
64
70

175
177
177
176
179
179
179
176
175
176
178

2
—
—
—
—
—

176

—

1935
January . ..
February . .
March . . ..
April .. . ..
May . . . . .
June . . . ..
July
August . ..
September .
October . ..
November .
December .

488
490
492
494
489
485
460

466
478
496
508
522

66

187

63
65
63
60
59
56
57
55
54
53
54

190
190
192
192
189
169
162
159
165
171
174

171
177

24
26
25
27
27
27
30
34
40
41

272

175

—

176
173
175
179
178
179

—
—
—
—
—

68
70

280
295
296
29S
302
304
312
324

178
178

—

71
73
76

342
357
366

177
179
177

66
68
67
69
71
65
68

—
—

•

—

Note: Prior to September, 1934, Securities Guaranteed by the United States Government were
included in "All Other Securities."




29

SUMMARY OF SIXTH DISTRICT BUSINESS INDEXES—1923-1925 - 100
ANNUAL
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
MONTHLY 1935—
January
February
March
April
May
June
July
Augusta
September
October
November
December

Life
Building
Retail Wholesale Insurance Permits
Trade
Trade
Sales 20 Cities
94.0
30.0
113.0
129.2
44.0
96.1
82.4
44.3
90.6
83.4
58.2
100.6
95.6
91.8
76.2
97.8
95.8
93.4
85.6
101.9 108.6 114.8 138.2
106.1 108.1 117.9 130.6
107.2
92.3
109.7
85.1
106.8
89.3
109.8
80.0
104.4
88.9
112.5
53.6
94.9
77.5
102.3
32.3
87.3
58.6
83.4
21.8
68.6
42.8
64.6
14.3
68.1
47.7
60.0
10.5
82.9
58.6
66.2
17.2
87.4
61.7
65.2
29.5
(da. av.)
60.5
56.2
81.0
14.9
70.4
55.2
65.6
16.3
83.6
61.1
65.7
22.5
88.0
60.5
68.1
26.8
84.4
61.7
68.0
32.1
75.3
52.6
65.2
39.4
63.1
55.0
61.5
40.1
76.7
66.5
62.1
32.5
91.0
68.3
53.7
31.3
97.6
74.1
60.0
35.8
102.6
65.7
59.1
33.6
157.5
63.1
72.1
29.2

Contract Awards
Total Residential Other

72.3
64.2
92.2
86.9
135.5 148.9
123.0 102.6
90.4
66.1
78.6
63.4
78.0
45.4
55.3
27.3
41.0
17.3
20.6
9.4
31.2
11.0
34.0
12.5
38.4
26.1
32.9
24.8
36.4
26.6
29.9
36.2
51.0
28.6
3 5.4
47.1
54.3
58.1

27.9
12.7
32.0
26.5
27.4
23.8
28.6
20.0
29.4
28.9
19.9
36.6

 * Indexes of Cotton Consumption are based on combined totals for Georgia, Alabama, and Tennessee.
http://fraser.stlouisfed.org/
Annual indexes are for cotton years ending July 31.
Federal Reserve Bank of St. Louis

Cotton
ConCoal
sumpPig Iron
Alabama Alabama Tennessee tion*

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