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EIGHTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF ATLANTA




BY

JOSEPH A. McCORD
CHAIRMAN OF THB BOARD
And
FEDERAL RESERVE AGENT

1922

EIGHTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF ATLANTA
FOR THE YEAR ENDED DECEMBER 31, 1922

JOSEPH A. McCORD
CHAIRMAN AND FEDERAL RESERVE AGENT







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5 A N IL7

II

ANNUAL REPORT OF TI1K I'KPKRAL RKSKRVE BANK OP ATLANTA

LETTER OF TRANSMITTAL

February 8, 1923.
Sirs:
I have the honor to submit herewith the Eighth Annual Report
of the Federal Reserve Bank of Atlanta, covering the year 1922.
Respectfully,
JOS. A. McCORD,
Chairman and Federal Reserve Agent.
Federal Reserve Board,
Washington, D. C.




ANNUAL REPORT OP T H E FEDERAL RESERVE HANK OF ATLANTA

DIRECTORS AND OFFICERS
of the
FEDERAL RESERVE BANK OF ATLANTA
For 1923

DIRECTORS
CLASS A
P. R. KITTLES, Sylvania, Ga.

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

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

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

CLASS C
Jos. A. MCCORD, Atlanta, Ga.
LINDSEY HOPKINS, Atlanta, Ga.
W. H. KETTIC, Birmingham, Ala.

OFFICERS
Jos. A. MCCORD, Chairman of Board
and Federal Reserve Agent

M. B. WELLBORN. Governor.

L. C. ADELSON, Deputy Governor.
J. L. CAMPBELL, Deputy Governor.

W. H. KETTIC, Deputy-Chairman.
WARD ALBERT«ON, Asst. Federal

M. W. BELL, Cashier.
J. M. SLATTERY, Secretary.

Re-

serve Agent.
W. S. JOHNS, Asst. Federal Reserve
Agent, Dept of Examiations.

W. B. ROPER. Asst. Cashier.
W. R. PATTERSON, Asst. Cashier.
R. A. SIMS, Asst. Cashier.
CREED TAYLOR, General Auditor.
H. F. CONNIFF, Asst. Cashier.
W. H. TOOLE, Manager Fiscal Agent
Dept.

NEW ORLEANS BRANCH
OFFICERS:

DIRECTORS:

MARCUS "WALKER, Manager.

P. H. SAUNDERS, Chairman, New Or-

W. H. BLACK, Asst. Manager.
J. A. WALKER, Asst. Cashier.
M. F. HARLAN, Asst. Cashier.
F. C. VASTERLINC, Asst. Cashier.
P. J. PROSSER, JR., Asst Cashier.
LAWSON BROWN, Asst. Federal

serve Agent.




leans, La.
JNO.

E. BOUDEN, JR., New Orleans,

La.
Re-

A. P. BUSH, Mobile, Ala.
JAS. P. BUTLER, JR., New Orleans, La.
FRANK W. FOOTE, Hattiesburg, Miss.
R. S. HECHT, New Orleans, La.
LEON C. SIMON, New Orleans, La.

A N N U A L HKI'OKT < >F T i l l . F E D E R A L R E S E R V E H A N K < »K A T L A N T A

IJIUMINGHAM BRANCH
OFFICERS:
\ K. WALKER, Manager.
\ \ . <;. STKKHKTT, Cashier.
J.^ B. COBBS, Asst. Kicl.ral
Agent.

DIRECTORS:
W. H. KETTH,, Chairman, Birmingliatn, Ala.
W. W. CRAWFORD, Birmingham, Ala.
JNO. H. FRYE, Birmingham, Ala.
T. 0 . SMITH, Birmingham, Ala.
OSCAR WELLS, Birmingham, Ala.

Reserve

JACKSONVILLE HHAN< II
OFFICERS:
GEO. It. DBSAUMUV, Manager.
W. S. MCLARIN, JR., Cashier.

1)1 HECTORS:
JNO. C. COOPER, Chairman, Jacksonville Fla.

GEO. N. MARTIN, Asst. Federal Reserve Agent.

C. P. KENDALL, Jacksonville, Fla.
E. W. LANE, Jacksonville, Fla.
FULTON SAUSSY, 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. EMBREY, Winchester, Tenn.
E. A. LINDSEY, Nashville, Tenn.

SAVANNAH AGENCY
OFFICERS:
R. N. GROOVER, Manager.

D. E. AVERY, Acting Asst. Manager.
GENERAL COUNSEL:
RANDOLPH

& PARKER, Atlanta, Ga.

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




ANNUAL REPORT OF Till". FEDERAL RESERVE BANK Of ATLANTA

7

TABLE OF CONTENTS
Introduction
General Business and Hanking Conditions
Financial Results of Operations
Comparative Balaarti Shed
Earnings and Expenses
Profit and Loss Statement
Reserve Position
Discount Operations
Bankers and Trade Acceptances
Gold Settlement Fund
Clearing Operations
Currency and Coin
Collections
Treasurer's General Account
Member Banks' Reserve Account
Private Wire Operations
Federal Reserve Notes
Federal Reserve Bank Notes
Comparative Statement of Federal Reserve Agent
Fiscal Agent Operations
Movement of Membership
National Banks
State Banks
All Member Banks
Examinations
Fiduciary Powers
Acceptance up to 100 Per Cent
Operation of Federal Reserve Bank Branches
New Orleans

'.•
in
L!
13
14
14
14
1.".
17
18
18
19
20
20
-1
21
21
22
23
23
"' *
_
24
24
24
24
IS
25
2-~>
2~>

Birmingham
Jacksonville
Nashville
Internal Organization
Bank Premises
Atlanta
New Orleans
Nashville
Jacksonville
Monthly Business Review
Relations With the Public

2<i
2fi
26
27
28
28
28
29
29
29
30

SCHEDULES
Comparative Statement of Condition Dec. 31, 1920, Dec. 31, 1921,
Dec. 30, 1922
31
Movement of Principal Assets and Liabilities During 1922
32-33
Volume of Discount and Open Market Operations
34
Volume of Bills Discounted for Member Banks in Each State. . . .
35
Earnings and Expenses
36-37
Operations of Federal Reserve Clearing System
38




3

ANNUAL REPORT < K THE PEDEBAL BE8EBVB BANE OF ATLANTA
>
Ctearingt ;'i><l Transfers Through the Gold Bettlemeni Fund
Principal Lssets and Liabilities i>t Reporting Member Banks

Ui'liit- lo Individual Accounts
( liaii^'.•* in Discount Hates Daring 1922

39
40

41--4J
43

AvwngC Dally Holdings of E a r n i n g Assets D u r i n g 1 9 2 2 ; also Comparative totals for 192] and 1920
H
Comparative Statement ol Fatten] Reserve Ageni
\'<
Statement of Federal ttuseiw N o t e s
4t>-47

Federal Reserve Notes Received From and Returned to other Federal Reserve- hanks During 1022
F e d e r a l Reserve Notes I--nod and in Actual Circulation
F e d e r a l ReMTTe B a n k N o t e s Is-ucd a n d in Actual C i r c u l a t i o n . . . .
C u r r e n c y Receipt! From and Payments t > Member and Non-Member
<

48
49
50

Banks
f.l
Movement ol Membership for 19:22
52
Number ol Member Banks in District and Paid in Capital Stock as
of Last Day of Each Month During 1922
~>'.\
State Bank and Trust Company Members
54 55-56 -57 58
State Banks—Liquidations and Withdrawals 1922
59
New National Banks 1922
59
National Banks Liquidated in 1922
59
Banks Authorized to Exercise Fiduciary Powers I'nder the Federal
Reserve Act
'
60-61
Banks With Authority to Accept Drafts and Bills of Exchange up
to 100 Per Cent, of Their Capital Stock and Surplus
62
U. S. Securities Issued During Calendar Year 1922
63
Collection Department Operations During Year 1922
64
Treasurer's Geueral Account Operations During 1922
6/5-(>t;
Member Banks' Accounts Operations During 1922
67-68

CHARTS
Federal Reserve N o t e c i r c u l a t i o n , Purchased Hills, v.
t i e s , anil D i s c o u n t s for Own Members




s. securi(59

ANNUAL REPORT 0 » THE FEDERAL RESERVE BANK OF ATLANTA

9

EIGHTH ANNUAL REPORT

Of

TI

11:

FEDERAL EESBBVB BANK OF ATLANTA

INTRODUCTION

Business conditions during 1922 have shown I steady improvement and although foreign trade lias been at a low ebb, the close
Of the year found the Sixth Federal Reserve District in a more
stabilized and, in many respects, in a more satisfactory position
than at any time since the outbreak of the world war. The uneasiness on the part of the public, which commenced in 1020 and
continued for the most part through 1921. has given way to a
more settled and confident feeling and except for the railroad and
a few unimportant strikes in the District, there have been few disturbing influences.
The reserve city banks and those in financial centers have
shown a healthy improvement, and a general improvement has been
made by the banks located in agrieultural sections, although it has
not been so marked as in the larger city banks.
There has been a reaction in the downward trend of prices,
and the returns for agricultural products have been much more
satisfactory than for the preceding year. The advanced price of
cotton, with a larger yield than last year (although much below
the ten year average) has aided the farmers materially, except in
restricted areas where the boll weevil has practically destroyed the
crop for three successive years.
In most lines of the wholesale trade there has been a steady
upward trend, and the increase is also apparent in comparing the
same months' business with that of the preceding year. Reports



10

ANNUAL BXPOST <>F T i n : r i D Q U L RXBEBVS H A N K Of ATLANTA

indicate that the retail trade generally is buying for immediate
needs, and is not inclined to increase stocks. The reports of department stores do not show the same ratio of increase in sales as
It shown by the several lines of wholesale trade. This, however,
can be attributed to some extent to the late fall and winter, which
if anything was milder than last year.
The industrial plants, especially textile,, iron and steel, have
been more active than for many months past, and production has
shown a steady increase.
To sum up the situation, it is believed that with conditions at
home and abroad still unsettled, recovery in the Sixth Federal Reserve District during 1922 has been on the whole satisfactory, if
not remarkable.
GENERAL BUSINESS AND BANKING CONDITIONS

General Conditions—General business conditions in the
Sixth Federal Reserve District during the year 1922 have shown
substantial improvement over the years immediately preceding.
Business statistics compiled in connection with the Monthly Business Review have shown steady progress throughout the year, and
reports received from retail and wholesale merchants and manufacturing firms all indicate that the year has been one of rather remarkable recovery from the uncertainty and unsatisfactory conditions which prevailed through a part, at least, of the year 1921.
Some progress had been made during the latter part of 1921.
The downward swing of prices which began in the early summer of
l!»20. affecting all lines of business, had not spent its force until the
middle of 1921, and while there were fluctuations of a minor character during the last half of that year, the level of prices, according
to index numbers compiled by both the Federal Reserve Board and
the United States Bureau of Labor Statistics, was about the same
at the beginning of 1922 as it was in June of the year before.
At the beginning of 1922 there was some unemployment and
considerable uncertainty and doubt in the mind of the business public. Agricultural production in 1921, excepting cotton, was satisfactory in point of actual volume, but prices of the various crops
were low and profitable markets for most of them were lacking.



ANNUAL IMPORT OP T i n : fEDERAL USBRVE H A N K Of A T L A N T A

11

The cotton c r o p in L921 was the smallest in t w e n t y y e a r s , a n d when
t h e size of the c r o p became a p p a r e n t , the p r i c e of t h e s t a p l e rose 1o
m o r e t h a n t w e n t y cents a p o u n d the l a t t e r part of S e p t e m b e r , b u t

settled back to around eighteen and a half cents at the dose of the
year. While fanners received a better price Cor their cotton, the
Drop was so small 1 hat in some sections it was almost a complete
failure, and with the low money returns from Other crops, farmers
were in a position somewhat similar to that of the year before, and
were again obliged let carry over a large part of their indebtedness.
The year 1922 began under much more favorable conditions.
The downward swing of prices had reached a low point and the
tenor of reports from business firms in all lines showed that, the attitude of the business public, an important factor in shaping conditions, had undergone B change for the better. There was a distinct improvement in the feeling of those engaged in various lines
of commercial and industrial activity, and there was a basis for the
belief that progress was being made toward a more nearly normal
volume of business. In other words, deflation in prices was completed, at least for the. time being, unemployment was beginning to
decline, manufacturing conditions had improved, and indications
were that the improvement which before that time had been more
or less limited in its scope was becoming more general and spreading to all lines of trade.
This does not mean that complete recovery had taken place for
during the year 1922 the reports received from department stores
in the district showed increased volume of sales over corresponding
periods in 1921 in only three instances, although in several other
instances the decreases were very small. Wholesale trade, however,
ha.s shown up very favorably during the year, except during the
early months. Debits to individual account at important cities in
the district have shown fairly steady improvement during the year,
although in the first part of the year the amounts reported were
smaller than during the same period of the year before.
Agricultural conditions during 1922 have been substantially
better than during the preceding year. Rigid economy was practiced in preparation for planting and in the cultivating of crops,
and the money returns received by the farmers were materially
greater than in 1921. Except in Georgia, the cotton crop was



1*J

A N N U A L KEPORT OF T I I K F E D E R A L KKSKKVK B A N K O f

ATLANTA

larger, and the price more favorable than in 1921, and in the case
of other agricultural crops, while not all showed increased volume
of production, the prices received were higher, with the result that
a large percentage of the farmers have been able to liquidate obligations which had been carried in many instances for two years.
As a further consequence, country merchants were enabled to substantially reduce their indebtedness, and therefore both merchants
and banks show improvement.
Labor—Employment conditions in the Sixth District made
substantial inproveinent during 1922. At the beginning of the
year, there was a surplus of workers in all of the more important
cities and towns. The strike of union coal miners in other sections
resulted in increased activity in the non-union coal fields of the
district, and the strike of railway shopmen was the only outstanding
adverse feature of the employment situation during the year.
Steady improvement in other lines was made almost every month,
and during the fall months there developed a shortage of some
classes of workers in parts of the district. At the end of the year,
there was practically no unemployment in the district, and in some
lines, an actual shortage was evident.
Money Market—The decline in member banks' rediscounts
with the Federal Reserve Bank evidences the easier market
which prevailed the latter part of the year. This easier market resulted more from increased deposits of member banks than from a
reduction of their loans and discounts. Comparing the loans of
forty-one reporting member banks on the last weekly report date of
each month for the year, the peak was $404,027,000 in November,
1922, and $426,535,000 in January of the preceding year, and the
low point was $350,132,000 in February, 1922, and $376,227,000 in
July, 1921.
During the year, the loans and discounts of member banks fluctuated between $350,000,000 and $360,000,000 for the first eight
months, followed by an increase during the remaining four months.
The demand deposits of the same fortj'-one reporting banks increased gradually during the year from $223,000,000 on the last
report date in January to $271,000,000 on the last report date in
December, an increase of approximately $48,000,000. The time
deposits of these banks increased during the same time from



ANNUAL REPORT OF TilK FEDERAL RESKKVK HANK 09 ATLANTA

13

$143,000,000 to $162,000,000, an increase of $19,000,000, or a total
increase for the forty-one banks of $07,000,000. The deposits of all
member banks increased from $754,642,000 on December .30, 1921,
to $802,787,000 on June 30, 1922, and to approximately $926,000,000 on December 29, 1922; an increase of approximately $172,000,000 for the year, or 24 per cent.
Debits to individual account, regarded as an index to the
volume of business handled, showed an increase for the year. The
total debits for fifteen reporting centers in the district amounted
to $9,578,604,000, as compared with $9,383,264,000 for the previous
year, an increase of nearly $200,000,000. The volume for the three
last months of the year largely exceeded the earlier months and was
in excess of every month for the preceding year. Only four of the
fifteen reporting centers showed decreases.
FINANCIAL RESULTS OP OPERATION

Comparative Balance Sheett—Reference is made to Schedule
No. 1, from which it will be seen that the total resources
on December 30, 1922, amounted to $214,030,720.87, as compared with $215,529,488.32 on December 31, 1921, or a decrease of
only $1,498,767.45. This, however, does not reveal changes in
several important items on the balance sheet.
The total cash reserve on December 30, 1922, was $142,350,595.49 as compared with $76,281,712.41 on December 31, 1921; an
increase of $66,068,883.08, or approximately 87 per cent.
The invested assets amounted to $40,125,731.48 on December
30, 1922, as compared with $113,393,093.48 on December 31, 1921;
a decrease of $73,267,380, or a little more than 64 per cent.
Member banks' reserve deposits were $52,398,273.16 at the
close of the year, as compared with $42,967,160.78 at the close of the
previous year, or an increase of almost 22 per cent.
Federal Reserve notes in actual circulation were $2,565,530
greater on December 30, 1922, than on December 31, 1921.
The net liability of $8,033,750.00 for Federal Reserve Bank
note circulation on December 31, 1921, was entirely retired during
the year, and this item did not appear in the statement at the close
of the year 1922.



14

ANNUAL BKPOBT < K T i n ; TEDESUL KKSKUVK BANK OF ATLANTA
>

Comparative-Statement—Earnings
and Expenses—The gross
earnings of $2,352,736.12 for the year 1922, were only 31.7
per cent, of the $7,406,652 earned in 1021. The decrease
in earnings was a reflection of the rapid decline in earning
assets during the early months of the year to the low and fairly even
level which prevailed for the remaining months. The total current
expenses for the year were $l,293,0r>:{, which was $287,532.00 less
than for the previous year. The principal items of expense showing decreases were officers' and clerks' salaries, printing and stationery, cost of Federal Reserve currency, and tax on Federal Reserve Bank note circulation.
Comparative Profit and Loss Statement—The net earnings
for 1922 of $1,059,683.00 was 82 per cent, less than for
the previous year, which amounted to $5,826,069. After deducting
reserve and depreciation charges of $386,953, the net amount available for dividends, surplus and franchise tax was distributed as
follows:
Dividends paid
Surplus
Franchise Tax paid to U. S. Government

$256,617.65
41,611.20
374,500.85

Total

$672,729.70

An additional $213,629.00 franchise tax was paid to the United
States government and charged to surplus account to adjust the
amount of franchise tax for the year 1921. There was an increase
of $10,756.00 in the amount of dividends paid to member banks for
1922 as compared with 1921.
RESERVE POSITION

The cash reserve of $74,254,000 on January 4, 1922, the first
weekly report date of the year, was 42.2 per cent, of the aggregate
deposit and reserve note liability of $175,823,000. The reserve
ratio increased rapidly every week until March 8th, when the ratio
reached 74.1 per cent. Reports for the two succeeding weeks, on
March 15th and March 22nd, showed a slight decline to 73.4 per
and 72.3 per cent, respectively, which was followed by a gradual increase until May 3rd, when the reserve ratio reached 80.2
per cent. From that date until September 13th, they did not



ANNUAL REPORT OP THK KDBtAL KKsKKVK HANK Off ATLANTA

fall below 80 per cent.

15

On June 7th a ratio of 84 per cent, was

reached, and the high point. S4.2 per cent, on • report date, was
August 30th. This was exceeded several times on aon-reportiifg
dates; the extreme high point for the year being on .June 5th,
when the ratio was 85.5 per eent. on which date the cash reserve
amounted to $145,022,000, and the Federal Reserve note and
deposit liability was $169,526,000. From September 13th to the
dose of the year, the reserve ratio fluctuated between SO and 74.S
per cent. The decline from the higher level is attributable to seasonal demands tor crop moving. On December 27th. the Last report date of the year, the cash reserves were $141,403,405, which
was 76.1 per eent. of the combined deposit and Federal Reserve
note liability of $185,730,50(5. On December 30, 1922. the cash reserves amounting to $142,350,595.49 were s ".l per cent, of the deposit and Federal Reserve note liability, the highest, in the entire
Federal Reserve System on that date. It was not necessary to rediscount with other Federal Reserve Banks at any time during the
year in order to maintain our reserve position.
DISCOUNT OPERATIONS.

At the beginning of the year, the total earning assets of the
Federal Reserve Bank of Atlanta amounted to $113,393,000, consisting of discounts for member banks $90,827,000, bills bought in
the open market $3,686,000, and United States securities owned
$18,880,000, which included $8,564,000 of One Year Certificates issued under the Pittman Act. The earning assets declined rapidly
until June 14th, when they reached $38,621,000. The extreme low
point for the year on a report date, August 16th, was $38,194,000,
when discounts for member banks amounted to $29,186,000, bills
bought in the open market $1,071,000, and United States securities
owned $7,937,000, which included $5,699,000 One Year Certificates
issued under the Pittman Act. At the close of the year, discounts
for member banks amounted to $26,332,000, bills purchased in the
open market $11,422,000, and United States securities owned
$2,371,000, or a total of $40,126,000 of earning assets.
Bills discounted for member banks secured by Government obligations amounted to $24,420,000 on the first of the year, as compared with $2,116,000 at its close, while all other discounts declined



16

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

from $66,407,000 on December 31, 1921, to $24,217,000 on December 30, 1922, or a decrease of 71 per cent, for both classes combined.
The largest number of banks accommodated in any one month during the year was 364 for the month of January, while 230 banks
received discount accommodation during November, which was the
smallest number exercising the discount privilege in any one month
of the year, as compared with 339, the smallest number in any one
month during the previous year.
The total accommodation to member banks, exclusive of purchased paper, amounted to $489,930,000 for 1922, as compared with
$1,647,255,000 for 1921. Discounted paper secured by United
States Government obligations was $186,946,000 for 1922, and for
the previous year $936,800,000. Strictly agricultural and live stock
paper discounted for members amounted to $49,734,000 for 1922
and $71,054,000 for the preceding year. All other discounts for
member banks, consisting of industrial and commercial paper,
amounted to $248,508,000 for 1922 and $626,899,000 for 1921. The
proceeds of this paper, however, were used to a considerable extent
for agricultural purposes, it being more convenient to use large
pieces of industrial and commercial paper than the smaller agricultural notes. Purchased paper (bankers' acceptances) and trade
acceptances are referred to under the caption "Bankers' and Trade
Acceptances.'' The total volume of earning assets for the year was
$546,954,000, as compared with $1,688,938,000 for 1921. The number of discount and investment items amounted to 96,915 and
159,458 for 1922 and 1921 respectively, exclusive of U. S. securities
purchased.
The largest volume of discounts granted to member banks in
any one State for 1922 was $157,386,000 to 142 members in Georgia,
with a total membership at the close of the year of 188 banks.
Louisiana, a divided State, followed closely with accommodations
aggregating $150*954,000 to 30 members out of a total membership
of 32 banks. In Alabama, 83 banks discounted $61,382,000 for the
year; the remaining 50 members in that State did not ask for accommodation. One-half of the 78 member banks in Florida discounted $37,459,000 during 1922. Mississippi, a divided State,
with a membership of 20 banks, discounted $7,392,000; only six
members not availing themselves of the discount privileges. In




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

17

Tennessee, another divided State, 45 member banks discounted
$75,357,000; the remaining 47 members were not under discount at
any time during the year. The total number of banks accommodated in 1922 was 353, from a membership at the close of the year
of 543 banks, and with a membership of 515 at the close of 1921,
paper had been discounted for 444 member banks.
BANKERS' AND TRADE ACCEPTANCES

In the early months of the year, there was very little evidence
of bankers' acceptance financing, but later there was considerable
activity for crop moving purposes. There has been a steady increase in this form of financing and acceptances were created in a
somewhat larger volume than in 1921. Bills of the larger accepting member banks, and the Federal International Banking Company of New Orleans, found ready sale in the open market. As
the advantages to be derived from this means of financing become
more generally understood in the Sixth District, where such adequate facilities for the storing of commodities and for export exist, there will be a growth in the volume of acceptances created and,
in the course of time, wider internal distribution among those having short time funds to invest. Bills purchased in the open market,
consisting entirely of bankers' acceptances, amounted to $46,429,000
for 1922 as compared with $22,128,000 for 1921, or an increase of
109.8 per cent. At the beginning of the year, Federal Reserve.
Bank holdings were approximately $4,000,000. This amount declined gradually to $671,000 on June 7th, and continued on a fairly
even level until early in September when the holdings began to increase and continued, with some fluctuations, until the end of the
year when the amount was $11,422,000. The largest amount held
on a report date was $13,586,000 on November 1st. A small number of the larger accepting banks, reporting for the same months
in 1921 and 1922, showed an increase of approximately 12 per cent,
in the amount of acceptances executed. The Federal International
Banking Company of New Orleans executed acceptances aggregating $33,122,000 for 1922, as compared with $17,138,000 for 1921,
an increase of 93 per cent.
Trade acceptances were not used in the district to any great
extent, and the impetus given to the use of these bills in other districts some months ago has not been reflected in the Sixth District.



18

ANNUAL REPORT OP THE FEDERAL RESERVE BANK OF ATLANTA

Conditions generally have not been favorable to the broadening of
the use of trade acceptances, largely for the reason that drawees
have not been inclined to agree to change from the open account,
which could be paid when convenient, to an obligation having a
definite maturity calling for prompt payment, overlooking the deterrent against overbuying that the trade acceptance creates. "With
improved conditions and a better understanding of. the advantages
to be derived, the use of trade acceptances should increase in volume. Trade acceptances discounted for member banks aggregated
$4,742,000 for 1922, as compared with $11,811,000 for 1921. The
largest amount discounted for any one month was $742,000.00 in
January, and the minimum was $200,000.00 in July.
GOLD SETTLEMENT FUND

The total receipts from other Federal Keserve Banks through
the Gold Settlement Fund for 1922 were $2,482,228,000, an increase
of $356,996,000 over 1921, and payments through the fund to other
Federal Reserve Banks were $2,392,243,000, an increase of $252,197,000 over the previous year. The largest payments and receipts
for any one weekly period were $72,206,000 and $67,414,000, respectively, for the week ending October 19th. The smallest amount
paid to other Federal Reserve Banks for any weekly period was
$33,145,000 for the week ending February 16th, and receipts of
$37,404,000 were the smallest for the week ending July 13th. The
greatest net loss for any period was $6,133,000 for the week ending
November 16th, and the greatest gain, $11,844,000, for the week
ending February 16th.
Particular attention is called to Schedule 7, showing change
from a net loss of $16,342,000 and $14,814,000 for 1920 and 1921,
respectively, to a net gain of $89,985,000 in 1922 in settlements with
other Federal Reserve Banks through the Gold Settlement Fund.
The favorable balances for the year have no doubt been a contributing factor to the improvement in general financial conditions
throughout the district.
CLEARING OPERATIONS

Both in number and amount, the cash items handled in 1922
showed an increase over the preceding year and while the number
was largely in excess of the items handled in 1920, the total amount



ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

19

was approximately $184,000,000 less. The total number of items
in 1922, exclusive of duplications on account of items handled by
both the parent bank and branches, was 26,861,000 amounting to
$5,197,420,000, as compared with $3,990,981,000 in 1921 when the
items numbered 19,388,000. The number of items drawn on banks
in the Sixth District increased from 16,567,000 in 1921 to
23,970,000 in 1922, and the amount from $3,251,278,000 to $4,486,070,000. Items forwarded to other Federal Reserve Banks and
their branches decreased in number 77,000, from 1,625,000 in 1921
to 1,548,000 in 1922, and the amount also decreased $43,841,000,
from $527,643,000 in 1921 to $483,802,000 in 1922. Items drawn
on the Treasurer of the United States numbered 1,343,000 and
amounted to $227,548,000 in 1922, an increase over 1921 of $15,488,000 in amount and 147,000 in number of items.
CURRENCY AND COIN

The amount of currency handled by the Money Division decreased from $454,144,675 in 1921 to $415,416,000 in 1922, or 8.6
per cent, although, the number of pieces handled increased sixtenths of one per cent, from 85,047,605 to 85,585,045. Coin handled
in 1922 numbered 51,785,722 pieces, amounting to $6,674,928, and
in 1921, the pieces handled numbered 68,135,305, amounting to
$9,066,235.93, or a decrease of 23.5 per cent in number of pieces
and 26.4 per cent, in amount. The total shipments of currency
and coin in 1922 numbered 27,727, or an increase of 27.2 per cent,
over the 22,259 shipments made in 1921. The amount of the total
shipments decreased from $539,990,547 to $462,450,142, or 14.5
per cent.
Federal Reserve notes received from and returned to other
Federal Reserve Banks in 1922 amounted to $43,073,835 and $39,778,250, respectively, as compared with $88,525,650 received from
and $69,352,130 returned to other Federal Reserve Banks in 1921.
Shipments to member banks for 1922 were $253,992,000, as compared with $225,996,000 in 1921, or an increase of 12 per cent, and
shipments to non-members decreased 22.5 per cent, f'om $38,567,388
in 1921 to $30,756,000 in 1922. Receipts from member banks decreased $26,903,740, from $327,112,900 in 1921 to $300,209,160
in 1922, or 8 per cent. Receipts from non-member banks were
$8,749,000 in 1922 and for the preceding year $13,623,000, or a de


20

ANNUAL REPORT OP THE FEDERAL RESERVE BANK OF ATLANTA

crease of 37.5 per cent. Shipments to the Treasurer of the United
States were $137,838,562 for the year, and $200,680,500 for 1921,
a decrease of $62,841,938. The receipts from the Treasurer increased $17,077,706, from $33,577,518 in 1921 to $50,655,224 in
1922.
COLLECTIONS

There was an increase for the year in both number and amount
of collection items handled by the Federal Reserve Bank of Atlanta. The number of items paid in 1922 was 104,019, which was
an increase of 57.5 over the 65,500 paid in 1921. The amount collected increased from $84,671,327 in 1921 to $132,732,954 in 1922,
or 56.4 per cent. The number of collections returned unpaid for
1922 was 27,685, amounting to $18,253,430, as compared with
11,438 for the preceding year, amounting to $8,484,371. The total
number of collections received increased from 78,600 for 1921 to
134,465 for 1922.
TREASURER'S GENERAL ACCOUNT

The number of items handled through the Treasurer's General
Account during 1922 was less than in 1921, although the amount
showed an increase. In 1921, 1,196,509 warrants for $212,059,000
were paid, as compared with 1,344,000 warrants amounting to
$228,000,000 in 1921. Payments for coupons amounted to $12,205,000, which was a decrease from the previous year of 22 per
cent, with approximately the same decrease in number of coupons
handled. Redemptions of Treasury Certificates, which were
charged to the Treasurer's account for 1922, amounted to $21,492,000, 56 per cent, less than the amount redeemed in 1921. Transfers and miscellaneous debits amounted to $328,000,000, an increase
of 26 per cent. Total debits of all kinds to the Treasurer's account
were $588,843,000; total credits from all sources amounted to
$578,479,000, leaving a balance to the credit of the Treasurer at the
close of the year of $848,000, as compared with $11,213,000, the
balance at the close of the preceding year.




ANNUAL REPORT OP THE FEDERAL RESERVE BANK OF ATLANTA

21

MEMBER BANKS RESERVE ACCOUNT

On December 31,1921, member banks' reserve deposits with the
Federal Reserve Bank of Atlanta were $42,967,000, as compared
with $52,398,000 on December 30, 1922, an increase of $9,431,000
or 22 per cent. The low point on a report date was $42,317,000 on
February 1st, and the extreme low point on a non-reporting date
was $42,312,000 on February 13th, as compared with $39,221,000
in September of the previous year. The highest reserves of the
year were on the last reporting date of the year, December 27th,
when they reached $55,253,000, as compared with $53,016,000 in
January of the preceding year. From the beginning of the year,
the balances, while fluctuating considerably, did not show a tendency to increase until in the fall months when the amount increased approximately $10,000,000 over the early months of the
year.
The total number of debits to member banks' accounts for 1922
were 441,354, aggregating $5,251,358,000, as compared with 463,647
in 1921, aggregating $5,561,319,000. The credits for the year numbered 506,578, aggregating $5,260,833,000, as compared with 501,647 in 1921, aggregating $5,555,214,000.
PRIVATE WIRE OPERATIONS

Private wire operations continued active during the year;
49,234 messages were received over the main leased wire and 43,001
messages were sent over this line, containing 947,656 words. The
total number of wire transfers sent to other Federal Reserve Banks
was 31,823 for the year, amounting to $1,208,551,000.
At present branch lines are in operation to Jacksonville, Nashville and New Orleans via Birmingham, and the head office sent
15,421 messages during the year to its branches, containing 309,416
words, and the branches sent 30,254 messages to the head office,
containing 2,078,370 words.
FEDERAL RESERVE NOTES

The net circulation on December 30, 1922, was $124,036,035, as
compared with $121,470,505 at the close of business December 31,
1921, or an increase of $2,565,530. From the second weekly report



22 ANNUAL REPORT OP THE FEDERAL RESERVE BANK OP ATLANTA

date of the year, January 11th, until September 27th, the net circulation fluctuated between $108,000,000 and $120,000,000; the low
point being February 15th, when the liability for Federal Reserve
notes amounted to $108,943,000. Beginning with the first week in
October and continuing for the remainder of the year, the circulation fluctuated between $120,000,000 and $130,000,000, and the
peak for the year, on December 27th, the last report date, was
$129,492,835.
The Federal Reserve notes issued by the Federal Reserve
Agent during the year amounted to $98,780,000, which was approximately $50,000,000 less than the amount issued the previous year.
However, during 1921, approximately $35,000,000 were shipped to
Cuba at the request of the Federal Reserve Bank of New York and
by our own member banks. Since the organization of the bank,
$838,687,180 of Federal Reserve notes have been issued by the Federal Reserve Agent.
The amount of fit money redeemed by the Federal Reserve
Agent during the year wTas $31,238,000, and there were shipped to
the Comptroller of the Currency for redemption unfit notes aggregating $61,042,920, making the total redemptions of fit and unfit
Federal Reserve notes for the year $92,280,920, as compared with
$200,055,535 for the previous year. Since the organization of the
bank, $368,897,915 of unfit Federal Reserve notes have been redeemed by the Comptroller of the Currency, and $334,646,180 of
fit notes have been redeemed by the Federal Reserve Agent, making
the total redemptions since the organization of the bank $703,544,095.
FEDERAL RESERVE BANK NOTES

At the beginning of the year, the net liability for Federal Reserve Bank notes in circulation was $8,033,750. This amount was
gradually reduced during the year and at its close, provisions had
been made for the redemption of all outstanding Federal Reserve
Bank notes, and the statement showed no liability for this account
at the close of the year.




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

23

COMPARATIVE STATEMENT OF FEDERAL RESERVE AGENT

The total resource and liability items of the Federal Reserve
Agent aggregated $358,010,000 on December 30, 1922, as compared
with $339,527,000 on December 31, 1921. By reference to the
schedule, it will be seen that Federal Reserve notes on hand showed
an increase of approximately $4,500,000, and outstanding Federal
Reserve notes an increase of $6,500,000. During the year $72,000,000 Avere received from the Comptroller of the Currency as compared with receipts of $89,320,000 for the previous year, and a
total of $580,000,000 since organization.
Gold held by the Federal Reserve Agent to secure Federal
Reserve notes amounted to $109,182,000 on Dcember 30, 1922, as
compared with $45,225,000 on December 31, 1921, and eligible
paper held as collateral against Federal Reserve notes amounted to
$37,726,000 at the close of 1922 as compared with $94,157,000 at
the close of business the previous year.
FISCAL AGENT OPERATIONS

The Fiscal Agent Department of the Federal Reserve Bank of
Atlanta continued to function throughout the year, although the
volume of business was not so great as for the preceding year.
United States Government securities exchanged, converted, transferred and delivered numbered 1,695,384 pieces in 1922 as compared
with 2,577,891 pieces in 1921; a decrease of 33.9 per cent, while the
amount decreased 50.8 per cent, from $369,520,623 in 1921 to
$182,121,703 in 1922. The total allotment of United States Certificates of Indebtedness, Notes and Bonds, issued during 1922, was
$97,610,000, as compared with $59,258,000 in 1921, an increase of
$38,352,000, or 64.7 per cent.
During the year there were six issues of Certificates of Indebtedness of the Tax series, amounting to $30,345,000, as compared with nine issues the previous year, amounting to $29,335,000.
There were five issues of Treasury Notes, amounting to $46,276,600;
the largest sales of any of these, $16,320,000, being for the last issue, December 15, 1922, bearing 4y 2 per cent, due June 15, 1925.
There was also one issue of the Bond Series of Treasury Certificates
in April, which amounted to $4,380,000. The largest sale of any



24 ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

single issue of Government securities was $16,608,000 of Treasury
Bonds of 1947-52, issued October 16th, bearing 4J4 per cent.
MOVEMENT OF MEMBERSHIP

National Banks—National
Bank Membership increased
during the year from 386 to 396 by the addition of twelve new National banks organized in the district and the surrender of stock by
two National banks; a net increase of ten National Bank members
was the result as compared with eleven during the preceding year
and twelve in 1920. The increase in stock held by National bank
members was 1,264 shares, bringing the total holdings of stock by
National banks at the close of the year 1922 to 57,468 shares,
amounting to $2,873,400.
State Banks—The State Bank and Trust Company membership increased from 129 to 147 during the year by the allotment
of stock to twenty-two new members, and the surrender of stock "by
four State Banks; a net increase of eighteen State Bank and Trust
Company members, as compared with forty-two for the previous
year and twenty-three in 1920. At the beginning of the year, State
Bank and Trust Company members held 27,550 shares and during
the year there was a net increase of 1,177 shares, bringing the total
holdings of State Bank and Trust Company members at the close
of the year to 28,727 shares, amounting to $1,436,350.
All Member Banks—At the beginning of the year, the
total membership was 515, and during the year 1922 there was a
net increase of 28 banks, bringing the membership to 543 at the
close of the year. The total stock held by all members on December
30, 1922 was 86,195 shares on which there had been paid $4,309,750.
EXAMINATIONS

The policy of participating with State authorities in the examination of State Bank and Trust Company members was continued
throughout the year, and the work was carried on in perfect harmony with the Superintendents of Banks of the several States and
their examiners. During the year, 164 joint examinations of
State Bank members were made, and two independent examinations were made where State examiners did not participate, having



ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

25

previously made their own examinations. In addition, 25 independent examinations were made of State Banks applying for membership, bringing the total number of examinations to 191 for the
year.
FIDUCIARY POWERS

During the year nine National Banks in the district were authorized by the Federal Reserve Board to exercise one or more
fiduciary powers under the provisions of Section 11 (k) of the Federal Reserve Act, and one bank was granted additional powers. National Banks having authority to act in a fiduciary capacity numbered 72 at the close of business December 30th.
The growth in the volume of trust business handled by trust
companies, and by National Banks having trust departments, will
increase with a better understanding of corporate fiduciaries. It is
the opinion of National Banks operating trust departments that
new business is obtained, and balances retained upon the death of
customers which otherwise of necessity would be transferred to
competing trust companies, had not the right to exercise fiduciary
powers been granted them.
ACCEPTANCE UP TO 100 PER CENT

The Federal Reserve Board, during the year 1922, authorized
two banks in this district to accept up to 100 per cent, of their
capital and surplus. Banks in the Sixth Federal Reserve District
having this authority numbered 29 at the close of the year. The
acceptance form of financing was more active the latter part of the
year, when it was used in connection with the cotton movement.
OPERATION OF FEDERAL RESERVE BANK BRANCHES

The branches at New Orleans, Birmingham, Jacksonville and
Nashville, and agency at Savannah, continued to serve the member
banks in their respective zones, and the volume of business handled
by them was proportionate to the volume handled by the Federal
Reserve Bank of Atlanta as a whole.
New Orleans—The branch at New Orleans, with a membership of 55 banks at the close of the year, had discounted for 46
of its members at some time during the year. , The total volume of



26

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

discounts and acceptances purchased for 1922 was $194,000,000, a
decrease of 63 per cent from the volume discounted in 1921, $531,847,000. The total currency receipts and shipments for the year
were $250,258,000, which was only $18,171,000 less than the preceding year. The number of transit items was 3,233,847, an increase of 6.4 per cent over the previous year, and the amount
handled was $941,965,000, an increase of 4.3 per cent. Debits to
the Treasurer's General Account were $175,774,000, an increase of
23.7 per cent, over 1921.
Birmingham—With a membership of 93 banks, the Birmingham branch discounted $39,492,000 for its members during
in 1922, amounting to $1,068,022,000, an increase of 22 per cent, in
counted in 1921. The total receipts and shipments of currency
for the year were $88,005,000, an increase of $11,049,000 over the
preceding year. The transit department handled 5,564,000 items
1922, which was a decrease of 45 per cent, from the amount disnumber of items and 26 per cent in amount over 1921. The total
charges to the Treasurer's General Account were $31,711,000, as
compared with $34,741,000 in 1921.
Jacksonville—The total discounts for member banks located in the Jacksonville Branch zone amounted to $37,661,000, a
decrease of $72,730,000, or 66 per cent, from the $110,391,000, the
total accommodation granted Florida members in 1921. Receipts
and shipments of currency were $126,434,000, a decrease from
1921 of $17,817,000, or 12 per cent. The number of cash items
handled in 1922 was 3,303,753, amounting to $542,707,000, as compared with 2,875,002 items handled in 1921, amounting to $528,299,000, an increase over 1921 of 14.9 and 2.7 per cent, in number
and amount, respectively. Total debits to the Treasurer's General
Account were $40,848,000, a decrease of $469,000 from the preceding year.
Nashville—The total volume of discounts handled for
member banks in the Nashville territory was $67,496,000, which
was 17.3 per cent, of the amount discounted the previous year.
The total currency shipments and receipts were $76,345,000 in
1922, a decrease of $5,090,000 from 1921. The number of clearing items was 3,775,165, an increase of more than 215,000 over the
number handled in 1921, while the volume amounted to $638,657,


ANNUAL REPORT OP THE FEDERAL RESERVE BANK OP ATLANTA

27

000 in 1922, an increase over the preceding year of approximately
$4,500,000. Total charges to the Treasurer's General Account
through the Nashville Branch, were $36,233,000, a decrease of 31
per cent, from 1921.
INTERNAL ORGANIZATION

The regular election of directors was held during the month of
November, in accordance with the provisions of the Federal Reserve Act.
Mr. Oscar Newton, of Jackson, Mississippi, a Class " A " director was re-elected without opposition by Group 2 banks, for
a three-year term ending December 31, 1925; Mr. "VV. H. Hartford,
of Nashville, Tennessee, a Class " B " director, was re-elected without opposition by Group 3 banks, for a three-year term ending December 31, 1925, and Mr. "W. H. Kettig, of Birmingham, Alabama,
a Class " C " director, whose term expired December 31, 1922, was
reappointed by the Federal Reserve Board for the ensuing three
years and was designated Deputy Chairman for 1923.
At the December meeting of the board of directors, Mr. Edward W. Lane, of Jacksonville, Florida, was re-elected member of
the Federal Advisory Council to serve during the year 1923.
All branch bank directors were either re-elected or re-appointed to serve for the year 1923, except Mr. H. B. Lightcap, who
declined re-election as a director of the New Orleans Branch, and
Mr. Jas. P. Butler, Jr., of New Orleans, was elected to succeed him.
Very few changes have occurred in the official staffs of the
Federal Reserve Bank of Atlanta and its branches. Mr. Julian
B. Tutwiler, Assistant Cashier in charge of the discount and credit
departments of the parent bank, resigned September 21, 1922, to
accept the vice-presidency of the Miami National Bank of Miami,
Florida, and Mr. "W. B. Roper, Assistant Cashier, was assigned the
immediate supervision of the discount and credit departments, in
addition to the supervision of the accounting department already
under his charge.
Mr. C. R. Tidwell, Assistant Federal Reserve Agent in charge
of the department of bank examinations, resigned effective December 31st, to accept the position of vice-president of the Bank of



28

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

Orange and Trust Company, Orlando, Florida, and Mr. W. S.
Johns, Assistant Federal Keserve Agent and Auditor of the New
Orleans Branch, was transferred to the Atlanta office as Mr. Tidwell's successor. At the same time, Mr. Lawson Brown, Assistant
Auditor in the Atlanta office, was appointed Assistant Federal Reserve Agent and Auditor of the New Orleans Branch to succeed Mr.
Johns, and Mr. P. J. Prosser, Jr., was elected Assistant Cashier of
the New Oleans Branch.
BANK PREMISES

In order to provide suitable banking quarters and to care for
future requirements in Atlanta and the branches at New Orleans,
Nashville and Jacksonville, it has been necessary to purchase sites
in these cities and erect bank buildings. The Birmingham Branch
is located in the Jefferson County Bank Building, on the ground
floor, and its quarters, although leased, are well adapted to the
present needs of the branch.
Atlanta—It was expected that the bank building in Atlanta would be completed by the end of the year, but delay in receiving railroad shipments of materials resulted in the force of
workmen being reduced and the work progressed slower than was
anticipated. It is nearing completion and when finished will not
only provide ample space for the present force of employees, but
will afford room for growth and expansion. The completed building, with a frontage of 158 feet on Marietta street, will be a handsome and dignified three-story structure, with two basements.
Every appointment has been fully and carefully worked out, with
a view of providing adequate working facilities and comfort for the
employees. The building was more fully described in last year's
annual report. The book value of the building at the close of the
year was $1,299,813.60, and it is estimated the cost of completion
will be approximately $190,863.12.
New Orleans—The Commercial National Bank Building, on a
lot covering 8,475 square feet, at the corner of Carondolet and Common streets, was purchased in July, 1919, at an actual net cost of
$201,250.00, after the sale of the building demolished and removed,
including the preliminary expense connected with the purchase.
At the close of the year, the book value of the lot and amount ex


ANNUAL REPORT OP THE FEDERAL RESERVE BANK OP ATLANTA

29

pended on the erection of the new building was $394,205.17, and
the estimated cost to complete the building, including vault, machinery and other equipment, is $565,090.24. The building will
have four stories and a basement, and will be a handsome structure
of classic design, thoroughly equipped and ideally suited to the
present needs of the branch and its future growth.
Nashville—A Banking home for the Nashville Branch has
just been completed on Third Avenue, North. At the close of the
year, the investment was $215,669.60, which includes the site,
building,. vault, machinery and other equipment complete, with
unpaid bills and accounts of $6,714.06. It is a three-story structure, and basement, with an imposing front, and is admirabty
adapted to the requirements of the branch. The branch moved to
the new building on December 21st, from its old quarters in the
Fourth and First National Bank Building, which it had occupied
since it opened.
Jacksonville—A lot purchased in October, 1921, at the corner
of Hogan and Church streets, covering 4,477 square feet, for
$45,826.96, including preliminary expense connected with the purchase, and in December, 1922, a contract was let for the erection of
a two-story banking house, suited to the requirements of the Jacksonville Branch. The estimated cost to complete the building, including vault, machinery, and other equipment, is $191,690.08, and
the book value of expenditures at the close of the year was $52,412.16.
MONTHLY BUSINESS REVIEW

The Federal Reserve Agent, as in past years, has made a
monthly report to the Federal Reserve Board on general business
conditions in the district, and this report has been printed and circulated to banks, business firms and others in the Sixth District,
and to all persons or firms throughout the United States who have
expressed a desire to receive it. The Monthly Business Review has
been mailed each month to all banks in the District, non-member as
well as member, and many expressions of commendation have been
received. The information contained in the Review is well regarded by the banking and business public, who find it especially
useful to have data of various kinds on different subjects collected



30

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

and furnished to them in one document, making unnecessary the
reading of numbers of publications which might deal with individual subjects only.
During June representatives of the Atlanta bank attended a
Conference on Business Reporting, called by the Federal Reserve
Board for the purpose of discussing these monthly reviews, and the
methods of gathering information and other subjects brought up
at the conference. Special attention has been paid during the year
to increasing the number of reporting firms in retail and wholesale
trade, with some success, and to inaugurating a reporting system
among cotton hosiery manufacturers.
The circulation of the Review has had a net increase of approximately 1,000 copies during the year, being at the close of the
year approximately 7,000 copies.
RELATIONS W I T H T H E PUBLIC

Through the Associated Press, the financial pages of the daily
newspapers are now giving more space to general business and agricultural conditions of the district as reported in our Monthly
Review. There has also been a wider circulation of the Review in
response to demands from the business public and much interest
has been evinced in the statements on the general conditions of the
district. The information contained in the Review is from the
most reliable data obtainable and it is given out as an impartial and
disinterested service.
The officers have continued to make public addresses, whenever
opportunity afforded, before meetings of business men, conventions
and group meetings of bankers, regarding the operation and functions of the Federal Reserve Bank. These addresses have presented the aims of the Federal Reserve System and have made for
a better understanding of its operation.




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA
SCHEDULE 1.

31

COMPARATIVE STATEMENT OF CONDITION
FEDERAL RESERVE BANK OF ATLANTA
(In thousands of dollars)
Dec. 30, 1922

Dec .

$ 6,609
20,163

$

RESOURCES:
Gold settlement fund—Federal Reserve Board
Gold with foreign agencies
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
Legal tender notes, silver, etc
Total reserves
Bills discounted:
Secured by U. S. Government obligations. .
All other
.
Bills bought in open market _
, - -Total bills on hand
United States certificates of indebtedness:
All other _ .
..
Bank premises .
.. . .
6 per cent redmption fund against F. R.
Banknotes
.
TJncollected items
All other resources
LIABILITIES:
Capital _
Surplus-paid in

--

.
.
.
Deposits:
Member bank—reserve account
All other
Total deposits
.
Federal Reserve notes in actual circulation _.
Federal Reserve Bank notes in circulationnet liability
Deferred availability items
All other liabilities
. . -..
Total liabilities
Ratio of total reserves to deposit * and
Federal reserve note liabilities combined, _

31, 1921 Dec. 31, 192O

6,169
14,806

$ 8,744
7,442
119
18.3O6
60,710
10,298
87,313
2.O27
89,340

26,762
1O9,182
1,766
136,7OO
6,661
142,361

19,966
46,226
5,450
70,640
6,642
76,282

2,116
24,216
11,422
37,764

61,440
71,161
3,671
136,172

2,072
40,128
1,962
467
28.86O
264

24,420
66,407
3,686
94,613
10,314
8,664
2
113,393
1.0O8
626
23,692
729

214,030
4,310
8,942

216,629
4,189
9,114

275,190
4,063
8,343

848

22,376
622
214,030

11,213
42,967
336
64,616
121,471
8.O34
17.48O
725
216,529

3,716
49,172
3O3
53,191
173,4O6
15,175
20,360
662

8O.1

43.3

3OO

62,398
498
63,744
124,036

116

16,664
9

152,961
541
561

31,406
381

275,19O
*41 .4

-Net deposits prior to March 18, 1921, and total deposits beginning with that date.




SCHEDULE 2.

MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1922.

FEDERAL, RESERVE BANK OF ATLANTA.
(Amounts In thousands of dollars.)
Bills discounted for
member Bank

January
February
March

April
May

June
July

Total

1

Date

Total
Earning
Assets
(2 +5 +6)

2

4 $113,326
11 102,965
96,018
18
88,678
26
83,819
1
79,949
8
69,927
16
63,637
21
60,891
1
64,374
8
52,893
16
67,847
22
66,656
29
64,036
6
49,814
12
49,100
19
47,687
26
47,366
3
43,623
10
41,788
17
41,061
24
40,301
31
38,977
7
38,621
14
38,867
21
39,670
28
39,387
6
38,509
12




$90,356
80,O34
76,302
70,766
69,606
68,221
59,664
63,236
61,490
46,884
43,816
48,202
47,318
46,621
41,374
40,556
88,908
37,644
35,667
33,866
33,237
32,697
31,420
29,965
30,885
80,080
29,143
28,792

Bills se ured Other
Bills
by U. S.
DisGovernment
Obligations counted
3

$24,463
21,280
19,915
18,419
18,468
18,560
16,1O6
14,374
13,272
11,486
11,281
11,607
10,876
10,736
9,289
8.O1O
7,792
7,058
6,616
6,640
6,329
4,681
4,228
3,244
3,214
2,456
2,204
2,031

4

$65,903
58,764
66,387
52,336
51,138
49,661
43,448
38,861
38,218
34,398
32,536
36,595
36,442
34,786
32,085
32,546
31,111
30,586
28,951
28,216
27,908
27,916
27,192
26,711
27,671
27,629
28,939
26,761

Bills
bought
in open
Market

5

$4,091
4,204
3,699
3,451
2,819
2,945
2,390
2,271
1,921
1,009
1,763
2,301
1,894
1,170
1.O96
1,200
1 ,303
2,268
1,089
875
903
695
671
811
866
667
1,306
746

United
States
Securities

6

$18,879
18,727
16,017
14,372
11,394
8,783
7,983
8,031
7,480
7,481
7,314
7,344
7,344
7,344
7,344
7,344
7,381
7,444
6,867
7,057
6,921
7,009
6,886
7,865
7,117
8,918
8,938
8,971

Total
Cash
Reserves

7

$74,254
72,528
78,676
81,217
87,298
93,154
105,118
112,208
111,915
118,024
119,166
120,013
120,918
121,968
125,994
123,293
126,896
136,O43
138,938
138,645
136,139
136,223
142,948
141,369
137,605
136,659
141,609
135,838

Member
Banks'
Reserve
Deposits

Total
Deposits

8

9

$47,976
45,128
43,864
42,516
42,317
44,707
49,648
46,638
43,970
44,533
49,583
48,442
46,825
46,388
46,902
46,886
47,169
48,430
49,625
47,974
46,500
45,482
50,615
48,052
49,736
47,623
61,382
47,963

Federal
Reserve
Notes in
circulation

10

$55,630 $120,193
47,533 116,233
47,510 113,883
45,223 112,355
46,641 110,835
50,377 109,438
52,786 1O8,943
62,817 109,259
50,706 109,277
47,897 111,385
51,707 110,613
64,997 110,971
63,566 109,865
50,631 110,899
51,056 110,762
60,431 110,321
6O,728 109,786
51,802 118,037
52,045 117,744
49,670 117,303
48,965 116,619
47,811 115,466
53,915 116,204
53,610 114,848
51,160 114,714
61,188 113,336
64,592 114,673
60,600 113,478

Reserve
Percentages

11

42.2
44.3
48.7
61.5
65.4
68.3
65 .O
69.2
7O.O
74.1
73.4
72.3
74.0
75.6
77.9
78.7
78.4
80.2
81.8
83.0
82.3
83.4
84 .O
83.9
83.0
82.5
83.7
82.8

SCHEDULE

nt'd.

MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1922.

FEDERAL RESERVE BANK OF ATLANTA.
(Amounts In thousands of dollars.)
Bills discounted for
member Bank

Total
Earning
Assets
(8 +6 +6)

August

September
October
November

December

19
86
8
9
16
83
30
6
13
SO
87
4
11
18
86
1
8
16
88
89
6
13
SO
87

Total

1

Date

3

40,787
39,849
40,088
38,968
38,194
38,836
38,690
40,095
38,884
47,798
44,365
47,665
41,687
48,833
47,839
63,771
63,060
60,189
64,495
63,706
47,596
*45,282
46,879
48,930

Bills secured Other
Bills
by U. S.
DisGovernment
Obligations counted

31,068
89,968
30,533
30,012
39,186
30,045
30,590
31,319
30,331

37,606
34,438
37,105
38,318
36,734
38,261
34,680
36,686
33,551
37,188
37,613
31,930
30,693
38,068
89,668

•-Includes $8,OOO of municipal warrants.



3

8,488
1,796
1,857
1,701
1,795
1,768
1,655
1,711
1,783
3,707
8,753
4,305
8,066
3,916
8,697
3,818
3,334
3,676
5,068
4,419
4,809
3,937
3,868
3,036

Bills
bought
in open
Market

United
States
Securities

4

6

6

88,674
88,178
38,676
88,311
37,391
38,877
38,935
29,508
88,608
33,899
31,686
32,800
30,346
31,818
89,554
3O,7O8
38,851
39,975
38,130
33,094
37,731
86,766
88,194
86,638

67O
904
786
l,O66
1 ,071
788
663
1,713
1,888
3,964
4,847
5,869
4,206
7,935
9,746
13,586
13,320
12,405
13,124
12,600
11,692
11,386
11,608
10,579

8,995
8,377
8,769
7,885
7,937
8,063
7,438
7,163
6,731
6,828
6,670
5,181
5,170
5,164
6,233
4,665
4,155
4,173
4,189
3,693
4,074
3,195
3,209
3,673

Total
Cash
Reserves

7

134,518
133,317
133,875
138,561
131,386
138,451
133,769
136,864
136,950
133,979
134,053
138,046
143,145
137,065
137,034
136,094
138,943
137,650
134,089
133,411
141,230
139,958
138,789
141,404

Member
Banks'
Reserve
Deposits

Federal
Reserve
Total
Deposits Notes in
circulation

8

9

48,514
47,140
47,938
48,669
45,872
44,109
45,417
49,437
48,269
50,776
47,713
62,354
49,364
51,702
49,780
61,756
65,141
52,699
63,681
52,808
62,519
52,720
53,633
66,353

51,868
50,681
50,036
50,940
48,573
45,639
48,123
53,811
50,351
64,934
49,633
53,369
51,011
63,671
61,783
54,386
58,360
55,140
55,126
54,081
55,885
64,629
64,642
56,838

IO

118,696
111,403
110,685
110,044
110,038
109,961
11O.67O
114,301
114,768
116,590
118,226
121,6OO
123,783
124,637
183,919
184,381
186,388
186,198
134,046
133,176
136,438
134,479
137,843
189,493

Reserve
Percentages
11

81.7
81.6
82.7
88.3
88.8
88.6
84.8
81.9
83.3
77.5
79.9
78.9
81.9
76.9
78.0
76.6
76.8
76.3
74.8
76.3
77.9
78.3
76.1
76.1

CO
SCHEDULE No. 3.

VOLUME OF DISCOUNT AND OPEN MARKET OPERATIONS.
FEDERAL RESERVE BANK OF ATLANTA.
(In Thousands of Dollars.)
Discounted Paper

Month
Total

Secured by
U.S. Gov't.
obligations

Banker's
Acceptances

U. S. Securities
Purchased

Purchased Paper

Trade
AgriculAccept- tural and
live stock
ances
paper

All
Other

Total

Bankers'
Acceptances

Dollars
exchange

Trade
Acceptances

Bonds
and
Notes

Certficates
of indebtedness

Total discount and open
marked operations.
Municipal
warrants
purchased

1922

1921

83,174

185,274

62,890

150,014

148,445

55,899

164,074

163,918

1920

157,947

January

80,779

37,954

742

5,641

36,442

2,395

2,395

February

61,374

33,401

317

4,176

23,480

1,272

1,272

244

March

52,981

23,815

510

4,937

23,719

2,873

2,873

15

April

40,328

18,268

532

4,568

16,960

1,905

1,905

285

42,518

152,514

160,846

May

27,286

12,182

260

4,646

10,198

2,815

2,815

994

31,095

153,502

177,269

21,845

7,479

236

4,170

9,960

2,581

2,581

1,353

28,776

132,349

168,730

23,457

6,944

200

4,041

12,272

1,228

1,228

606

25,291

122,118

185,617

July

30

2,997

August

19,020

5,316

216

3,342

10,146

1,088

1,088

747

628

21,483

124,661

209,481

September

35,792

6,694

383

3,309

25,406

6,101

6,101

387

134

42,414

137,489

209,773

October

39,312

11,158

351

3,644

24,159

12,885

12,885

324

244

52,765

133,016

230,844

November

45,777

13,076

575

3,690

28,436

3,647

3,647

199

200

49,823

111,241

241,007

December...

41,979

10,659

420

3,570

27,330

7,639

7,639

1,051

149

50,826

122,686

236,543

489,930

186,946

4,742

49,734

248,508

46,429

46,429

6,205

4,382

71 054

R9.R SQQ

22,128

22,128

12,540

39,577

39,577

Total...1922

1921 1,647,255

936,800

691

11,811

1920 2,231,946

1,571,391

6,338

13,883




640,334

7,015
18,897

8

8 546,954
1,688,938
2,290,420

SCHEDULE 4.

VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE.

FEDERAL RESERVE BANK OF ATLANTA.
(Amounts in thousands of dollars.)

Tennessee*

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

Mississippi*

Georgia

Number of
member Banks
in District at
end of Month

Louisiana *

$ 20,114
13,836
8,127
6,304
3,785
2,048
6,165
1,842
2,679
3,495
3,488
4,674

$ 19,449
18,775
17,905
16,541
11,732
7,949
6,408
7,725
10,268
11,462
16,424
13,748

6,293
4,909
3,602
2.O7O
996
1,310
1,474
1,836
3,445
3,618
4,026
3,880

8,079
7,117
8,551
7,849
5,804
4,690
4,797
3,147
4,866
2.O41
2,226
2,216

1,498
1,223
932
472
691
369
74
299
363
456
629
386

$ 25,346
16,514
13,864
9,092
4,278
4,679
6,539
4,171
14,271
18,240
18,984
17,076

80,779
61,374
62,981
40,328
27,286
21,845
23,467
19,020
35,792
39,312
45,777
41,979

1922... $ 75,367
1921... $465,731
1920... $770,004

$157,386
$422,646
$540,167

$ 37,459
$109,041
$100,324

$ 61,382
$148,350
$144,048

$ 7,392
$ 26,250
$ 31,274

$160,954
$485,237
$646,129

489,930
$1,647,255
$2,231,946

92
89
86

188
173
139

78
72
66

133
130
121

2O
18

1
8

32
33
33

643
516
462

46
66
51

142
168
134

39
'58
46

83
105
96

14
16
15

30
33
31

363
444
372

Number of member
Banks at end of
year, 1922
1921.
1920
Number of member
Banks accommodated, 1922
1921
192O

•-Figures In this column relate only to that part of the State located In this district.




620
623
524
627
531
632
536
538
640
642
643
643

Number of
member Banks gj
accommodated 0
during the Month Q

364
365
340
336
323
3OO
284
288
298
303
230
237

36

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE 5.

EARNINGS AND EXPENSES.
F E D E R A L R E S E R V E B A N K OF ATLANTA.
1922

1021

192O

EARNINGS
Discounted bills
Purchased bills
United States securities
Transfers-net earnings
Deficient reserve penalties.
Miscellaneous
Total earnings-

$1,961,605
164,704
180,300

$6,624,052
154,440
533,022

$6,688,342
337,001
320,451

44,357
2,590
$2,352,736

90,825
4,313

102,846
26,801

$7,406,662

$7,476,431

159,904
487,751
23,375
38,758
656
286
69O
21,758
19,284

163,432
630,325
22,663
40,761
810
442
1,259
25,708
26,261

156,096
433,196
16,631
24,502
5O4
175
1.O92
17,427
15,495

30,164
8,948

30,242
7.538

27,882
8,068

27,651

28,170

16,320

9,663
10,665
1,101
562

9,032
8,536
2,609
488

10,774
6,095
9,340

25,841
248

25,999
**13
33,300

61,044
4,546
64,789
3,251
62,634

86,180
4,087
67,223
4,100 1
68,857 /

CURRENT EXPENSES
Salaries:
Bank officers
Clerical staff
Special officers and watchmen
All other
Governor's conferences
Federal Reserve Agents' conferences
Federal Advisory Council
Directors' meetings
Traveling expenses*
Assessments for Federal Reserve Board expenses
Legal fees
Insurance (life, fidelity, casualty, workmen's
compensation, and general liability)
Banking House:
Taxes and fire insurance
Light, heat, and power
Repairs and alterations
All other
Rent, Including light, heat and power, and
minor alterations
Fire insurance—Furniture and equipment
Furniture and equipment *
Printing and stationery (including office and
other s pplies)
Telephone
I
Telegraph
Security shipments
Currenoy and coin shipments
Postage and expressage (other than on money
and security shipments)
Federal Reserve currency:
Original cost, including shipping charges..
Cost of redemption, including shipping
charges
Taxes on Federal Reserve Bank note circulation
All other expenses

10,433
~76~O57
80,240
3,580
50,746
66,087

62,017

64,606

60,007

107,038

203,604

126,000

25,210

66,072

72,808

22,360
31,080

51,063
25,445

Total current expenses _

$1,203,053

$1,680,685

63,068
34,010
$1,385,441

Current net earnings...

$1,060,683

$5,626,067

$6,090,990

'—Other than those connected with governor ' and agents' conferences and meeting*
of directors and of the advisory council.
•-Charged to Profit and Loss in 1082 and to current expenses prioito that year.
(**)-Credit.




ANNUAL, REPORT OP THE FEDERAL RESERVE BANK OP ATLANTA

SCHEDULE 5.—Cont'd.

37

EARNINGS AND EXPENSES

FEDERAL RESERVE BANK OF ATLANTA.
1920
PROFIT AND LOSS ACCOUNT
Earnings

$7,476,431

$2,362,733

$7,406,662

1,293,063

1,680,686

1,386,441

1,069,683

6,826,067

6,090,990

2,590

8,379

1,823

622

4,413

9.OO1

163,294

47,088

Current expenses
Current net earnings
Additons to current net earnings:
Amount deducted from reserve for depreciation on United States bonds.
Assessment account < xpenses Federal Re
serve Board previously charged to profit
and loss

20,302

All other.
Total additions

17
$

20,319

Deductions from current net earnings:
Depreciation allowances on bank premises. $
Furniture and equipment

87,267

17,387

Reserve for probable losses

20O.OO0

250,000

10,685

41,761

Reserve for depreciation on U. S. bonds

9,506

All other
Total deductions
Net deductions from current net earnings
Net earnings available

4,212

$

391,366

$

338,849

$

100,985

$

386,953

$

329,848

$

80,666

672,73O

$6,496,219

256,618

246,862

226,671

*374,5O1

4,480,261

2,136,288

*41,611

770,106

3,648,466

or dividends, fran-

chise tax, and surplus
Dividends paid
Franchise tax paid United States Government
Transferred to surplus account

$6,010,324

•—Bank also charged its surplus account and paid the U. S. Government $213,629
as an additional franchise tax for 1921. See page 14.




CO

SCHEDULE 6.

oo

OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM.

FEDERAL RESERVE BANK OF ATLANTA.
(Figures Include cash Items only.)
(Numbers in thousands; amounts in thousands of dollars.)
Items drawn on Banks
in own District

Month

Number
January
March
April
May
June
July _ .
August
September
October.
November
TlAnATnl->«r

.

__

Total: 1922
19211920- .

1 ,445
1,365
1 ,813
2,086
2,141
2,141
2,046
2,082
2,044
0,880
2,167
2,401
23,970
16,567
13,949

Amount
$ 273,764
S37,767
316,452
346,211
389,364
362,546
353,056
369,818
409,641
492,446
464,019
480,986
$4,486,070
$3,251,278
$4,447,433

Items drawn on
Treasurer of
United States

Items forwarded to other
Federal Reserve Banks
and their branches
Amount

Number
137
135
134
13O
129
121
121
116
123
128
122
152

1,548
1,625
1,743

40,708
38,966
37,986
39,963
38,264
38,163
34,692
37,064
41,262
46,854
43,321
46,569
$ 483,802
$ 627,643
$ 772,111

Number

$

96
99
115
111
115
1O6
92
104
128
132
125
12O

1,343
1,196

•—Exclusive of duplications on account of items handled by both parent bank and branch.




880

Amount
$

16,693
24,864
21,104
16,339
13,366
25,540
17,276
18,983
15,648
19,306
13,539
26,901
$ 227,648
$ 212,060
$ 161,762

Total*
Number
1,678
1,689
2,062
2,326
2,386
2,368
2,269
2,302
2,295
8,610
2,414
2,673
26,861
19,388
16,672

Amount
$ 330,165
301,587
375,642
4O1,613
440,984
426,249
405,024
415,866
466,551
658,605
620,879
654,456
$5,197,420
$3,990,981
$5,381,296

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA 3 9
CLEARINGS AND TRANSFERS THROUGH THE GOLD
SETTLEMENT FUND.

SCHEDULE 7.

F E D E R A L RESERVE B A N K OF ATLANTA.
(In thousands of dollars.)
Receipts
Payments
from other
to ther
F. R. Banks F. R. Banks

WEEK ENDING:
:January

6 (3 days).
12
19

26

March

16
23

2
9

16.

April
•
May
June

.

23. .
3O
.
6
13
20
27

4

11
18
25

1

8.

16. .

22.
29

July

6 .
13 .
2O . .
27 . .
August
3
1O
17
24 . .
31 . .
September 7
14
21

October
November

28 . .
6
11...
19 . .

26

2
9

• *•« -r&t 16
v^ - gr • 23

mw»*<*- 29
December
(2 days)

7

14
21
28

29-30 .

Total 1922 .
1921.
1920.

..

23,881
48,400
36,323
42 387
39,401
35 924
33,145
38,430
43,105
41,522
47,261
45,353
41,016
40,607
39,765
44 OO5
42 24O
41,985
39,947
43,704
48,240
38,800
40,128
51,610
5O,28O
45,246
35,163
42,140
43,053
42,615
43,400
40,037
39,910
47,588
39,979
35,890
43,838
67,250
55,156
64,8O5
44,114
72,206
61,188
58,250
47,299
58,453
63,887
45,199
52,316
53,018
63,262
48,880
20,672

$2,482,228
$2,125,232
$3,054,573

1,938
903

21,943
47,497
44,274
61,631
42,375
39,780
44,989
44,849
42,025
47,464
46,613
49,995
40,916
44,746
44,197
44,786
45,462
61,798
40,981
45,283
47,459
42,439
37,661
62,071
48,596
46,205
40,485
37,404
42,135
41,797
42,487
39,717
44,281
43,628
43,600
37,411
45,050
65,5e9
53,382
6O,15O
49,573
67,414
61,449
55,708
54,861
52,320
62,317
47,990
6O,993
52,835
60,552
62,789
21,396

$2,392,243
$2,140,046
$3,070,915

7,951
9,244
2,974
3,856
11,844
6,419

1 ,O8O

6,942

748

4,642

1OO

4,139
4,432
781

3,222
9,813
1,034
1,679

781

3,639

2,467

461

1,684

41

5,332

4,736
918
818
913
320

4,371

3,960

3,621
1,621
1,212

1,^81
1,774

5,345
5,469

4,792

261

2,542

7,562

6,133
1,570

2,791
8,677

183

2,710

3,929
724

$
$

14,814
16,342

Net change in ownership of gold since establishment of fund in 1915




Net Gain

Net Loss

$

89,985

128,882

SCHEDULE 8.

PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING
CITIES AS OF THE LAST REPORT DATE IN THE MONTH.

FEDERAL RESERVE DISTRICT OF ATLANTA.
(In thousands of dollars.)

Total loans and discounts (incl ding rediscount with F. R.
Bank)

Last report
Date in

Investments
U. S. Securities
1921

1922

1921

Net demand
Deposits
1922

1921

Time
Deposits
1922

1921

Accommodation
at
F. R. Bank
1922

1921

1922

1921

$369,818

$426,535

360,132

419,879

32,505

46,801

36,472

35,543 229,394 240,051 142,364 144,164

18,501

March

368,443

405,934

30,631

44,606

31,638

33,704 229,326 229,905 143,926 143,189

11,308

69,372

April...

351,251

387,831

32,129

45,186

32,213

36,292 237,040 224., 323 144,172 142,870

6,407

61,463

May..

364,446

383,987

3O,763

44,958

33,281

36,684 238,750 219,224 147,724 146,016

2,969

66,974

354,126

382,491

38,469

35,228

33,166

36,677 244,819 218,148 150,442 146,907

3,158

60,626

353,882

376,227

36,752

33,952

33,897

36,662 244,202 212,209 151,976 143,986

4,123

62,828

367,736

376,425

42,256

35,482

34,711

36,290 250,856 209,466 154,211 142,024

3,548

65,109

370,606

389,575

40,638

35,481

33,117

36,672 280,425 208,776 153,920 139,440

8,177

64,338

390,270

388,761

40,523

32,976

33,901

33,849 264,894 215,246 157,438 141,306

9,029

66,523

404,027

380,148

40,889

33,770

35,298

33,680 271,688 213,630 159,189 140,698

17,134

47,682

399,831

378,920

46,011

32,602

35,646

33,571 271,316 213,528 161,696 140,463

10,850

46,664

January
February

..

JulyAugust

.

...

September
October

....

December
Note:

1922

All other

$29,307 $46,562 $35,270 $36,068 $222,953 $237,302 $143,321 $144,603 $25,393 $83,774
78,865

Figures are for about 41 banks, which submit weekly reports to the Federal Reserve Board, located in Atlanta, Birmingham, Jacksonville, Nashville, New Orleans, Chattanooga, Knoxville and Savannah.




SCHEDULE No. 9.

DEBITS TO INDIVIDUAL ACCOUNTS.
FEDERAL RESERVE DISTRICT OF ATLANTA.
(In thousands of dollars.)

Summary for 15 centers *
Month

1922

1921

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

744,821
676,960
781,076
710,333
764,397
785,260
743,297
739,642
800,649
901,535
911,367
989,297

895,433
741,122
811,214
770,072
725,043
728,734
735,144
704,823
796,832
858,216
785,252
831,379

Total

I 9,578,804

9,383.264

Atlanta, Ga. *

Augusta, Ga. *

1922

1921

1920

1,299,305
1,018,724
1,174,029
1,142,763
1,072,048
1,050,795
1,053,476
969,926
1,009,492
1,046,469
984,850
990,040

104,413
88,157
111,020
98,210
115,450
109,070
106,592
105,893
111,530
125,714
120,795
134,522

110,774
97,342
107,659
101,106
101,043
100,232
98,406
92,619
102,355
119,381
104,775
118,583

161,603
131,219
150,993
148,380
140,397
137,460
131,710
120,686
121,664
131,743
117,400
119,364

26,835
20,126
24,179
22,039
25,796
25,553
21,616
21,358
27,538
33,446
32,083
31,730

12,811,917

1,331,666

1,254,275

1,612,619

312,299

291,126

Birmingham, Ala. *

25,404
22,183
21,996
22,125
20,397
20,708
21,539
19,082
29,542
31,782
26y047
30,321

1920

1922

1920

61,201
39,994
54,822
49,318
40,552
37,665
34,455
30,549
34,764
40,498
33,363
29,751
486.932

1922

1921

1920

61,710
61,275
75,894
65,743
71,728
72,527
71,548
73,215
83,066
99,027
103,604
103,566

76,343
65,030
67,897
61,573
58,164
58,010
51,077
50,589
60,484
54,879
•54,978
68,062

78,850
67,333
75,326
73,744
76,287
75,327
76,520
70,067
73,975
80,126
77,515
82,755

942.903

727.086

907,825

-Figures for only those cities which are marked with an asterisk are included in the district summary and in the National Summary of 141 centers.
:iCnoxville, Tenn. *

Jacksonville, Fla. *

Chattanooga, Tenn.*

Macon, Ga. *

Dt'CCMllMT

32,354
26,580
31,073
28,682
29,358
31,594
27,761
29,807
32,897
33,809
34,516
38,324

41,444
34,320
41,678
37,387
32,770
33,271
32,863
31,570
32,696
34,217
33,927
36,695

62,385
51,360
56,250
52,997
54,827
53,627
53,751
48,545
48,775
51,655
47,627
49,397

42,681
39,833
51,345
47,751
51,447
47,310
43,420
47,836
41,747
46,017
47,387
56,326

53,849
45,267
51,973
52,191
45,177
42,732
40,078
38,190
36,777
39,618
40,311
47,006

66,994
55,491
63,176
66,242
62,949
62,330
63,093
57,684
56,415
59,482
52,948
58,616

26,417
23,817
26,392
25,458
24,135
26,215
25,585
24,737
27,251
28,079
26,998
32,628

27,775
23,187
27,044
26,374
24,019
23,808
23,613
23,698
25,891
29,775
24,858
27,864

33,308
27,309
31,485
31,667
29,987
30,905
31,188
29,794
31,655
31,391
32,654
31,670

14,865
13,090
15,133
16,074
16,105
17,707
19,266
16,863
19,800
21,677
20,943
23,026

Total

376,755

422,838

631,196

563,100

533,169

724,420

317,712

307,906

373,013

214,549

March
April
May
July
October
November




19,673
15,095
17,485
16,765
16,377
16,910
17,219
16,168
18,539
19,382
17,027
19,166
209,788

42,429
29,880
35,119
33,966
34,913
29,330
30,146
25,217
26,046
27,419
22,021
22,741
369,227

SCHEDULE 9. - Cont'd.

DEBITS TO INDIVIDUAL ACCOUNTS.
FEDERAL RESERVE DISTRICT OF ATLANTA.
(In thousands of dollars.)
Nashville, Tenn. *

Montgomery, Ala. *

Mobile, Ala.*

1922

New Orleans, La. *

1921

1920

1922

1921

1920

1922

1921

1920

1922

1921

1920

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

25,457
23,907
27,332
22,976
25,006
24,882
23,884
23,620
26,293
30,419
27,952
31,723

30,099
24,663
27,632
24,956
24,768
24,118
23,457
21,632
27,754
27,504
25,548
29,092

45,829
39,099
45,034
40,649
38,876
37,138
36,640
35,114
41,046
37,761
34,237
34,329

15,061
12,690
15,619
14,208
15,423
15,220
13,251
15,078
20,199
23,106
21,165
22,672

17,151
12,792
15,143
14,853
15,939
11,219
10,527
14,108
16,883
18,620
15,696
17,455

29,916
23,339
24,637
23,110
21,687
25,049
21,482
18,554
19,647
21,265
17,457
18,509

63,069
56,520
67,966
64,403
63,035
68,037
64,146
64,762
66,687
72,977
67,904
75,178

92,369
83,188
94,873
85,570
80,640
105,055
114,664
107,064
113,275
125,076
104,282
64,872

126,110
107,137
120,695
120,902
115,661
113,805
117,699
100,939
108,372
109,493
100,426
97,178

281,869
238,366
256,963
228,924
245,622
269,897
253,803
245,957
265,279
301,922
326,627
347,044

312,392
240,544
254,019
246,015
228,485
218,587
230,915
218,773
248,384
265,983
256,265
281,031

436,198
331,002
373,990
370,481
332,685
336,594
341,654
333,576
336,525
340,892
338,579
344,145

Total.

313,451

311,223

465,752

203,692

180,386

264,652

794,684

1,170,928

1,338,417

3,262,273

3,001,393

4,214,321

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

5,668
5,683
6,055
7,479
6,314
6,374
5,911
6,118
5,728
6,094
5,812
7,426

7,327
5,864
6,881
6,422
6,727
6,657
6,059
6,195
5,970
6,002
6,187
6,525

11,908
9,773
10,117
10,191
10,585
10,352
10,744
10,658
11,004
10,107
8,484
8,343

40,232
34,266
40,797
38,651
41,684
42,505
37,938
37,248
44,654
46,616
41,039
44,126

47,963
40,497
43,165
42,732
41,048
40,202
39,207
39,793
51,432
56,090
44,915
51,374

102,613
71,768
93,509
83,707
75,714
68,539
68,555
57,489
67,552
71,149
69,326
58,994

26,766
26,257
25,477
24,532
27,477
22,789
23,328
21,901
21,384
23,656
25,255
30,930

25,237
24,636
27,802
26,536
24,389
21,962
20,588
20,500
20,157
21,428
22,659
25,533

28,900
26,448
31,123
29,821
28,690
25,594
27,897
24,601
25,190
26,161
27,677
26,838

7,424
6,393
5,831
5,173
5,817
5,580
5,248
5,249
6,596
8,976
9,287
10,076

7,633
6,514
5,967
5,467
5,100
5,263
4,932
4,842
6,693
8,499
7,777
7,800

11,061
7,527
7,753
8,588
8,238
7,080
7,942
6,453
6,862
7,327
7,136
7,410

Total.

74,662

76,816

122,266

489,756

538,418

888,915

299,752

281,427

328,940

81,650

76,487

93,422

Tampa, Fla.*

Savannah, Ga. *

Pensacola, Fla.*

Note: Centers which have not reported continuously for the 18 months ending December 31, 1922, are not included in the table.




Vicksburg, Miss. *

ANNUAL REPORT OP THE FEDERAL RESERVE BANK OP ATLANTA
SCHEDULE 10.

43

CHANGES IN DISCOUNT RATES DURING 1922.

March 15th. 1022
MEMBER BANK COLLATERAL NOTES:
Secured by U. S. Certificates of Indebtedness
Secured by XJ. S. Liberty Bonds or Victory Notes.
Secured by U. S. Treasury Gold Notes
Secured by XJ. S. Bonds issued prior to 1917
Secured by Commercial Paper
,

41%
41%
41%
41%
41%

DISCOUNT CUSTOMERS' NOTES:
Secured by U. S. Certificates of Indebtedness
Secured by U. S. Liberty Bonds or Victory Notes
Secured by U. S. Treasury Gold Notes
_
Secured by U. S. Bonds issued prior to 1917
Commercial Paper
Agricultural or Live Stock Paper
Trade Acceptances
Bankers' Acceptances (endorsed by Banks other than Acceptors)..




41%
41%
41%
41%
4}%
41%
41%
41%

SCHEDULE 11.

AVERAGE DAILY HOLD NGS OF EARNING ASSETS DURING 1922
ALSO COMPARATIVE TOTALS FOR 1921 AND 1920.
Total Earning Assets
Bills
Discounted

Month

Bills
Bought

TJ. S.
Securities

Municipal
Warrants
1983

January

1981

193O

3,749,936

9 16,461,911

$ 99,867,047

2149,242,613

$122,906,030

February
March

69,037,798

2,601,483

8,449,606

72,981,724

145,484,884

128,079,600

47,806,601

1,761,444

7,379,640

66,936,686

140,166,266

133,616,934

April

48,678,181

1,314,166

7,369,633

61,365,870

134,834,800

138,461,823

36,199,941

1,198,423

7,030,421

43,428,786

126,030,088

139,247,403

June

30,910,933

913,617

7,462,096

39,276,646

128,731,894

136,673,319

July

99,692,788

796,019

8,768,396

39,168,203

127,096,199

134,894,486

August

89,918,396

902,076

8,068,676

38,879,147

124,179,803

136,906,438

33,490,868

2,666,976

6,270,878

42,418,713

132,667,828

139,166,562

34,679,322

' 7,172,494

6,138,818

46,890,634

122,840,768

143,419,161

November

36,170,996

13,268,647

4,120,031

63,649,673

119,446,137

161,768,391

December

39,631,366

11,766,388

3,163,618

47,853,019

118,003,309

156,949,676

$ 79,066,901

May

._

September
Ootober

_...
.




._

$

91,807

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA
SCHEDULE 12.

45

COMPARATIVE STATEMENT OF FEDERAL RESERVE
AGENT.

As at close of business December 30, 1922.
(In thousands of dollars, C O omitted.)
O
RESOURCES

1922

1920

$ 75,959

$ 71,601

$ 60,450

135,143

128,644

179,76O

2,400

2,400

6,782

2,825

3,210

100,000

Federal Reserve Notes on Hand
Federal Reserve Notes Outstanding

1921

40,000

54,000

Collateral Security held against outstanding
Federal Reserve Notes:
Gold and Gold Certificates on Hand
With Federal Reserve Board. _

.. ,

-

3.6OO

37,726

94,167

133,899

368,010

$339,627

$434,819

$680,000

$608,000

$418,680

Returned to Comptroller of Currency for destruction
. .

368,893

307,856

178,470

Received from Oomptroller of Currency (Net
Amnnnt) .,

$211,102

$200,145

$24O 21O

109,182

46 225

6O 71O

37,728

94,167

133,899

068,010

$339,627

$434,819

Eligible Paper

-- - - -

LIABILITIES
Federal Reserve Notes received from Comptroller of Currency (Gross Amount)
LESS

Collateral pledged by Federal Reserve Bank
against outstanding Federal Reserve Notes.
Gold and Gold Certificates
Eligible Paper

...

Total Liabilities




...

SCHEDULE 13.

STATEMENT OF FEDERARL USERVE NOTES.
(In even thousands, 000 omitted.)
6 's

RESOURCES:
Received from Comptroller of Currency
Received from Federal Reserve Bank

10's

20's

60's

100's

600fs

lOOO's

$137, 240

Received direct from IT. S. Treasurer and F. R. Agent, and
by Comptroller direot from Treasurer for destructi.n
and credit of Federal Reserve Agent's account

$162 ,960

$192 400

$ 26 600

$ 33 ,200

$ 10 800

$ 16 8 0 0

48, 478

75 ,886

123 117

17 610

25 ,186

16 467

28 9 1 1

98 264

1 1 7 ,762

1 3 5 ,481

9 ,369

6 ,993

322

726

$283 9 7 2

$366 ,598

$450 ,998

$ 63 ,579

$ 65 ,379

$ 26 5 7 9

$ 46 4 3 7

$173 9 8 8

$226 ,386

$300 ,240

$ 36 ,312

$ 46 ,006

$ 19 3 9 2

$ 36 3 6 3

98 264

117 ,752

136 ,481

9 ,369

6 ,993

322

726

11 730

TOTAL

12 ,460

15 ,277

7 ,898

12 ,381

6 ,866

9 ,348

$283 9 7 2

$356 ,598

$460 ,998

$ 53 ,579

$ 65 ,379

$ 26 ,579

$ 46 ,437

LIABILITIES:
Returned to Comptroller of Currency for destruction, including notes returned by U. S. Treasurer for credit of




TOTAL

-




SCHEDULE 13.—Cont'd.

STATEMENT OF FEDERAL RESERVE NOTES.

(In even thousands, O O omitted.)
O

Total

Total

Total

)ec. 31, 1921 Dec. 31, 1920

Dec. 30, 1'

RESOURCES:
58O O O
O
334,646

Received from Comptroller of Currency
Received from Federal Reserve Bank
Received direct from TJ. S. Treasure and
F. R. Agent, and by Comptroller from
Treasurer for destruction and credit of
Federal Reserve Agent's account
Total

$

$

307,855

368,898
$1,283,54

508,OOO
3O3,4O8

418,680
2-2,737

178,470

$1,119,863

$

829,887

$

$

590,967

LIABILITIES:
$
Issued to Federal Reserve B a n k .
Returned to Comptroller of Currency for destruction, including notes returned by U. S.
Treasurer for credit of Federal Reserve
Agent's account
Notes on hand a t end of m o n t h . _ i
Total

838,687

739,907

368,898
75,969

$1,283,544

$1,119,263

178,470
60,450

307,855
71,501

$

829,887

SCHEDULE No. 14.

FEDERAL RESERVE NOTES RECEIVED FROM AND RETURNED TO OTHER FEDERAL RESERVE BANKS DURING 1922.

5's Amounts
Exchange with F. R. Bank of

Received
from

Boston
New Y o r k —
Philadelphia..
Cleveland
Richmond
Chicago
St Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
Total....

Returned
to

182,700
1,948,000
216,750
439,000
922,450
656,500
1,380,500
37,500
180,500
1,053,750
196,725
$ 7,214,375$

16,000$
1,754,500
16,000
26,500
17,000
15,000
18,000

Boston
New York....
PhiladelphiaCleveland
Richmond
Chicago
St. Louis.....
MinneapolisKansas C i t y Dallas
San Francisco.
Total....




2,500
9,000
19,000
$

1,893,500$

Received
from

Returned
to

Received
from

50's Amounts

Returned
to

Received
from

317,000$
2,806,500
312,500
555,000
940,000
840,000
1,417,500
61,000
241,000
1,153,750
289,400

481,610$
2,317,020
551,800
785,300
1,246,640
1,365,910
2,393,640
89,170
174,860
471,380
199,120

470,900$
4,677,000
479,500
927,500
1,291,900
1,186,000
1,779,000
109,000
351,000
953,500
570,960

623,840$
2,399,340
706,760
1,601,840
1,690,000
2,251,500
2,609,740
123,880
472,620
1,064,490
522,640

133,500$
1,831,400
142,500
164,000
229,100
281,500
236,250
22,850
63,600
106,100
161,350

7,043,300$ 8,933,650$

10,076,450 $

12,796,260$

14,068,650$

3,372,150 $

174,770$
808,900
332,300
537,110
1,060,510
713,950
2,207,425
54,485
142,855
836,585
174,410

500's Amounts
Received
from

20's Amounts

10'a Amounts

Returned
to

1,000's Amounts
Received
from

Returned
to

20,000$
13,500$
3,614,000
267,000
29,000
7,500
82,000
29,500
23,000
8,000
45,000
72,500
49,000
24,000
6,000
1,500
10,000
17,500
29,000
11,500
54,000
16,000

44,000
633,000
44,000
24,000
29,000
183,000
47,000
6,000
11,000
23,000
21,000

468,500$ 3,961,000$

1,065,000

5,000's Amounts
Received
from

100's Amounts

Returned
to
195,450$
933,150
340,650
590,700
422,850
567,750
281,250
17,450
54,000
118,050
127,850
3,649,150

10,000's Amounts

Returned
to

15,000

Received
from

Returned
to

120,000

5.000
5,000

25,000

120,000$

Received
from

Returned
to

146,300$
3,285,300
152,000
140,000
158,900
307,500
239,100
20,900
65,500
129,600
257,800

236,000
1,296,700
253,200
207,800
258,900
391,300
189,600
24,800
72,700
138,200
195,000

4,902,900$

2,264,200

Total Amounts
Received
from

Returned
to

1,286,400$
19,916,700
1,348,250
2,334,000
3,582,350
3,331,500
5,119,350
257,250
914,100
3,434,700
1,549,235

1,769,170
8,790,110
2,236,210
3,781,250
4,715,900
5,550,910
7,752,655
317,285
945,535
2,663,205
1,256,020

43,073,835$

39,778,250

SCHEDULE 15.

Month

FEDERAL RESERVE NOTES ISSUED AND IN ACTUAL CIRCULATION.

Outstanding
at beginning
of month

Issued
during
month

Redeemed
during
month

Outstanding
at end of
month

Held by
Federal
Reserve Bank

In actual circulation at end of month
1922

1920

January

128,644 ,006 $

3,066 ,000$

February

116,746 ,306

6,265 ,OOO

8,694 ,200

114,317 ,105

5,108 ,850

109,208 ,266

164,581 ,590

March

114,317 ,106

9,070 ,000

9,136 ,700

114,260 ,406

3,688 ,350

11O,562 ,055

154,041 ,640

146,043,215

April

114,260 ,405

8,792 ,000

6,302 ,5OO

116,739 ,905

3,813 ,6OO

112,926 ,3O6

166,394 ,890

147,466,390

May

116,739 ,906

12,663 ,OOO

8,832 ,000

180,460 ,905

4,996 ,200

115,465 ,706

157,090 , 19O

143,793,606

June

120,460 ,906

4,310 ,000

6,885 ,600

117,885 ,4O5

4,397 ,360

113,488 ,065

151,287 ,3OO

139,669,995

July

117,886 ,406

6,190 ,000

7,746 ,400

115,329 ,OO5

4,789 ,200

110,539 ,805

137,777 ,O2O

139,621,760

August

116,329 ,006

7,066 000

6,827 ,4O0

115,556 ,605

5,030,,4OO

110,526 ,205

127,467 ,955

142,037,226

September..

116,666 ,606

14,600 000

4,841 ,900

125,214 ,705

4,287,,700

120,927 ,OO5

134,578 ,860

146,448,840

4,669 ,4OO

130,445 ,3O6

7,0O4,,800

123,440 ,506

126,603 ,956

178,291,690

6,129,,900

123,175 ,556

119,798 ,975

172,089,890

11,107, 060

124,036 ,035

121,470 ,505

173,406,190

October

126,214 ,706

9,800 000

14,952 700$ 1X6,746 ,305$

November. -

130,446 ,306

6,466 000

7.6O4 ,8O0

129,305 ,506

December- _

129,306 ,606

11,725 ooo

6,887 ,420

135,143 ,085

Total




$

6,874 ,890$ 110,871 ,415 $ 169,844 , 4 4 0 $ 142,654,870
146,765,485

98,780,000$ 92,280 ,920

X

FEDERAL RESERVE BANK NOTES ISSUED AND IN ACTUAL CIRCULATION.

SCHEDULE 16.

Issued
during
month

Outstanding
at beginning
of month

Month

Outstanding
at end of
mo.th

360,000

$ 1,112,000

$ 7,461,300

7,461,300

8OO.OOO

987,000

7,264,300

2t£arch

7,864,300

432,000

874,000

April

6,822,300

662,000

677,000

May
June
July

6,797,300

320,000

January .
February..

$ 8,203,300

$

•Redeemed
during
month

Held by
Federal Reserve Bank

In actual circulation
at end of month
1922

1921

Net circulation
192O

$ 6 798,350

$ 1 4 463,850

,229,300

6 187,160

12 688,050

14 ,175,000

6,822,300

948,O5O

5 874,260

13 383,15O

11 ,096,700

6,797,300

1,163,680

5 ,633,620

12 760,900

9 ,583,833

702,000

6,416,300

1,383,219

5 ,032,081

10 427,450

0 ,791,000

404,000

6,416,300

662,950
1,077,150

6,011,300

1,279,335

4 ,731,965

9 758,600

11 ,022,800

$

779,000

6,962,300

1,853,437

4 ,098,863

8 711,750

11 ,614,026

6,962,300

1,000,000

4,962,300

801,760

4 ,160,550

7 046,800

1 2 ,099,400

4,062,300

2,000,000

2,962,300

162,106

2 ,790,194

7 903,650

12 ,725,000

2,962,300

600,000

2,452,300

323,533

2 ,128,767

7 477,6OO

13 ,927,700

2 , 4 6 2 300

1,000,000

1,452,300

269,963

1 ,182,337

7 206,200

1 4 ,478,850

1,462,300

1,462,300

8 ,033,750

15 ,174,950

6,011,300

October
TN'ovPT"T1Pr. .
December

...

Total-.

720,OOO

$ 3,284,000

$11,487,300

•-Including lawful money deposited with the U. S. Treasurer in reduction of liability of Bank Notes outstanding.




SCHEDULE 17.

CURRENCY RECEIPTS FROM AND PAYMENTS TO MEMBER AND NON-MEMBER BANKS.
(In thousands of dollars.)

Repeipts
Month

From
Member
Banks

Payments

From NonMember
Banks

To
Member
Banks

Total Receipts

To NonMember
Banks

1922

1921

Total Payments

1920

1922

1921

1920

1,366

$ 14,'17

764

$ 34,309

$ 35,226

$ 36,057

$ 15,281

$ 26.196

$ 16,183

February

22,953

798

16,781

765

23,761

26,604

23,060

17,536

17,469

20,201

March

26,152

980

19,247

2,903

27,132

32,523

28,071

22,150

17,305

19,300

22,695

30,611

28,943

20,910

30,153

24,901

January

April.

.

$ 32,944

..

$

$

21,863

June

.

832

17,313

23,997

May

3,597

892

19,909

6,646

24,889

26,671

27,604

26,564

23,884

19,439

23,710

627

20,712

1,039

24,337

28,401

27,214

21,761

16,370

18,517
21,780

July.

21,604

437

18,786

1,185

21,941

26,142

27,647

19,971

17,843

August

21,404

378

21,336

2,096

21,782

26,837

23,736

23,432

15,689

19,398

September

21,027

465

30,338

3,681

21,492

22,673

23,351

34,019

32,422

24,773

October

26,246

624

23,134

2,933

26,870

27,507

27,677

26,067

18,919

63,031

26,645

619

21,893

2,436

26,264

26,907

30,726

24,329

16,967

19,601

31,733

31,609

32,748

31,357

31,962

December
Total 1922
1921
1920




33,762

732

30,026

2,722

34,494

$300,007
$327,111
321,312

$ 8,749
$ 13,624
14,173

$253,992
$226,996
247,886

$ 30,766
$ 38,668
41,090

$308,966

$284,748
$340,736
$336,485

$264,664

$288,976

SCHEDULE No. 18.

MOVEMENT OF MEMBERSHIP FOR 1922.
STATE

NATIONAL

No.
Banks

No.
Shares

$1 ,377,600

615

83,764

131.3OO

34

4,607

286,360

30,176

$1 ,608,800

549

88,861

S4 ,413,050

4

1,449

78,460

6

2,066

103,300

147

88,787

$ 1 ,436,350

643

86,196

$ 4 ,309,750

No.
Shares

No.
Banks
Membership December 31st,
1981.
Increase In Members and
Stock
Total
Decrease in Members and
Stock
Membership December
30th, 1988




TOTAL

No.
Shares

Amount

386

66,804

,810,800

189

87,560

18

1,881

94.05O

88

8,686

398

68,080

$ » ,904,850

161

8

617

30,860

396

67,468

$ 2 ,873,400

No.
Banks

Amount

Amount

$4 ,187,700

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

53

SCHEDULE No. 19. NUMBER OF MEMBER BANKS IN DISTRICT AND PAID IN CAPITAL
STOCK AS OF LAST DAY OF EACH MONTH DURING 1922.

Month

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

State
Banks
ATr.
Cos.
131
132
135
138
142
143
146
147
148
148
147
147

Total 1922




National

Increase
for
Month

Capital Stock
Total

389
390
389
389
389
389
390
391
392
394
396
396

520
522
524
527
531
532
536
538
540
542
543
543

$

4,199,900
4,223,450
4,235,000
4,253,400
4,269,750
4,271,050
4,291,250
4,328,000
4,340,600
4,345,600
4,308,850
4,309,750

S

Decrease
for
Month

Net Increase
during
Year

12,200
23,550
11,700
18,400
16,350
1,300
20,200
36,750
12,600
5,000
S

36,750

S

36,750 S

900
$

158,950

122,200

SCHEDULE NO. 20.
STATE BANK AND TRUST COMPANY MEMBERS
OF
THE FEDERAL RESERVE BANK OF ATLANTA.
December 29th, 1922
LOCATION

ALABAMA:
Athens
Birmingham
T^irmtngh am
Carrol It on
Clayton
Cullman
Eufaula
Ouln
TTnrtflpllp
Hurt sb oro
Jasper

Date
Admitted

N A M E OF B A N K

Farmers & Merchants Bank
Arnnrionn Trnpt *r 8nviT>£» TIBTIV
Rlrmtng'hflm Trim* ^ Flnvlngs f!n
•RanV nf f!nmmer(»

,

. _

Alabama Bank & Trust Co.
Bank of EufaulaMarion Country Banking Co.
TTfirTTiftrfl ** TVTnrnhfintH B u n k

Central Bank & Trust Co
Marion Central Bank

_-

-

Mobile
Mobile

OrrviUe
Pittsvlew

•Merchants Bank
Orrville Bank & Trust Co
Bank of Pittsview
Merohants & Farmers Bank

B#Imft
Talladega

Peoples Bank & Trust Co
Bank & Trust Company of
Macon County Bank

FLORIDA:




Volusia County Bank & Trust Co.
Central State Bank
Polk County Trust Company

_--

•--

6-2-22
7-19-16
2-23-18
2-27-19
1O-21-2O
12-9-18
1-26-16
8-13-21
4-15-20
11-3-19
5-18-22
8-12-21
11-2O-17
8-3O-18
6-4-18
5-28-21
12-24-21
11-6-14
1-5-21
7-3O-2O
1O-1O-21
1-1O-21
3-21-22
2-26-20
1-31-22
7-2-18
1-4-18
6-8-18
12-24-20
2-4-22
4-6-21

Capital

9

80,000
600,000
1,000,000
60,000
60,000
60,000
100,000
25,000
60,000
100,OOO
31,400
60,000
60,000
200,OOO
200,000
100,000
300,000

26,000
25,OOO
125,000
200,000
1OO.OOO

100,000
60,OOO
60,000
100,000
200,OOO
lOO.OOO
300,000
76,000

Surplus

3

60,OOO
250,000
700,000
3,OOO
10,OOO
10,OOO
10,OOO
35,000

2,600
30,000
10,OOO
10,OOO
100,OOO
450,OOO
300,000
30,000
34,000

Total
Resource*

828,496
12,789,062
17,274,277
236,604
192,172
260,959
376,665
303,369
349,966
636,632
141,477
846,791
647,437
8,901,249
6,787,776
680,434
2,474,220

30,OOO
4,789
25,OOO
200,000
40,OOO
20,000

203,824
76,603
616,447
1,141,090
962,222
658,642
662,842
201,192

126,000
40,OOO
2,600

2,146,944
1,149,776
910,259
588,641
264,678

no,ooo
10,000

7.6OO

SCHEDULE NO. 20. Contd.
STATE BANK AND TRUST COMPANY MEMBERS
OF
T H E FEDERAL RESERVE BANK OF ATLANTA.
December 29th, 1928
LOCATION

NAME OF BANK

Leesburg
_
Marianna
Miami
Oooee
Orlando
Tallahassee
Tampa
Winter Park. .
Winter Park
GEORGIA:
Athens
Athens
Atlanta
Bainbridge
Barnesville_
Bartow
Boston.
Bowersville

„

Leesburg State Bank.
Citizens State Bank
Southern Bank & Trust Co.
Bank of Ocoee
Bank of Orange & Trust Co.
The Exchange Bank
Citizens—American Bank & Trust Company..
Union State BankBank of Winter Park
AmnrliftTl S t a t o •RnnV
C!rvmTnprHn1 'RnnTr
Atlanta Trust Company
Georgia Savings Bank & Trust Company
Trust Company of Georgia
Citizens Bank & Trust Oo.__
The Barnesville Bank
Citizens Bank
Bartow Bank_ . Bank of Boston. _
Bank of Bowersville
•Rnnir nf TtnwmfiTi
Brunswick Bank & Trust Co.
Peoples Bank
_
Bank of Camilla- _ _
_ _ .
Canon Bank- .
_ . . _ _ . _ ____

Oarlton
Cave Springs
Ohipley




Planters Bank
Bank of Cartersville
Bank of Cave Springs

Farmers & Merchants Bank

Date
Admitted

2-13-18
1-8-81
6-84-18
1-86-20
7-85-19
6-1-18
12-13-<17
1-4-19
4-88-82
12-6-17
3-3O-2O
8-6-19
11-6-18
12-13-17
1-24-21
2-5-21
3-22-22
1-87-81
3-28-21
12-8-20
3-16-21
12-5-17
11-5-19
2-28-18
8-3O-19
3,27,2O
7-17-22
7-23-2O
3-5-21
12-31-19
2-5-20

Capital

$

60,000
30,000
100,000
26,000
200,000
50,000
1,000,000
60,000
40,000
100,000
200,000
1,500,000
500,000
1,000,000
1O0.OO0
50,000
60,000
26,000
25,000
25,OCX)
36.0O0
230,000
61,000
60,000
25.0OO
85,000
26,000
60,000
1OO.OOO
25.OOO
50,000

Total
Resources

Surplus

$

22,000
16,000
15,000
3,000
61.6OO
17,600
300,000
11,000
10,000
20,000
50,000
8O0.O00
175,OOO
1,500,000
SO,OOO
1O.0OO
36.0O0
16,000
5,OOO
6.0O0
10,000
100,OOO
11,OOO
60,000
12,600
1,250
3,OOO
30,OOO
60,000
26,OOO
10,000

*

762,528
460,137
2,178,642
134,630
1,296,953
369,462
10,613,688
378,264
466,796
711,242
1,379,982
5,688,260
2,924,604
8,498,204
762,896
218,789
270,7O1
194,485
172,601
88,364
274,728
2,144,260
581,953
811,74O
110,1O9
108,147
84,807
396,140
606,897
203,743
364,607

SCHEDULE NO. 20.—Cont'd.
STATE BANK AND TRUST COMPANY MEMBERS
OF
THE FEDERAL RESERVE BANK OF ATLANTA.

en

December 29th, 1922
LOCATION

GEORGIA

NAME OF BANK

Contd.
Habersham Bank
Citizens Bank . .
Commerce Bank & Trust Co

Commerce

Farmers Bank
„ Dacula Banking Company
Bank of Dawson _
Bank of Donalsonville
Douglasville Banking Co
Southern Exchange Bank
Bank of Eastman
Citizens Banking Company
Farmers & Merchants Bank
Middle Georgia Bank
Monroe County Bank
Farmers & Merchants BankBank of Graymont
Bank of Grayson
Greenville Banking Co.

Dacula
Donalsonville
Douglasville
Dublin

Forsyth
Olrard
Graymont
Grayson

,

Lavonla
Lawrenceville

•Farmers & Merchants Bank
Hartwell Bank
Bank of Hoschton
Jackson Banking Company
Citizens Bank & Trust Co
LaGrange Banking & Trust Co
Bank of Lavonia
Brand Banking Company

Locust Grove
Louisville

Bank of Locust Grove
Bank of Louisville

Hart well
Hartwell

Date
Admitted

_




12-24-21
9-6-21
11-2-20
6-13-18
3-7-21
7-3-22
9-1-22
6-4-21
11-16-2O
4-22-21
3-16-31
6-13-21
11-28-21
12-28-22
6-16-22
1-14-2O
6-24-21
1O-18-21
3-11-19
8-3-31
4-2O-21
12-8-2O
1O-18-18
3-10-22
9-17-18
3-10-21
11-4-30
3-7-31
3-6-21
12-14-20
8-6-22
7-7-22
12-38-18

Surplus

Capital

$

26,000
30,000
100,000
100,000
100,000
100,000
26,000
100,000
100,OOO
76,OOO
100,000
6O.00O
100,000
36,OOO
60,000
26,000
36,000
36,000
40,000
66,OOO
30,000
60,000
30,000
100,000
93,710
260,000
40,000
60,OOO
25,OOO
25,000
35,000
25,OOO

$

Total
Resources

50,OOO
30,OOO
1,000
10,000
10,OOO
100,000
27,6O6

313,448
139,673
239,891
663,007
862,321
680,699
90,136
359,869
761,960
669,431
378,391
388,304
636,877
47,396
489,417
270,029
64,506
278,736
14O.134
606,678
178,688

30,OOO
16,OOO
20,OOO
6,OOO
660,000
30,OOO
60,OOO
36,OOO
16,OOO
6,OOO
66,000

438,430
66,717
288,688
296,403
3,419,593
211,206
694,220
277,081
205,360
126,494
660,486

10,OOO
3,000
60,000
100,000
60,OOO
5,OOO
38,OOO
60,OOO
61,600
l.OOO
13,OOO
20,000

$

SCHEDULE NO. 20.—Cont'd.
STATE BANK AND TRUST COMPANY MEMBERS
OF
THE FEDERAL RESERVE BANK OF ATLANTA.

December 29th, 1922
LOCATION

NAME OF BANK

GEORGIA—Cont'd.
Madison
Madison
Metter
Metter
Millen
Monroe. .
MonroeMonroe
McDonough
McDonough
Plains
Portal
Rhine
Royston
Sardis
Sasser

._

Savannah
Savannah
Savannah _
_
Savannah
Social Circle
Statesboro
Swainsboro
Toocoa
Wadley
West Point
Winder
Winder
Winterville
Zebulon

Bank of Candler County
Citizens Bank
Bank of Millen
Union Banking Company
Bank of Henry County..
Farmers & Merchants Bank
Plains Bank
Bank of Portal.

. . .

.

..

..

Royston Bank
Peoples Bank
Bank of Sasser
'"American Bank & Trust Co.
Citizens Trust Company
Citizens & Southern Bank
. _ i _ Liberty Bank & Trust Co
Savannah Bank & Trust Co..
Walton County Bank .
Bank of Soperton
Bank of Statesboro
Central Bank
. . . Bank of Tooooa .
Exchange Bank _
Bank of Wadley
Citizens Bank




Date
Admitted

.t......

_

North Georgia Trust & Banking Company .
Bank of Zebulon

4-8-22
9-24-21
1-24-21
7-6-18
2-2-21
12-21-2O
2-16-21
8-16-22
8-8-21
6-28-21
4-1-22
12-13-20
1-24-21
9-29-21
6-2O-21
12-14-18
8-30-19
1O-4-18
9-16-19
11-3O-17
9-29-22
11-8-17
1-11-21
4-11-21
3-16-21
12-14-2O
3-18-21
1O-7-2O
6-26-20
12-29-17
1O-24-18
6-29-20
7-31-18
6-1-21

Surplus

Capital

$

100,000
6O.OOO
25,OOO
30,000
6O.0O0
300,000
160,000
60,000
60,000
100,000
25,000
60,OOO
26,000
25,000
60,000
25,000
25,000
200,000
2,100,000
300,000
700,000
126,OOO
26,OOO
lOO.OOO
26,000
60,OOO
100,000
26,OOO
1OO.OOO
60,000
200,000
26,000
26,000

$

Total
Resources

75 O O
O

429,881

20.000
60,OOO
75,OOO
30,OOO
20,000
30,OOO
12,350
4,OOO
36,000
1 ,260
2,500
30,000
6,OOO
26,000

105,221
199,209
610,678
757,467
629,440
196,260
241,249
260,710
72,629
442,770
132,066
89,367
392,786
89,787
176,4O9

50,000
2,600,000
360,000
7OO.OOO
65,OOO
26,000
76,OOO
10,OOO
18,550
25,OOO
20,OOO
8,600
24,OOO
11,000
20,OOO

1 ,168,868
70,642,920
3,674,288
7,860.721
647,390
367,062
870,282
199,669
243,099
316,188
221,466
403,776
208,666
833,892
89,730
166,393

SCHEDULE NO. 20.—Contd.
STATE BANK AND TRUST COMPANY

MEMBERS

OF
THE FEDERAL RESERVE BANK OF ATLANTA.

December 29th, 1922

LOUISIANA:
Baton Rouge
Oretna
Iota.
_New Orleans
New Orleans
New Orleans
New Orleans
New Orleans
New Orleans
New Orleans
New Orleans
New Roads
Opelousas
MISSISSIPPI:
Crystal Springs
Hattiesburg
TENNESSEE:
Bell Buckle
Chattanooga

Union Bank & Trust Co.
Jefferson Trust & Savings Bank
Bank of Iota
Algiers Trust & Savings Bank
American—Liberty Bank & Trust Co
Canal-Commercial Trust & Savings Bank
Citizens Bank & Trust Company
Hibernia Bank & Trust Company
Interstate Trust & Banking Co..
__ Marine Bank & Trust Company
New Orleans Bank & Trust Co
Pointe Coupee Bank & Trust Co
Parish Bank & Trust Company _
.

Peoples Bank & Trust Co
Chattanooga Savings Bank. .
Wartrace Bank & Trust Co. _

3-15-18
9-21-17
11-25-16
8-3-21
1O-31-18
7-12-18
4-8-18
8-21-17
1-4-18
3-22-18
11-3-21
10-14-18
6-13-21

Capital

$

150,000
60,000
26,000
200,000
600,000
4,000,000
1,000,000
2,000,000
760,000
1,500,000
400,000
60,000
60,000

Surplus

$

Total
Resources

75,000
15.OOO
10,000
50,000
40,000
2,000,000
250,000
2,500,000
750,000
800,000
100,000
6,600
10,000

$ 2,998,315
1 ,066,634
957,621
3,195,020
76,837,880
9,874,753
58,106,267
14,818,460
24,264,404
4,876,267
377,797
280,442

6-3-22
6-3-22

Peoples BankBank of Hattiesburg & Trust Co

•-Bank in process of liquidation.




Date
Admitted

NAME OF BANK

LOCATION

.

26,000
100,000

2,500
16,000

107,029
992,137

2-19-21
5-16-18
7-14-2O

30,000
750,000
25,000

5.OOO
260,000
l.OOO

153,066
6,171,748
92,157

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

59

SCHEDULE No. 21.
STATE BANKS—LIQUIDATIONS AND WITHDRAWALS—1922.

LOCATION
GEORGIA:
Atlanta

BANK

DATE

Central Bank &
Corporation

LOUISIANA:
New Orleans

Trust

Liberty

DISPOSITION

Trust

Bank &

Nov. 25, 1922 Assets purchsaed by Citizens & Southern Bank
of Savannah.

June 13,1022
can Bank & Trust CornWhite Castle... Merchants & PlantersiBank Dec. 20, 1022 Withdrawal.
TENNESSEE:
Bank of Tennessee..
Sept. 5, 1022 Withdrawal.
Nashville

SCHEDULE No. 22.

NEW NATIONAL BANKS, 1922.

LOCATION
FLORIDA:
Palm Beach
Sebring
Tarpon Springs
Winter HavenGEORGIA:
Atlanta
Dallas
Lumpkin
M arietta
TENNESSEE:
Loudon
Nashville
Rockwood
Rockwood

First National Bank.
First National Bank.
First National BankNational Bank of Winter Haven.
Ninth National Bank.
First National Bank.
National Bank of Lumpkin.
Citizens National Bank.
First National Bank.*
Central National Bank.
City National Bank.
Rockwood National Bank.

•-Bank was organized in 1021, but made payment on their F. R. Stock in 1022.

. SCHEDULE No. 23.

NATIONAL BANKS LIQUIDATED IN 1922.

LOCATION
ALABAMA:
Montgomery
GEORGIA:
Atlanta-

NAME OF BANK

Capital National Bank..
Ninth National Bank




. .

DISPOSITION

Absorbed by Alabama Bank
& Trust Company.
Consolidation, Fourth National
Bank of Atlanta.

60

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE

No. 24. BANKS AUTHORIZED TO EXERCISE FIDUCIARY
POWERS UNDER T H E FEDERAL RESERVE ACT.
(As of Deo. 30, 1922.)

NOTE. The Federal Reserve Board has authorized the National banks of this
district listed below to exercise one or more fiduciary powers as follows:
(1) Trustee.
(a) Executor.
(3) Administrator.
(4) Registrar of Stocks and Bonds.
(5) Guardian of Estates.
(6) Assignee.
(7) Receiver.
(8) Committee of Estates of Lunatics.
(9) 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.
Powers granted.

CITY OR TOWN.
ALABAMA:
Anniston- .
Anniston- _
Anniston
Athens
Bessemer..
Birmingham.
Cullman
Florence
Gadsden
Mobile
M ontgomery .
Oxford
Piedmont
Selma
Talladega
Troy
Tuscaloosa
Tuscaloosa
FLORIDA:
Bartow
Bradentown
Brooksville
DeFuniak Springs..
Jacksonville- _
Jacksonville- _
Miami Beach.
Panama City_.
St. Augustine-.
St. Petersburg.
St. Petersburg
Tampa
West Palm BeachWest Palm Beach.




Anniston National Bank.
Commercial National Bank
First National Bank
First National Bank
First National Bank in Bessemer
First National Bank.
Leeth National BankFirst National Bank-.
First National BankNational BankNational BankFirs National BankFirs National Bank.
City National Bank.
Talladega National BankFirst National Bank
City National Bank
First National Bank
Polk County National Bank
First National Bank
First National Bank
First National Bank
Barnett National Bank
Florida National B ank
Miami Beach First National
Bank
First National Bank
St. Augustine National Bank
Central National Bank & Trust
Co
First National Bank
First National Bank
American National Bank
First National Bank

1 o 7 and 9.
1 to 5, 7 and 9.
1 to 8.
1.
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1.
1 to
1 to

8.
8.

to
to
to
to

9.
4.
8.
4.

1
1
1
1

8.
9.
4.
8.
3.
8.
9.
8.
3.
8.
4.

to 4.
to 8.

to 3.
to 4.
to 8.
to 9.
to 9.

ANNUAL REPORT OP THE FEDERAL RESERVE BANK OP ATLANTA 6 1
FIDUCIARY POWERS.

SCHEDULE 24.—Confd.

BANK.

CITY OR TOWN.

GEORGIA:
Athens
Athens
Atlanta
Atlanta
Atlanta
Atlanta
Barnesville
Carrollton
Dalton
Dawson
Fitzgerald
Fitzgerald
LaGrange
Louisville
Macon
Quitman
Winder

-

-

__

LOUISIANA:
Crowley..
Lake Charles
New Orleans

_

Laurel- _
Meridian

Dickson
Fayetteville
Greenville
Johnson City
Kingsport
Knoxville_
Knoxville
McMinnville
Nashville
Nashville
Nashville
Nashville

1 to 8.
1 to 4.
1 to 8.
1 to 9.
1 to 9.
1 to 4.
1 to 8.
1 to 9.
1 to 9.
1 to 6.
1 to 3, 5 to 9.
1 to 4.
1 to 4, 6, 7 and 9.
1 to 8.
1 to 9.
1 to 4.
1 to 8.
1 to 9.

First National Bank of Acadia
_ __
Parish
1 to 7.
Calcasieu National Bank of
1 to 4, 6, 7 and 9.
Southwest Louisiana. .
. - _ . - Whitney-Central National Bank 1 to 9.

MISSISSIPPI:
Biloxi
Canton
Gulf port__
Laurel

TENNESSEE:
Copperhill

Georgia National Bank - _
National Bank of Athens
Atlanta National Bank
Fourth National Bank
Fulton National Bank
Lowry National Bank
First National Bank
National Bank of Brunswick
First National Bank
First National Bank
Dawson National Bank
Exchange National Bank
First National Bank
LaGrange National BankFirst National Bank.
Fourth National Bank.First National Bank
Winder National Bank- . -

POWERS GRANTED.

.

First National Bank
First National BankFirst National Bank
Commercial National Bank &
Trust Company
First National Bank
. First National Bank
______

First National Bank of Polk
County
Citizens National Bank
. .
Elk National Bank
First National Bank.
Tennessee National Bank
. _ First National Bank
'
City National Bank __
.
. . . Union National Bank
_ ._
Peoples National Bank
American National Bank
Broadway National Bank.
_ .
fourth & First National Bank.
Tennessee-Hermitage National
•Rftnlr




1 to 4.
1 to 4.
1 to 8.
1 to 9.
1 to 9.
1 to 8.

1 to 3, 5 to 8.
1 to 8.
1 to 3 and 5.
1 to 9.
1 to 9.
1 to 7 and 9.
1.
1 to 7 and 9.
1 to 3, 5 to 8.
1 to 9.
1 to 4.
1 to 8.
1 to 4.

62

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE 25.
THE FOLLOWING BANKS HAVE BEEN GRANTED AUTHORITY BY THE
FEDERAL RESERVE BOARD TO ACCEPT DRAFTS AND BILLS OF EXCHANGE
UP TO 100 PER CENT OF THEIR CAPITAL STOCK AND SURPLUS.

ALABAMA:
Albany
Decatur
Huntsville
Mobile
Troy
FLORIDA:
Jacksonville
Fensacola
0EOEGIA:
Atlanta
Atlanta
Atlanta
Macon
Macon
Savannah
Savannah
Savannah
Valdosta
LOUISIANA:
Jennings
New Orleans
New Orleans
New Orleans
New Orleans
New Orleans
New Orleans
New Orleans
New Roads
MISSISSIPPI:
Vicksburg
TENNESSEE:
Chattanooga
Chattanooga
Clarksville




Central National Bank.
City National Bank
Henderson National Bank.
Merchants Bank.
Farmers & Merchants National Bank.
Atlantic National Bank.
Citizens & Peoples National Bank.
Atlanta National Bank.
Fourth National Bank
Lowry National Bank
Fourth National Bank
Macon National Bank
Citizens Trust Company.
Citizens & Southern Bank.
Savannah Bank & Trust Company.
First National Bank.
Jennings National Bank.
American-Liberty B ank & Trust Company.
Canal-Commercial Trust & Savings Bank.
Hibernia Bank & Trust Company.
Interstate Trust & Banking Company.
Marine Bank & Trust Company.
New Orleans Bank & Trust Company.
Whitney-Central National Bank.
The Pointe Coupee Trust & Savings Bank.
Merchants National Bank.
First National Bank,
Hamilton National Bank.
First National Bank.

ANNUAL REPORT OP THE FEDERAL RESERVE BANK OF ATLANTA

63

SCHEDULE No. 26.
U. S. SECURITIES ISSUED DURING CALENDAR YEAR 1922.
Date

Maturity

U. S. Treasury Certificates of Indebtedness:
$

7,300,000.00
6,840,000.00

TM
TD-2

1923
1922

3-15-22
6- 1-22

3-15-23
12-15-22"

41%
3i

XJ
TS
TM-2

1923
1923
1923

6-15-22
9-16-22
12-15-22

6-15-23
9-15-23
3-15-23

3i
3J
31

TD

1923

12-15-22

12-15-23

4

3,177,000.00

D

1922

4-15-22

1O-16-22

31

4,380,000.00

7,300,000.00
6,840,000.00
888,500.00

U. S. Treasury Notes:
11,743,200.00

A

1925

2 - 1-22

3-15-25

4i%

A

1926

3-15-22

3-15-26

4J

B

1925

6-16-22

12-15-25

4Vs

2,707,800.00

B

1926

8 - 1-22

9-15-26

41

11,391,200.00

C

1925

12-15-22

6-15-25

4J

16,319,900.00

1O-16-22

10-15-52

4,114,500.00

U. S. Treasury Bonds:
1947-52

16,608,100.00

U. S. Treasury Savings Certificates:
Denominations
$

Maturity Value
$

1 .00
25 .00
1OO.OO
1,000.00




Total

• 7.OO
13,600.00
140,700.00
643,000.00
$797 ,207 .00

64

ANNUAL RKI'ORT OP TIIK R D S R A L RESERVE BANK OP ATLANTA

SCHEDULE No. 27.

COLLECTION DEPARTMENT OPERATIONS DURING YEAR 1922.

Collection* Received
Month

Amount

Number

Collection! Paid
Amount

Number

Number

Amount

$

1.619.777.00

January

10,028

10,726,637.77

7,942

10.670,432.44

1,580

February

8.875

10,502.235.37

6,572

10,036,589.71

1,810

1.662,939.21

$

$

Collections Returned

10,903

12.736,630.80

8.079

11,959.805.70

2,826

1.850.129.04

April

9.480

11.116,743.96

7,520

9,655,646.49

2,156

1,471,474.15

May

11,327

12.234.765.32

8,294

10,591,600.01

2,527

1.413,447.96

June

11,083

9.907,693.32

7.968

8,681,676.54

2,119

991.583.28

July

10,642

10,514,013.00

9,138

8,718,266.53

2,545

1,572.511.66

August

10,551

11,025,206.93

8,600

9,313,375.91

1,978

1,094,024.78

September

12,812

14,415,451.92

9.102

11,761,877.11

2,340

1,098.800.65

October

14,282

19,706.087.26

11,527

16,912,871.91

2,632

1.730,942.14

November

11,709

15.188,183.28

9,607

13,443,477.74

2,434

1,634,054.26

March

December
Total 1022...

12,773

13,667.351.07

9.670

10,987,354.08

$ 151,741,000.00

104,019

$ 132,732,954.17

27,685

2,113,746.10

2,729

134.465




S

18,253.430.23

SCHEDULE No. 28.

TREASURER'S GENERAL ACCOUNT OPERATIONS DURING 1922.

Coupon* Paid

Warrant* Paid

Redemption of
Treasury Certificates

Month
Amount

Number

January
February
M arch
April
May
June
July-.

November
December
Total 1888




86,460
99,006
116,331
110,880
116,837
106,171
81,786
104,016
188,088
138,318
186,841
180.006
1,343,874

t

16,683,300.46
84,863,711.81
81,103,766.88
16,338,081.61
13,366,061.81
86,640,418.04
17,876,808.70
18,888,800.74
16,647,630.80
18,306,084.67
13,638,631.18
86,801,448.66

$887,648,748.76

Amount

Number

Amount

Number

171
794
1,777
868
119
886
63
818
896
338
71
893

9

138,189
186,316
160,197
868.834

880,038.76
423.824.6O
888.787.86
1,888.860.06
1.688,667.68
1,466,817.88
487,488.66
884,680.80
1,044,368.88
1,401,363.80
1,010,348.33
1,388.784.87

8,046,883

$ 18,804,876.81

7,183

S 81,491,778.80

SOO.473
108,938
148,664
178,416
868,761
833,888
119,178

08,600

S

383,600.00
1.788,600.00
6,368,600.00
616,600.00
142,600.00
2.918,600.00
77.6OO.OO
8,661,000.00
3,161,838.64
1,071,000.00
704,430.17
2.883.O1O.39

SCHEDULE No. 28.—Continued.

TREASURER'S GENERAL ACCOUNT OPERATIONS DURING 1922.

Transfers and
Miscellaneous Debits
Month

January
February
March
April
May
June
July
August
September.
October
,
November
December
Total 1922

Deposits

Total Debits
Amount

Number

Amount

Number

Amount

436
416
420
331
377
370
326
380
349
388
369
397

$ 24,197 622.16
27,237,305.06
41,163,796.21
15,530,879.27
16,946 735.37
37,367,130.88
12,493,797.93
22,304,669.04
30,300,342.09
40,870,197.07
17,919,464.70
42,266,212.20

297 640 $ 41,094,451.37
64,314,341.47
210,153
68,608,839.36
267,192
32,615,320.93
290,294
31,043,964.70
374,494
67,282,867.81
340,766
30,334,690.18
211,343
44,132,990.68
168,904
60,164,180.92
261,396
62,647,645.64
329,360
33,173,765.39
275,878
73,440,389.61
373,630

1,862
1,677
2,216
1.9OO
2,069
2,114
1,841
1,870
1,750
1,975
1,704
1,966

$ 32,354,666.79
57,849,669.94
69,886,532.34
28,941,697.36
29,666,200.41
67,767,321.64
30,086,631.98
46,217,716.93
46,899,272.34
64,461,931.96
31,871,969.63
72,596,321.66

4,659

$327,598,041.98

3,400,849 $688,843,447.86

22,934

$678,478,821.78

__.




Number

Balances

$2,473,208.73
6,008,637.20
7,286,230.19
3,612,606.62
2,133,842.33
2,608,296.06
2,360,237.86
4,444,964.21
1,190,065.63
2,994,341.96
1,692,646.19
848,478.24

SCHEDULE NO. 29.

MEMBER BANKS' ACCOUNTS OPERATIONS DURING 1922.

Wire Transfers "Debits"

Oheoks and other Debits

Total Debits

Month
Number
January
February
M arch
April
May
June
July
August
September
Ootober
November
Deoomber

•

Total




Amount

Number

Amount

Number

Amount

1,146
1,001
1,814
1.O67
1,279
1,286
1,068
1,308
1,610
1,846
1,746
1,799
16,247

$ 37,030,627.79
33,063,697.46
43,713,619.38
34,466,781.98
46,137,868.73
46,960,831.49
39,861,363.70
43,941,039.02
62,776,677.31
64,460,783.72
69,132,832.76
69,276,938.26
$660,771,036.62

38,241
32,003
39,666
32,986
34,660
33,006
29,622
35,098
35,773
40,662
37,146
36,467

$ 409,674,203.74
364,996,960.42
396,678,780.42
368,121,416.32
365,541,674.74
347,614,224.33
384,130,973.43
337,413,238.90
402,333,086.46
470,770,389.62
443,209,461.26
480,203,283.69

39,386
88,004
40,869
34,042
36,839
34,291
30,680
36,406
37,283
42,398
88,890
38,266

$ 446,704,731.63
388,060,547.87
440,292,299.80
392,678,197.24
411,679,627.47
394,564,465.82
363,982,327.13
381,364,277.92
465,108,663.76
536,221,173.34
602,342,294.01
539,480,221.96

426,107

$4,690,687,682.32

441,364

$6,261,358,717.84

SCHEDULE No. 29.—Continued.

C5
GO

MEMBER BANKS' ACCOUNTS OPERATIONS DURING 1922.

Wire Transfers "Credits"

Total Credits

Other Credits

Balances

Month
Number

Amount

Number

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

1,618
1,337
1,798
1,634
1,648
1,586
1,379
1,636
1,663
2,011
2,185
1,883

$ 64,086,129.33
64,545,597.98
74,645,796.62
67,918,394.19
76,590,019.31
84,644,395.06
65,206,621.41
82,208,450.79
83,983,185.66
99,145,728.78
93,684,195.66
92,726,914.09

40,641
35,593
43,615
37,546
41,039
39,698
38,321
41,545
41,419
43,944
39,796
43,064

Total

30,358

$949,385,328.86

486,220




Amount

385,075,018.72
323,374,234.36
363,896,998.26
328,099,771.28
335,632,265.93
309,339,177.44
301,872,623.75
298,476,048.64
370,379,337.1'.
440,663,972.91
409,694,565.27
446,944,250.19

Amount

Number

42,259
36,930
45,413
39,179
42,687
41,284
39,700
43,171
43,072
45,965
41,981
44,947

$4,311,447,243.90 606,578

$

449,161,148.05
387,919,832.34
438,542,794.88
394,018,165.46
412,222,275.24
393,983,672.49
367,079,146.16
380,683,499.43
464,362,522.83
539,809,701.69
503,378,750.92
539,671,164.28

$5,260,832,572.76

$45,374,507.52
46,243,791.99
43,494,287.07
44,934,255.28
46,477,003.06
44,896,119.72
47,992,937.76
47,322,159.26
46,576,018.33
61,164,646.68
52,201,003.69
52,391,945.92

FEDERAL RESERVE BANK OF ATLANTA
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

F. R.h OTE C IRCUL;VTION
250

2Q0

150

100

50
0
100

ill |§|,
.,

•

wk

y//yy/A/

^

f

r

l

;

/

^

••',

jj •

;

PURCHASED BILLS

100

u MITED

300

STATE!> SECl)RITIE 5

DISCOUNTS FOR OWN

MEMBERS

250

200

1920




1921

1922