The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FOURTEENTH ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA I928 FOURTEENTH ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA 1928 ATLANTA, GEORGIA DIRECTORS AND OFFICERS FOR 1929 FEDERAL RESERVE BANK OF ATLANTA DIRECTORS OSCAR NEWTON, Chairman, E. C. MELVIN, Selma, Ala. Atlanta, Ga. G- G- W. H. KETTIG, Deputy Chairman, Birmingham, Ala. V A R E ) Leesburg, Fla. LEON C- T b SIMON, New Orleans, La. . ,, „ ^ „ J. A. MCCRARY, Decatur, Ga. ~ T T VT , . t t GEO. S. HARRIS, Atlanta, Ga. LUKE LEA, Nashville, Tenn. H. LANE YOUNG, Atlanta, Ga. Member of Federal Advisory Council: J. P. BUTLER, New Orleans, La. OFFICERS E. R. BLACK, Governor OSCAR NEWTON, Chairman of the Board HUGH FOSTER, Deputy Governor CREED TAYLOR, Deputy Governor ir m T > WARD /-> i • and federal Reserve Agent ALBERTSON, Assistant Federal Reserve Agent and Secretary of M. W. BELL, Cashier ., R. A. SIMS, Assistant Cashier H. F. CONNIFF, Assistant Cashier V. K. BOWMAN, Assistant Cashier C. R. CAMP, Assistant Cashier P. L. T. BEAVERS, Assistant Cashier S. P. SCHUESSLER, Assistant Cashier „ ,* , „ . . y the Board oj Directors ,v, „ T ^ , . ,., w. S. JOHNS, General Auditor , . . ... T^V7T^r J. w. HONOUR, Assistant Auditor ' RANDOLPH AND PARKER, General Counsel NEW ORLEANS BRANCH DIRECTORS LEON C. SIMON, Chairman, New Orleans, La. OFFICERS MARCUS WALKER, Managing Director j . A . WALKER, Assistant Manager MARCUS WALKER, New Orleans, La. VF. R. S. HECHT, New Orleans, La. P. H. SAUNDERS, New Orleans, La. p. Q. VASTERLING, Assistant Cashier w . E. MILLER, Assistant Auditor J. E. BOUDEN, JR., New Orleans, La. F. W. FOOTE, Hattiesburg, Miss. A. P. BUSH, Mobile, Ala. H . BLACK, Cashier BIRMINGHAM BRANCH DIRECTORS OFFICERS ALEX E. WALKER, Managing Director H. J. URQUHART, Cashier W. H. KETTIG, Chairman, Birmingham, Ala. ALEX E. WALKER, Birmingham, Ala. T. N. KNOWLTON, Assistant Cashier OSCAR WELLS, Birmingham, Ala. W. E. HENLEY, Birmingham, Ala. W. W. CRAWFORD, Birmingham, Ala. J. H. FRYE, Birmingham, Ala. E. F. ALLISON, Bellamy, Ala. JACKSONVILLE BRANCH OFFICERS DIRECTORS FULTON SAUSSY, Chairman, W. S. MCLARIN, JR., Managing Director Jacksonville, Fla. GEO. S. VARDEMAN, JR., Cashier W. S. MCLARIN, JR., Jacksonville, Fla. MARY E. MAHON, Assistant Cashier JNO. C. COOPER, Jacksonville, Fla. EDW. W. LANE, Jacksonville, Fla. ARTHUR F. PERRY, Jacksonville, Fla. G. G. WARE, Leesburg, Fla. S. O. CHASE, Sanford, Fla. NASHVILLE BRANCH OFFICERS DIRECTORS LUKE LEA, Chairman, Nashville, Tenn. JOEL B. FORT, JR., Managing Director JOEL B. FORT, JR., Nashville, Tenn. E. R. HARRISON, Cashier E. A. LINDSEY, Nashville, Tenn. J. E. CALDWELL, Nashville, Tenn. L. W. STARR, Assistant Cashier PAUL M. DAVIS, Nashville, Tenn. WM. P. RIDLEY, Columbia, Tenn. J. B. RAMSEY, Knoxville, Tenn. SAVANNAH AGENCY J. H. BOWDEN, Manager JAS. A. GOETHE, Assistant Manager HAVANA AGENCY L. L. MAGRUDER, Manager H. C. FRAZER, Assistant Manager LETTER OF TRANSMITTAL Atlanta, Ga., February 8, 1929. Sirs: I have the honor to submit herewith the Fourteenth Annual Report of the Federal Reserve Bank of Atlanta, covering the year 1928. Respectfully, OSCAR N E W T O N , Chairman of the Board and Federal Reserve Agent Federal Reserve Board, Washington, D. C. GENERAL BUSINESS CONDITIONS Activity in nearly all lines of industry and trade in the Sixth Federal Reserve District averaged somewhat lower in 1928 than in 1927. Production of bituminous coal in Alabama was 8.6 per cent less than in 1927, but the output in Tennessee showed an increase of 7.3 per cent. The output of pig iron for 1928 in Alabama decreased 8.5 per cent compared with the previous year, and the average number of furnaces active was smaller than for 1927. Permits issued for the construction of buildings within the corporate limits of twenty reporting cities averaged 6.0 per cent less in value in 1928 than in 1927, and contracts awarded in the sixth district as a whole during 1928 show a decrease of 13.4 per cent compared with the total for 1927. Sales of merchandise by 120 wholesale firms in eight different lines of trade averaged 4.9 per cent smaller in 1928 than in 1927. Retail trade of 45 reporting department stores in the larger cities of the district increased 0.6 per cent over 1927. Commercial failures were slightly less numerous in 1928 than in 1927, but liabilities of failing firms increased 12.6 per cent. The value of agricultural crops, not including livestock, produced in the six states comprising the sixth district during 1928, based upon prices prevailing on December 1, was estimated by the United States Department of Agriculture at $1,059,156,000, a decrease of 2.9 per cent compared with the total of $1,091,206,000 for the year 1927. The estimates show increases in Florida, Louisiana and Tennessee, and decreases in Alabama, Georgia and Mississippi. Savings deposits of 83 reporting banks at the end of 1928 were nearly one per cent smaller than a year ago. Time deposits of all member banks in the district in December, 1928, were one-half of one per cent smaller than a year ago, and demand deposits in December show a decrease of 4.6 per cent. Debits to individual accounts at 26 reporting cities of the district averaged 1.8 per cent smaller in 1928 than in 1927. (000 omitted) 1928 Value of Crops (1) Building Permits, 20 cities Contracts awarded—district Failures: Number (2) Liabilities Retail Trade—Sales of 45 Department Stores Wholesale Trade—Sales of 120 Firms Debits to Individual Accounts (3) Deposits All Member Banks (4): Demand Time Bituminous Coal Production—Tons: Alabama Tennessee Pig Iron Production—Alabama—Tons Active furnaces—Alabama (5) (1) (2) (3) (4) (5) $ 1,059,156 $ 108,075 $ 329,833 1,547 32,898 74,740 125,652 $15,152,479 $ $ $ $ $ 593,643 463,047 16,588 5,640 2,540 17 1927 $ 1,091,206 $ 114,914 $ 380,773 1,574 29,222 $ 74,272 $ $ 132,086 $15,422,373 $ $ 622,434 465,326 18,157 5,256 2,777 19 VA. 1926 960,322 176,296 518,219 1,028 23,413 $ 73,265 $ $ 153,612 $15,137,583 $ $ $ $ $ 631,243 437,329 21,001 5,789 2,944 23 Total for six states: Alabama, Florida, Georgia, Louisiana, Mississippi and Tennessee. Actual number—000 not omitted. Debits for 1928 and 1927 are for 26 cities—1926 for 24 cities. December of each year. Monthly average of furnaces active. RESULTS OF OPERATION Comparative Balance Sheets—The total resources and liabilities of the Federal Reserve Bank of Atlanta at the close of business on the last day of the year 1928 were smaller than at the close of any year since 1923. Total resources and liabilities on December 31, 1928, amounted to $238,882,000, a decrease of $19,780,000 compared with the preceding year. Cash reserves at the end of 1928 totaled $127,709,000, and were smaller by $51,566,000 than a year ago. Bills discounted for member banks at the close of the year totaled $41,020,000, compared with $28,202,000 at the end of 1927. Holdings of bills bought in the open market on December 31, 1928, totaled $32,002,000, compared with $2,238,000 a year earlier, and holdings of United States Government securities amounted to $7,255,000, compared with $13,585,000 held at the close of 1927. Total bills and securities at the end of the year 1928 amounted to $80,277,000, compared with total holdings amounting to $44,286,000 on December 31, 1927. Federal Reserve notes in actual circulation at the close of the year's business totaled $134,966,000, compared with $144,097,000 a year ago. Total deposits on December 31, 1928, amounted to $65,742,000 compared with $75,13 5,000 on the same date of 1927. On page 12 are shown comparative balance sheets for the past four years. Earnings and Expenses—On page 13 of this report will be found a table setting forth in detail the various items of income and expenditures, followed by profit and loss statements, of the Federal Reserve Bank of Atlanta for the past four years. Total earnings during the year 1928 were larger than for any year since 1921, and exceeded those for 1927 by 73 per cent. Earnings on discounted bills for 1928 were slightly more than double the earnings for the preceding year. Income from bills purchased in the open market totaled $687,533 in 1928 compared with $332,593 in 1927. Earnings on United States securities, and from other sources, however, were somewhat smaller than in 1927. Total current expenses of the Federal Reserve Bank of Atlanta during the year 1928 were smaller by $11,022 than during 1927. There was a decrease of $41,497 in the cost of Federal Reserve currency, including shipping charges, and cost of redemption, and the total of other current expenses in 1928 increased $30,475 over the preceding year. This increase is made up of a number of small increases shown for the various items in the statement of expenses. Current net earnings for the year 1928 amounted to $2,325,022, compared with $803,683, in 1927. After deductions for depreciation on bank premises, and furniture and equipment, reserves for probable losses, and other deductions, the net earnings available for dividends, surplus and franchise tax amounted to $1,693,985, compared with a total of $669,904 for 1927. Dividends amounting to $312,259 were paid to member banks, $5 58,425 was transferred to surplus account, and a franchise tax to the United States Government amounting to $823,301 was paid. MOVEMENT OF PRINCIPAL ASSET AND LIABILITY ITEMS Total Bills and Securities—Total bills and securities held by the bank on January 4, the first weekly report date of the year, amounted to $47,224,000, and during the first three months of the year fluctuated within a range of about nine million dollars. The low point for any report date of the year was reached at $40,870,000 on March 21, and from that date this total increased each week except one to $89,119,000 on June 13, and after declining the two following weeks, continued the increase almost without interruption until the highest point for any report date of the year, $107,692,000, was reached on October 3. The total for the last report date of 1928, December 26, was $95,812,000, a little more than double the figure for the first report date of the year. Bills Discounted for Member Banks—The total of bills discounted for member banks on the first report date of 1928 totaled $30,992,000, and after fluctuating within a narrow range during the first quarter, increased to the peak for any report date of the year, $86,038,000, on September 19. On the last report date of 1928 total discounts amounted to $59,882,000. Bills Bought in the Open Market—Holdings of bills bought in the open market on January 4 totaled $2,393,000, the lowest amount for any report date of the year. From this point the total holdings of purchased bills increased to $22,519,000 on May 16, declined to $11,386,000 on September 12, and increased to the highest level for any report date in 1928, $30,645,000, on December 26, the last report date of the year. United States Securities—Holdings of United States securities, which on the first report date of 1928 totaled $13,579,000, declined during the first five months of the year to a little more than five million dollars. Holdings of these government securities fluctuated within a narrow range during most of the remainder of the year but increased to $7,321,000 on October 3. On the last report date of the year holdings of government securities totaled $5,285,000. Total Cash Reserves—Cash reserves on the first report date of the year totaled $173,059,000. After small fluctuations during the first two and a half months of the year, the highest point for any report of the year, $176,004,000, was reached on March 21, after which time, as discounts increased, reserves declined to the low point for the year, $93,178,000, on September 26. On the last report date of the year total reserves amounted to $119,376,000, and at the close of the year the total was $127,700,000. Member Bank Reserve Deposits—The total of member bank reserve deposits on the first report date of 1928 was $73,798,000. The highest point for any report date of the year was $74,089,000, on February 1. The lowest point was $61,973,000, on September 5, and on the last report date of the year member banks reserve deposits totaled $67,851,000. Federal Reserve Notes in Actual Circulation—Outstanding Federal Reserve Currency in this district was greater during the first half of 1928 than during the last half of the year. Federal Reserve Notes in actual circulation on the first report date of the year totaled $142,796,000. The highest amount outstanding on any report date of 1928 was $144,680,000, on April 4, after which there was a decline to $125,214,000 on September 26. On the last report date of the year, December 26, Federal Reserve Notes in actual circulation totaled $139,247,000. Reserve Position—The ratio of total cash reserves to combined deposit and Federal Reserve note liability was 79.3 atl the beginning of the year, reached the highest point for any report date of the year at 83.5 on March 21, and declined to the lowest point for any report date at 48.0 on October 3. On the last report date of 1928 the reserve ratio was 57.5, and at the end of the year it was 63.6. VOLUME OF DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES The total volume of discount and open market operations of the Federal Reserve Bank of Atlanta during the year 1928 was $1,507, 545,000, an increase of 88.5 per cent over the total of $799,749,000 for 1927. In this total are included bills discounted for member banks and for Federal Intermediate Credit Banks, bills and securities bought in the open market and from other Federal Reserve Banks, and other discount and open market transactions. Bills discounted in 1928 amounted to $1,326,634,000, compared with $667,521,000 in 1927. Bills bought in the open market in 1928 totaled $96,854,000 compared with $63,315,000 in 1927, and United States securities bought in the open market amounted to $60,687,000, compared with $62,644,000 in 1927. The monthly average number of member banks accommodated by the discount of paper in 1928 was 190. VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS During the year 1928, 10,259 applications for the rediscount of 60,473 items amounting to $1,326,634,000 were handled, compared with 7,110 applications for the rediscount of 47,155 items amounting to $667,521,000 in 1927. These figures show increases of 44.3 per cent in the number of applications, 28.2 per cent in the number of items, and 98.7 per cent in amount, compared with 1927. Bills purchased in the open market during 1928 numbered 9,268, and amounted to $96,854,000, an increase of 59 per cent in number and of 53 per cent in amount over the 5,828 items amounting to $63,315,000 handled in 1927. During the year 122,279,626 pieces of currency amounting to $536,362,000 were received and counted, a small increase in number, but a slight decline in amount, compared with 1927. Coin received and counted during 1928 numbered 60,994,041, and amounted to $8,249,000, slightly smaller in both number and amount than in 1927. Checks handled during 1928 numbered 31,3 84,000 and amounted to $11,975,832,000, showing decreases of 1.6 per cent in number and 3.1 per cent in amount compared with 1927. The number of government security coupons and other collection items handled in 1928 was 817,847, amounting to $169,287,000, a decrease of 17.0 per cent in number and of 2.5 per cent in amount, compared with those handled in 1927. Transactions in United States securities by the Fiscal Agency Department during 1928 numbered 169,416, and totaled $236,759,000 in amount, showing increases of 22.8 per cent in number and of 36.8 per cent in amount, compared with figures for 1927. Transfers of funds during 1928 numbered 8 5,470, amounting to $2,296725,000, and were greater than those handled in 1927 by 12.5 per cent in number and 0.7 per cent in amount. OPERATION OF THE FEDERAL RESERVE CLEARING SYSTEM Transit Operations—During the year 1928 the Federal Reserve Bank of Atlanta handled 29,479,000 items (exclusive of duplications on account of items handled by both the parent bank and one or more of its branches) amounting to $11,701,251,000. This represents a decrease of 480,000, or 1.6 per cent, in the number of items handled, and a decrease of $3 56,253,000, or 3.0 per cent, in the amount, compared with the preceding year. Clearings and Transfers through the Gold Settlement Fund—Total payments through the Gold Settlement Fund to other Federal Reserve Banks for clearings and transfers of funds in 1928 amounted to $4,270,759,000, smaller by $147,545,000 than during 1927. Receipts from other Federal Reserve Banks through the Gold Settlement Fund for clearings and transfers totaled $4,23 5,937,000, a decrease of $172,451,000 compared with receipts during 1927. There was a net loss in gold for the year 1928 amounting to $34,822,000, as compared with a net gain during 1927 of $4,433,000. The net gain to the Federal Reserve Bank of Atlanta in ownership of gold since the establishment in 1915 of the Gold Settlement Fund amounted at the close of the year 1928 to $188,234,000. MOVEMENT OF MEMBERSHIP At the beginning of the year 1928, there were 380 national banks and 84 state bank members of the Federal Reserve System in the sixth district, a total of 464 members. During the year, due to new banks organized, conversions, mergers, suspensions and other changes, there was a net loss of three in the number of national banks, and a net loss of eight in the number of state bank members, and at the end of 1928 there were 453 active members of the System in the sixth district. The table following indicates the number of members in each class active at the beginning of the year and at the end of the year, and the changes during the year. National Active member banks on January 1, 1928 New national banks organized Admission of state bank Conversion of non-member state bank to national bank Former state bank member re-opened Merger of state bank members Absorption of member bank by non-member Suspensions and insolvency Absorption of national bank by another national bank Voluntary liquidation Voluntary withdrawal of state bank member Active member banks on December 31, 1928 State 380 -f- 6 1 -}— 1 1 — 3 — — 1 5 76 -j~ 1 1 4 4 1 377 464 84 -\- — — — — Total - 6 1 1 1 1 1 7 4 2 J 453 BANK ORGANIZATION AND PERSONNEL Mr. W. H. Kettig, whose term as a Class C director expired December 31, 1928, was reappointed by the Federal Reserve Board for the three-year term ending December 31, 1931. Mr. E. C. Melvin, whose term expired December 31, 1928, was re-elected a Class A director for the three-year term ending December 31, 1931. Colonel Luke Lea, a Class B director, whose term expired December 31, 1928, was re-elected for the three-year term ending December 31, 1931. Mr. J. P. Butler, of New Orleans, Louisiana, was elected member of the Federal Advisory Council from the Sixth Federal Reserve District for the year 1929. Mr. R. S. Hecht, President of the Hibernia Bank and Trust Company of New Orleans, was elected a member of the Board of Directors of the New Orleans Branch for a three-year term beginning January 1, 1929. Mr. C. P. Kendall, a director of the Jacksonville Branch, resigned, and Mr. Arthur F. Perry, President of the Florida National Bank, of Jacksonville, was elected a director of the Jacksonville Branch for the unexpired portion of the term ending December 31, 1930. At the January, 1928, meeting of the Board of Directors, Mr. E. R. Black, who had served as a Class A director for the three-year term ending December 31, 1927, was elected Governer, succeeding Mr. M. B. Wellborn, resigned. Mr. C. R. Camp was elected an Assistant Cashier. The number of officers and employees of the Federal Reserve Bank of Atlanta, including its branches and agencies, on January 1, 1928, was 420, and on December 31, 1928, was 432. MONEY RATES The discount rate of the Federal Reserve Bank of Atlanta was increased on all classes of paper from 3*^ to 4 per cent on February 11, 1928, from 4 to Al/2 per cent on May 26, 1928, and from 4l/2 to 5 per cent on July 14, 1928. 10 During the early months of the year interest rates charged by member banks in Atlanta on prime commercial loans eligible for rediscount with the Federal Reserve Bank, ranged from Al/2 to 6 per cent, and at branch Federal Reserve Bank cities in this district from 5 to 6 per cent. During the last five months of the year rates at Atlanta and New Orleans ranged from 5l/2 to 6 per cent. MOVEMENT OF PRINCIPAL ASSET AND LIABILITY ITEMS OF WEEKLY REPORTING MEMBER BANKS IN SELECTED CITIES Thirty-one member banks located in Atlanta, New Orleans, Birmingham, Jacksonville, Nashville, Chattanooga, Knoxville and Savannah reported each week their principal asset and liability items to the Federal Reserve Bank. The total volume of loans and investments of these banks on the first report date of 1928 was $627,224,000. The lowest point reached during the year was $605,171,000 on March 7, after which there was an increase, with fluctuations, to the high point of $65 5,070,000 on December 19. On the last report date of 1928 total loans and investments amounted to $649,3 87,000. Loans to customers reported by these banks at the beginning of the year amounted to $497,000,000 and the lowest total reported for the year was $486,000,000 on March 7. The highest point reached during the year was $518,000,000 on December 5, and on the last report date these loans totaled $512,000,000. Investments of these banks in United States government securities and in other bonds, stocks and securities totaled $130,184,000 on the first report date of 1928 and declined to the lowest point for the year, $118,191,000 on February 29. The largest total of investments reported for the year was $146,813,000 on September 19, and at the close of the year these investment holdings totaled $137,227,000. Demand deposits held by these banks on the first report date of the year totaled $3 54,198,000, declined to $320,171,000 on June 20, and after increasing in following weeks declined further to the lowest level reported for the year at $303,882,000 on September 19. On the last report date of 1928 demand deposits of these banks totaled $3 31,758,000. Time deposits at the beginning of the year totaled $243,381,000; the highest total reported during the year was $245,837,000 on June 20, the lowest $234,100,000 on October 17, and on the last report date of the year time deposits totaled $236,308,000. Borrowings by these weekly reporting member banks from the Federal Reserve Bank of Atlanta on the first report date of the year amounted to $21,286,000, and declined to $10,594,000 on March 21, the lowest point for the year. The highest level reached on any report date during 1928 was $57,381,000 on September 19, and at the end of the year these borrowings amounted to $35,848,000. ll CONDITION OF FEDERAL RESERVE BANK OF ATLANTA (IN THOUSANDS OF DOLLARS) RESOURCES Dec. 31, 1928 Gold with Federal Reserve Agent $ Gold redemption fund with United States Treasury Gold held exclusively against F. R. Notes___.$ Gold settlement fund with F. R. Board Gold and gold certificates held by bank Total gold reserve $ Reserves other than gold Total reserves $ Non-reserve cash Bills Discounted: Secured by U. S. Government obligations $ Other bills discounted Total bills discounted $ Bills bought in open market U. S. Government securities: Bonds $ Treasury notes Certificates of indebtedness Total U. S. Government securities $ Other securities Foreign loans on gold Total bills and securities $ Uncollected items $ Bank premises All other resources Total resources $ Dec. 31, 1927 Dec. 31, 1926 96,377 $ 145,772 $ 140,13 5 3,974 100,3 51 12,856 5,139 118,346 9,363 127,709 4,178 1,688 $ 147,460 11,791 8,078 $ 167,329 11,946 $ 179,275 4,371 3,104 $ 143,239 21,707 4,311 $ 169,257 9,370 $ 178,627 4,476 $ 116,394 7,031 $ 123,425 3,718 1,113 35,563 36,676 23,172 3,707 23,721 27,428 76,732 $ 3 52 1,538 $ 1,890 2,986 9,773 7,005 19,764 9,467 31,553 41,020 32,002 $ 1,564 4,311 1,380 7,255 $ $ $ 8,053 20,149 28,202 2,238 5,971 893 6,721 13,585 260 $ Dec. 31, 1925 $ 87,364 5,302 92,666 20,240 3,488 $ 80,277 22,454 2,744 1,520 238,882 44,286 26,545 2,823 1,361 $ 258,662 320 61,73 8 $ 124,244 40,982 $ 30,385 2,864 2,715 1,021 1,444 $ 279,111 $ 296,528 $ 134,966 $ 144,097 $ 165,827 $ 168,966 63,385 1,944 273 140 .$ 65,742 .$ 21,361 5,231 10,554 1,028 $ 238,882 73,243 1,532 190 170 $ 75,135 $ 23,981 5,175 9,996 278 $ 258,662 66,742 2,613 1,126 932 $ 71,413 $ 26,847 5,020 9,632 372 $ 279,111 78,276 846 339 136 $ 79,597 $ 34,232 4,656 8,700 377 $ 296,528 63.6 81.8 75.3 49.7 $ $ LIABILITIES F. R. Notes in actual circulation Deposits: Member bank-reserve account Government Foreign banks Other deposits Total deposits Deferred availability items Capital paid in Surplus All other liabilities Total liabilities Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) Contingent liability on bills purchased for foreign correspondents $ 12 13,567 $ 9,380 $ 2,258 $ 2.884 EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANK OF ATLANTA EARNINGS 1928 1927 1926 1925 $2,529,951 687,533 245,502 32,996 82,174 $3,578,156 $1,254,629 332,593 290,218 25,900 164,499 $2,067,839 $1,705,117 1,024,830 228,280 41,636 46,004 $3,045,867 $ 912,491 726,707 370,529 32,481 30,170 $2,072,378 $ 207,184 405,562 36,511 37,656 398 67 1,089 22,651 19,368 201,992 408,533 35,217 39,408 282 136 945 23,243 17,582 191,016 418,096 31,426 38,253 255 129 892 24,602 32,994 172,092 385,367 30,073 35,769 358 272 28,590 11,323 32,177 9,144 28,686 9,728 28,954 9,405 24,374 21,474 20,826 18,525 35,600 61,045 15,182 18,891 6,120 21,659 30,321 6,243 64,419 99,074 36,918 35,620 33,167 57,429 13,949 7,013 5,626 20,482 29,3 54 6,159 63,63 5 99,78 5 31,692 i6,966 47,398 54,987 13,600 4,234 9,485 23,556 31,565 6,123 70,499 104,296 33,437 32,767 33,204 58,082 12,986 4,714 9,475 17,137 29,905 5,160 68,859 104,093 26,534 25,495 Total exclusive of cost of currency $1,225,865 $1,195,390 Federal reserve currency, including shipping charges: Original cost 19,914 59,861 8,905 Cost of redemption 7,3 5 5 Total current expenses $1,253,134 $1,264,156 $1,228,850 $1,119,173 148,763 11,555 102,863 3,697 $1,389,168 $1,225,733 Discounted bills Purchased bills United States securities Deficient Reserve penalties Miscellaneous Total earnings CURRENT EXPENSES Salaries: Bank Officers Clerical Staff Special Officers All Other Governor's Conferences Federal Reserve Agents' Conferences Federal Advisory Council Directors' Meetings Traveling Expenses (1) Assessments for Federal Reserve Board expenses Legal fees __ Insurance (other than on currency and security shipments) Insurance on currency and security shipments Taxes on banking house— Light, heat and power Repairs and alterations, banking house Rent Office and other supplies Printing and stationery Telephone Telegraph Postage Expressage Miscellaneous 666 23,200 18,848 PROFIT AND LOSS ACCOUNT Earnings Current expenses . Current net earnings $3,578,156 - 1,253,134 $2,325,022 $2,067,839 1,264,156 $ 803,683 $3,045,867 1,389,168 $1,656,699 $2,072,378 1,225,733 $ 846,645 Additions to current net earnings _$ $ $ $ 13 5,462 956 12,794 6,803 Deductions from current net earnings: Bank premises—depreciation Furniture and equipment Reserve for probable losses All Other Total deductions $ 85,673 49,980 403,018 97,829 $ 85,008 48,460 $ 636,500 $ $ 1,267 $ 151,341 24,313 261,663 3,849 75,836 18,468 724,359 8,594 134,735 $ 441,166 $ 827,257 $ Net earnings available for dividends, surplus and franchise tax. $1,693,985 $ 669,904 $1,228,327 Dividends paid Transferred to surplus account Franchise tax paid U. S. Government $ 312,259 5 58,42 5 823,301 $ 305,817 364,087 $ 296,573 $ 276,488 931,754 (2)250,297 $ 5,289 2,321 $ 5,220 2,886 $ 5,209 897 $ 10,687 1,602 $ 7,610 $ 8,106 $ 6,106 $ 12,289 REIMBURSABLE FISCAL AGENCY EXPENSES Salaries All Other Total 26,191 (1) Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. (2) Deficit in earnings after payment of dividends, charged to surplus account. 14 VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS FEDERAL RESERVE BANK OF ATLANTA Number of Pieces Handled 1927 1928 1926 1925 Bills discounted: Applications Notes discounted Bills purchased in open market for own accountCurrency received and counted Coin received and countedChecks handled Collection items handled: U. S. Gov't coupons paidAll Other U. S. securities—issues, redemptions and exchanges by Fiscal Agency department Transfers of funds 10,259 60,473 7,110 47,15 5 9,111 59,674 7,325 43,025 9,268 5,828 8,030 13,602 122,279,626 60,994,041 31,3 84,000 121,378,000 61,760,000 31,904,000 130,465,000 63,931,000 31,575,000 116,202,000 75,915,000 29,092,000 663,108 154,739 827,000 158,000 903,000 156,000 997,000 142,000 169,416 8 5,470 138,000 76,000 103,000 74,000 243,000 67,000 Amounts Handled Bills discounted $ 1,326,634,000 $ 667,521,000 $ 810,592,000 $ 527,946,000 Bills purchased in open market for own account96,8 54,000 63,315,000 99,201,000 172,856,000 Currency received and counted 536,362,000 538,462,000 652,774,000 529,979,000 Coin received and counted8,249,000 8,250,000 9,105,000 8,659,000 Checks handled 11,975,832,000 12,360,424,000 13,673,722,000 12,436,129,000 Collection items handled: 6,737,000 8,020,000 8,680,000 U. S. Gov't coupons paid 6,074,000 All Other 163,213,000 166,884,000 186,561,000 184,290,000 U. S. securities—issues, redemptions and exchanges by Fiscal Agency department 236,759,000 61,563,000 173,076,000 69,689,000 Transfers of funds 2,296,72 5,000 2,249,153,000 2,281,756,000 2,134,535,000 15
