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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