Full text of Annual Report of the Federal Reserve Bank of Atlanta : Fourth Annual Report of the Federal Reserve Bank of Atlanta for the Year Ended December 31, 1918

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FOURTH ANNUAL Ri PORT
OF m u

KEDERAL RESERVE BANK
OF ATLANTA
FOR THE YEAR ENDED DECEMBER M, IMIS




WASULVOtOX
GOVERNMENT t*IUM!N<. O f PICE

1910

FOURTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF ATLANTA
FOR THE YEAR ENDED DECEMBER 31,1918

WASHINGTON

Bi




GOVERNMENT PRINTING OFFICE
1919

L E T T E R O F T R A N S M IT T A L .

F ederal R eserve B a n k ,

Atlanta, Ga., January 15, 1919
I have the honor to submit herewith the fourth annual report
of the Federal Reserve Bank of Atlanta, covering the year 1918.
Respectfully,
S ir :

M. B. W

ellborn,

Chairman and Federal Reserve Agent.
Hon. W. P. G. H a r d i n g ,
Governor, Federal Reserve Board,
Washington, Z). C,
2




TABLE OF CO N TEN TS.
Page.
Introduction.......................................................................................... ... ..................
5
Financial results of operation....................................................................................
5
Comparative balance sheets for December 31, 1917-18..........................................
5-6
Profit and loss..............................................................................................................
6
Genferal business and banking conditions................................................................
6-7
Money market..............................................................................................................
7
Discount operations....................................................................................................
7-8
Commercial paper................................................................................................
7
Liberty loan..........................................................................................................
7-8
Trade acceptances......................................................................................................
8
Acceptances.................................................................................................................
8-9
Growth of open market for acceptances............................................................
8
Policy regarding acceptance purchases.............................................................
8-9
9
Reserve position.............................................*...........................................................
Movement of members—national and State banks................................................. 10-11
Relations with national bank members.................................................................... 11-12
Discount operations............................................................................ ...............
11
Fiduciary powers.................................................................................................
12
Relations with State banks and trust companies.................................................... 12-13
Discount operations.............................................................................................
12
Reserves................................................................................................................
12
Examinations........................................................................................................
13
Fiscal agtency operations................................................................................. ..........
13
Dieposit of Treasury funds with banks and their withdrawal................................
14
The flotation of Liberty loans.................................................................................... 14-15
Work in connection with the sale of war savings stamps.......................................
15
War Finance Corporation...........................................................................................
15
Capital Issues Committee........................................................................................... 15-16
Note issues.................................................................................................................... 16-17
Federal Reserve notes..........................................................................................
16
Federal Reserve bank notes............................................................................... 16-17
Position of commercial banks as a result of war financing.....................................
17
Increase of their obligations................................................................................
17
Effect on commercial paper in the district.......................................................
17
Relation to and effect on general business........................................................
17
Policy to be pursued in restoring liquidity of banks..............................................
18
Operation of Federal Reserve Bank branches.........................................................
18 *
Internal organization............................................................. *...................................
19
Clearings.......................................................................................................................
19
Collections.....................................................................................................................
20
Gold settlement fund...........; ......................................................................................
20
Banking quarters—new building...............................................................................20-21




3

TABLE OF CONTENTS.

4

EXHIBITS.

Page*

A. Movement of earning assets during calendar year............................................ 21-22
B. Movement of cash reserves, net deposits, etc................................................... 23-24
SCHEDULES.

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.

Comparative statement of earnings and expenses — . . . *........................
25
Statement of condition of Federal Reserve Bank of Atlanta........................ 25-26
Earnings, expenses, and dividend payments......................... ............. . . . . . .
27
Third Liberty loan—certificates of indebtedness...........................................
27
27
Fourth Liberty loan—certificates of indebtedness..........................................
Tax series—certificates of indebtedness...................................................... . 28
Third Liberty loan subscriptions....................................................................... 28-29
Fourth Liberty loan subscriptions.....................................................................29-30
Confirmation and clasBification of subscriptions.............................................
31
Annual report of transit operations.......................................... ........................ 31-32




FOURTH ANNUAL REPORT OF THE FEDERAL
RESERVE BANK OF ATLANTA.
IN T R O D U C T IO N .

The year 1918 has been the most momentous in the financial his­
tory of this district. Sudden demands occasioned by war conditions
brought about rapid changes in financial and commercial activities.
The financing of Government requirements and the war-savings
campaigns brought the Federal Reserve Bank of Atlanta to the
front in such a way that even that portion of the general public not
actively engaged in business now fully realizes the worth of the
Federal Reserve system.
F IN A N C IA L

R E SU L T S

O F O P E R A T IO N .

Schedule 1 shows comparative statements of the earnings and ex­
penses for 1917 and 1918. The gross earnings in 1918 increased 323
per cent over the earnings for 1917, while the expenses of operation
increased 159 per cent. This includes the expenses of the Birming­
ham and Jacksonville branches since their establishment on August
1, 1918. The total expenses, which, in addition to the cost of opera*
tion, include the cost of Federal Reserve notes, furniture and equip­
ment, and depreciation of banking premises, increased 152 per cent,
while the net earnings for 1918 were 474 per cent greater than in 1917.
Dividends for 1918 were $182,472.68, as compared with $145,465.61
for 1917. The annual rate of net earnings on the paid-in capital
stock was 11.08 per cent and 54.07 per cent for 1917 and 1918, re­
spectively.
C O M P A R A T IV E

BALANCE

SHEETS

FOR D E C E M B E R

31, 1917-18.

Comparative statements of the condition of the Federal Reserve
Bank of Atlanta, as of December 31,1917-18, are shown in Schedule 2.
The total resources have increased from $121,661,062.53 to $207,270,170.97. The earning assets have increased from $25,697,104.43 to
$103,182,946.54, or an increase of 302 per cent.
Member banks' reserve depositsshowed an increase of approximately
$10,000,000 on December 31, 1918, as compared with December 31,
1917. The Federal Reserve note circulation has increased for the




5

6

ANNUAL REPORT OF FEDERAL RESERVE BAN K OF ATLANTA.

year approximately $57,000,000. At the close of December 31, 1918,
Federal Reserve bank note circulation amounted to $5,816,000.
PR O FIT A N D

L O SS.

The profit-and-loss statement (Schedule 3) shows that the net
profits, after deducting dividends of $182,472.68, amount to
$1,470,000, of which $735,000 has been credited to the surplus ac­
count and a like amount to reserve franchise tax.
GENERAL

B U S IN E S S

AND

B A N K IN G

C O N D IT IO N S .

Except for the construction of a number of large shipbuilding
plants, the year did not record any new industrial enterprises,
although there has been a vast enlargement of operations in old
industries, especially in the iron, steel, and coal fields. The
most marked activity has been in the Birmingham manufacturing
district and in the shipbuilding plants at New Orleans, Mobile, Jack­
sonville, Savannah, Brunswick, and practically every seaport town.
In plants at these places there appears to be no lessening of activity
since the signing of the armistice. War demands enlivened the
lumber market, and with the opening of the sea traffic this trade, as
well as that in naval stores, has taken on new life.
Owing to the great yields and high prices for nearly all crops the
producer finds himself in a strong financial condition. The cotton
yields were larger than in 1917, and during the early picking season
the prevalence of satisfactory prices enabled the disposal of such an
amount of the crop as sufficed to liquidate pressing obligations, the
producers, however, depending on their better financial condition and
improved food situation to enable them to carry their surplus crop for
better prices. The end of the year finds prices lower than in the
early season and the cotton holding movement largely in force.
Cotton buyers are experiencing some difficulty in purchasing the
staple at the prevailing prices, which are deemed to be too close to
the cost of production. The banks have shown a general willingness
to assist the farmer in carrying his cotton, though the producer has
not found it necessary to borrow in great volume.
Generally speaking, almost every line of business was handicapped
during the year by a shortage of labor. The wages paid and the
rules practiced with reference to compensation and overtime have
somewhat demoralized labor for normal conditions. With the
increasing progress in army demobilization there will be some relief,
but with little or no immigration expected for some years, labor con­
ditions are viewed as extremely uncertain.
Little or no engineering or construction work was carried on after
the entry of the United States into the war, even minor repairs and
additions being largely restricted to essentials.




AN N U A L REPORT OF FEDERAL RESERVE BAN K OF ATLANTA*

7

There has been great diversification of farming operations, and
practically all industrial plants show increased capacity and output
and are in better position to supply 4he foreign trade. Shipping has
begun to open up and there will be a gradual movement of raw mate­
rials, especially cotton, with larger demand and better prices.
Collections were reported unusually good during almost the entire
year, with monthly increases in bank clearings, railroad and postoffice receipts.
MONEY

M ARKET.

Interest rates for loans prevailing in financial centers in this district
have increased somewhat. Rates for several years past have ranged
from 5 to 6 per cent, but during the latter half of 1918 were advanced
to 6^ and 7 per cent. These rates have advanced notwithstanding
the increase in bank deposits.
D ISC O U N T O P E R A T IO N S .
( a ) REDISCOUNTS— COMMERCIAL PAPER.

Discount operations of this bank have been very active during
the past 12 months. This was due largely to the fact that as each of
the Liberty loans was placed on the market member banks accom­
modated their customers and in turn used the discount privileges of
the Federal Reserve Bank.
In November, 1917, there were 122 banks availing themselves of
the privilege of rediscounting with us. The volume of rediscounts
was then $12,343,823.69, whereas on November 23, 1918, 260 banks
were availing themselves of this privilege, and the total amount of
rediscounts on that date was $74,979,123.10, or a little over six
times as much as in November, 1917. This ratio has prevailed
throughout the year. At the same time the acceptances purchased
by us from our member banks in November, 1917, amounted to
$4,307,783.42, whereas on November 23, 1918, they were $13,170,936.35, or about three times as much as in 1917.
The discounting banks are distributed over the entire six States,
Tennessee and Mississippi possibly discounting smaller amounts pro­
portionately to the number of banks. There are 426 members in the
district, and of these 260 were using the discount privilege on
November 23.
( b ) REDISCOUNTS— LIBERTY LOAN.

As to the classification of the discount holdings of this bank,
out of $74,979,123.10 there were $36,844,736.92 secured by Liberty
loan bonds and United States Treasury certificates of indebtedness;
and, while all of this possibly could not be charged to Government
financing, yet it is believed that several member banks have used
their Government securities for the privilege of rediscounting largely




8

AN N U AL REPORT OF ^FEDERAL RESERVE BANK OF ATLANTA.

to take care of needs of their customers, using their Government
securities because of the preferential rate given to that class of
discounts, our rate to member banks presenting Government
bonds and certificates as qollateral to member bank notes being 4
per cent per annum, whereas our commercial rates ranged from 41
to 4J per cent.
TRADE

A C C E P T A N C E S.

Trade acceptances, we believe, are being used by business interests
in this district to a greater extent than rediscounts of this class of
paper with us show. We believe that quite a number of the firms
are using their own paper with the member banks for discount and
retaining the trade acceptances in their own portfolios, sending them
out for collection through the member banks. But the movement
has been started for the use of trade acceptances, and this is being
done to some extent in sections where oil mills are buying from the
farmers the products to be crushed into the oil products. We have
quite a number in items, but a small amount in dollars and cents.
Wehave under discount trade acceptances amounting to $2,745,900.44.
/
ACCEPTANCES.
GR O W TH OF OPEN M A R K E T FOR ACCEPTANCES.

There is practically no open market for acceptances, and the
proper development of bankers' acceptances is rather difficult in the
Sixth Federal Reserve District; that is, for bank acceptances to be
handled by the drawer of the draft and sold in the open market.
The reason for this state of affairs is the high rate prevailing for
commercial paper originating outside the district and offered by
brokers through our member banks at rates around 6 per cent. We
are fully aware of the fact that the ideal way of handling bankers7
acceptances is to have the member banks accept the paper, then
throwing it upon the open market to be sold with the possibility that
it will find its way into the Federal Reserve Banks. It would then
be a two-name paper. Whenever business conditions get back to
normal, commercial paper will not bear so high a rate and there will
be a better opportunity for the marketing of bankers* acceptances
in this district. This will probably take some time and will not be
accomplished until the readjustment of financial conditions arising
out of war transactions has been completed.
POLICY REGARDING ACCEPTANCE PURCHASES.

The policy adopted for the present is to purchase from member
banks their acceptances for the account and credit of their customer
with that member bank, and should such acceptances be for less than
10 per cent of the capital and surplus of the bank to mark the




AN N U A L REPORT OF FEDERAL RESERVE BAN K OF ATLANTA.

9

acceptances “ documents detached7’ and thus purchase the paper.
But where the acceptances aggregate more than 10 per cent of the
capital and surplus of a member bank it is our policy to have the
documents, such as warehouse receipts, order-notify, hills of lading,
port or dock receipts, and specific insurance policies, accompany the
acceptances which are discounted with the ‘ ‘ documents attached.”
RESERVE

P O SIT IO N .

The extent to which the Federal Reserve Bank has aided member
banks during the past year in financing the sale of Liberty loan bonds
has had a very marked effect on our reserves.
The banks of this country could not unaided finance the subscrip­
tions of their customers and the public generally to an extent which,
would enable all the people to participate as subscribers. For that
reason a large part of the resources of the Federal Reserve Banks was
made available to member banks through the privilege of rediscount­
ing customers' notes and member banks’ collateral notes secured b y
Liberty loan bonds at rates of discount corresponding approximately
to the rate of interest borne by the bonds. Federal Reserve Banks
accordingly carried throughout the entire year a large amount o f
bond-secured discounts and rediscounts, the amount varying with
the periods of the Liberty loans, the largest amounts being carried
for a short period subsequent to the closing of each campaign. *
Federal Reserve Banks also aided member banks in financing their
subscriptions to Treasury certificates of indebtedness issued in antici­
pation of each loan. The method of extending this accommodation
was the same as that used in financing the Liberty loans, the Treasury
certificates being used as collateral to notes.
The effect of this financing was very largely to increase our dis­
counts with a corresponding decrease in our reserves.
The decrease in our reserves during the year was only partly due,
however, to financing the issues of bonds and certificates. Our
rediscounts of commercial, industrial, and agricultural paper increased
very materially, as did also our issue of Federal Reserve notes. These
were two of the factors largely responsible for reduction of the per­
centage of our reserve.
Our reserve percentages on December 31, 1917, were as follows:
Per cent.

Gold reserve against Federal Reserve notes in circulation........................................ ...93
Gold and lawful money reserve against net deposits.....................................................67
Total reserve against net deposits and note liability.................................................. ...84

Our reserve percentages at the close of 1918 were as follows:
Gold reserve against Federal Reserve notes in circulation..........................................41
Gold and lawful money reserve against net deposits.................................................. ...3^
Total reserves against net deposits and note lia b ility ........ ...................................... ...40
116023—19------ 2




10

/. N N TA L REPORT OF FEDERAL RESERVE'BANK OF ATLANTA.
MOVEMENT OF MEMBERS.
N A TIO N A L A X I) S TA TE B A N K S .

The feeling of State banks has shown considerable change during
the past 12 months, and these institutions now have a clearer under­
standing of the workings and benefits of the Federal Reserve system.
During 1018 the following 32 State banks joined the Federal Reserve
Bank of Atlanta, with combined capital and surplus aggregating
$9f735,980, viz:
1'uint* of hank.

Location.

Citizen* Bank A Tru<t C o ............................................................... Athens, Ala.............
HirnmiKluim Tru^t A: S a v in g C o ...............................................j Birmingham, Ala...
CheroVee County B a n k ....................................................................• Center, Ala..............
M erchant' Bunk.................................................................................. . Mobile, Ala.............
TVot>U*< Hank........................................................................................ 1
do.....................
American H an k ................................................................................... ; Union Springs, Ala..
I-eO’itrtjri' State B an k ........................................................................ : T.eesburs, Fla..........
Southern Bank A Trust C o........................................................... ; Miami, Fla..............
Hill ; W o State B ank........................................................................1 Plant City, Fla........
Exchange B a n k ...................................................................................i Tallahassee, Fla......
Union State B ank.............................................................................. ’ Winter Park, Fla...
Georgia having* Bank & Tnist C o .............................................j Atlanta, Ga.............
Bank of C.unilia.................................................................................... Camilla, Ga.............
"orthea'-tern Banking Co............................................................... • Commerce, Ga.........
H artwell Bank*.................................................. ................................. ; Hartwell, Ga...........
J a c k o .i Banking C o .......................................................................... Jackson, Ga.............
B-*nk of I o‘ ^ v ille........................................................................
Louisville, Ga..........
Citizens T a n k .................................................................................
Metter, Ga...............
Peo,»‘c-; T an k ..................................................................................
Sardis, Ga................
American Bank A Trust C o ...................... „...........................
Savannah, Ga..........
Formers B ank................................................................................
Winder, Ga.............
Pittard .Banking C o .....................................................................
Winterville, Ga.......
Conimerria. Bank At Trust C o ...............................................
Laurel, Miss............
Union Bank A Trust C o............................................................
Baton Rouge, La....
American Bank A- Trust C o ....................................................
1"ew Orleans, La___
Citizens Bank At Trust C o ........................................................
...... do..
City Bank A Trust Co..................................................... ..........
...... do......................
Commercial Trust At Savings B a n k ....................................
...... do......................
t ibertv Bank <fc Trust C o . . ...................................................
...... do.....................
Maine B ank & Trust C o............................................................
..... do...................
Pointe Coupee Trust & Savings B a n k ...............................
>*ew Roads, 1 a......
Chattanooga Savings B a n k ......................................................
Chattanooga, Tenn..

Capital.
$30,000
500.000
25.000 I
200.000
200,000

50.000
30.000
100,000
50.000
50.000
30.000

200,000

50.000

100,000

60.000
50.000
25.000
30.000
25.000

200,000

50.000
25.000

100,000

150.000

200.000

400.000

200.000

250.000
200.000

400.000
60.000
750.000

Surplus.

118,000
715,060
15,00.)
275.000
363,310
12,900
13,100
2,030
75.000
3.000
2.000

141,280
53,700
41,470
34.000
28,710
36.000
20.000

9,600
19,210
3.000
14,290
33,600
5,500
20,000

240.000
170,140
961,440
12.000
132.000
330
323,430

Total................................................................................................................... 5,865,000 3,870,980

The following is of interest as to the results to date with reference
to State bank members:
State banks joining the Federal Reserve Bank of Atlanta during 1918..
32
Total State bank members of the Federal Reserve Bank of Atlanta___
54
Percentage of total eligible banks in the Sixth District members of the
Federal Reserve Bank of Atlanta.............................................................
7.2
Total capital of State bank members, sixth district................................ $15,790,000
Estimated percentage of total capital of eligible banks in district..........
28.7
Capital and surplus of State bank members............................................... $25,932,000
Estimated percentage of total of capital and surplus of eligible banks in
district..........................................................................................................
23.6
Total resources of State bank members....................................................... $238,500,000
Estimated percentage of total resources of all eligible banks in sixth
district..........................................................................................................
53.5




ANNUAL REPORT OF FEDERAL RESERVE BANK OF ATLANTA.

11

During the year the capital stock of the Federal Reserve Bann of
Atlanta was increased by 7,007 shares, with a decrease of 251 shares,
including liquidations and surrender of stock on account of reduction
of capital and surplus, showing a net increase of 6,756 shares. Since
the establishment of the Federal Reserve Bank of Atlanta no State
bank joining the system has withdrawn its membership, this being
substantial proof of general satisfaction with the advantages accruing
to members of the system.
There were no bank failures among the members of the Federal
Reserve Bank of Atlanta during the past year, and only five national
banks, representing 161 shares, were liquidated, their capital and
surplus aggregating $268,334.
In addition to the 32 State banks which became members, 7 new
national banks were granted charters, with paid-in capital totaling
$343,334, representing 206 shares of stock in the Federal Reserve
System.
As of December 31, 1918, there are 372 national and 54 State bank
members of the Federal Reserve Bank of Atlanta. The generally
unsettled condition of affairs and the large amount of extra work in
connection with war activities has somewhat handicapped the State
bank member campaign in this district, but with the resumption of
more normal conditions a more intensive and energetic campaign
during 1919 will be possible.
R E L A T IO N S

WTTH

N A T IO N A L

BANK

M EM BERS.

DISCOUNT OPERATIONS.

As previously reported under the caption “ Reserve position,” dis­
count operations increased very materially during the year. The
greater part of the increase is directly attributable to war financing.
Member banks had to obtain aid in order to finance the Liberty
loan bond and certificate issues. This business was augmented by
the financial aid extended by the banks to war industries.'
During the latter months of the year the stagnation of the cotton
market called for extension of aid to the cotton farmer and the
country merchant pending the development of a free movement of
cotton. The increase in our discount operations was about equally
divided, proportionate to their number, between national and State
bank members. The total amount of paper under discount and
rediscount for State and national bank members, and of paper bought
in open market December 31, 1918, was as follows:
Collateral notes of member banks............................................................ $47,626,800.00
Rediscounts................................................................................................. 36,408,710.93
Bills bought................................................................................................ 12,514,685.61
Total




96,550,196.54

12

ANNUAL REPORT OF FEDERAL RESERVE BANK OF ATLANTA.
FID U C IA R Y P O W E R S.

The fiduciary powers made available to national banks by the
Federal Reserve Act as originally drawn and subsequently amended
have introduced an entirely new feature into the operations of those
national banks which have acquired this privilege.
In this district the national banks have been very deliberate in
acquiring this new power, principally for the reason, probably, that
banking and financial conditions have been abnormal from the be­
ginning of the operation of the Federal Reserve Act, so that the
majority of banks have deemed it prudent not to venture into new
fields of activity.
Fiduciary powers have been granted to and are being more or less
actively exercised by national banks in the States of this district as
follows: Alabama, 11; Florida, 7; Georgia, 6; Louisiana, 2; Missis­
sippi, 4; Tennessee, 7.
R E L A T IO N S

W IT H

STATE

BANKS

A N D T R U S T C O M P A N IE S.

DISCOUNT OPERATIONS.

The 54 State banks now members of the Federal Reserve System
in this district have had an opportunity to test the practical value of
membership and are distinctly satisfied with the result.
In proportion to their number they have as liberally availed them­
selves of the privileges of membership as have the national banks.
This is evidenced by the volume of discounts offered by them.
RESERVES.

Though the matter of carrying their reserve with the Federal
Reserve Bank called for readjustment of State bank members’ rela­
tions with their former reserve agents, they have without exception
rapidly accommodated themselves to this new relation without
difficulty or inconvenience. They find that membership in the sys­
tem has enabled them to release a large portion of the cash reserve
that they felt it incumbent to carry in their own vaults previous to
becoming members and that their relatively small cash reserve
involves no hazard because of the fact that the discounted paper
in their portfolios eligible for rediscount with the Federal Reserve
Bank is in reality a secondary reserve which they may utilize
whenever they deem it necessary or desirable.
B y materially reducing their reserves they have increased their
loaning power and are able better and more satisfactorily to serve the
business interests of their respective communities. This means more
business and more earning power for them and their stockholders and
they have not been slow to avail themselves of the full advantage of
doing more business and doing it with perfect safety.




ANNUAL REPORT OF FEDERAL RESERVE BANK OF ATLANTA.

13

EXAMINATIONS.

All State banks and trust companies applying for membership dur­
ing 1918 were examined, except newly organized banks. These were
admitted upon a certificate that the laws had been complied with
and that they were open for business. Examinations have been
made of all State bank members bv the departments of banking in
the various States of the Sixth Federal Reserve District and copies of
examination reports have been furnished the Federal Reserve Bank of
Atlanta.
The superintendents of banks of the several States in the Sixth
District have shown their willingness to cooperate with the Federal
Reserve Bank of Atlanta in every way possible, and while their
forms for reporting examinations are not in every instance in accord­
ance with the form required by the Federal Reserve Board, they have
unhesitatingly agreed to furnish the additional information. In
some instances, at the request of the superintendents of banks, the
Federal Reserve examiner has assisted in the examinations.
There have been no withdrawals of State bank members and in
most instances all of them have availed themselves of the benefits to
be derived from membership in the Federal Reserve system.
F ISC A L A G E N C Y O P E R A T IO N S .

The fiscal agent’s department of the Federal Reserve Bank of
Atlanta, for the year ending December 31, 1918, shows a tremendous
increase in operations.
Certificates of indebtedness were sold during the year 1918 in
anticipation of the third and fourth Liberty loans. These offerings
were made in advance of the Liberty loans at intervals of about
two weeks. The Treasury Department undertook to outline the
amount necessary for each bank to subscribe, in order to attain the
required results that sufficient funds might be procured to meet the
ever-increasing current expenses of the department. Six offerings of
certificates prior to the third Liberty loan met with fair response
from the banks in this district, and an analysis of the subscriptions
by national banks, State banks, and trust companies is given in Sched­
ule 4, the national banks attaining the largest per cent of subscriptions
in proportion to the number of banks being 87.36 per cent, while the
State banks purchased 52.43 per cent, and the trust companies 70
per cent. Member and nonmember banks were able to scale their
loans on nonessentials and to divert their funds to the purchase of
Treasury certificates.
In the main certificates of indebtedness were purchased by banks
and paid for by credit, which of course was of some material help to
the banks.




14

ANNUAL REPORT OF FEDERAL RESERVE BANK OF ATLANTA.

D E P O SIT OF T R E A S U R Y F U N D S W IT H B A N K S A N D T H E IR W IT H D R A W A L .

Treasury funds arising out of the sale of Liberty loan bonds and
certificates of indebtedness were redeposited in banks. The process of
qualifying as depositary bank was simple, and could be carried out
by almost any bank in this district if it so desired. In the main such
funds rcdeposited with banks were secured by Government obliga­
tions. Withdrawals were promptly made by the Treasury Depart­
ment. Little difficulty was experienced by the banks in responding
to the calls. In most cases the entire amount was withdrawn
within probably two weeks from the date of the deposit. The
depositary banks thus obtained the securities so purchased, which
of course could be hypothecated, if they cared to do so, with their
correspondent banks, or with the Federal Reserve Bank, if they
were members of the system. On the other hand, a good many
banks when finding that the funds remained with them so short a
time chose rather to pay for certificates of indebtedness and bonds
either in cash or on the instalment basis.

.

Funds rtdepodted with depositary banks in 1918

Amount of redeposits with depositary banks representing payments on account of
subscriptions to Liberty loan bonds made by credit in the war loan deposit accounts,
as follows:
Third Liberty loan.......................................................................... $77, 572, 776. 28
Fourth Liberty loan.................................................................. *.. 109, 257, 055.16
Total- i .....................................................................................186,829,831.44
Amount of redeposits with depositary banks representing payments
on account of subscriptions to Treasury certificates of indebted­
ness made by credit in the special deposit account, as follows:
Treasury certificates (third loan)................................................... 53,330,850.00
Treasury certificates (fourth loan)................................................. 95, 671, 500. 00
Treasury certificates (fifth loan).................................................... 16,089,000.00
Total....................................................................................... 165,091,350.00
Treasury certificates, tax series, 1918......................................................

13,938,500.00

These funds remained with the depositary banks for periods ranging from 10 to 30
days and were withdrawn gradually by direction of the Secretary of the Treasury.
T H E F L O T A T IO N

OF L IB E R T Y

LOANS.

The flotation of the Liberty loans met with large success in
this district. Many of the best and most conservative bankers felt
fearful of the result of the second loan, but when the time arrived to
offer it a largely increased number of subscribers was found. The
third Liberty loan was taken by a number of purchasers, probably
200 per cent larger than the second loan, and the fourth loan showed
a corresponding increase.
An analysis is given in Schedules 7 and 8 of the taking of Liberty
loans in this district by State banks, national banks, and trust com-




ANNUAL REPORT OF FEDERAL RESERVE BANK OF ATLANTA.

15

panics, and also by States, giving their 1910 population; also by
cities with populations in excess of 25,000 inhabitants; also a classi­
fication of subscriptions as outlined by the Treasury Department.
W O R K IN C O N N EC TIO N W IT H T H E SALE OF W A R -S A V IN G S C E R T IF IC A T E S .

The sale of war-savings and thrift stamps has been the occasion
of a campaign of education. In the future stamps will probably be
purchased as a mode of general saving. An analysis of war-savings
stamps sales for the year 1918 is here given.
Sale of war-savings certificate stamps and thrift stamps for the year 191S.
A la b a m a ..................................................................................................................................

$718, 925. 10

Florida...........................................................................................................
Georgia...........................................................................................................
Tennessee......................................................................................................
Louisiana.......................................................................................................
Mississippi.....................................................................................................

697, 414. 52
2, 310, 740. 45
3, 362, 054. 39
4,170, 315. 66
2,131, 379. 57

Total.................................................................................................... 13, 390, 829. 69
W A R F IN A N C E

C O R P O R A T IO N .

Necessary machinery was provided for the handling of business inci­
dent to the War Finance Corporation, and a considerable amount of
correspondence and literature found its way from the Federal Re­
serve Bank to the banks of the district. The need for such loans
was not, however, as great in the sixth district as was anticipated,
and only one loan wvas made to a bank during the year. This was
promptly liquidated at maturity*
C A P IT A L

IS S U E S C O M M IT T E E .

At the invitation of the Federal Reserve Board, the district com­
mittee on capital issues for the sixth district was organized as follows:
Messrs. M. B. Wellborn, chairman; Joseph M. Slattery, secretary;
Joseph A. McCord, Hollins N. Randolph, R oby Robinson, Frank
Hawkins, all of Atlanta; with an auxiliary committee composed of
Messrs. Otto Marx, Birmingham, Ala.; Edward W. Lane, Jackson­
ville, Fla.; James E. Caldwell, Nashville, Tenn.; W. H. Hassinger,
Birmingham, Ala.; F. E. Gunter, New Orleans, La.; A. M. Baldwin,
Montgomery, Ala.; Harry Hall, Mobile, Ala.; W. F. McCauley,
Savannah, G a.; L. M. Pool, New Orleans, La.; T. R. Preston, Chat­
tanooga, Tenn.; T. C. Taliaferro, Tampa, Fla.; and H. V. Watkins,
Jackson, Miss.
Publicity was given to the work and the committee obtained
satisfactory cooperation. Very few instances occurred where issues




16

ANXl ' AL REPORT OF FEDERAL RESERVE BAN K OF ATLANTA.

were put upon the market without the consent of the Capital Issues
Committee and even these are said to have been due to ignorance.
Hundreds of cases involving amounts ranging from SI ,000 to
$25 ,000,000 were considered by the district committee, and through
general correspondence and newspaper work the organization was
successful in discouraging a great many anticipated issues. The
work consumed a considerable amount of the committeemen’s time.
Meetings were held almost daily and involved a very large amount
of correspondence.
As of December 31, 1918, the District Capital Issues Committee,
at the request of the Capital Issues Committee at Washington,
temporarily suspended supervision of the issue and sale of stocks
and bonds, to resume operations at a later date, should it be deemed
advisable by the Government authorities.
FEDERAL

R ESERVE NOTES

The issue of Federal Reserve notes has been an important feature
of the year’s operations, due in a large measure to the increased pay
rolls and high cost of commodities. The statement of December 31,
1918, shows 8196,240,000 “ Federal Reserve notes received from the
Comptroller of the Currency,” with “ Federal Reserve notes out­
standing” in amount, $123,620,285, as compared with $66,867,420
“ Federal Reserve notes outstanding,” on December 31, 1917, or an
increase of $56,752,865.
During the year 1918, the Federal Reserve Bank of Atlanta re­
ceived from other Federal Reserve Banks $21,107,515 of its own
Federal Reserve notes and returned to other Federal Reserve banks
$20,438,925 of their notes, showing only a slight difference of $668,590 in the interdistrict movement of notes. This movement of
notes was practically the same in amounts exchanged to and from
Atlanta, with the exception of shipments to New York of its notes,
being $9,131,200, and our notes returned by*New York in amount,
$6,068,945; and shipments from Cleveland of $297,900, compared
with Federal Reserve notes returned to Cleveland in amount,
$2,003,865.
FEDERAL

R ESERVE

BANK

N OTES.

The power of issuing bond-secured currency is conferred upon the
Federal Reserve Banks by the act as originally drawn, but it was
not found necessary or desirable to resort to any large exercise of
this power until this year. Accordingly, Federal Reserve bank notes
were not issued by the majority of the Federal Reserve Banks until
June. On the 10th day of that month the first bank notes of the
Atlanta bank were issued.




ANNUAL REPORT OF FEDERAL RESERVE BANK OF ATLANTA.

17

The issues have been practically continuous and more or less
equally distributed over the past six months. There were outstand­
ing on December 31, 1918, $6,085,600.
POSITION' OF C O M M E R C IA L

B A N K S AS A R E S U L T OF W A R

F IN A N C IN G .

The volume of war financing handled by banks necessarily caused
general credit expansion, with the logical and unavoidable result
that banks are showing in their statements of condition more re­
discounts and bills payable than usual. Credit has not, however,
been expanded to an alarming extent and there should be no cause
for apprehension on this score. It is expected that a healthy and
necessary contraction of credit will soon be in evidence. Increase of
bank deposits has about kept pace with credit expansion and as a
whole the banks of this district are in a very strong position.
E F FE C T

OX

C O M M ER C IAL P A P E R

OF T H E

D IS T R IC T .

Commercial paper originating in this district does not appear to
have been materially affected by war financing, but it has been
affected by war conditions which operated to prevent normal market­
ing of some crops and an abnormal demand for other crops. Food
production of the district has been large and has been marketed at
high prices. This condition called for more liberal financing of the
producer and that, together with increased cost of production, has
manifested itself in an increased volume of agricultural and com­
mercial papei.
Paper which directly owes its origin to war financing has found a
rather ready market in this distiict and there is a much larger volume
of short-term notes issued by northern commercial industries in
this district than ever before.
R E L A T IO N

TO, AND

EFFECT

ON

GENERAL

B U S IN E S S .

Business generally has been abnormally stimulated by war financ­
ing and by war conditions. Though difficulty has at times been
experienced in obtaining products of trade and commerce in sufficient
quantity to satisfy the demand, the total volume of business has
been greater than for any previous year in the history of the south­
east, and the total volume of general business of the banks has been
greater than ever before. It has been a year of intense activity for
the banks and also a year of very profitable business for them as a
whole.




18

ANNUAL REPORT OF FEDERAL RESERVE BANK OF ATLANTA.
POLICY

TO

BE

PU R SU E D IN

R E ST O R IN G L IQ U ID IT Y

OF B A N K S .

It would be very difficult to say at what time we may expect mem­
ber banks to clear up their war paper. This is due largely to the fact
that the main products in this section, such as cotton, cotton seed,
peanuts, rosin, and turpentine, of this year's crop, have not yet been
sold. The decrease in the price of cotton in the fall created a disposi­
tion in the minds of the producers to hold their products for a better
price; and, with increased prices, liquidation will set in from that
source. This, in turn, will restore the liquidity of the banks and will
enable tRem to settle their loans secured by Liberty bonds and
United States Treasury certificates.
P O L IC Y

OF F E D E R A L R E S E R V E B A N K

TOW ARD

M EMBER

BAN KS.

The policy of the Federal Reserve Bank of this district will be to
aid these member banks by carrying their discounts for them until
such time as this liquidation will materially set in, which it is ex­
pected will be during the months of January, February, and the
early part of March. We are extending to member banks the facilities
of this bank in every way.
O P E R A T IO N

OF

FEDERAL

R ESERVE

BANK

BRANCH ES.

In addition to the branch already in operation at New Orleans, a
branch of the Federal Reserve Bank of Atlanta was established at
^B irm ingham , Ala., on August 1, 1918. Mr. A. E. Walker, formerly
State bank superintendent of Alabama, was elected manager, and
Mr. J. B. Cobbs was appointed assistant Federal Reserve agent.
The entire clerical force consists of 15 employees, including the
officers. The following members compose the board of directors of
the branch: Messrs. W. H. Kettig, chairman; Oscar Wells, T. O.
Smith, W. W. Crawford and John H. Frye, all of Birmingham.
As of the same date a branch was established at Jacksonville, Fla.
Mr. Geo. R. DeSaussure, prominent for many years in banking circles
in that city, was elected manager, and Geo. R. Martin was appointed
assistant Federal Reserve agent. The entire clerical force consists of
16 employees, including officers. The branch board of directors is
composed of Messrs. John C. Cooper, chairman; Edward W. Lane,
B. H. Barnett, Giles L. Wilson, Fulton Saussy, all of Jacksonville.
These branches are operated under the limited form of by-laws in
force at Pittsburgh and Cincinnati, providing for a daily settlement
plan with the parent bank. All accounts with member banks in the
zone covered by the branches are kept by the parent bank, the
branches reporting to it by private wire daily both their immediate
and deferred entries and the parent bank carrying the “ float.” The
plan in operation has proven generally satisfactory to both the
member banks in the branch zone and to the parent bank.




ANNUAL REPORT OF FEDERAL RESERVE BANK OF ATLANTA.
IN T E R N A L

19

O R G A N IZ A T IO N .

The war called 23 employees to the colors; and, with the numerous
Army camps in this district and a great volume of Government work
under way, many employees were attracted by the high wages paid,
and competent clerical help has been exceedingly scarce, this scarcity
handicapping operations seriously. Since the signing of the arm istire
old clerks have been returning to their former positions and clerical
service is rapidly improving.
During the year, Mr. Edgar B. Stern resigned as a c la s s Ii director
of the Federal Reserve Bank of Atlanta to accept a commission as
captain in the United States Army. Mr. James E. Zunts, of New
Orleans, La., was elected to fill the unexpired term caused by Mr.
Stern’s resignation. Mr. J. A. McCrary, of Decatur, Ga., was re­
elected a class B director for the three-year term ending December 31,
1921. Mr. J. B. Pike, cashier, was promoted to the position of deputy
governor on November 8 and resigned on December 10. Mr. M. W.
Bell, assistant cashier, was elected cashier, the position of deputy
governor being left unfilled. Mr. J. L. Campbell, formerly assistant
manager of the New Orleans branch, was transferred to the parent
bank as assistant cashier, in charge of the department of discounts
and credits.
C L E A R IN G S .

Transit operations have shown a steady increase during 1918,
especially since June, when the service charge for handling items was
discontinued. The increase for December over January, 1918, is
111 per cent, which, if the direct sendings were considered, would be
about 115 per cent. The cost of handling items for the year has been
$0.0097 per item and $0.0228 per $1,000. The report submitted
herewith shows an increase in the number of items handled over
1917 of 95.8 per cent, and in amount of money 94 per cent.
In comparing these figures with those reported for 1917 it
should be borne in mind that 10 of our largest member banks have
been sending direct to other Federal Reserve Banks such items as
were payable in other Federal Reserve districts, and the number of
items and amounts handled in this manner are not shown in the
report. This method has been in operation several months. The
average daily sending of these banks to other Federal Reserve Banks
is approximately 2,000 items, amounting to approximately $1,000,000.
During the year 35 banks were added to our par list. Thirty banks
were withdrawn, leaving a net gain of five banks. We now have in
the Sixth District 635 banks remitting at par. A statement of
transit operations is shown in Schedule 10.




20

ANNUAL REPORT OF FEDERAL RESERVE BANK OF ATLANTA.
C O L L ECT IO N S.

The collection department has increased the volume of items
handled to a very considerable extent during the year 1918, not­
withstanding the fact that we have no banks remitting collections
at par. We handle all items forwarded us as “ Collection items,”
either by Federal Reserve Banks or member banks for their accounts,
including member banks of other districts. The greater volume of
items handled consists of notes, drafts, and checks, and only a small
proportion has consisted of bill-of-lading drafts. Under the ruling
of the Federal Reserve Board sight drafts customarily used in settling
cotton transactions are classed as ineligible and member banks have
arrangements whereby they secure immediate credit for this kind
of draft, which explains the large volume of drafts of this character
handled through sources other than the Federal Reserve Bank.
While very few "dunning” drafts have been handled through our
collection department, it is thought that the elimination of the
service charge may operate as an incentive toward an increase in this
character of items.
During the year 1918 the collection department handled 5,208
items, amounting to $10,868,815.30.
GOLD SE T T L E M E N T

FUND.

The change on July 1 from a weekly to a daily settlement with
other Federal Reserve Banks through the gold settlement fund has
resulted in making payment daily for all available credits to another
Federal Reserve Bank. Under the weekly plan of settlement a
'"due t o ” or "due from ” balance existed between Federal Reserve
Banks which was not paid until the regular settlement day. At
times these balances were considerable and when such a condition
existed the reserve of the Federal Reserve Bank having a large
"du e from ” balance was affected until settlement day.
Under the daily settlement plan, by receiving credit daily in the
gold fund, the "due from ” collected balance is eliminated and each
Federal Reserve Bank receives full benefit of all available funds in
its reserve.
The daily settlement plan is regarded as a great improvement
over the weekly plan, especially in view of the increased volume of
transactions between Federal Reserve Banks.
B A N K IN G Q U A R T E R S — N E W

B U IL D IN G .

On October 1 the Federal Reserve Bank of Atlanta moved into
its permanent home on Marietta Street. The building is a two-story
structure, with commodious basement, being of reinforced concrete,
with granite exterior, fireproof, and of thoroughly modem construc­




ANNUAL REPORT OF FEDERAL RESERVE BANK OF ATLANTA.

21

tion. While the new quarters are adequate for the bank proper at
present, additional space will have to be provided in the near future,
as the business of the institution is rapidly increasing and it is now
necessary to operate the fiscal agent department in a near-by building.
Plans for the new building were drawn and excavation began in the
late spring of 1917, and the growth of the institution has been more
rapid than was anticipated. The building cost approximately
#150,000 and the vaults $33,000.
E x h ib i t A .

—Movement of principal earning assets of the Federal Reserve Bank of Atlanta
during the calendar year 1918.
[In thousands of dollars.;!. e., 000 omitted.]
Dis­
counted
paper se­
Other
cured by
dis­
counted
United
States war paper.
obliga­
tions.

Jan 4........................
Jan. 11......................
Jan. 18......................
Jan. 25......................
Feb.l......................
Feb. 8.....................
Feb. 15....................
Feb. 21....................
Mar. 1.....................
Mar. 8.....................
Mar. 15....................
Mar. 22....................
Mar. 28-29...............
Apr. 5.....................
Apr. 12....................
Apr. 19........ ...........
Apr. 26....................
May3......................
May 10....................
May 17....................
May 24....................
May 31....................
June 7.....................
June 14....................
June 21...................
June 28....................
Jul/5......................
Julv 12....................
Julv 19....................
July 26....................
Aug. 2.....................
Aug. 9........... .........
Aug. 16....................
Aug. 23....................
Aug. 30....................
Sept. 6.....................
Sept. 13...................
Sept. 20...................
Sept. 27...................
Oct. 4......................
Oct. 10.....................
Oct. 18....................
Oct. 25....................
Nov. 1.....................
Nov. 8.....................
Nov. 15...................
Nov. 22....................
Nov. 29....................
Dee. 6.....................
Dec. 13....................
Dec. 20....................
Dec. 27....................

2,070
I,736
3,835
3,753
I,987
1 837
1,974
1 928
1 781
1 827

1 8,10

2 891
2 392
4,562
4 368
9,439
10,722
12,685
II,946
10,168
U 890
12,511
12,437
15,724
II,336
12,058
14,442
11,733
13,220
16,102
20,333
24,118
22,998
23,841
26,783
31,314
36,024
39,650
45,133
49,522
47,644
52,365
45,531
53,964
48,894
45,508
32,742
41,205
43,067
50,096
45,475
47,060




2,617
13,566
8,860
7,595
7,171
8,704
8,346
7,534
7; 768
9,113
7,901
9,228
11,315
8,391
9,136
10,845
9,684
11,509
12,127
11.135
11,924
12,328
13,486
16,900
14,709
16.187
18,057
19,620
20,529

22,160

21,820
21,338
20,557
23.124
23,073
23,728
25,807
28.125
31,051
30,104
29,579
30.188
31,178
32,832
36,556
36,538
38,357
39.136
39,524
38,294
31,250
20 204

(1+ 2 )

14,687
15.302
12,695
11,348
9,158
10,541
10,320
9,462
9,549
10,940
9,711
12,119
13,707
12,953
13,504
20,2S4
20,406
24 194
24,073
21.303
23,814
24,839
25,923
32,624
26.045
28,245
32,499
31,353
33,749
38,262
42,153
45,456
43,555
46,965
49,856
55,042
61,831
67,775
76,184
79,626
77,223
82,553
76,709
86,796
85,450
82.046
71,099
80,340
82,591
88 390
76,725
77, W

diii.
i Total
bought
DOUgnt I bills disa#!
in open
m arU - j bought.

6,373
2,424
6,750
6,824
7,076
6,634
6,620
6,719
6,512
7.104 •
7,188 !
7,470 I
7 417 !
10,275
9,756
9,709
8,997
8,027
6,885
5,567
4,569
3,840
4,380
4,125
4,474
4,131 :
3,931 |
4,020 I
3,642 !
3,563/
3,263 !
3,489!
3,361 ’
3,122 !
3,557
3,436
3,702
4,622
6.104
7,648
8,749
9,874
10,533
12,331
12,560
13,039
13,112
12,927
12,715
11,807
12,175

12,WQ

21,060
17,726
19,445
18,172
16,234
17,175
16,940
16,181
16,061
18,044
16,899
19,5*9
21,124
23,228
23,260
29,993
29,403
32,221
30,958
26,870
28,383
2H 679
30,303
36,749
30,519
32,376
36,430
35,373
37,391
41,825
45,416
48,945
46,916
50,087
53,413
58,478
65,533
72,397
87,274
85,972
92,427
87,242
99,127
98,010
95,085
84,211
93,267
95,306
100,197
88,900
*0,403

Per cent

(i+5,.

9.8
9.8
19.7
20.7
12.2
10.7
11.7
11.9

11.1

10.1

10.7
14.8
11.3
19.6
18.8
31.5
36.5
39.4
38.6
37.8
41.9
43.6
41.0
42.8
37.1
37.2
39.6
33.2
35.4
38.5
44.8
49.3
49.0
47.6
50.1
53.5
55.0
54.8
54.8
56.7
55.4
56.7
52.2
54.4
49.9
47.9

3*9

44.2
45.2
50.0
51.2
53.6

JESjL

-g y

25,808
21,798
23,250
22,018
22 963
24 589
23,884
23,084
23,699
25,959
25,010
28,554
29,243
30,240
29,613
33,349
31,489
34,345
33,263
28,854
30,371
30,664
32,298
38,769
32,508
34,288
38,166
37,083
39,101
43,594
47,149
50,674
48,649
51,765
55,091
60.156
67,215
74,035
84,981
89,907
88,530
94,983
89,777
103,702
102,825
99,606
88,779
97, 835
100,383
95 501
96,034

22

ANNUAL REPORT OF FEDERAL, RESERVE BANK OF ATLANTA.

FEDERAL RESERVEBANK OFATLANTA.
MOVEMENTO f EARN!MO ASSETS
DURING THE CALENDAR YEAR19f8.
Curret Ti^r^oajtJ^/usr. Curre2. JotaljSdls&isccuntzd,.
Curye3 ; joills ^Discounted, and J8cught.
Gltvc4 ; JotalCarnatajfssets, incl US. Coverrun&USecurities.




C u ryeS :J ta tw o f 7¥ar£ban $ u v er

AN N U AL REPORT OF FEDERAL RESERVE BANK OF ATLANTA.

23

E x h ib it B .— M ovem en t o f cash reserves, n et deposits. Federal Jieserrt n o te liabilities, an d
the reserve p ercentage o f the Federal R eserve B a n k o f A tla n ta du ring the calendar y ea r,

19IS.

[In thousands of dollars, i. e., 000 omitted.)

Total cash I
reserves,

Jan. 4..........
Jail. 11.......
Jan.18........
Jan. 25........

Feb. I .......
Feb. S........
Feb. is___

21____
Mar. 1........
Feb.

Mar. 8.......

Mar. 1 5 ....
Mar. 22___
Mar. 28-29.
Apr. 5.......
Apr. 1 2 ....
Apr. 19___
Apr. 2 6 ....
May 3........
May 10.....
May 17.....

Mav 24..
May 31........
June 7........
June 14.......
June 21.......
June 28.......
July 5.........
July 12.......
July 19.......
July 26.......
Aug. 2.......
Aug. 9........
Aug. 16.......
Aug. 23.......
Aug. 30.......
Sept. 6........
Sept. 13.....
8ept. 20......
Sept. 27.....
Oct. 4.........
Oct. 10........
Oct. 18.......
Oct. 25.......
Nov. 1........
Nov. 8........
Nov. 15.....
Nov. 22.....
Nov. 2 9.....
Dee. 6.........
Dee. 13.......
Dee. 20.......
Dee. 37.......




i

78,217
75,774
75.707
74,928
73.544 ;
76,813 j
70,400 i
73.652 |
71,212 {
ttfi.703
69,075
65,295
66,485

66,932

64.439
64,641
61.431
55,743
55,182
57,968
64,011
66,807
64,689
63,797
65,619
63,002
57,104
61,827
52,027
56,102
49,063
52,405
54,643
56,437
51,077
49,194
56,120
58,468
63,732
59,140
68,286
63.545
67,094
72,725
70,423
72,977
63,548
66,163
65,350
65,993
62,343
67,538

Federal
Reserve
notes In
artu*l circul.ituni.

Net

deposits.

37,438
31.907
35, 181
34.3K3
35. m
40,707
3 4.1M
34.SS1.* ,
32 .U8H >
3t,296 !
32,847 ;
32,957
35,WOO
37, t90
31.742 .
36,077
31,378 ;

29.489
27,939
25.814
33,538
37,301
37,128
41.367
37,501
37,983
35,290
38,953

'
;
;
j

31,513 :

39,204 i
34,403 !
39,938 •
38,434 •
42,186 ;
37.490 $
32,626
31,800
36.610
46,765
37,667
40,558
38,672
35,250
55,076
50,924
49,031
29,212
39,090
39,898
44,222
26,418
31,017

Ratio of
cash re­
serves to
net deposit
ind Federal
Reserve
note lia­
bilities
com bined.

j
’
1
:
|

H3.H39
62, >01)
00.975
50,7*1
57.835 I
57,202

.W.lrt7 ;

0A7 *
5*.486 j
58.3S5 |
58,00ft <
5ft,92* ,
56.744 •
59,334 <
58,921
58..Ml !
57,605 i
57,490 1
57,952 I
57,780
57,089
56,748 i
58,074 1
57,477 *
56.139 !
56,826 !
56.709
56,366
57,237
58,558
59,866
61,589
62,722
65; 345
73,303
85,078
92,294
97,941
107,013
111,640
115.145
116,582
116,070
115,450
116,910
115,609
117,151
117,432
118,822
121,922
122,764

101,277
94,757
96,156
91.122

99,691

UK. 512
91.420
93,826
92.037
89,782
91,202
90,963
92,828
94,234
91,076
94.998
89,919
87,094
85,429
83,766
91,318
94,390
93,876
99.441
94,978
94.122
92,116
95,662
87,879
96.441
92,961
99,804
100,023
104,908
102,835
105,929
119,878
128,904
144,706
144,680
152,198
153,817
151,832
171,146
166,374
165,941
144,821
156,241
157,330
163,044
148,340
153,781

77.2
80.0
78.7
79.6
78.5
77.9
77.0
78.5
77.4
74.3
75.7
71.8
71.6
71.0
70.8
68.0

68.3
64.0
64.6
69.2

7a 1

70.8
68.9
64.2
69.1
66.9
62.0
64.6
59.2
58.2
52.8
52.5
54.6
53.8
49.7
46.4
46.8
45.4
44.0
40.9
44.9
41.3
44.2
42.5
42.3
44.0
43.9
42.3
41.5
40.5
42.0
43.3

24

ANNUAL REPORT OF FEDERAL RESERVE BANK OF ATLANTA.




25

ANNUAL REPORT OF FEDERAL RESERVE BANK OF ATLANTA.
S c h e d u l e 1 . — Comparative

statement of earning and expenses, Federal Reserve Bank of
Atlanta.

{Com bined statement of head office and branches.]
191S
EARNINGS.

Bills discounted and bought:
Bills discounted—m em bers and Federal Reserve banks..
Acceptances bought in open m arket......................................

$1,758,074.69
302,231.06

$231,635.57
102,311.56

United States securities.............................................................
Municipal w arrants.....................................................................
Bill of lading drafts.....................................................................
Promts realised on U nited States securities.................................
Transfers—net earnincs.....................................................................
Deficient reserve penalties (including interest)..........................
Net service charges received.............................................................
Sundry profits......................................................................................

114,451.31
2,889.31
3,654. 65
11,139.06
33,756.92
35,240.00
21,752.62
9, 868. 94

140,820. 48
3,629.26

2,293,058. 56

541,3^5.24

15,368.71
454. 73
70.36
142.30

9,442. 27
4RB. 63
299.98

70,643.45
124,038.35
5 .250.40
3,059.67
2.295.00
2, 548. 40
2 ,68S. 70
3,006.84
3,494.87
18,722.10
3,275.90
765. 82
5.030.41
28,997.62
4,665. U
5,140.14
2,041.04
762.35
23,781.58
132. 43
53,332.90

36,470.93
37,8P2.48
3,424.10

Investments:

Total earnings..

25,568.99
17,134.05
13,526. 88
6,758.45

EXPENSES.

Assessments, expenses Federal Reserve Board..
Federal Ad\ isory C ou n cil........................................
Governors' conferences..............................................
Federal Reserve Agents’ conferen ces...................
•Salaries:
O fficers...................................................................
Clerks......................................................................
Sj-eciai olBeers and w atchm en.........................
All oth er.................................................................
Directors7 fees..............................................................
Directors’ per diem ....... ,.............................................
Direci ors’ traveling expenses...................................
Officers' and clerks’ traveling expenses...............
Lesjal fees.................................... . ................................

Rent.
Taxes and (ire insurance...................................
Telephone.............................. ................................

Telegraph.........................................................
'P ostage...................................................................
Currency shipm ents............................................
Expressage.............................................................
Insurance and premiums on fidelity bon d s.
Light, heat, and power..................... .................
Printing and station ery.....................................
Repairs and alterations........... ..........................
.VII other expenses...............................................
Total expenses of operation...................................................
Cost of Federal Reser\ e currency issued......................................
Cost of Federal Reserve notes unissued ( on h a n d )...................
Miscellaneous charges a/c Federal Reserve bank note issues..
D epreciation:
Furniture and equ ip m en t.........................................................
Bank prem ises..............................................................................
Total current expen ses.

2,188. 08
2,540. CO
2,471.42
l,0fi6.94
600.00
12,152.92
1,210.64
535.05
842. 86
6,825.77
2,483.33
1,801.90
174.67
7,06?. 67
27. SO
16,494.72

380,639.18 !
149,390.49 j

146,475.22
54,808,22
14,320.00

88,130.35 1
12,797.34 |

8,177.80

640.270.58 !

2,500.00
226.281.24

Gross earnings..........
Less total expen ses..

2,293,058.56
640.270.58

541.385.24
226.281.24

Net earnings - .

1,652,787.98

315,104.00

S c h e d u le 2 .—

Statement of the condition o f the Federal Reserve Bank o f Atlanta.
[Combined statement of head office and branches.]
Dec. 31, 1918.

Dec. 31, 1917

136, 408,710.93
47, 626,800.00
12, 514,685.61
261,600.00
292,150.00
667.000.00

$11,895,589.16
2,628,250.00
6,497,061.67

RESOURCES.

Bills discounted—memDers......................................... .
Member banks' collateral notes....................................
Acceptances bought in open market.......................... .
United States bonds to secure circulation..................
Other United States bonds owned...............................
One-year Treasury notes...............................................
United States Treasury certificates of indebtedness.
Municipal warrants........: ............................................
"Certificates of indebtedness to secure circulation.......
Bill of lading drafts.......................................................
Total earning assets..




102.000.00

13,000.00
297,000.00

2.397.000.00
1.491.000.00
284,372.00
‘ 503,’ 831* 60

103,182,916.54

25,697,104.43

26

A N N U A L REPORT OF FED ER AL R ESER VE B A N K OF A T L A N T A .

Schedule 2.—Statement of the condition of the Federal Reterve Bank of Atlanta— Con.
Dec. 31, 1918.

Dec. 31, 1917.

r e s o u r c e s — c o n tin u e d .

Cost of unissued Federal Reserve currency..
Interest accrued on United States securities..
Other deferred charges.....................................
Bank premises..................................................
Disbursements, fiscal agent department.......

24,961.80
2,957.31
217,000.00
456,208.21
701,127.32

Total.
Due from other Federal Reserve banks.........................................
Due from branches and offices.........................................................
Exchanges for clearing house...........................................................
Checks and other cash items............................................................
National bank potes and notes of other Federal Reserve banks.,
Other mutilated currency for redemption.....................................
Deferred debits:
Federal Reserve Banks—
Transfers bought..................................................................
Other Items..........................................................................
Branches and offices....................................................................
Member and nonmember banks................................................
Total.
Due from United States Treasury 5 per cent fund.
Federal Reserve bank notes on hand.......................
Federal Reserve notes on hand.................................
Mutilated Federal Reserve notes for redemption...
Nickels and cents........................................................

2,876,114.04
122,324 66
4,119,829.00

588.24
25.814.07
2,237.36
140,875.20
45.694.07
215,208.94
2,182,401.91
354,061.46
2,552,616.60
56,940.23
2,395,950 00
232,250.00

9,981,436 18
2,518,975 61
16,399,909.62

803,000.00
3.668,787.35
674,174.47
8 865,130.93

36,018,589.11

21,785,312.95

310.690.00
269,000.00
2,786,200.00
161.655.00
1,336.40

1,909,030.00
43,500.00
407.51

3,528,881.40

1,952,937.51

42,179,185.00
6.957.780.00
6,302,193.45
1,900,488.42
6.086.890.00
174,866.23
55,544.00
165,009.00
16,690.50

50,701,320,00
1,119,140.98
12,482,000.00
1,548,322.72
4.169.000.00
1.575.000.00
397,889.00
13,200.00
4,626.00

207,270,170.97

121,661,062.53

Capital paid in.
Surplus.............
Profit and loss*.

3,191,350.00
775,000.00

2,812,750.00
40.000.00
40.000.00

Total........

3,966,350.00

2,892,750.00

830.70
163,689.75
64,460.60
75.11
. 47,572.19
384.04

37,292.75
26,635.01
1,229.25
59,492.92

Total.
Gold with Federal Reserve agent.........................................
Due from United States Treasury gold redemption fund.
Gold settlement fund.............................................................
Gold bullion and coin.............................................................
Gold certificates (including clearing-house certificates)___
Gold with foreign agencies.....................................................
Silver certificates (including clearing-house certificates)...
Legal-tender notes (including clearing-house certificates).
Silver coin................................................................................

72,010,498.70

Total reserve__
Total resources..
LIABILITIES.

Discount on United States bonds...............
Unearned discount—bills discounted.........
Unearned discount—acceptances bought...
Unearned interest on municipal warrants..
Reserved for sundry expenses.....................
Difference account.........................................
Total.
United States Government deposits............................
Due to other Federal Reserve Banks.........................
Due to member banks, reserve account.......................
Due to nonmejnber banks, clearing account...............
Reserved for franchise tax.............................................
Cashier's expense, return item and dividend checks.
Gold settlement fund—suspense.......................... .........
Deferred credits:
Federal Reserve Banks...........................................
Branches and offices................................................
Member and nonmember banks............................
Miscellaneous............................................................
Total..
Federal Reserve notes outstanding...........
Federal Reserve bank notes otftstanding.

277,012.39

124,649.93

2,839,711.85

4,476,782.74
1,334,071.41
36,849,923.90
97,903.27

222.851.15
40,931.30
735,000.00
173,956.21
973.458.15

276,724.34

199,568.72
375,302.29
013,287.09
746,856.82

3,094,279.83
222,655.30
5,423,001.18
.33

73,320,923.58

51,776,242.60

123,620,285 00
6,085,600.00

66,867,420.00

Total...................

129,705,885.00

66,867,420.00

Total liabilities..

207,270,170.97

121,661,082.53




A N N U AL REPORT OF FEDERAL RESERVE BANK OF ATLANTA.

27

S c h e d u le 3.— Earnings, expenses, and dividend payments for calendar year 1918, also

amounts carried to surplus fund and reservedfor Government franchise tax.
Capital Dec. 31,1918.......................................................................................................................... $3,191,350.00
Earnings for 1918................................................................................................................................ 2,293,058. 56Expense of operation...................................................................... ............................ $380,639.18
Cost of Federal Reserve currency (including expressage, insurance, etc.)............ 149,390.49
Miscellaneous charges (account note issues *...............................................................
9,313.22
Furniture and equipment, total amount charged off during year........................
88,130.35
Total current expenses............................................................................................................

627,473.24

Net earnings for year......................................................................................................................... 1,665,585.32
Less:
Depreciation on bank premises............................................................................ $12,797.34
Other depreciation allowances or extraordinary items charged to profit and
loss account..........................................................................................................
315.30
Total deductions..... ...................................................................................................................

13,112,64

Net amount available for dividends, surplus, and franchise taxes.................................

1,652,472.68

Dividends paid:
Date paid, June 30,1918; period covered, Jan. 1,1918-June 30, 1918...............
Date paid, Dec. 31,1918; period covered, June 30 ,1918-Dec. 31,1918 ............
Interes t paid on stock surrendered......................................................................

$88,078.07
94,349.49
45.12

Total dividend payments.......................................................................................................
Carried to surplus fund.....................................................................................................................
Transferred to account “ Reserve for franchise tax" .....................................................................

182,472.68
735,000.00
735,000.00

Total..........................................................................................................................................

1,652,472.68

S ch e d u le 4.— Third Liberty loan—Analysis of subscriptions to Treasury certificates o f
indebtedness, series of Jan. 22, Feb. 8, Feb. 27, Mar. 20, Apr. 10t and Apr . 22, 1918.
Number of Number of Percentage Percentage
banks in banks sub­ of banks in of banks to Amount of
district : number
district.
scribing. subscribing, subscribing. subscriptions.
National banks........................................
State banks...............................................
Trust companies......................................

380
1,608
10

332
843
7

87.36
52. 43
70.00

28.09
71.32
.59

$44,019,000
34,502,000
713,500

Total...............................................
Miscellaneous...........................................

1,998

1,182
14

59.16

100.00

79,234,500
338,500

1,998

1,196

Grand total .

79,573,000

Fourth Liberty loan— Analysis o f subscriptions to Treasury certificates o f
indebtedness, series o f June 25, July 9, July 2$, Aug. 6, Sept. S, Sept. 77, and Oct. 1.

S c h e d u le 5 .—

•

Percentage Percentage
Number of Number of of
banks in of banks to Amount of
banks in banks sub­
district
number
subscriptions.
scribing. subscribing.
district.
subscribing.
394
1,753
10

315
832
7

80.00
47.46
70.00

27.30
72.10
.60

$69,015,500
44,658,500
803,500

Total..................................... .........
Miscellaneous............................................

2,157

1,154
17

53.50

100.00

114,477,500
379,500

Grand total:..'...............................

2,157

1,171

...........

114,857, (309

National banks........................................
State banks...............................................
Trust companies......................................

.

.i
1

^TtiEnding both Federal Reserve notes and Federal Reserve bank notes.




28

ANNUAL REPORT OF FEDERAL RESERVE BANK OF ATLANTA.

Tax series—Analysis of subscriptions to Treasury certificates of indebtedness,
tax series of Jan. 2, Feb. 15, Mar. 15, Apr. 15, May 15, Aug. 20, and Nov. 7, 1918.

S c h e d u l e 6 .™

Percentage
Number of Number of j Percentage of
banks to Amount of
banks in banks sub-1 of banks
number
subscriptions.
scribing, subscribing. subscribing.
district.
National banks....................................
State banks..................................
Trust companies......................................

394
1,753
10

Total.............................................
Miscellaneous........................................

2,157

Grand total....................................

124

31.47
12. oh
40. 00

220

4

34S
18 ,

35.63
63.22
1.15

$15,440,500
10,483,500
155,000

100.00

26,079,000
271,000
26,350,000

2,157
I

S c h e d u l e 7 . —Analysis

of subscriptions to third Liberty loan.
ALABAMA.
l
Per cent
Number I
of banks
Amount of
of banks s° fbbs“£ £ subscrib­ subscriptions.
instate. ;
ing.
!

,
National banks........................................................................j
State banks..............................................................................1
Trust companies......................................................................

Miscellaneous_____ ____________

91 j
91
?r>7 j
240
1i
1
______
. 1____

___________

Total..............................................................................1

1

100
93
100

$12,278,800
10,821,550
60,100
21,000

3'9

332

95

23,181,450

National banks...........................................
State banks................................................ ............................ .
Trust companies........................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i
1
Miscellaneous.............................................

197
1

56
ISO
1

100
91
100

$11,068,550
6,902,000
60,850
22,500

................................ i

254

237

93

National banks...................... .
State banks........................
Trust companies................... .
Miscellaneous........... * *

97
671
4

95 !
612
4 1

Total..............................

772

i

FLORIDA.

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

Total.................................................

i

18,053,900

GEORGIA.
98
91
100

$16,050,950
22,294,650
448,200
237,300

92

39,031,100

100
90
100

$16,025,660
6,392,100
364,200
4,450

93

22,786,400

711 i
TENNESSEE.
National banks............... . . . . . . . . . . ............. . . . . . . ............
State banks..............................................................................
Trust companies........................................................... .........
Miscellaneous......... i. . . . . . . ............................................... ..

89
253
2

Total...............................................................................

344

89 1
* 229 j
2 i
|
320 !

National banks........................................................................
19tate banks..............................................................................
Trust companies................................. .............. ...................
Miscellaneous..................................... .................................

27
137

24
127

89
97

18,620,800
17,182,750

Total...............................................................................

164

151

93

26,506,900

i

LOUISIANA.




702,350

ANKUAL REPORT OP FEDERAL RESERVE BANK OF ATLANTA.
S c h e d u l e 7 . —Analysis

29

of subscriptions to third Liberty Joan— Continued.
M ISSISS IP P I.

Number Per cent
Number of
banks of banks
Amount of
of banks subscrib­
subscrib­ subscriptions.
in State.
ing.
ing.
S9
S6

$3,640,400
4,449,750

90

8,090,200

371
1,492
’ 8

9<>
71
100

*67,685,150
68,042,R00
933,350
987,650
500

1,871

92

137,649,450

16
IS
National banks........................................................................j
104
120
State banks..............................................................................'
. __ ________
'Trust, nnmnaniftR
_ _.................. .
Misi'fillftnfirtns. .
__________ _____ ___ _________ ____ _________* _________
120 j

138

Total............................................................................... .

50

RECAPITULATION.
National banks........................................................................
State banks............ ...............................................................
Trust companies....... . ............. ............................................
Miscellaneous........................
......................... .
Central American.......................... . ............................... ..

378
1,635
8

Total.. . . . . . ............. . ..................................................

2,021

j
!
!

S c h e d u l e 8. —Analysis of subscriptions to fourth Liberty loan.
ALABAMA.
}

Number Per cent
i Number of banks of banks
Amount of
of banks subscribe subscrib­
subscriptions.
in State.
ing.
ing.
91
260
1

91
251
1

100
97
100

$18,559,850
17,568,700
39,000
48,950

352

343

99

36,216,500

55
181

100

1

100

$17,063,550
10,298,250
132,000
44,550

254

237

93

27,538,350’

National banks......................................................... .............
State banks............................................................................
Trust companies ....... ......... ............................ ..................
Miscellaneous . ......... ............................................. .............

98
670
4

96
622
4

98
93
100

$27,034,250
31,886,850
902,900
2,990,550

Total................................................................................

772

722

93

62,814,550

National banks...
. ........................................................
State banks............................................... ......... . . . » .............
Trust companies.....................................................................
Miscellaneous...........................................................................

90
257
2

90
238
2

100
92
100

$26,115,450
10,747,700*
720,050
600

Total.........................................................................

349

330

94

37,583,800*

National banks.. . ............................................................ .
State banks..............................................................................
Trust companies......................................................................!
Miscellaneous. . . . . ..... ............................ .......................i
Total..................... ........................................................
FLORIDA*
National banks...
State banks.........
Trust companies.
Miscellaneous----Total.,

92

GEORGIA.

TENNESSEE.




30

ANNUAL REPORT OF FEDERAL RESERVE BANK OF ATLANTA.
S c h e d u l e 8 .— Analysis of subscriptions to fourth Liberty loan— C ontinued.
LOUISIANA.
Number Per cent
Number of
Amount of
banks of banks
of banks subscrib­
subscrib­ subscriptions.
in State.
ing.
ing.

National

_r_____

__________ *............. ...... . . . . . .

27
135
2

Trust
.. . ..........
.......... .......................
Miscellaneous....... ...................................... . ........................
Total..............................................................................

164
i

26
122
1

96
90
50

$13,685,300
26,093,250
15,450
882,200

149

91

40,676,200

:

MISSISSIPPI.
National hanks.................................. ...................................
.............................. .......................
*..................
State banks
Trust companies................... ........*...............*.................
Miscellaneous.......................................................................

18
120

17
108

95
90 j

$5,941,550
7,114,150

Total...............................................................................

138

125

92 j

13,055,800

100

RECAPITULATION.
National banks........ ................ ..................„........ ................
State banks................................ ...........................................
Trust companies.....................................................................
Miscellaneous..................................................................... .

379
1,640
10

375
1,522
9

98
92 1

"1

$108,399,950
103,708,900
1,809,400
3,966,950

Total...............................................................................

2,029

1,906 j

94 !

217,885,200

Total subscriptions in sixth district..................................... .
Quota of sixth district..............................................................
Number of subscribers in sixth district.................................

State.

Population,
1910.

Quota.

Number of
Subscription. subscribers.

Alabama...
Florida.......
Georgia----Tennessee..
Louisiana..
Mississippi .

2,138,003
752,619
2,609,121
1,536,298
1,167,265
895,516

$30,230,000
23.931.000
54.319.000
32.701.000
38.529.000
12.290.000

$36,216,500
27,538,350
62,814,550
37.583.800
40,676,200
13.055.800

203,230
113,051
251,961
166,193
94,792
117,830

Total.

9,098,912

192,000,000

217,885,200

947,047

City.

Birmingham

Mobile........

Montgomery.
Jacksonville.

Tampa........ .

Atlanta....... .

Savannah__

Augusta........
Macon...........
Nashville___

Chattanooga.
Knoxville___

New Orleans.




Population,
1910.
132,685
51,521
38,136
57,699
37,782
154,839
65,054
41,040
40,665
110,364
44,604
36,346
339,075

Quota.

$8,332,650
3.225.950
2.455.950
6,704,800
3,416,000
14,204,150
6,282,200
3.117.350
2,872,050
9,532,850
6.361.350
3,685,550
28,904,500

Subscription, Number of
subscribers.
$9,698,000
3.516.100
2.514.100
8,678,450
3,440,750
17,342,000
6,364,400
3,635,650
3,070,150
11,949,150
6,761,550
4,397,200
28,373,900

47,515
10,565
10,302
27,131
11,601
39.031
23,579
11,645
9,672
38,856
26,105
15,420
67.031

31

A N N U A L R EPORT OF F E D E R A L RESER VE B A N K OF A T L A N T A .

S ch e d u l e 9. — Confirmation and classification o f subscriptions.
Number of subscribers.

Amount.

$27,007,500
28,036,900
12,179,350
17,291,500
4,090,550
29.981.000
8,104,100
3,694,750
2,262,400
14.521.000
749,300
1,329,700
1,387,950
738,400
949,700
19.145.000
29,111,150
7,391,300
5,686,650

540,150at 150.......................................
280,360 at $100...........................................
46,558 at $150 to $450, inclusive..............
34.583 at $500............................................
5,166 at $550 to $950, inclusive..............
27.583 at $1,000 to $1,950, inclusive........
3,850 at $2,000 to $2,950, inclusive........
1,134 at $3,000 to $3,950, inclusive........
559 at $4,000 to $4,950, inclusive........
2,910 at $5,000..........................................
126 at $5,050 to $5,950, inclusive........
271 at $6,000 to $6,950, inclusive........
185 at $7,000 to $7,950, inclusive........
88 at $8,000 to $8,950, inclusive........
109 at $9,000 to $9,950, inclusive........
1,909 at $10,000........................................
1,352 at $10,050 to $50,000, inclusive___
95 at $50,000 to $100,000, inclusive...
39 at $100,050 to $200,000, inclusive..
LIST OF SUBSCRIPTIONS OVER

$200,000.
300.000
550.000

1 at.,
l at.
N E W ORLEANS BRANCH.

202,000

600,000
400.000
500.000
750.000

1 at.
1 at.
1 at.
947,047

Total..

217,885,300

S c h ed u le 10.—Annual report o f transit operations, Federal Reserve Bank, Atlanta,

Ga,y 1918.
~

NUMBER OF ITEMS HANDLED.

Clearing house.

Sixth district.

Other Federal
Reserve.

Total.

January—
February. .
March.........
April..........
May............
June...........
-Jul 7 ............
August.......
September.
October....
November.
December..

40,169
43,700
45,475
46,706
50,787
43,808
42,128
44,958
44,753
66,270
124,026
134,510

287,035
289,211
325,750
322,603
350,232
367,241
469,200
562,823
511,329
581,777
579,509
599,997

37,262
36,763
44,798
47,450
43,427
46.048
59,186
51,275
47,548
61,355
79,483
66,217

364,466
369,674
416,023
416,750
444,446
457,097
570,514
659,056
603,630
709,402
783,018
799,724

Total,

727,290

5,246,707

619,812

6,503,809

AMOUNTS.
January.......
February. . .
March..........
April............
May.............
June............
■July.............
Aunrust.....
September..
October.......
November..
December...

$64,143,841.54
57,752,180.12
73,148,311.95
65,104,900.03
82,144,994.50
61,880,737.16
39,961,669.88
39.595,972.02
49,749,263.56
107,738,577.59
145,261,313.82
143,111,913.77

$68,548,581.38
61,476,660.41
60,261,062.55
67,136,481.71
85,097.634.45
91,767,016.28
119,989,920.10
134,770,883.01
156,960,303 16
155,494,377 86
175,294,144.68
144,890,486.27

$36,535,142.67
34,639,096.57
73,285,421 96
83r273(O10.4O
07,123,007.88
80,583,968.32
75,147,610.38
71,876,343.41
72,491,290.92
102,297,315.25
101,736,060.81
93,781,413.28

$169,227,565.59
323,095,513.00
206,994,796.46
215,514,401.14
264,365,636.83
234,231,740.76
235,099,200.36
246,243,196.44
279,209,856.64
365,530,270.70
422,291,539.31
381,7*3,813.32

Total.

929,503,674.94

1,321,696,550.86

922,709,732.85

3,174,050,967.66




32

A N N U A L REPORT OF FEDERAL RESERVE BAN K OF A T t lN T A .

S chedule 10.— Annual report o f transit operations, Federal Reserve Bank, Atlanta,

Ga.t 1918—Continued.
NUMBER OF ITEMS AND AMOUNTS OF UNITED STATES TREASURER CHECKS.
Number of
items.
January..*.................. ...........*........................... ............. . ......... . .......
February................................................................................................................
April................... ....................................................................................................
May.........................................................................................................................
June.................... .............. .............................................. ............................ .
I
!
September......... .............................. ..................... .
.............. ................ .
October.......................................... ...................................................... .
....
November............................... ............................................................ ..............
December................................. ..................................... ....................................
Total..................................................................................................... . . .

Amounts.

37,594
36,334
43,896
52,504
48,540
46,980
72,140
85,276
109,780
125,470
104,720
92,346

113,420,862.91
12,244,613.61
23,382,729.60
40,731,960.50
58,136,035.93
52,489,162.88
40,235,329.40
26,546,173.6ft
34,109, 501. ofV
44,162,364.74
36,913,912.45
31,860,045.37

855,670

414,232,692.61

Average number of items handled per day, 24,423; average amount of items handled per day, *11,764,894.26; number of banks in this district remitting at par, 635.




O