View original document

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

NINETEENTH ANNUAL REPORT OF THE
FEDERAL RESERVE BANK OF ATLANTA










NINETEENTH
ANNUAL REPORT
OF THE
FEDERAL RESERVE BANK
OF ATLANTA
1933

ATLANTA, GEORGIA




DIRECTORS AND OFFICERS
FOR 1934
FEDERAL RESERVE BANK OF ATLANTA
DIRECTORS
OSCAR NEWTON, Chairman,

E. C. MELVIN, Selma, Ala.

Atlanta, Ga.
W. H. KETTIG, Deputy Chairman,
Birmingham, Ala.
J. P. ALLEN, Atlanta, Ga.
R. G. CLAY, Atlanta, Ga.

QQ

WARE>

Leesburg, Fla.

L E Q N C S I M Q N ) Ngw
A

OrIeans> L a

MCCRARY

* "
- Decatur, Ga.
J- B " H l L L > Nashville, Tenn.

OFFICERS
W. S. JOHNS, Acting Governor
H. F. CONNIFF, Deputy Governor
W. S. MCLARIN, JR., Assistant Deputy
Governor
M. W. BELL, Cashier
R. A. SIMS, Assistant Cashier
V. K. BOWMAN, Assistant Cashier

OSCAR NEWTON, Chairman of the
Board
and
federal Reserve Agent
L M
- - CLARK, Assistant Federal
Reserve Agent and Secretary of
the Board
°f Directors
E P PARIS
- ' General Auditor
J- W - HONOUR, Assistant Auditor

C. R. CAMP, Assistant Cashier
P. L. T. BEAVERS, Assistant Cashier
S. P. SCHUESSLER, Assistant Cashier
H. LANE YOUNG, Atlanta, Ga.

Member Federal Advisory

Council

ROBERT S. PARKER, Atlanta, Ga.

General Counsel

NEW ORLEANS BRANCH
DIRECTORS
LEON C. SIMON, Chairman,

New Orleans, La.

OFFICERS
MARCUS WALKER, Managing Director

j . A - w A L K E R j Assistant Manager

MARCUS WALKER, New Orleans, La.

w . H. BLACK, Cashier

R. S. HECHT, New Orleans, La.
P. H. SAUNDERS, New Orleans, La.
J. D. O'KEEFE, New Orleans, La.
F. W. FOOTE, Hattiesburg, Miss.
A. P. BUSH, Mobile, Ala.

p. C. VASTERLING, Assistant Cashier
^r. £. MILLER, Assistant Auditor




BIRMINGHAM BRANCH
DIRECTORS

OFFICERS
J. H. FRYE, Managing Director

W. H. KETTIG, Chairman,

Birmingham, Ala.

H. J. URQUHART, Cashier

J. H. FRYE, Birmingham, Ala.

T. N. KNOWLTON, Assistant Cashier

OSCAR WELLS, Birmingham, Ala.

W. E. HENLEY, Birmingham, Ala.
JOHN G. FARLEY, Birmingham, Ala.

E. F. ALLISON, Bellamy, Ala.
VACANCY

JACKSONVILLE BRANCH
DIRECTORS

OFFICERS

S. O. CHASE, Chairman,

Sanford, Fla.
HUGH FOSTER, Jacksonville, Fla.

HUGH FOSTER, Managing Director
GEO. S. VARDEMAN, JR., Cashier
MARY E. MAHON, Assistant Cashier

BAYLISS W. HAYNES, Jacksonville, Fla.

EDW. W. LANE, Jacksonville, Fla.
GEO. J. AVENT, Jacksonville, Fla.
FULTON SAUSSY, Jacksonville, Fla.

G. G. WARE, Leesburg, Fla.

NASHVILLE BRANCH
OFFICERS

DIRECTORS
J. B. HILL, Chairman,

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

Nashville, Tenn.
JOEL B. FORT, JR., Nashville, Tenn.

L. W. STARR, Assistant Cashier

C. A. CRAIG, Nashville, Tenn.
PAUL M. DAVIS, Nashville, Tenn.
FRANK J. HARLE, Cleveland, Tenn.

WM. P. RIDLEY, Columbia, Tenn.
C. W. BAILEY, Clarksville, Tenn.

SAVANNAH AGENCY
J. H. BOWDEN, Manager

JAS. A. GOETHE, Assistant Manager

HAVANA j\GENCY
H. C. FRAZER, Manager




A. H. ALSTON, Assistant Manager

LETTER OF TRANSMITTAL
FEDERAL RESERVE BANK
OF ATLANTA

Atlanta, Ga., February 15, 1934.
Sirs:
I have the honor to submit herewith the
Nineteenth Annual Report of the Federal
Reserve Bank of Atlanta, covering the
year 1933.
Respectfully,
OSCAR NEWTON,
Chairman of the Board and
Federal Reserve Agent

Federal Reserve Board,
Washington, D. C.




GENERAL BUSINESS AND BANKING
CONDITIONS
Although business and industrial activity, which had been declining for
more than three years, reached new low levels during the first quarter of 1933,
the year in retrospect may be considered one in which considerable progress was
made toward improved business, industrial and banking conditions. The seasonally adjusted index of retail trade in the Sixth District reached an all-time
low in March but by December department store sales had increased to the
highest level in two years, and wholesale trade reached the lowest level on
record in February, but increased each month through October, and declined
less than usual in November and December. Building permits issued at twenty
cities in the District were less in February than in any other month for which
figures are available, and building and construction contract awards reached
their lowest point in April but for the year exceeded the 1932 total by 51.5
per cent.
Banking
Conditions

The uncertainty prevailing throughout the country in regard to
^^ n S conditions, and the continued suspension of banks, resulted in the banking crisis early in March. Difficulties which
resulted in a banking holiday in Michigan on February 14 spread rapidly, and
similar moratoria were declared in Indiana on February 23, Maryland on February 25, Arkansas on February 27 and Ohio on February 28. As the number of
states having these holidays increased, banks in those states withdrew funds
from their correspondents in other states. On March 1 holidays or restrictions
were imposed in four additional states, two of them, Alabama and Tennessee, in
the Sixth Federal Reserve District; on March 2 six additional states were added
to the list, among them Louisiana and Mississippi; on March 3 seven other
states, including Georgia, were added to the list, and on March 4 suspension of
banking operations became virtually complete with the suspension in 2 5 other
states, including Florida.
By Presidential Proclamation all banking institutions were required to
remain closed during the week beginning Monday, March 6, through Saturday,
March 11, and beginning on March 13, 14, and 15 banks considered to be in
sound condition were issued licenses by the Secretary of the Treasury to resume
normal banking operations. In a number of unlicensed banks plans for reorganization were made, and others were placed in the hands of Conservators.
In the Federal Reserve Bulletin for March and subsequent months were published the President's Proclamation, regulations issued by the Secretary of the
Treasury prescribing the limited banking functions which were permitted under
certain conditions during the banking holiday, emergency banking legislation
passed by Congress on March 9th, the Banking Act of 1933 passed by Congress
in June, interpretations of these Acts of Congress and other important matters
relating to the banking emergency.
In the Sixth District the demand by member banks for Federal Reserve
currency began to be felt early in February. In the three weeks from February
1 to February 21, Federal reserve note circulation of this bank increased by
Dan




$13,370,000; from February 21 to March 1 there was an increase of $14,884,000, and during the first half of March there was a further increase of $50,484,000. From February 1 to March 15 the total increase was $78,73 8,000.
From that time there was a decline each week to a low level for the year, at
$115,765,000, on July 26. In order to obtain this large supply of currency
member banks increased their discounts by about 34 millions of dollars between
February 8 and March 15, this bank increased its holdings of United States
securities by nearly 30 millions and its holdings of purchased bills by more than
17 millions, and member banks reserve accounts were reduced by less than 10
millions of dollars.
Summary
of
Most of the available series of statistics indicate that, on
t ie wn e
Business in
^
°l > business in the Sixth District was at a higher
Q. ,j T\- J. • ± level in 1933 than during 1932. Although department
store sales during the early months of the year showed large
declines compared with corresponding months of 1932, total sales for the year
were less than one per cent smaller than they were the year before. Total sales
in 1933 by 102 reporting wholesale firms in the District increased 13.6 per cent
over 1932. The seasonally adjusted index of department store sales reached a
low point for the series in March, and wholesale trade in February, but by
December department store sales were 21 per cent, and wholesale trade 3 8.7
per cent, greater than in that month of 1932. Businss failures in 193 3 declined
by 42.7 per cent in number, and 41.5 per cent in total liabilities, compared with
those in 1932.
Debits to individual accounts at 26 clearing house centers of the District
for eleven months of 1933 (March figure not available) averaged 3.1 per cent
less than in the same period of 1932. Daily average demand deposits of all
member banks in the District for December were 7.2 per cent greater than
a year earlier, and the largest since May 1932, but daily average time deposits
were 8.7 per cent smaller in December than they were in December 1932.
Construction contracts awarded in the Sixth District during 1933 increased by 51.5 per cent over the total for 1932, largely because of governmental expenditures for public works. Residential contract awards increased
17 per cent over those in 1932, and "All Other" contracts increased 59.2 per
cent. Building permits issued by twenty reporting cities for the construction
of buildings within their corporate limits declined 26.3 per cent. Production
of bituminous coal increased 11.7 per cent in Alabama, and 0.9 per cent in
Tennessee, in 1933, and Alabama output of pig iron in 1933 was 34.9 per cent
greater than in 1932. Production of electric power for public use was nearly 2
per cent greater in 1933 than the year before in the six states located wholly or
partly in the Sixth District. During the cotton year ending July 31, 1933,
consumption of cotton in Georgia, Alabama and Tennessee was 24.2 per cent
greater than during the year before, active spindles numbered 2.1 per cent more,
and active spindle hours increased 20.3 per cent.
A.g1'icultuve
Preliminary figures compiled by the United States Department
of Agriculture and based in most instances on prices prevailing
on December 1, indicate that the value of the principal crops produced in the
six states located wholly or partly in the Sixth District during 1933 was 48.7
per cent greater than in 1932. While increases were shown in the production
of some of these crops, over 1932 production, there are a number of instances




where production in 1933 was smaller, but crop values greater, than in 1932.
Decreases in both production and value are shown only for oranges and sugar
cane. In these six states more than ten million acres, planted to cotton, were
taken out of production as a result of the campaign by the Agricultural Adjustment Administration for the reduction of the cotton acreage. In the table
are shown comparisons of the production and values of principal crops produced
in these six states combined, and total crop values by states, for 1933 with
those for 1932. The 1933 figures do not, of course, include payments to cotton
farmers in connection with the Agricultural Adjustment Administration's acreage reduction campaign or any profits resulting from the Government's loans
on cotton.
PRODUCTION AND VALUE OF PRINCIPAL CROPS
IN SIXTH DISTRICT
PRODUCTION IN THOUSANDS OF UNITS
VALUES IN THOUSANDS OF DOLLARS
PRODUCTION
1933
1932
Cotton-Lint
Cotton Seed
Corn
Oats
Wheat (1)
Tame Hay
Soy Beans
Cowpeas
White Potatoes
Sweet Potatoes
Peanuts
Pecans
Tobacco
Apples
Peaches
Oranges (2)
Grapefruit (3)
Sugar Cane Sirup
SugarCane(4)
Sugar (4)
Rice (4)
Notes:

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

Percent
Change

4,243
4,089
1,884
1,815
199,091 191,389
8,835
11,280
3,344
3,347
2,432
2,573
. 1,748
1,690
4,003
4,354
12,467
11,825
29,816
39,067
840,220 797,27">
22,150
10,760
199,284 123,236
4,188
1,887
7,637
1,942
15,317
16,641
9,800
11,800
16,865
15,362
3,125
3,359
202
223
14,760
15,990

+
3.8
+
3.8
+
4.0
— 21.7
— 0.1
— 5.5
+
3.4
— 8.1
+
5.4
— 23.7
+
5.4
+105.9
+ 61.7
+121.9
+293.3
— 8.0
— 16.9
+
9.8
— 7.0
— 9.4
— 7.7

(1) Tennessee, Georgia and Alabama.
(3) Florida. (4) Louisiana.

VALUE
1933
1932
$201,241
26,829
112,658
5,422
3,271
24,036
2,613
3,947
10,933
16,856
21,503
2,228
21,656
3,534
6,076
19,097
9,702
7,682
10,721

Percent
Change

$119,520 + 68.4
18,698 + 43.5
63,924 + 76.2
3,974
+36.4
1,895 + 72.6
20,433 + ^7.6
2,007 + 30.2
2,793 + 4 1 . 3
8,681 + 25.9
13,816 + 22.0
10,054 +113.9
1,103 +102.0
12,921 + 67.6
1,504 +135.0
1,848 +228.8
21,399 — 1 0 . 8
9,558 +
1.5
5,931 + 2 9 . 5
10,730 — 0.1

11,513

6,556

+ 75.6

(2) Florida, Louisiana, Alabama and Mississippi.

VALUES OF PRINCIPAL CROPS BY STATES
SIXTH DISTRICT
IN THOUSANDS OF DOLLARS
1932

Percent
Change

$ 97,6%6
59,346
128,863
70,878
100,630
101,091

$ 59,653
62,900
67,029
57,128
66,131
63,413

+ 63.8
— 5.7
+92.2
+ 24.1
+ 52.2
+ 59.4

558,494

376,254

+48.7

1933
Alabama
Florida
Georgia
Louisiana
Mississippi
Tennessee
Total Six States




9

SUMMARY OF SIXTH DISTRICT STATISTICS
(000 Omitted)
1932
1931

1933

1930

Retail Trade—Sales of 34 Department Stores . $ 40,763 $ 41,101 $ 53,953 $ 61,405
Wholesale Trade—Sales of 102 Firms
$ 57,347 $ 50,503 $ 65,531 $ 89,528
Life Insurance Sales—Six States (1)
$ 302,105 $ 325,268 $ 386,118 $ 473,987
Alabama
$ 43,120 $ 44,364 $ 50,362 $ 64,033
Florida
$ 43,368 $ 48,943 $ 59,514 $ 64,033
Georgia
$ 72,121 $ 82,046 $ 95,880 $ 106,279
Louisiana
$ 47,782 $ 52,325 $ 62,247 $ 75,765
Mississippi
$ 28,283 $ 26,676 $ 28,775 $ 39,941
Tennessee
$ 67,431 $ 70,914 $ 89,340 $ 120,778
Commercial Failures—Number (2)
962
1,679
1,698
1,400
Commercial Failures—Liabilities
$ 21,728 $ 37,149 $ 31,258 $ 49,809
Sales of Fertilizer Tax Tags—
Short Tons (1) (7)
Debits to Individual Accounts—26 Cities (3)

1,237
$7,072,823

1,131
1,978
2,818
$8,009,216 $10,801,714 $13,175,783

Deposits of All Member Banks—(4)
Demand
Time

$ 276,993
$ 314,181

$ 3 51,750 $ 417,991 $ 498,707
$ 344,157 $ 371,425 $ 413,822

Building Permits issued at 20 Cities

$

14,218

$

19,294

$

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

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

$
$
$

86,755
15,82 5
70,930

$ 172,862
$ 29,047
$ 143,815

$ 233,119
$ 46,002
$ 187,117

Construction Contracts—By States: (1)
Alabama
Florida
Georgia
Louisiana
Mississippi
E. Tennessee

$
$
$
$
$
$

$
$
$
$
$
$

10,503
19,292
21,363
22,594
14,643
11,935

$
$
$
$
$
$

$
$
$
$
$
$

25,762
28,727
15,194
34,745
9,348
31,442

29,393

21,391
24,407
33,558
88,504
17,310
19,475

$

43,601

38,148
45,537
51,462
58,670
29,181
40,047

Cotton Consumption—Bales—3 States (7) . .
Alabama
Georgia
Tennessee

1,919
661
1,105
153

1,545
532
873
140

1,604
525
929
150

1,843
504
1,090
169

Cotton Spindles Active—4 States (5) ( 7 ) . .
Alabama
Georgia
Mississippi
Tennessee

5,207
1,668
2,886
150
503

5,102
1,668
2,778
130
526

5,253
1,686
2,890
128
549

5,436
1,744
3,006
122
564

Active Cotton Spindle Hours—4 States (7) . 20,386,787
Alabama
6,415,338
Georgia
10,927,355
Mississippi
602,501
Tennessee
2,441,593

16,952,344
5,552,249
8,898,416
447,030
2,054,649

16,650,343
5,323,207
8,806,294
419,427
2,101,415

18,721,420
5,837,985
10,117,850
451,568
2,314,017




10

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

8,775p
3,570p
890
5
258
980
81
211

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

11,999
4,721
1,673
10
335
1,176
112
487

15,570
5,130
2,343
14
388
1,332
85
372

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

5,645,660p 5,547,218
l,843,442p 1,783,584
612,313p
607,396
l,080,743p
980,038
l,082,356p 1,085,396
50,394p
51,306
976,412p 1,039,498

5,730,240
1,979,822
651,588
838,256
1,084,614
53,049
1,122,911

5,855,106
2,064,522
687,515
937,229
1,067,011
61,874
1,036,955

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

3,599,676p
2,045,984p

3,409,534
2,320,706

3,698,323
2,156,783

3,529,520
2,017,698

Notes: (1) Parts of Tennessee, Mississippi and Louisiana are situated in other Federal Reserve
Districts. (2) Actual Number—000 not omitted. (3) The 1933 total is for eleven
months—no figures available for March. (4) December of each year. (5) Average
of Monthly Figures. (6) Combined totals for Savannah, Jacksonville and Pensacola.
Turpentine in barrels of 50 gallons, rosin in barrels of 500 pounds. (7) For year
ending July 31. (p) Preliminary.




11

RESULTS OF OPERATION
OF THE

FEDERAL RESERVE BANK OF ATLANTA
Principal

Asset

and Total resources of the Federal Reserve Bank of At-

Liability Items

lanta at the close of the year 1933 amounted to
$233,384,000, greater by $5 5,712,000 than the total
at the end of 1932, and also larger than at the close of 1931 or 1930. The
amount of gold held by the Federal Reserve Agent on December 31, 1933, was
$90,880,000, larger by $28,880,000 than a year earlier, and only slightly less
than at the end of 1931. The Gold Redemption Fund maintained with the
United States Treasury by this bank for the purpose of redeeming such Federal
reserve notes of this bank's issue as may be presented to the Treasury for redemption amounted on December 31, 193 3, to $3,157,000, an increase of
$279,000 over the amount held by the Treasury a year earlier, and larger than
for other recent years. Total gold held exclusively against Federal reserve notes,
therefore, amounted on December 31, 1933, to $94,037,000, and was $29,159,000 greater than the amount so held a year earlier, and only slightly less than
the total two years earlier. Total Gold Reserves and Other Cash at the end of
1933, consisting of this amount held exclusively against Federal reserve notes,
the Gold Settlement Fund with the Federal Reserve Board, gold and gold certificates and other cash held by this bank, amounted to $130,092,000, and
exceeded the total a year earlier by $37,847,000, and was $10,102,000 larger
than the total at the close of 1931. During the year total reserves reached
their lowest point, at about 83 millions of dollars, for any Wednesday on March
1, immediately preceding the banking holiday, and their highest point, at 144.4
millions, was reached on June 21.
The average volume of reserve bank credit outstanding at the Federal
Reserve Bank of Atlanta during 1933, indicated by its total holdings of bills
discounted and bought and of United States securities purchased, was greater
than in 1932, 1931 or 1930. The increase was due, however, to the larger
holdings of Government securities.
Holdings of bills discounted, both those secured by United States securities
and "All Others," were much less on December 31, 1933, than at the close of
other recent years, and holdings of bills bought in the open market although
slightly larger than a year earlier were smaller than at the end of any other
recent year excepting 1927. Total discounts reached their peak for the year on
March 15 at 52.1 millions of dollars, but by the end of the year had declined
to 4.2 millions. Holdings of purchased bills were at their highest level, 19.6
millions, on March 1, declined to a low of $199,000 on November 1, and increased to 4.3 millions at the close of the year.
Holdings of United States securities on December 31, 1933, were greater
by $24,494,000 than at the same time a year earlier, and were also greater than
at the close of any other year. The smallest holdings of Government securities
for any Wednesday during the year was 44.2 millions on January 25. From
this point they increased at the time of the banking holiday to 73.8 millions
on March 8, declined to 48.6 millions on April 12, but increased gradually since
the middle of May to 71.9 millions at the close of the year.




12

Total holdings of bills and securities at the end of 1933 amounted to
$80,361,000, larger by $14,069,000 than a year earlier, and larger than at the
close of any other year since 1925.
The volume of Federal reserve notes of this bank's issue in actual circulation rose from a low of 96.8 millions on January 11 to 112 millions on February
21, and to a high point at 177.1 millions on March 15 due to requirements of
member banks in connection with the re-opening of all licensed banks, following the general banking holiday. There was a steady decline each week from
this high level to a low point for the year, at 115.8 millions, on July 26. At
the close of the year actual circulation was $125,175,000, greater by
$28,036,000 than at the close of 1932, and somewhat larger than for 1931.
Member bank reserve deposits reached their lowest point, at 36 millions,
on March 1, but increased to 65.4 millions at the end of the year, compared
with 49.8 millions a year earlier. These deposits were also larger than at the
close of any other year since 1927.
On page 20 of this report is a table setting out in detail the items in the
balance sheet of the Federal Reserve Bank of Atlanta at the close of each of the
past four years, and on page 23 is a table showing monthly averages of daily
figures for the principal asset and liability items for the same period.
Earnings and
V-vhtxnsp*

A table presented on page 21 of this report shows in detail
the various items of income and expenditures, together with
profit and loss statements showing the disposition or earnings
of this bank for the past four years.
Total earnings during 1933 were $1,686,497, smaller by 15.8 per cent
than in 1932, but 16.4 per cent larger than in 1931. With the exception of
1931, however, earnings in 1933 were smaller than for any other year since
1917. Earnings on discounted bills declined 56.1 per cent, and on purchased
bills 65 per cent, from 1932 to 1933. Earnings on discounted bills were the
smallest for any year since 1917, and earnings on purchased paper were the
smallest for any year since 1915, the first full year of operation. Earnings on
United States securities, however, amounted in 1933 to $1,024,999, and were
larger than for any other year.
The cost of current operations of the Federal Reserve Bank of Atlanta
during 1933, not including the cost of currency, amounted to $1,210,091, an
increase of 4 per cent over the total cost for 1932. In 1933 there were decreases
of 3.2 per cent in salary expense, 7 per cent in taxes, 26.6 per cent in telegraph
expense, and declines in some other items, but these were offset by increases in
the cost of insurance, particularly that on currency and security shipments,
postage expense, and in the cost of printing and stationery, office and other supplies, telephone service, light, heat and power, and some other items. Including
the cost of issue and redemption of this bank's Federal reserve notes, which more
than doubled over that of 1932, total current expenses in 1933 amounted to
$1,321,267, larger by 8.5 per cent than in 1932.
Current net earnings for 1933 (total earnings less total current expenses)
amounted to $365,230, a decline of 53.5 per cent compared with the total for
1932, and except for 1931 the smallest for any year since 1916. There were
miscellaneous additions to current net earnings amounting to $52,690, and
deductions for depreciation on bank premises, furniture and equipment, re-




13

serves for probable losses and other items amounting to $262,949, leaving
$154,971 available for dividends. Dividends for the year, at the rate of six
per cent on the paid in capital, were paid amounting to $281,644, and it was
necessary to charge to surplus the difference of $126,673.

VOLUME OF OPERATIONS IN PRINCIPAL
DEPARTMENTS
Discounts and
Investments

The total volume of bills discounted, re-discounted and
purchased, United States securities bought, and other investfent operations of the Federal Reserve Bank of Atlanta
during the year 193 3 amounted to $423,880,000, smaller by 49.3 per cent
than the total for 1932, and also less than for other recent years.
During 1933 the Federal Reserve Bank of Atlanta received 5,409 applications for the discount or re-discount of paper, a decrease of 58.1 per cent compared with 1932, and smaller than in any other recent year. There were accepted for discount or re-discount during the year 26,108 notes amounting to
$246,247,000, a decrease of 56.9 per cent in number, and smaller in value by
64.4 per cent, than in 1932, and less than for any other year since 1917. The
monthly average number of banks accommodated by the discount of paper
during 1933 was 91, compared with 166 for 1932, 157 for 1931, and 182
for 1930.
Bills purchased directly in the open market or through other Federal Reserve Banks during 1933 numbered 3,409, and amounted in value to $30,027,000. These figures show increases of 117 per cent in number, and of 1.9 per
cent in amount, compared with the year before. Except for 1932, the amount
of bills purchased during 1933 was the smallest for any year since 1921.
Currency
Qoln

and

During 1933 there were received and counted 103,514,345
pieces of currency, amounting in value to $465,217,000,
greater by 1.6 per cent in number, and 19.4 per cent in
amount, than for the year 1932.
There were also received and counted during the year 68,667,157 coins,
amounting to $17,391,000, a decrease of 3 per cent in number but an increase
of 109.7 per cent in value compared with receipts of coin in 1932.

Transit
The total number of checks handled during 1933 by the
Operations
Federal Reserve Bank of Atlanta and its branches was 27,068,^
859, and their value $5,881,421,000. These figures show increases of 8.9 per cent in number, and 1 per cent in value, over those handled
in 1932. Excluding duplications on account of items handled by both the
parent bank and one of its branches, or by more than one branch, the number
of items handled during 1933 was 26,242,000, and the amount $5,766,654,000.
The number was 9.5 per cent larger than in 1932, and the amount was threetenths of one per cent larger, but both number and amount were smaller than
for other recent years prior to 1932.
Items drawn on member banks, and on par-remitting non-member banks,
in the Sixth District handled during the year numbered 18,879,000, and
amounted to $3,707,945,000, and were larger in number by 3.4 per cent, and in




14

amount by 2.4 per cent, than those handled in 1932. items drawn on the
Federal Reserve Bank of Atlanta and its branches numbered 232,000 and
amounted to $1,227,323,000, an increase of 50.6 per cent in number but a
decrease of 17.4 per cent in amount compared with 1932. Items forwarded to
other Federal Reserve Banks and their branches during 1933 numbered 2,351,000, and amounted to $300,553,000, larger by a fraction of one per cent in
number, and by 13.3 per cent in amount, than in 1932. The number of items
handled during 1933 which were drawn on the United States Treasury was
4,780,000, and amounted to $530,833,000, larger by 49.9 per cent in number
and 41.7 per cent in amount, than similar items handled in 1932.
In 1932 the smallest volume of items, both in number and in amount,
was in August. In 1933, however, the smallest number of items handled in
any one month was in February, when 1,784,000 items were handled, and the
smallest amount for any one month was in March, which included the period
of the general banking holiday, the amount of items handled in that month
being $3 55,688,000. By December the number of items had increased to
3,513,000, and the amount to $620,450,000.
The number of government security coupons paid during 1933 was
498,211, greater by 13.1 per cent than in 1932, and the largest number since
1928, and the value of these coupons was $8,021,000, larger by 13 per cent
than in 1932 and larger than for any other year since 1925.
Other collections handled in 1933 numbered 210,341, and amounted to
$162,626,000, showing increases of 11.8 per cent in number, and of 26.6 per
cent in amount, over those handled the year before.
Fiscal Agency
Operations

Transactions in United States securities by the Fiscal Agency
Department of the bank during 1933, involving issues,
redemptions and exchanges, numbered 103,516 and
amounted in value to $240,871,000, showing increases of 33.2 per cent in
number and of 23.2 per cent in amount over those handled during 1932.

Clearings
Through
Vutiri

and Transfers
Gold Settlement

Each Federal Reserve Bank maintains with
Reserve Board a Gold Settlement
Fund for the purpose of expediting by telegraph the settlement of current transactions
between Federal reserve districts in the clearing of checks and in the transfer
of funds for its member banks. Both receipts and payments by the Federal
Reserve Bank of Atlanta through this fund increased in 1933 over the year
before, but were less than for other recent years since 1922.
the Federal

There were 59,872 transfers of funds, amounting to $1,362,138,000, during 1933, smaller by 12.7 per cent in number and by 14.3 per cent in amount,
than during 1932, and smaller than for any of the past ten years.
Total receipts for clearings and transfers of funds through the Gold Settlement Fund by the Federal Reserve Bank of Atlanta during the year amounted
to $2,5 53,706,8 56, smaller by 0.4 per cent than in 1932, and total payments
were $2,587,115,498, and were 0.9 per cent less than during the year before.
Payments exceeded receipts, therefore, by $33,408,642. In the three years
prior to 1933, payments exceeded receipts—in 1932 by $48,499,000, in 1931
by $80,650,000, and in 1930 by $45,218,000.




15

CHANGES IN MEMBERSHIP
At the close of 1932 there were 28 5 national banks in operation in the
Sixth Federal Reserve District, and 3 8 state bank members, a total membership of 323 banks. During January there were four suspensions of national
banks, and in February one additional national bank suspended operations.
Following the termination of the general banking holiday, banks were
permitted to begin opening on March 13 th, 14th, and 15 th, under license by
Secretary of the Treasury and subject to regulations issued by him. By March
29th, 266 member banks in the Sixth District had been licensed to resume
normal banking operations, and 50 member banks remained without such a
license. The number of member banks licensed to resume normal banking
operations increased each month throughout the year, partly because of the
re-opening of closed banks and the removal of restrictions on the withdrawal
of deposits, and reflecting also the admission of additional State banks to membership in the Federal Reserve System.
Following is a list of State banks in the Sixth District which were admitted to membership in the Federal Reserve System during 1933:
Bank
American Trust & Banking Co
Dothan Bank & Trust Co
Merchants & Mechanics Bank
State Bank of Cochran
Bank of Tifton
Bank of Pine Apple
Bank of Hartsville
Citizens Bank & Trust Co
Bank of York
Marion Junction State Bank
Peoples Savings Bank
Columbiana Savings Bank
Bank of Adairsville
Truckers Exchange Bank
Central Farmers Trust Co
Watkins Banking Company
Bank of Forest
Bank of Canton
The Parker Bank & Trust Co
Bank of Slidell
Aliceville Bank & Trust Co
Planters Bank & Trust Co
The Citizens Bank of

Location
Chattanooga, Tenn
Dothan, Ala
Columbus, Ga
Cochran, Ga
Tifton, Ga
Pine Apple, Ala
Hartsville, Tenn
Carthage, Tenn
York, Ala
Marion Junction, Ala
Clanton, Ala
Columbiana, Ala
Adairsville, Ga
Crystal Springs, Miss
West Palm Beach, Fla
Faunsdale, Ala
Forest, Miss
Canton, Ga
Cullman, Ala
Slidell, La
Aliceville, Ala
Thomaston, Ala
Oneonta, Ala

Date Admitted
March 16
April 7
April 15
May 6
May 9
May 26
May 29
May 31
June 5
June 16
June 23
July 3
July 3
July 28
August 31
September 8
October 13
November 13
November 18
November 21
November 23
December 4
December 22

At the close of the year there were 309 member banks in this district
which had been licensed to resume normal banking operations, consisting of
25 5 national banks and 54 state bank members. In addition there were in the
hands of Conservators 20 national banks which had not been so licensed.

BANK ORGANIZATION AND PERSONNEL
Early in May, Governor E. R. Black tendered his resignation to accept a
Presidential appointment to the governorship of the Federal Reserve Board in
Washington. The office of Governor of this bank has since remained vacant.
At the May meeting of the Board of Directors a resolution was adopted to the




16

effect that, pending the election of a Governor, the duties and responsibilities
of that office be exercised and assumed by W. S. Johns, Senior Deputy Governor,
and that pending such election Mr. Johns be authorized to use in the discharge
of his duties the title, "Acting Governor."
Ryburn G. Clay, President of the Fulton National Bank, Atlanta, Georgia,
was elected by member banks in Group 1 to a Class A Directorship for the
three year term ending December 31, 1936, succeeding H. Lane Young, whose
term expired December 31, 1933.
J. A. McCrary, whose term as Class B Director expired December 31, 1933,
was re-elected by member banks in Group 2 for the three year term ending
December 31, 1936.
In June, George S. Harris, a Class C Director whose term would have
expired December 31, 1933, resigned because of the necessity for moving his
residence outside of the Sixth Federal Reserve District.
On July 27, J. P. Allen, President of the J. P. Allen Company, one of the
leading department stores in Atlanta, and associated with civic and business
activities for many years, was appointed by the Federal Reserve Board as a
Class C Director for the unexpired term of Mr. Harris. Mr. Allen was also
re-appointed by the Federal Reserve Board for the three year term ending
December 31, 1936.
On May 16, Ward Albertson, who had been connected with this bank
almost since its organization, had been Assistant Federal Reserve Agent since
early in 1919 and Secretary of the Board of Directors since 1923, died, and on
July 28 L. M. Clark, formerly Assistant Cashier, was appointed to succeed
Mr. Albertson as Assistant Federal Reserve Agent and at the August meeting
of the Board of Directors he was elected its Secretary.
Oscar Newton was designated by the Federal Reserve Board as Chairman
of the Board of Directors and Federal Reserve Agent, and W. H. Kettig was
designated Deputy Chairman, for the year 1934.
John C. Cooper, of Jacksonville, Florida, who had served as a Director of
the Jacksonville Branch of this bank since its establishment on August 1, 1918,
died on December 17, 1933, and on December 23 Bayliss W. Haynes, President
of the Wilson and Toomer Fertilizer Company, Jacksonville, was appointed by
the Federal Reserve Board to the unexpired portion of Mr. Cooper's term as
Director, which ends December 31, 1934.
At the January meeting of the Board of Directors all of the officers were
re-elected to serve during the year 1934.
H. Lane Young, Vice President and Executive Manager, Citizens and
Southern National Bank, Atlanta, who had served for six years as a Class A
Director of this bank, was elected by the Board of Directors to represent the
Sixth Federal Reserve District on the Federal Advisory Council during the
year 1934.
The number of officers and employees of the Federal Reserve Bank of Atlanta, including its branches and agencies, at the close of 1933 was 446, not including 147 additional employees who were assigned to the Reconstruction
Finance Corporation and the Cotton Stabilization Corporation. A year earlier
the number of officers and employees of this bank was 390, exclusive of 89
additional employees assigned to those corporations.




17

DEMAND AND TIME DEPOSITS
OF ALL

MEMBER BANKS IN SIXTH DISTRICT
Net demand and time deposits have been reported monthly to the Federal
Reserve Bank of Atlanta by all member banks in the Sixth District since early
in 1923.
Demand deposits reached their highest level in November, 1925, and since
that time each year brought declines to new low levels through 1932, interrupted usually by an increase in the fall or winter months. From April
1931 daily average demand deposits declined each month except one, March
1932, to 342 millions in August of that year, from which point there was a
rise to 3 56 millions in January 1933. From January to March increasing withdrawals caused a decline in this daily average to 290 millions, the lowest level
in the series of statistics. From March, however, the daily average increased
each month to 377 millions in December, 30 per cent above the March level,
7.1 per cent greater than for December 1932, and higher than for any month
since May of that year.
Time deposits reached their peak in July 1928, and since that time there
were declines each fall followed by some gains each spring through 1931,
but in 1932 the more gradual decline throughout the year was interrupted only
slightly by a small gain from July to August. There was a sharp gain in the
daily average from 344 millions in December 1932 to 356 millions in January
1933, but this was followed by a decline to 270 millions for March. After
March the daily average increased each month through August, at 321 millions,
but by December had declined to 314 millions.
Daily averages of both demand and time deposits are shown by months in
the table, in millions of dollars, for the past four years.
DEMAND AND TIME DEPOSITS OF ALL MEMBER
BANKS—DAILY AVERAGE
(In Millions of Dollars)
Demand Deposits

1933




1931

1930

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

$497
504
J08
511
505
492
481
468
454
436
419
418

$571
575
570
564
550
519
513
504
511
511
512
499

$356
347
270
274
295
303
18

1932

$356
339
290
303
320
328
329
331
33 5
343
356
377

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

$370
361
360
3 58
355
351

$398
388
395
394
391
396

$434
443
443
440
450
447

July
August
September
October
November
December

317
321
318
320
317
314

349
3S2
349
349
347
344

401
407
399
387
376
371

440
439
441
438
435
414

CONDITION OF WEEKLY REPORTING MEMBER
BANKS IN SIXTH DISTRICT
For a number of years past weekly condition reports have been received
from member banks located in leading cities of the District. Because of changes
which occurred at the time of the banking holiday the weekly reports which
have been compiled since that time are for a somewhat different list of banks.
The current weekly figures for this District, which are reported to the Federal
Reserve Board and are published by the Board in its weekly statement, are for
seventeen banks located in seven of the leading cities of the District. These
weekly reports, since March of last year, are not comparable to those compiled
before that time. Weekly figures for the seventeen banks now reporting,
however, have been compiled back to the beginning of 1932, and on page 25
of this report is a table showing monthly averages of these weekly figures for
the years 1932 and 1933.
During 1933 loans by these banks have averaged less, but investment holdings of United States and other securities greater, than during the year before.
Loans on securities averaged approximately 3 per cent less in 1933 than in
1932. All other loans, which declined from 152 millions in January 1932 to
116 millions in August 1933, but increased to 135 millions in December, averaged about 12 per cent less in 1933 than the previous year. Holdings of Government securities averaged 20 per cent, and other securities 6.7 per cent,
greater than in 1932.
Demand deposits of these weekly reporting member banks declined from
155 millions in January 1932 to 130 millions in March 1933, but rose to 152
millions in December. For the year, however, they averaged about 3 per cent
less than in 1932.
Time deposits declined from 141 millions in January 1932 to 124 millions
in March 1933, rose to 134 millions in July and August, but declined to 129
millions in December.
Borrowings by these weekly reporting member banks from the Federal
Reserve Bank of Atlanta increased from 2.4 millions on the first weekly report
date of 1933 to a high point at the time of the banking holiday of 15.1 millions
on March 15, but declined to $402,000 on the last Wednesday in June. These
borrowings increased by November 29 to 3.8 millions, but declined to 1.6
millions on December 27, the last report date of the year.
NOTE—More detailed statistics concerning the operations of the Federal
Reserve Bank of Atlanta, and of member banks in the Sixth District, are carried in the Annual Report of the Federal Reserve Board which will be issued
at a later date.




19

CONDITION OF FEDERAL RESERVE BANK
OF ATLANTA
( I N THOUSANDS O F DOLLARS)

Dec. 3 1 ,
1933

RESOURCES

Dec. 31,
1932

Dec. 31,
1931

Dec. 3 1 ,
1930

Gold with Federal Reserve Agent
$ 90,880
Gold Redemption Fund—Federal Reserve Notes. . . .
3,157

$ 62,000
2,878

$ 91,800
2,725

$129,900
2,237

Gold held exclusively against F. R. Notes
Gold Settlement Fund with F. R. Board
Gold and Gold Certificates held by Bank

$ 94,037
22,088
2,093

$ 64,878
8,186
9,103

$ 94,525
7,416
7,620

$132,137
10,803
7,907

Total gold reserves
Other cash

$118,218
11,874

$82,167
10,078

$109,561
10,429

$150,847
13.271

Total gold reserves and other cash
Redemption fund—Federal Reserve Bank notes

$130,092
1,014

$ 92,245

$119,990

$164,118

Bills Discounted:
Secured by U. S. Govt. Obligations
Other bills discounted

$

230
3,954

$

$

$

Total bills discounted
Bills bought in open market

$
$

4,184
4,279

$ 14,949
$ 3,439

$ 34,902
$ 13,235

$ 18,068
$ 15,756

U. S. Government Securities:
Bonds
Treasury Notes
Certificates and Bills

$11,305
32,295
28,298

$10,281
8,110
29,013

$

$

$ 71,898

$ 47,404
5 00

$ 13,938 $
8 50

$ 80,361

$ 66,292

$ 62,925

$ 42,301

$

$

$

$

Total U. S. Government Securities
Other securities
Total bills and securities
Due from Foreign Banks
F. R. Notes of other F. R. Banks
Uncollected items
Bank premises
All other resources
Total resources

110
1,239
11,199
2,422
4,165

4,049
30,853

6,521
380
7,037

312
1,230
11,839
2,489
3,111

487
17,581

525
4,380
2,974
7,877
600

25
1,685
12,847
2,573
4,553

$233,384

$ 97,139

$120,626

$133,854

$ 49,760
159
775

$ 43,368
2,047
2,767

$ 61,014
1,211
207

1,056

172

479

$ 51,750

$ 51,354

$ 62,911

$ 13,332
4,450
10,417
2,807

$ 10,747
4,679
10,544
2,813

$ 12,000
5,158
10,449
2,309

$ 13,130
5,346
10,857
2,004

$233,384

Total liabilities

$228,102

$ 72,082

Deferred availability items
Capital paid in
Surplus
All other liabilities

$201,896

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

Total deposits

$117,672

$125,175
5,121

LIABILITIES
F. R. Notes in actual circulation
F. R. Bank Notes in actual circulation
Deposits:
Member banks—Reserve account
Government
Foreign banks
Special deposits—Member banks
Special deposits—Non-member banks
Other deposits

$177,672

$201,896

$228,102

62.0

69.8

83.4

8,947

$ 15,642

Ratio of total gold reserves and other cash to deposit
and F. R. note liabilities combined (per c e n t ) . .
Contingent liability on bills purchased for foreign
correspondents
$




117
1,640
14,013
2,372
3,775

1,064
13,885

20

66.0
133

$

1,440

$

EARNINGS AND EXPENSES
OF

THE

FEDERAL RESERVE BANK OF ATLANTA
EARNINGS

1933

1932

1931

1930

$ 521,500
44,601
1,024,999
21,613
73,784

$1,186,612
127,554
602,366
28,572
58,092

$ 762,143
238,179
298,942
32,746
116,825

$1,087,248
417,294
315,989
24,139
119,054

$1,686,497

$2,003,196

$1,448,835

$1,963,724

CURRENT EXPENSES
Salaries:
Bank Officers
$ 194,010
Clerical Staff
393,356
All other
92,214
Governors' Conferences
472
Federal Reserve Agents' Conferences
94
Federal Advisory Council
865
Directors' meetings
23,268
Traveling expenses (a)
21,939
Assessments for Federal Reserve Board expenses
28,655
Legal fees
8,844
Insurance on currency and security shipments
28,483
Other insurance
28,775
Taxes on banking house
56,548
Light, heat and power
18,245
Repairs and alterations, banking house
4,345
Rent
4,3 50
Office and other supplies
15,161
Printing and stationery
24,069
Telephone
9,910
Telegraph
46,496
Postage
147,748
Expressage
31,533
Miscellaneous
30,711

$ 231,104
391,962
78,998
86
106
1,129
23,281
22,319
27,019
4,182
16,886
27,361
60,822
15,673
4,182
4,572
13,508
18,546
7,944
63,322
91,319
28,789
30,121

$ 231,866
403,400
82,715
232
853
22,741
23,438
26,127
3,061
30,734
27,052
60,515
15,697
2,846
5,288
16,236
18,466
7,793
69,365
81,794
36,619
36,840

$ 237,239
417,748
81,358
134
122
944
23,223
22,676
29,398
8,222
46,241
26,013
62,328
16,768
12,044
5,351
20,275
28,557
8,015
73,700
93,998
39,591
38,367

$1,163,232

$1,203,678

$1,292,312

$

$

$

Discounted bills
Purchased bills
United States securities
Deficient reserve penalties
Miscellaneous
Total earnings

Total, exclusive of cost of currency

$1,210,091

Federal reserve currency, including shipping
charges:
Original cost
$
Cost of redemption
Tax on Federal Reserve Bank Note circulation
Total current expenses

92,593
7,280

48,895
5,650

59,741
5,357

71,057
9,513

11,303

$1,321,267

$1,217,777

$1,268,776

$1,372,882

$1,686,497
1,321,267

$2,003,196
1,217,777

$1,448,835
1,268,776

$1,963,724
1,372,882

$ 365,230

$ 785,419

$ 180,059

$ 590,842

$

$

$

$

PROFIT AND LOSS ACCOUNT
Earnings
Current expenses
Current net earnings
Additions to current net earnings




21

52,690

80,953

45,598

37,985

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

$

49,855
13,235
185,642
14,217

$

66,513
6,183
499,224
1,907

$

84,007
5,608
127,033
9,009

$

85,828
11,934
194,990
12,768

$ 262,949

$ 573,827

$ 225,657

$ 305,520

$ 154,971
$ 281,644

$ 292,545
$ 292,545

$
$ 313,247

$ 323,307
$ 323,307
$

Net earnings available for dividends and surplus
Dividends paid
Withdrawn from surplus:
Account dividends paid
Account depreciation on United States
securities

$ 126,673

$

$ 313,247

$

$

$

REIMBURSABLE FISCAL AGENCY
EXPENSES
Salaries
All other

$ 121,699
38,141

$

58,580
26,505

$

5,280
3,549

$

5,280
1,962

$ 159,840

$

85,085

$

8,829

$

7,242

Total

95,405 (b)

(a) Other than those connected with governors' and agents' conferences and meetings of
directors and of the advisory council.
(b) Restored to surplus before closing books at the end of 1932.




FEDERAL RESERVE BANK OF ATLANTA
Monthly averages of daily figures—in millions
Bills Discounted:
1933
1932
1931
1930

Jan.

Feb.

Mar.

April

May

June

July

$ 17
50
23
32

$ 19
49
22
25

$ 37
38
13
22

$ 26
37
11
19

$ 20
32
11
28

$ 11
34
13
30

$

3

5
8
6
19

18
6
7
17

11
3
7
20

4
2
8
18

47
12
8
9

64
13
11
9

49
13
13
9

71
71
35
53

1 18
56
31
48

15 9
149

93
108
162
153

98
122
134
135

Sept.

Oct.

$

$

6
20
38
25

Nov.

*
2
8
10

2
8
9

*
1
5
8

*
1
7
12

*
2
35
11

3
32
10

4
4
20
14

49
23
19
9

53
49
21
10

56
50
22
11

58
47
22
13

63
47
22
13

68
47
22
13

71
47
17
10

71
47
16
8

86
53
30
48

74
56
39
54

64
84
42
50

65
92
44
49

65
81
47
51

70
75
55
53

74
69
95
48

78
71
101
47

82
72
88
52

110
121
167
158

115
122
171
157

126
1 16
158
146

138
83
148
148

129
73
140
139

128
81
136
133

122
84
127
131

125
86
90
143

127
79
84
145

133
79
96
143

109
121
131
132

160
121
131
132

144
118
132
129

132
1 16
130
127

124
113
124
127

118
113
118
119

1 17
110
114
115

118
107
113
115

118
102
117
122

122
99
121
123

125
98
122
129

44
49
58
65

45
48
59
64

41
48
59
65

43
47
60
65

47
46
58
63

51
44
57
61

54
43
57
61

55
42
54
59

54
42
54
60

56
42
51
60

58
42
49
59

60
43
49
58

58.5
61.4
80.9
73.7

58.8
62.5
84.1
76.9

49.6
70.7
87.4
80.0

58.3
72.2
87.8
79.5

65.8
69.6
83.1
75.9

72.3
51.1
80.8

70.9
46.0
78.8
76.3

70.6
51.7
77.3
75.1

67.5
55.2
73.0
74.4

68.0
57.8
50.9
77.7

67.0
54.9
47.1
78.5

65.0
54.6
54.4
75.7

11
12
19

7
27
25
28

$

6
21
51
27

Dec.'

$ 7
34
20
30

Bills Bought:
1933
1932
1931
1930

Aug.

8
40
14
29

$

7
22
52
30

U. S. Securities:
1933
1932
1931
1930

45
12
8

9

Total Bills and Securities:
1933
1932
1931
1930

66
74
43
59

Cash Reserves:
1933
1932
1931
1930

85

108

F. R. Note Circulation:
1933
1932
1931
1930

Member Bank Reserve Deposits:
1933
1932
1931
1930

Reserve Ratio:
1933
1932
1931
193 0

http://fraser.stlouisfed.org/
• Less than $500,000.
Federal Reserve Bank of St. Louis

77.6

VOLUME OF OPERATIONS IN PRINCIPAL
DEPARTMENTS
FEDERAL RESERVE BANK OF ATLANTA
Number of Pieces Handled
Bills discounted:
Applications
Notes discounted
Bills purchased:
In open market
From other Federal Reserve
Banks
Currency received and
counted
Coin received and counted.
Checks handled
Collection items handled:
U. S. Govt. coupons paid.
All other
U. S. Securities—Issues, Redemptions, and Exchanges
by Fiscal Agency Department
Transfers of funds

1933

1932

5,409
26,108

12,924
60,615

11,378

10,100

64,502

63,285

3,409

1,569

7,62 5

8,660

1931

1930

1 1 (,

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

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

117,567,242

125,990,910

66,269,794

70,845,651

28,940,900

31,496,000

498,211
210,341

440,621
188,080

390,711

411,777

178,181

165,977

103,516
59,872

77,717
68,5 5 6

54,495

34,885

73,889

84,575

Amounts Handled
Bills discounted
Bills purchased:
In open market
From other Federal Reserve
Banks
Currency received and
counted
Coin received and counted.
Checks handled
Collection items handled:
U. S. Govt. coupons paid.
All other
U. S. Securities—Issues, Redemptions, and Exchanges
by Fiscal Agency Department
Transfers of funds




$ 246,247,000

$ 691,777,000

30,027,000

29,480,000

$

450,631,000

$

515,993,000

107,631,000

124,290,000

5,006,000

10,026,000

465,356,000

564,128,000

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

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

8,021,000
162,626,000

7,099,000
128,452,000

5,328,000

5,911,000

138,367,000

147,384,000

240,871,000
1,362,138,000

195,473,000
1,589,238,000

292,532,000

148,902,000

2,110,001,000

2,562,525,000

24

10,637,000

12,787,000

8,227,498,000

10,428,054,000

CONDITION OF WEEKLY REPORTING MEMBER BANKS IN SELECTED CITIES
Monthly averages of weekly figures—in millions
Jan.

Loans on Securities:
1933
1932
All Other Loans:
1933
1932
U. S. Govt. Securities:
1933
1932
Other Securities:
1933
1932
Reserve Balance with F. R. Bank:
1933
1932
Cash in Vault:
1933
1932
Demand Deposits:
1933
1932
Time Deposits:
1933
1932
Borrowings from F. R. Bank:
1933
1932




Feb.

Mar.

April

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

$309
337

$312
334

$305
334

$306
330

$307
326

$310
318

$315
3 09

$321
307

$326
310

$323
316

$340
313

$343
314

59
66

59
65

61
65

60
63

58
61

56
61

58
60

59
58

59
58

58
58

57
60

58
60

127
152

124
150

121
148

121
147

121
144

120
138

119
135

116
135

117
132

120
134

131
132

135
130

79
72

85
74

79
76

81
74

83
75

87
73

90
69

94
71

98
74

93
78

100
77

101
78

45
47

44
46

43
45

44
45

45
46

47
45

49
45

52
44

52
45

52
45

51
46

49
45

19
21

ON OS

Total Loans and Investments:
1933
1932

18
19

18
20

17
19

20
19

22
18

21
18

22
18

24
19

22
18

24
19

5
6

5
6

9
6

6
5

5
5

5
5

5
5

5
5

6
5

6
5

6
5

6
6

142
155

139
150

130
153

134
152

137
149

142
145

141
140

142
139

145
141

142
141

145
140

152
141

133
141

132
138

124
137

126
137

127
136

127
135

134
134

134
136

133
137

132
136

131
134

129
133

2
13

4
12

11
8

10

9
5

1
6

1
9

I
7

2
5

2
4

3
4

3
4

7

SUMMARY OF SIXTH DISTRICT BUSINESS INDEXES—1923-1925 - 100
ANNUAL
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933

Life
Building
Retail Wholesale Insurance Permits
Sales 20 Cities
Trade
Trade
129.2

32.0
44.0

89 A

AA \

90.6
100.6
97.8
101.9
106.1
107.2
106.8
104.4
94.9
87.3
68.6
68.1

83.4
95.6
95.8
108.6
108.1
92.3
89.3
88.9
77.5
58.6
42.8
47.7

91.8
93.4
114.8
117.9
109.7
109.8
112.5
102.3
83.4
64.6
60.0

58.2
76.2
85.6
138.2
130.6
85.1
80.0
53.6
32.3
21.8
14.3
10.5

(da. av.
61.3
63.7
69.3
70.9
68.9
59.5
47.4
53.4

41.3
41.7
45.1
43.0
40.0
37.6
34.8
42.6

74.0
67.6
73.1
68.8
69.4
65.6
57.5
59.6

Contract Award s
Total Residential Other

113.0

Cotton
ConPig Iron
Coal
sumpAlabama Alabama Tennessee tion*
76.4
07 n
o/.U

76.3
*T L./

72.3
92.2
135.5
123.0
90.4
78.6
78.0
55.3
41.0
20.6
33.6

64.2
86.9
148.9
102.6
66.1
63.4
45.4
27.3
17.3

16.3
16.0
13.5
19.0
19.6
21.3
16.0
23.6

11.5

9.4

11.0

77.7
95.8
126.5
136.7
106.6
88.7
99.7
74.0
56.9
28.1
44.7

78.6
99.3
98.3
102.2
105.7
99.7
90.9
96.7
84.1
60.1
23.6
31.9

63.3
92.3
103.0
96.3
100.7
112.5
99.5
88.7
90.3
78.4
60.4
39.6
44.2

83.4
91.2
112.9
85.2
101.9
110.2
108.1
104.9
101.9
95.9
78.6
66.1
66.7

68.1
86.4
103.2
93.7
103.1
111.7
228.1
127.8
140.8
125.7
109.6
105.4
130.5

42.7
40.2
42.7
37.5
36.6
30.8
28.3
35.8

68.4
62.8
74.9
51.8
48.0
48.0
44.8
51.6

(da. av.)
107.5
113.7
115.9
97.6
94.6
94.0
82.3
105.1

MONTHLY
1932—
January
February
March ..
April
May . . .
June . . .
July . . .

August .


9.5

12.4
12.5
20.4
12.2
11.8
8.0

13.6

9.1

11.6
13.1
11.2
9.3
7.7
7.4

19.5
20.5
14.8
23.0
25.2
29.2
21.6
34.4

(da. av.)
38.0
41.1
28.8
31.1
32.5
16.0
13.4
9.8

September
October .
November
December

70.7
79.1
69.6
101.5

49.6
47.5
42.7
39.2

55.5
56.0
59.7
67.8

17.8
23.7
10.9
18.9

27.0
21.0
35.8
18.1

7.2
6.5
9.9
8.5

40.2
30.7
53.1
24.5

11.7
20.5
22.6
18.6

39.0
48.4
46.4
46.0

58.3
74.7
67.3
76.0

124.1
125.9
130.4
110.9

1933—
January .
February .
March . ..
April . . . .
May
June . . . .
July . . . .
August . .
September
October .
November
December

48.5
J2.4
49.6
64.8
67.9
58.0
50.3
66.1
73.8
83.2
78.4
127.9

36.9
33.2
38.2
41.8
47.9
48.0
50.7
53.0
55.5
56.5
54.1
53.3

50.7
54.6
53.2
59.6
59.6
63.1
66.1
61.5
53.1
57.6
61.8
78.5

7.1
5.2
6.2
7.3

40.8

4.2
4.9

65.2
12.7
10.6

13.6
13.0
10.6
20.6
11.1
10.8

14.9
12.1
11.1
13.4
20.5
48.8
122.1
62.2

10.1
13.9
11.7
13.5
20.5
29.1
51.7
50.8
47.4
42.2
37.0
53.7

44.5
39.9
36.4
34.2
37.3
38.5
50.6
57.8
52.2
43.9
44.2
50.6

63.5
62.8
53.8
44.8
50.0
59.6
71.7
84.8
65.5
57.2
59.0
60.3

120.1
118.5
120.2
123.8
154.5
177.4
155.5
142.0
127.0
124.8
118.3
94.7

6.8

14.2

9.6

11.3
7.7

12.3
10.1
15.1
11.5
12.2
10.0
7.8
6.5

29.2
8.0

6.1

14.7
12.5
10.3
15.8
28.9
77.0
184.0
98.2

* Indexes of Cotton Consumption are based on totals for Georgia, Alabama and Tennessee. Annual indexes are for years ending July 31.