Full text of Annual Report of the Federal Reserve Bank of Atlanta : Ninth Annual Report of the Federal Reserve Bank of Atlanta, by Joseph A. McCord, Chairman of the Board and Federal Reserve Agent : 1923

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L

NINTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF ATLANTA
BY

JOSEPH A. McCORD




CHAIRMAN OF THE BOARD
And
FEDERAL RESERVE AGENT

1923

NINTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF ATLANTA
«
FOR THE YEAR ENDED DECEMBER 31, 1923

JOSEPH A. McCORD
CHAIRMAN AND FEDERAL RESERVE AGENT










NASHVILLE BRANCH,
FEDERAL RESERVE BANK OF ATLANTA,
NASHVILLE. TENN.

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

LETTER OF TRANSMITTAL

February 29, 1924.
Sirs:
I have the honor to submit herewith the Ninth Annual Report of the Federal Reserve Bank of Atlanta,
covering the year 1923.
Respectfully,
JOS. A. McCORD,
Chairman and Federal Reserve Agent.
Federal Reserve Board,
Washington, D. C.




ANNUAL REPOKT OF THE FEDERAL RESERVE BANK OF ATLANTA

DIRECTORS AND OFFICERS
of the
FEDERAL RESERVE BANK OF ATLANTA
For 1924

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

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

OSCAR NEWTON, Jackson, Miss.

J. A. MCCRARY, Decatur, Ga.

J O H N K. OTTLEY, Atlanta, Ga.

LEON C. SIMON, New Orleans, La.

CLASS C
Jos. A. MCCORD, Atlanta, Ga.
LINDSEY HOPKINS, Atlanta, Ga.

W. H. KETTIG, Birmingham, Ala.

OFFICERS
M. B. WELLBORN, Governor.

J. L. CAMPBELL, Deputy Governor.

J o s . A. MCCORD, Chairman of the

Board and Federal Reserve Agent.

CREED TAYLOR, Deputy Governor.
M. W. BELL, Cashier.

W. H. KETTIG, Deputy-Chairman.
WARD ALBERTSON, Asst. Federal Re-

W. B. ROPER, Assistant Cashier.
W. R. PATTERSON, Assistant Cashier.
R. A. SIMS, Assistant Cashier.
H. F. CONNIFF, Assistant Cashier.
J. B. TUTWILER, Assistant Cashier.
W. H. TOOLE, Manager Fiscal Agent
Department.

serve Agent and Secretary of Board
of Directors.
W. S. JOHNS, General Auditor.
J. W. HONOUR, Assistant Auditor.
J. M. SLATTERY, Manager Bank and
Public Relations Department.

RANDOLPH & PARKER, General Counsel.

NEW ORLEANS BRANCH
DIRECTORS:
P. H. SAUNDERS, Chairman, New Or-

leans, La.

OFFICERS:
MARCUS WALKER, Manager.

W. H. BLACK, Asst. Manager.

A. P. BUSH, Mobile, Ala.

j . A. WALKER, Cashier.

J. E. BOUDEN, JR., New Orleans, La.

F . C. VASTERLING, Asst. Cashier

JAS. P. BUTLER, JR., New Orleans, La.

LAWSON BROWN, Asst. Federal Re-

LEON C. SIMON, New Orleans, La.
R. S. HECHT, New Orleans, La.
FRANK W. FOOTE, Hattiesburg, Miss.




serve Agent.

6

ANNUAL REPORT OF THE FEDERAL KESERVE BANK OF ATLANTA

BIRMINGHAM BRANCH
DIRECTORS:

OFFICERS:

W. H. KETTIG, Chairman, Birmingham, Ala.
OSCAR WELLS, Birmingham, Ala.

ALEX E. WALKER, Manager.
W. C. STERRETT, Cashier.
H. J. URQUHART, Asst. Cashier.

T. O. SMITH, Birmingham, Ala.
W. W. CRAWFORD, Birmingham, Ala.

J. B. COBBS, Asst. Federal Reserve
Agent.

JOHN H.- FRYE, Birmingham, Ala.

JACKSONVILLE BRANCH
DIRECTORS:

OFFICERS:

JOHN C. COOPER, Chairman, Jacksonville, Fla.
C. P. KENDALL, Jacksonville, Fla.
EDW. W. LANE, Jacksonville, Fla.

GEO. R. DESAUSSURE, Manager,
W. S. MCLARIN, JR., Cashier.
GEO. N. MARTIN, Asst. Federal Reserve Agent.

FULTON SAUSSEY, Jacksonville, Fla.
GILES L. WILSON, Jacksonville, Fla.

NASHVILLE BRANCH
DIRECTORS:

OFFICERS:

W. H. HARTFORD, Chairman, Nashville, Tenn.
J. E. CALDWELL, Nashville, Tenn.
P. M. DAVIS, Nashville, Tenn.
T. A. EMBREY, Winchester, Tenn.
E. A. LINDSEY, Nashville, Tenn.
SAVANNAH AGENCY

J. B. MCNAMARA, Manager.
JOEL B. FORT, JR., Cashier
W. T. TYLER, Asst. Federal Reserve
Agent.

HAVANA AGENCY

R. N. GROOVER, Manager.

L. C. ADELSON, Manager.

D. E. AVERY, Asst. Manager.

L. L. MAGRUDER, Asst. Manager.

MEMBER FEDERAL ADVISORY COUNCIL




OSCAR WELLS, Birmingham, Ala.

ANNUAL EEPOKT OF THE FEDERAL RESERVE BANK OF ATLANTA

TABLE OF CONTENTS
Introduction
9
Financial Results of Operations:
Comparative Balance Sheet
10
Comparative Statement, Earnings and Expenses
10
Comparative Profit and Loss Statement
11
Movement of Principal Asset and Liability Items:
Total Earning Assets
11
Bills Discounted for Member Banks
11
Bills Discounted for Member Banks secured by U. S. Gov't Obligations 12
All Other Bills Discounted for Member Banks
12
Bills Bought in the Open Market
12
Total Cash Reserves
12
Member Banks' Reserve Deposits
12
Federal Reserve Notes in actual circulation
13
Reserve Position
13
Volume of Discount and Open Market Operations:
Bills Discounted
13
Bills Bought in the Open Market
13
United States Securities Purchased
14
Volume of Bills Discounted for Member Banks in Each State
14
Volume of Operations in Principal Departments
15
Operations of the Federal Reserve Clearing System:
Transit Operations
16
Clearings and Transfers through the Gold Settlement Fund
16
Principal Asset and Liability Items of Reporting Member Banks in Leading Cities as of the last report date in the month
16
Debits to Individual Accounts
17
Discount Rates
17
Currency Receipts and Shipments
18
Federal Reserve jtfotes
18
Movement of Membership
19
Fiduciary Powers
. 19
Acceptance up to 100 Per Cent
20
Operation of Federal Reserve Bank Branches
20
New Orleans
20
Birmingham
21
Jacksonville
21
Nashville
21
Savannah
22
Havana
22
Bank Premises:
Atlanta
22
New Orleans
22
Nashville
23
Jacksonville
23
Birmingham
23
Examinations
23
Bank and Public Relations Department
24
General Business and Banking Conditions
24
Monthly Business Review
26.




ANNUAL REPOKT OF THE FEDEKAL RESERVE BANK OF ATLANTA

SCHEDULES
Comparative Statement of Condition, Dec. 31, 1921, Dec. 30, 1922
Dec. 31, 1923
27
Movement of Principal Assets and Liabilities During 1923
28-29
Volume of Discount and Open Market Operations
30
Volume of Bills Discounted for Member Banks in Each State
31
Earnings and Expenses
32-33
Volume of Operations in Principal Departments
34
Operations of Federal Reserve Clearing System
35
Clearings and Transfers through the Gold Settlement Fund
36
Principal Assets and Liabilities of Reporting Member Banks in Leading
Cities as of the last report date in the month
37
Debits to Individual Accounts
38-39-40
Changes in Discount Rates During 1923
41
Currency Receipts From and Payments to Member and Non-Member
Banks
42
Federal Reserve Notes Issued and in Actual Circulation
43
Statement of Federal Reserve Notes
44
Comparative Statement of Federal Reserve Agent
45
Movement of Membership for 1923
46
State Bank and Trust Company Members
47-48-49-50-51
State Banks—Liquidations and Withdrawals—1923
52
New National Banks, 1923
52
National Banks Liquidated in 1923
52
Banks Authorized to Exercise Fiduciary Powers under the Federal
Reserve Act
53-54
Banks Granted Authority to Accept Drafts and Bills of Exchange up
to 100 Per Cent of Their Capital and Surplus
55

CHARTS
Federal Reserve Note Circulation, Purchased Bills, U. S. Securities and
Discounts for Own Members




56

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

9

N I N T H ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK OF ATLANTA

INTRODUCTION

At the beginning of the year 1923, business conditions in the
Sixth Federal Reserve District gave promise of continued improvement, which was realized during the early months followed by some
recessions during the late spring and summer. In the early part of
the year rediscount demand came from agricultural sections, and it
was not until the crop moving season that the city banks made demands for rediscount to any great extent. At the close of the year,
all classes of banks in the district were rediscounting freely with the
Federal Reserve Bank.
Deposits of member banks followed the general trend of business, while the loans and discounts of all member banks showed an
increase from the low point at the beginning of the year.
Agricultural prospects were good until the latter part of July
and during the month of August, wThen continued rains greatly damaged all crops, and in some parts of the district the wet weather increased the activities of the boll weevil and army worm to such an
extent that the cotton crop was almost totally destroyed. The increased acreage planted in cotton was considerably reduced by
abandonment, due to unfavorable weather conditions and shortage
of labor as the result of the migration to the North of negro farm
hands. However, the increased price of cotton materially helped
conditions that otherwise might have been irreparable.




10

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

The volume of retail trade was greater than for the previous year,
and slightly larger than in 1921, while the volume of wholesale trade
was greater than for any year since 1920. According to the United
States Bureau of Labor Statistics, wholesale prices fluctuated during
the year from 150 to 159, based on 100 for 1913 prices. The peak of
prices was in March and April and the lower level was reached in
August.
Building throughout the district continued on a large scale. As
reported by twenty cities, building operations were greater than any
year since 1919, while in volume 1923 exceeded any previous year.
Probably at the close of 1923, conditions could not be regarded
as so favorable as at the close of the previous year, yet taken as a
whole, the end of the year found the Sixth District on a sound,
economic basis.
FINANCIAL EESULTS OF OPERATION

Comparative Balance Sheets—Reference is made to Schedule No.
1, which shows total resources on December 31st, 1923, of $229,006,000, as compared with $214,030,000 on December 30th, 1922, or an
increase of $14,976,000. The principal changes in the statement are
a decrease in the total reserves of $14,265,000, from $142,351,000 on
December 30th, 1922, to $128,086,000 on December 31st, 1923; and
an increase in earning assets of $28,205,000, from $40,126,000 on
December 30th, 1922, to $68,331,000 on December 31st, 1923. The
principal change in the statement of liability items was an increase in
Federal Reserve notes in actual circulation of $16,858,000, from
$124,036,000 at the close of 1922, to $140,894,000 at the close of the
year 1923. Member banks' reserve deposits were approximately
$2,300,000 greater on December 31st, 1923 than on December 30th,
1922.
Comparative Statement, Earnings and Expenses—The gross
earnings of $2,682,314 for 1923 was an increase of $329,578 over
the gross earnings for the previous year, amounting to $2,352,736,
while the total current expenses of $1,294,232 for 1923 was only
$1,179 more than the previous year, which amounted to $1,293,053.
The expenses for 1922, however, did not include any expense for the
operation of the Havana Agency, amounting to $11,264.07 in 1923,




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

11

and the expenses for 1923 included an increase in "Taxes on Banking
House" of $22,574.
Comparative Profit and Loss Statement—The current net earnings for 1923 were $1,388,082 as compared with $1,059,683 for 1922.
The deductions from current net earnings for furniture and equipment, for depreciation allowance on bank buildings and reserve for
probable losses, etc., were $1,038,692, as compared with $391,366.00
for the previous year. During the year, the buildings at Atlanta,
New Orleans and Nashville were completed and a large part of the
deductions for the year were for depreciation on bank buildings to
bring the present book value to a replacement cost, also a considerable
amount was reserved for probable losses. The net earnings, therefore,
for dividends, surplus and franchise tax were $352,179.00 for 1923,
as compared with $672,730.00 for the previous year.
MOVEMENT OF PRINCIPAL ASSETS AND LIABILITY ITEMS

Total Earning Assets—-The total earning assets on the first report date of the year amounted to $48,692,000, which declined to
$28,450,000 on February 14th, the low point during the year, followed by a gradual increase to $63,520,000 on May 2nd. From this
date until the early part of September, earning assets fluctuated between $42,000,000 and $60,000,000, and commencing with September, there was a gradual increase until the high point of $98,352,000
was reached on November 28th. Following this date, there was a
gradual decline to $82,170,000 on the last report date of the year,
December 26th. The daily average of earning assets for the year was
$59,596,000.
Bills Discounted for Member Banks—On the first report date of
the year, Jauary 3rd, bills discounted for member banks amounted
to $28,451,000, which gradually declined to the low point for the
year, $15,994,000, on March 14th. Following this low point,
there was a gradual increase throughout the year, with some fluctuations, until the high point for the year, $87,067,000, was reached on
November 28th, followed by a decline to $69,335,000 on December
26th. The daily average of bills discounted for member banks was
$44,283,000.




12

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

Bills Discounted .for Member Banks secured by U. S. Government Obligations—On January 3rd, bills discounted for member
banks secured by United States Government obligations amounted
to $1,764,000, the low point for the year. There was a gradual increase, with some fluctuations, until the high point of $24,931,000
was reached on November 28th, followed by a decline to $20,301,000
on December 26th, the last report date of the year.
All Other Bills Discounted for Member Banks—On January 3rd,
All Other Bills discounted for member banks amounted to $26,687,000.
The low point in this class of discounts was $13,993,000 on March
14th, and the high point of $65,417,000 was reached on October 31st,
and on the last report date of the year, December 26th, the amount
stood at $49,034,000.
Bills Bought in the Open Market—At the beginning of the year,
the Federal Eeserve Bank of Atlanta had on hand bills bought in the
open market amounting to $10,897,000 which was followed by a decrease to $6,562,000 on February 7th. This amount increased gradually until the high point of $33,968,000 was reached on May 2nd.
At this time there was a greater demand from member banks, and this
class of paper was allowed to liquidate itself, until the low point for
the year of $4,462,000 was reached on July 18th. During the remainder of the year, the bank confined its purchases of open market
paper to that originating within the district. On the last report date
of the year, December 26th, this class of paper amounted to $12,493,000, and the daily average for the year was $13,145,000.
Total Cash Reserves—At the beginning of the year, the total
cash reserves amounted to $139,480,000, and there was considerable
fluctuation until the early part of August, when there was a gradual
decline; the low point for the year, $96,281,000, being reached on October 24th. Following this date and until December 26th, there was
an increase until the reserves on the latter date amounted to $120,811,000. The daily average for the year was $129,022,000.
Member Banks' Reserve Deposits—Member banks' reserve deposits fluctuated during the entire year from $50,000,000 to $60,000,000. The low point for the year, $50,690,000, was reached on August 29th, while the high point of $59,360,000 was on the second report date of the year, January 10th. At the close of the year, mem-




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

13

ber banks' reserve deposits were $53,691,000, and the daily average
for the year was $54,442,000.
Federal Reserve Notes in Actual Circulation—Federal Eeserve
notes in actual circulation amounted to $126,325,000 on January 3rd,
declining to $115,408,000 on January 31st, the low point for the year.
There was a gradual increase with some fluctuations until the high
point of $148,367,000 was reached on December 26th, the last report
date of the year. The daily average of Federal Reserve notes in actual circulation during the year was $131,726,000.
EESERVE POSITION

The reserve percentage at the beginning of the year Avas 72.8 per
cent, which gradually increased to 83.8 per cent on January 31st, the
last report date of that month, followed by a gradual decline until
the low point of 49.1 per cent on a report date was reached November
28th. The percentage then increased to 58.4 per cent on December
26th. The daily average reserve for the entire year was 68.3 per
cent.
VOLUME OF DISCOUXT AXD OPEX MARKET OPERATIONS

ills Discounted—The total volume of bills discounted for member banks during 1923 amounted to $728,081,000, as compared with
$489,930,000 for 1922. However, the volume for 1923 was less than
one-half that of 1921, which amounted to $1,647,255,000. The volume of bills discounted for member banks secured by United States
Government obligations was $282,954,000 as compared with $186,946,000 for 1922. Agricultural and live stock paper discounted for
member banks during 1923 amounted to $36,566,000, as compared
with $49,734,000 for the previous year, and the amount discounted
in 1923 was approximately one-half the volume for 1921. All other
paper discounted for member banks in 1923 amounted to $408,561,000, as compared with $253,250,000 for 1922, and $639,401,000 in
the year 1921.
Bills Bought in the Open Market—The total volume of bills
bought in the open market (practically all being bankers' acceptances)
amounted to $94,701,000 in 1923, as compared with $46,429,000 in
1922, and $22,128,000 in 1921.




14 ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

United States Securities Purchased—United. States bonds, notes
and certificates of indebtedness purchased during the year amounted
to $79,431,000; of this amount, $57,297,000 was purchased in the
month of January. Only $10,587,000 of this class of assets was purchased during 1922, and $19,555,000 in 1921.
The total volume of discounts and open market operations, including United States securities purchased, amounted to $902,284,000
in 1923, as compared with $546,954,000 in 1922 and $1,688,938,000
in 1921. The largest volume handled in any one month of the year
was $119,823,000 in October, and the smallest was $39,201,000 in
the month of February.
VOLUME OF BILLS DISCOUNTED FOR MEMBER
BANKS IN EACH STATE

Tennessee—During the year, 41 of the 95 member banks in Tennessee located in the Sixth District, were extended discount accommodation amounting to $106,771,000, as compared with 45 members,
from a total membership of 92, receiving accommodation in 1922
amounting to $75,357,000.
Georgia—From a total membership of 184 banks in the State of
Georgia, 143 received accommodation amounting to $210,443,000
during 1923, as compared with 142 banks, out of a membership of 188,
which received accommodation during 1922 amounting to $157,386,000.
Florida—At the close of the year, the membership in Florida included 71 banks, 48 of which received discount accommodation during the year amounting to $70,065,000, as compared with 39 banks
out of a membership of 78, receiving accommodation in 1922 amounting to $37,459,000, or a little more than one-half the amount discounted during 1923.
Alabama—The volume of bills discounted for Alabama member
banks during 1923 amounted to $65,377,000, which accommodation
was extended to 75 banks out of a membership of 132, as compared
with 83 banks in 1922, from a membership of 133, receiving accommodation amounting to $61,382,000.




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

15

Mississippi—During 1923, from a membership of 20 banks, 14
members located in Mississippi received accommodation amounting to
•$8,507,000. In 1922 the same number of member banks were extended accommodation, out of the same membership, to the amount
of $7,392,000.
Louisiana—During 1923 and 1922, the same number of Louisiana
member banks located in the Sixth District, were extended discount
accommodation; 30 banks in 1923 receiving accommodation amounting to $266,668,000, while the amount discounted for the same number
of banks in 1922 Avas $150,954,000. The total membership for the
year 1923 was 33 banks, as compared with a membership of 32 in
1922.
From a membership of 535 banks in the district at the close of
the year, 351 had received discount accommodation amounting to
$728,081,000, as compared with 353 banks from a membership of
543 at the close of the year 1922, which received accommodation
amounting to $489,930,000.
VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS

During the year, 13,240 applications for rediscount of 85,479
items, aggregating $728,081,000 were handled, as compared with
13,975 applications for the rediscount of 93,603 items, aggregating
$489,930,000, during 1922.
The volume of bills purchased in the open market increased more
than 100 per cent over the volume handled in 1922.
During the year, 97,814,000 pieces of currency, aggregating
$415,248,000, were handled, as compared with 85,585,000 pieces
handled during the previous year, aggregating approximately the
same amount as in 1923. There were 50,084,000 pieces of coin
handled in 1923, amounting to $7,119,000, which was approximately
the same number of pieces handled the previous year, with the amount
only slightly in excess.
Checks handled in 1923 numbered 23,956,000, aggregating $8,251,381,000, as compared with 27,750,000 handled in 1922, amounting to $5,587,997,000.




16

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

It will be noted that while the number of items handled in 1923
v as approximately 4,000,000 less than the number handled in 1922,
the amount in 1923 was nearly $2,700,000,000 greater than in 1922.
During the year, 68,000 telegraphic transfers were handled involving the transfer of funds amounting to $1,466,213,000.
The total number of pieces of mail received and dispatched during the year was 2,329,000, or a daily average of approximately
7,500 pieces.
OPERATIONS OF THE FEDERAL KESERVE CLEARING SYSTEM

Transit Operations—Transit items handled numbered 22,967,000, aggregating $7,740,497,000, as compared with the previous year
when the number of items handled was 26,861,000, amounting to
$5,197,420,000, or a decrease in number of items handled of 3,894,000
and an increase in amount of $2,543,077,000. Both the number of
items and the volume were considerably greater in 1922 and 1923
than in 1921, when 19,388,000 items were handled aggregating
$3,990,981,000.
Clearings and Transfers through the Gold Settlement Fund—The
total payments to other Federal Reserve Banks during the year
amounted to $3,084,967,000, as compared with $2,392,243,000 in
1922, which was a little more than $250,000 in excess of 1921. The
total receipts from other Federal Reserve Banks through the Gold
Settlement Fund were $3,088,625,000 during 1923, as compared with
$2,482,228,000 in 1922, and this amount was approximately $357,000,000 more than in 1921. The net gain through the Gold Settlement.
Fund for 1923 was $3,658,000, as compared with a gain for the previous year of $89,985,000, and a net loss for 1921 of $14,814,000. The
net gain in ownership of gold since the establishment of the fund in
1915 amounts to $132,540,000.
PRINCIPAL ASSET AND LIABILITY ITEMS OF REPORTING MEMBER
BANKS IN LEADING CITIES AS OF THE LAST REPORT
DATE IN THE MONTH

Thirty-nine reporting member banks located in Atlanta, Birmingham, Jacksonville, Nashville, New Orleans, Chattanooga, Knoxville and Savannah showed loans and discounts on the last report date




ANNUAL HBPOET OF THE FEDERAL RESERVE BANK OF ATLANTA

17

in January as $103,283,000, as compared with the last report date in
January of the previous year, when the amount was $359,818,000. On
the last report date in December, 1923, loans and discounts had increased to $440,595,000 as compared with $399,831,000 at the close
of the previous year. Investments of these banks in United States
securities were $42,773,000 and $29,307,000 on the last report dates
in January 1923 and 1922, respectively, while the last report in December, 1923, showed that these investments amounted to $46,548,000,
•which was approximately only $500,000 more than they were on the
same date in 1922. All other investments were approximately the
same amount on the last report dates of January 1923 and 1922. The
amount of these investments on the last report date in December,
1923, was $42,480,000, as compared with $35,645,000 on the last report date of the previous year.
In January, 1923, the net demand and time deposits of these reporting banks were $289,314,000 and $163,802,000, respectively; the
combined amount being $453,116,000, or an increase of $86,842,000
over 1922. The combined demand and time deposits on the last report date of 1923 were $451,549,000, which was $1,567,000 less than
at the beginning of the year; demand deposits having decreased
$18,466,000 and time deposits increased $16,899,000.
DEBITS TO INDIVIDUAL ACCOUNTS

Fifteen reporting clearing houses in the district showed an
increase for debits to individual accounts of $1,557,945,000; from
$9,578,604,000 to $11,136,549,000, all reporting clearing centers showing an increase in volume. The largest amount reported in any one
month was in December, when the volume amounted to $1,124,910,000,
and for the months of January and October, the amount was slightly
in excess of $1,000,000,000. The other months of the year did not
reach this figure and the smallest amount, $790,799,000, was reported
for the month of August.
DISCOUNT BATES

The discount rates on all classes of paper, except open market
transactions, remained unchanged at 4y 2 per cent throughout the
year. This rate has continued in force since March 15th, 1922.




18

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

Open market transactions were handled at substantially the same rate
of discount prevailing in other money centers.
CURRENCY EECEIPTS FROM AND SHIPMENTS TO MEMBER AND
NON-MEMBER BANKS

Currency receipts from member banks amounting to $384,261,000 exceeded the receipts in 1922, amounting to $300,007,000, by
$84,25-1,000, while payments to member banks amounted to $323,082,000 for 1923, as compared with $253,992,000 for 1922, representing
an increase during 1923 of $69,090,000.
Eeceipts from non-member banks amounted to $14,320,000 for
the year, as compared with $8,749,000 for the previous year. Payments to non-members increased $24,185,000; from $30,756,000 in
1922 to $54,941,000 in 1923.
The total receipts from both member and non-member banks
were $398,581,000 for the year, and payments to these banks amounted
to $378,023,000. In both instances, the amounts were approximately
$90,000,000 more than for the previous year.
FEDERAL EESERVE NOTES

At the beginning of the year, the outstanding Federal Eeservo
notes amounted to $135,143,000, and the total amount of notes issued
during the year was $129,464,000, while the redemptions amounted
to $106,515,000; the notes issued exceeding the redemptions by
$22,949,000.
The Federal Eeserve Agent received from the Comptroller of the
Currency during the year $71,000,000, which increased the total
amount received from the Comptroller of the Currency since the organization of the bank to $651,000,000.
Fit money redeemed by the Federal Eeserve Agent for the Federal Eeserve Bank of Atlanta amounted to $54,522,000, bringing the
total redemption of fit money since the organization of the bank to
$389,168,000.
Unfit notes redeemed and forwarded for destruction during the
year amounted to $51,993,000, which brought the total redemption of




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

19

unfit Federal Eeserve notes since the organization of the bank to
$420,891,000.
The total amount of Federal Eeserve notes issued to the Federal
Eeserve Bank of Atlanta since the opening of the bank November 16,
1914, amounted to $968,151,000 at the close of the year 1923.
Federal Eeserve notes in the hands of the Federal Eeserve Agent
amounted to $72,017,000 on December 31st, 1923, and the Federal
Eeserve Agent held $93,689,000 in gold and gold certificates, and
$67,753,000 of eligible paper; the total collateral to secure Federal
Eeserve notes amounting to $161,442,000—an excess of $3,350,000
over the outstanding Federal Eeserve notes of $158,092,000.
MOVEMENT OF MEMBERSHIP

At the beginning of the year, the membership consisted of 396
national banks and 147 state banks and trust company members, or a
total membership of 543 banks, which held 86,195 shares of stock on
which there had been paid in $4,309,750.
During the year, eight national banks were chartered and six
state bank and trust companies admitted, or an increase of fourteen
banks. The membership was decreased from the surrender of stock
by fourteen national bank members and eight state bank and trust
company members, or a total number of banks surrendering stock
during the year of 22, and a net decrease in the membership for the
year of eight banks. The membership at the close of the year numbered 390 national banks and 145 state banks and trust companies, or
a total membership of 535 banks, which held 88,590 shares on which
there had been paid in $4,429,500.
By referring to a schedule made a part of this report, there may
be found a complete list of the state bank and trust company membership at the close of the year, showing date admitted, capital, surplus and total resources.
BANKS AUTHORIZED TO EXERCISE FIDUCIARY POWERS

In 1923 seven national banks of the district were authorized by
the Federal Eeserve Board to exercise one or more fiduciary powers,
under the provision of Section 11-K of the Federal Eeserve Act, and




20

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

three were granted additional powers. National Banks having authority to act in a fiduciary capacity numbered 78 at the close of business December 31st, 1923, distributed by states, as follows: Alabama,
18; Florida, 16; Georgia, 18; Louisiana, 3 ; Mississippi, 8; and Tennessee, 15.
ACCEPTANCE UP TO OXE HUXDRED PER CEXT

Applications for authority of the Federal Reserve Board to accept drafts and bills of exchange up to 100 per cent of capital stock
and surplus were made by and granted to two national banks during
the year. The total number of banks in the district having this authority numbered thirty. The use of this form of financing was
principally in connection with the movement of cotton.
OPERATION OF FEDERAL RESERVE BAXK BRAX^CHES

The branches at Xew Orleans, Birmingham, Jacksonville and
Xashville, and the Agency at Savannah, continued to serve the member banks in their respective zones, and the volume of business handled by them was proportionate to the volume handled by the Federal
Reserve Bank of Atlanta. On September 1st, 1923, an agency was
opened in Havana, Cuba, by authority and under regulations and
conditions of the Federal Reserve Board. The United States government, by virtue of the Platt Amendment, has entered into relations
with the Cuban government which it does not have with any other
country, espectially in matters of finance and currency. The currency of the United States having been made legal tender in Cuba,
the Federal Reserve Board deemed the establishment of an agency at
Havana desirable as a means of stabilizing banking conditions
and furnishing an adequate supply of clean currency.
Authority
was therefore granted to the Federal Reserve Bank of Atlanta and
the Federal Reserve Bank of Boston for the establishment of agencies
in Havana, and the functions of these two agencies were prescribed
by the Federal Reserve Board, and do not in any way conflict with
each other or perform the same operations.
New Orleans—The New Orleans branch was serving 56 member
banks at the close of the year and had at that time earning assets
amounting to $24,249,000. The volume of bills discontinued and bills
bought by that branch for the year was $312,881,000, or an increase




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

21

over the previous year of approximately $119,000,000. The receipts
from and shipments of currency to the New Orleans branch amounted
to $260,000,000 during 1923, or approximately $10,000,000 more than
for the previous year. The number of items handled in 1923 by the
transit department was 3,823,848 as compared with 3,233,84? for
1922, and the amount involved was $1,897,249,000, as compared with
$941,965,000. The gross earnings of the New Orleans branch were
$845,526, with expenses of $236,667, or a net earning of $608,859.
Birmingham—The Birmingham branch was serving 94 member
banks at the close of the year, and the earning assets from the discounts of 29 members in this zone amounted to $2,621,306 on December 31st, 1923. The total volume of discounts handled for member
banks located in the Birmingham zone amounted to $52,603,000; an
increase of a little more than $13,000,000 over the previous year.
The total receipts and shipments of currency by the Birmingham
branch amounted to $127,658,000, an increase of $39,654,000 over
1922. The number of items handled by the transit department of
that branch for 1923 was 4,169,457, amounting to $1,486,995,000, as
compared with 5,563,595 items in 1922, amounting to $1,068,022,000.
The revenue derived in the Birmingham zone amounted to $138,202,
and the expenses of the branch were $86,395.
Jacksonville—The Jacksonville branch serving all members in
Florida, which numbered 71,.was accommodating 41 banks to the extent of $3,747,871 on December 31st, 1923. The total volume of discounts handled for members in Florida for the year amounted to
$70,065,000, as compared with $37,459,000 for 1922. The total receipts and shipments of currency of the branch amounted to $177,312,000 in 1923, as compared with $126,434,000 in 1922; and the
transit department handled 3,999,753 items, amounting to $1,257,806,000 in 1923; an increase of approximately 700,000 items and $700,000,000 in volume. The revenue from discounts for member banks
located in Florida amounted to $146,634, and the expense of operating
the Jacksonville branch was $94,009.
Nashville—The Nashville branch, serving 92 member banks, had
under discount at the close of the year $9,576,000 for 38 of its members, and the total volume of discounts for Tennessee member banks
in the Sixth Federal Eeserve District exclusive of Chattanooga members amounted to $104,258,000 for the year, as compared with $67,-




22

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

496,000 for 1922. The total receipts and shipments of currency of
this branch amounted to $86,869,000, or approximately $10,000,000
more than for the previous year. Transit items handled numbered
4,205,267, amounting to $1,412,034,000 in 1923, as compared with
3,775,165 items handled in 1922, amounting to $638,657,000, an increase of more than 400,000 items, while the volume increased nearly
$800,000,000. The gross earnings derived from the discount of paper
for member banks in the Nashville zone amounted to $254,041, and
the expense of operating the branch was $89,065 for the year.
Savannah—The total amount of currency receipts and shipments
of the Savannah agency amounted to $18,509,000 in 1923, as compared with $14,386,000 for the previous year.
Havana—During the four months the Havana agency was open
for business in 1923, receipts and shipments of currency amounted to
$32,732,000.
BANK PREMISES

Atlanta—On July 19th the banking house of the Federal Eeserve Bank of Atlanta was opened with impressive ceremonies, on
which occasion Messrs. E. B. Cunningham and George E. James,
members of the Federal Eeserve Board, were present, and a representative number of officers of member banks of the district. The original
building was completed in 1918, but increase in volume of business
since that time made it necessary to provide additional space, and
accordingly, tAvo additions have been made, the last being completed
just prior to the opening on July 19th. The building is commodious
and of substantial design, and will adequately provide for the future
growth and development of the bank's business. The book value of
the building, including land, at the close of the year was $1,444,757.16,
after the charge off for depreciation, which has been deducted yearly
since the original building was completed.
New Orleans—The banking house of the New Orleans branch
was completed during the summer and was formally opened on October
12th, at which time the Board of Directors of the parent bank held
its regular monthly meeting in that city. Mr. George E. James, member of the Federal Eeserve Board was also present at the opening ceremonies and a large number of officers of member banks located in




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

23

the New Orleans zone. The building, having four stories and a basement, is of classic design, thoroughly equipped, and suited to the
needs of the branch and its future growth. The total cost of the land,
building, vaults, machinery and other equipment, was approximately
$1,090,000, and after deduction of depreciation allowance, represented
a book value at the close of the year of $873,525.25.
Nashville—The Nashville branch moved into its new building
December 21st, 1922, but the building was not formally opened until
May 11th, 1923, when the regular monthly meeting of the Board of
Directors of the parent bank was held in Nashville, in order that the
members might be present at the opening ceremonies. The building
is a three story structure, with basement, and is of imposing appearance, admirably adapted to the requirements of the branch. The book
value of the property at the close of the year including land, and after
deduction of depreciation charge off to bring the investment within
the estimated replacement cost, was $216,890.15.
Jacksonville—Construction of a banking house for the Jacksonville branch, at the corner of Hogan and Church Streets, was commenced December, 1922, and is now nearing completion. The cost of
the building, including the lot, represented an investment of $175,131.42 at the close of the year, after depreciation allowance of $29,156.37 had been charged off, and it was estimated that approximately
$70,000 would be required to complete and equip the building. The
structure wThen completed will provide quarters well adapted to the
needs and growth of the Jacksonville branch.
Birmingham—At present the Birmingham branch is occupying
leased quarters on the ground floor of the Jefferson County Bank
Building, and consideration has not been given to the erection of a
banking house for that branch.
The agencies at Savannah and Havana are also located in leased
quarters.
EXAMINATIONS

The examination department made 185 credit investigations of
state bank and trust company members and branches, and banks making application for membership. In every instance, credit investiga-




24

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

tion of member banks was made jointly with the state authorities,
whose cordial cooperation was continued throughout the year 1923.
BANK AXD PUBLIC RELATIONS DEPARTMENT

The establishment of a Bank and Public Relations department
has been authorized by the Federal Reserve Board, and will begin to
function early in the year 1924.
GENERAL BUSINESS AND BANKING CONDITIONS

(a)

General Conditions

General business conditions in the district during the year 1923
have continued in some measure the improvement which was begun
in the preceding year. During 1922 there was substantial improvement in production and prices, and in almost all lines of trade, as well
as a decline in unemployment, and an actual shortage of workers in
some lines.
Business statistics compiled during 1923, in connection with the
Monthly Business Review, have shown progress and improvement
over1 the years which preceded. During the latter months of 1922 and
the early part of 1923, there was a tendency toward a rather rapid increase in business, accompanied by increasing prices. The pace of
the first three or four months of the year was, however, checked, and
since that time business has moved forward on a conservative and
sound plane; buying has been done in a cautious way and to a very
large extent to meet current requirements only, and there has been
no evidence of speculative buying in any line.
The volume of retail and wholesale trade during the year has,
on the whole, been satisfactory, and has shown improvement over
1922. Forty representative department stores have reported each
month aggregate sales which were larger than the corresponding
month a year earlier. Wholesale trade has also shown up favorably,
and in the four principal lines, index numbers show sales for each
month during 1923 larger than in 1922, excepting November, when
the index number was the same as for November, 1922.
Savings deposits, held by nearly a hundred banks which report
monthly to the Federal Reserve Bank, were larger each month during
1923 than for the corresponding month in 1922, the increases ranging




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

25

from 11.7 per cent in December to 14.7 per cent in February. Debits
to individual accounts at 15 cities in the district were more than 16
per cent larger in 1923 than in 1922. There was a substantial decline in business failures, both in number and in the volume of liabilities.
The value of building permits issued at twenty cities in the district has shown improvement from year to year. In 1923 at these
twenty cities, permits were issued for buildings valued at approximately $103,000,000, compared with $78,555,641 in 1922; $59,753,349 in
1921; $59,039,131 in 1920, and $43,269,780 in 1919.
Pig iron produced in Alabama during 1923 amounted to 2,767,611 tons, as against 2,188,640 tons in 1922.
Agricultural conditions in the district were not altogether favorable during the }Tear. A somewhat larger acreage was planted in cotton than in 1922, and while the crop for the country as a whole was
larger than that produced in 1922, all the states in the Sixth District,
except Louisiana, produced a smaller crop, due to weather conditions
and insect damage. The benefit which would have been derived from
the higher price received for the crop wTas, at least partially, offset
by the rather substantial reduction in the size of the crop.
(b)

Labor

The year began with little or no unemployment in this district,
and conditions have been satisfactory all through the year. There
have been minor fluctuations, but on the whole, labor was well employed. The building programs which have been carried on all
through the district have kept building craftsmen constantly employed, and there has been a shortage of these workers at many
points. Industrial employment has been fairly steady, and the only
idleness reported at the close of the year was in some parts of Florida,
where winter transients were seeking temporary work.




26

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

(c)

Money Market

The demand for funds during the year, indicated by the volume
of loans and discounts reported weekly by 39 banks in selected cities,
showed the usual seasonal changes. Loans and discounts were reported at the beginning of the year aggregating about $400,000,000,
and fluctuated between a narrow range until the latter part of September, when the demand for funds for harvesting and moving the
crops brought about an increase to $450,000,000 on November 28th.
Demand deposits reported by these banks exhibited a gradual decline
from about $291,000,000 on January 10th to $253,000,000 on September 26th, but recovered some of this loss before the end of the
year.
The volume of bills held by the Federal Eeserve Bank of Atlanta, following the holiday trade, declined from a little more than
$39,000,000 the first week in January to about $23,000,000 the second
week in February, but recovered to nearly $63,000,000 the first day
of May, and fluctuated between that figure and $53,000,000 until the
latter part of September, when agricultural demands for money from
member banks caused an increase to $98,000,000 on November 28th.
By the end of the year, this item had declined to approximately
$82,000,000.
MONTHLY BUSINESS EEVIEW

As has been the custom for a number of years, the Federal Eeserve Agent has made a monthly report to the Federal Eeserve Board
on general business conditions in the district, and this report has been
printed and circulated to banks, business firms and others in the Sixth
District, and to all those, wherever located, who have requested it.
The Eeview is sent to non-member banks, as well as member banks,
in this district, and has been well received. Eequests are constantly
being received from all parts of the United States and the mailing
list is being enlarged from month to month.




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

27

COMPARATIVE STATEMENT OF CONDITION.
(In thousands of dollars.)

Dec. 31, 1923. Dec. 30, 1923. Dec. 31, 1921.

RESOURCES.
Gold with Federal Reserve Agent
Gold redemption fund with TJ. S. Treasury..

$ 93,689
5,178

$109,182
1,756

45,225
5,540

Gold held exclusively against F. R. notes.
Gold settlement fund with F. R. Board
Gold and gold certificates held by bank

98,867
17,773
6,466

110,938
2O,153
5,609

5 0 ,675
1 4 ,806
5 ,159

Total gold reserves.
Reserves other than gold- .

123,106
4,980

136,7OO
5,651

70,64O
5,642

Total reserves
Non-reserve cash
Bills discounted:
Sec. by XJ. S. Government obligations
Other bills discounted

123,086
6,128

142,351

76,282

10,968
44,774

2,116
24,216

24,420
66,407

55,742
12,154

26,332
11,422

90,827
3,686

261
92
31

220
**8O
2,072

10,314

384
51

2,372

18,880

68,331

40,126

113,393

23,411
2,664
386

467
28,86O
1 ,962
264

525
23,592
1,008
729

Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
Total IT. S. Government securities
Municipal warrants
Total earning assets
percent redemption fund—F.
notes
Uncollected items
Bank premises
All other resources
5

R.

Bank

Total resources
LIABILITIES:
F. R. notes in actual circulation
F. R. Bank notes in circulation—net.
Deposits:
Member bank—reserve account
Government
Other deposits
Total deposits
Deferred availability items.
Capital paid in
Surplus
All other liabilities
Total liabilities
Ratio of total reserves to deposit and F. R.
note liabilities combined
Contingent liability on bills purchased for
foregin correspondents
*-Not shown separately prior to 1923.
**—Including Victory notes.




8,566

229,006

214,030

215,529

140,894

124,036

121,471
8,034

54,697
2,561
313

62,398
848
498

42,967
11,213
336

57,571
16,117
4,430
8.950
1,044

53,744
22,376
4.31O
8,942
622

54,516
17,480
4,189
9,114
725

229,006

214,030

215,529

64.5%
779

80.1 %
1,238

43.3%
1,152

SCHEDULE 2.

MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1923.

to

(Amounts in thousands of dollars.)

CO

Bills discounted for
member Banks
Total
Earning
Assets

Date

Total

Bills secured
by XJ. S.
Government
Obligations

Other
Bills
Discounted

2

3

4

(2 +5 +6)
1
January

February

March

April

May

June

July

3 $ 48,692
41,840
10
31,072
17
32,249
24
32,342
31
31,233
7
28,450
14
36,703
21
36,778
28
44,166
7
42,688
14
45,663
21
42,346
28
49,324
4
49,492
11
64,968
18
69,173
26
63,620
2
69,123
9
58,637
16
58,628
23
66,903
29
54,772
6
46,935
13
49,020
20
46,149
27
62,489
3
46,160
11




$28,451
22,623
20,797
22,621
21,303
18,864
16,262
18,074
18,605
19,406
16,994
19,438
18,635
20,665
19,305
23,862
26,579
28,994
26,368
27,362
30,886
32,346
33,710
29,636
35,996
35,175
44,115
38,118

$ 1,764
2,188
2,066
2,472
2,456
2,387
1 ,819
2,763
2,087
2,984
2,001
3,448
2,856
2,665
2,238
4,012
4,969
4,810
3.8O9
4,391
3,887
3,507
3,950
4,901
6,607
6,259
6,925
6,403

$26,687
20,335
18,742
20,149
18,847
16,477
14,443
15,321
16,418
16,421
13,993
16,990
15,779
18,000
17,067
19,840
21 ,610
24,184
22,559
22,971
26,999
28,838
29,76O
24,734
29,389
28,916
37,190
31 ,715

Bills
bought
in open
Market

United
States
Securities

Total
Cash
Reserves

Member
Banks'
Reserve
Deposits

Total
Deposits

Federal
Reserve
Notes in
circulation

Reserve
Percentages

5

6

7

8

9

10

11

$10,897
9,876
8,108
7,199
7,498
6,562
7,074
7,615
8,283
9,659
11,532
16,074
21,199
26,117
27,678
28,581
32,065
33,968
32,2O7
30,317
27,179
23,998
20,573
17,057
12,840
9,652
8,144
6,8OO

$ 9,344
9,442
2,167
2,429
3,541
5,807
5,114
10,014
9,990
15,092
16,062
10,041
2,512
2,542
2,509
2,626
629
558
548
958
563
66O
489
243
184
322
220
232

$139,480
141,22O
144,339
145,529
145,016
147,361
153,278
146,235
143,480
139,184
143,333
142,700
145,619
141,992
136,221
136,311
132,986
128,846
131,076
134,413
130,276
135,646
138,085
141,453
142,643
140,732
140,964
142,416

$59,062
59,3O6
54,979
66,623
64,433
67,439
57,923
57,481
53,029
65,643
57,106
66,603
54,896
55,948
54,608
56,699
63,900
64,685
56,464
67,262
55,829
56,974
68,487
56,124
58,292
51 ,161
66,143
54,139

$65,229 $126,£25
122,950
62,834
120,164
66,827
118,718
68,696
115,408
67,717
118,668
69,795
122,441
61,396
121,472
6O,196
119,017
56,187
123,664
68,969
124,317
61,317
124,861
62,667
123,757
61,608
126,657
61,268
126,035
58,481
126,951
62,842
132,463
56,432
133,050
56,987
134,693
57,109
134,188
61,461
133,802
66,730
133,656
59,229
133,602
60,481
133,735
56,471
134,004
58,944
133,19O
53,284
134,633
57,467
135,149
66,218

72.8
76.0
81 .6
82.0
83.8
82.6
83.4
80.5
81 .9
76.2
77.2
76.1
78.6
76.6
73.8
71 .8
70.4
67.8
68.4
68.7
68.4
70.3
71.2
74.4
73.9
75.5
73.4
74.8

SCHEDULE 2.—Cont'd.

MOVEMENT

OF PRINCIPAL ASSETS AND

LIABILITIES DURING 1923.

(Amounts in thousands of dollars.)

Bills discounted for
member Banks
Date

Total
Earning
Assets

Total

(2 +5 +6)
1
18
25
1
8
15
22
29
September
6
12
19
26
October
3
10
17
24
31
November
7
14
21
28
December
6
12
19
23
Daily Average

August




42,352
46,632
51,150
49,797
61.O43
53,466
66,160
61,555
62,086
71,047
76,831
80,311
84,518
88,241
89,415
92,167
9O.5O4
87,783
93,426
98,352
96,806
88,264
82,720
82,17O
59,596

2
37,603
40,788
41,995
40,684
42,229
45,040
48,162
52,772
52,792
61,373
67,323
7O,877
75,164
82,497
83,440
84,459
81,646
77,775
82,716
87,067
85,607
76,137
71,311
69,335
44,283

Bills secured
by TJ. S.
Government
Obligations
3
5,786
7,118
6,270
6.6OO
8,633
9,O51
10,885
10,983
12,836
15,835
16,147
17,332
18,042
21,108
20,339
19,042
19,560
22,520
23,351
24,931
23,296
20,63O
20,443
20,301

Other
Bills
Discounted

Bills
bought
in open
Market

4

5

31,817
33,670
35,726
34,084
33,596
35,989
37,287
41,789
39,956
45,538
51,176
53,545
57,122
61,389
63,101
65,417
62.O86
55,255
59,365
62,136
62,211
65,507
50,868
49,O34

4,462
4,640
8,938
8,886
8,542
8,239
7,780
8,505
9,044
9,383
9,142
9,108
9,028
5,452
5,671
7,404
8,562
9,752
1O,4O7
11,OO6
10,918
11,869
11 ,155
12,493
13,145

United
States
Securities

6
277
194
207
217
252
197
208
258
23O
24O
315
275
277
241
253
243
245
205
252
228
330
207
203
291
2,150

Total
Cash
Reserves

7
143,991
142,762
135,339
136,857
132,869
123,813
121,015
117,329
113,460
1O4,648
104,025
99,373
98,556
99,348
96,281
96,349
1O2,658
109,666
101,822
97,802
99,941
108,771
117,025
120,811
129,022

Member
Banks'
Reserve
Deposits

Total
Deposits

Federal
Reserve
Notes in
circulation

Reserve
Percentages

8

9

10

11

52,950
53,848
62,240
63,343
61 ,093
54,175
50,69O
52,838
51 ,O52
52,677
53,019
52,083
61,273
53,504
52,969
53,375
52,295
53,927
63,520
54,278
56,060
56,080
56,912
53,691
64.442

54,745
54,956
53,9O5
54,511
53,248
55,854
52,623
53,969
53,778
53,875
57,550
54,568
52,812
56,707
55,144
56,410
53.781
57,303
55,544
56,437
58,034
57,879
56,279
58,537
57,218

134,057
133,906
132,256
132,209
132,203
132,138
123,776
123,483
128,051
128,673
129,467
131,892
133,426
134,518
133,911
132,76O
142,620
144,178
143,669
142,698
143,090
143,502
144,932
148,367
131,726

76.3
75.6
72.7
73.3
71.6
67.5
67.5
64.3
62.4
57.3
55.6
53.3
52.9
52.0
50.9
5O.9
52.3
54.4
51.1
49.1
49.7
54 .O
58.2
58.4
68.3

SCHEDULE 3.

VOLUME OF DISCOUNT AND OPEN MARKET OPERATIONS.
(In thousands of dollars.)

Bill s bought in open market

Bills discounted
Month
Total

Secured by Banker's Trade
U. S. Gpv't. Accept- Acceptances
obligations
ances

Agricultural and
live stock
paper

Demand
and
sight
drafts

All
Other

Total

27,152
13,558
16,729
21,944
32,452
33,380
31,387
26,268
47,424
57,430
48,838
46,134

Trade
Banker's Dollar
Accept- exchange Acceptances
ances

37,343
23,830
30,403
36,144
49,834
51,102
53,243
52,628
88,071
109,444
104,315
91,724

7,122
7,926
11,407
10,937
13,322
14,457
18,739
23,130
36,618
46,867
51,066
41,363

156
79
99
111
214
189
151
361
910
860
1,043
760

2,913
2,267
2,152
3,096
3,785
3,073
2,966
2,869
3,079
4,027
*3,092
3,247

40
260
276
220

3,110
6,916
22,907
14,407
4,193
1,557
7,330
2,367
5,006
9,446
9,253
8,209

3,110
6,906
22,378
14,282
4,118
1,557
7,130
2,367
5,006
9,446
9,253
8,209

728,081
Total 1923
1922
489,930
1921 1,647,255

282,954
186,946
936,800

4,933
4,742
11,811

36,566
49,734
71,054

932 402,696 94,701
248,508 46,429
626,899 22,128

93,762
46,429
22,128

January
February
March
April
May
June
Ju.y .
August
September...
October
November. _
December. .

691

16
56
61
3

•-Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C.




10
529
125
75
200

939

Total discount and open
marked operations

U. S. Securities
Purchased
Bonds
Certifiand
cates
Notes of indebtedness

1,505
1,955
293
495
420
388
900
288
575
329
381
1,156

55,792
6,500
5,360
398
1,242
225
144
35
48
604
242
156

8,685
6,205
12,540

70,746
4,382
7,015

Municipal
warrants
purchased

1923

1922

97,750
39,201
58 963
51 444
55 689
53,282
61 617
55 328
93,731
119,823
114,191
101,265

83,174
62,890
55,899
42 518
31,095
28,776
25,291
21,483
42,414
52,765
49,823
50,826

71 902,284
8

1921

185,274
150,014
164,074
152,514
153,502
132,349
122,118
124,661
137,489
133,016
111,241
122,686

546,954

10
10
31
20

1,688,938

VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE.

SCHEDULE 4.

(Amounts in thousands of dollars.)

Tennessee©

Month

January

$

March
April
May
June
July

December _

_

.

3,498
930
2,344
5.3E2
7,613
9,523
10,175
12,804
14,784
13,647
13,770
12,348

G eorgia

$

8,530
9,255
9,012
11,419
22,725
20,086
16,986
11,982
23,448
29,714
23,612
24,674

Florida

$

2,669
2,437
3,059
3,183
2,531
2,654
4,006
7,934
10,427
13,148
10,809
7,208

Mississippi©

Alabama

$

1,989
2,882
3,718
6,685
5,354
4,699
3,470
3,171
7,154
11,750
7,962
7,543

$

Louisiana©

139
166
78
424
589
746
780
745
1 ,120
1,665
1 ,348
717

$ 20,518
8,170
12,192
10,101
11,022
13,391
18,826
15,992
31,138
39,520
46,564
39,234

Total

$

37,343 $
23,830
30,403
36,144
49,834
51,102
63,243
62,628
88,071
109,444
©104,315
91,724

106,771
75,357
455,731

210,443
157,386
422,646

70,065
37,459
109,041

65,377
61,382
148,360

8,507
7,392
23,250

266,668
15O,964
485,237

728,081
489,930
1647,255

Number of member
Banks at end of
year, 1923 _ _
1922 .
1921 _ _ _ -

95
92
89

184
188
173

71
78
72

132
133
13O

20
2O
18

33
32
33

535
643
615

Number of member
Banks accomodated, 1923
1922
1921 . . . . .

41
45
65

143
142
168

48
39
68

75
83
105

14
14
15

30
30
33

361
353
444

Total

1923 . .
1922
1921 _ _

©—Figures in this column relate only to that part of the State located in the sixth district.
©-Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C.




Number of
member Banks
in District at
end of Month

541
542
542
539
537
538
636
534
536
536
535
535

Number of
member Banks
accommodated
during the Month

$

212
226
213
229
258
272
278
313
321
345
311
267

32

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE 5.

EARNINGS AND EXPENSES.

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

$1,998,189
55O,77O
79,752
42,278
11,325

$1,951,695
164,704
189,390
44,357
2,590

$6,624,052
154,440
533,022
90,825
4,313

2,682,314

2 ,352,736

7,406,652

177,065
426,492
32,9O9
39,336
551
239
952
26,O79
20,341

159,994
487,751
23,375
38,758
656
286
690
21,758
19,284

163,432
530,325
22,653
40,751
819
442
1,259
25,708
26,251

28,616
6,741

30,164
8,948

3O,242
7,538

18,995
28,6O8
41,967
11,108
5,668
19,789
30,365
46,209
4,97O
77,346
96,991 1
22,036 /

28,159
17,253
9,393
10,555
1,101
25,841
17,819
33,225
4,546
64,789
99,431

28,401
**
8,789
8,536
2,6O9
25,999
26,783
58,406
4,987
57,223
**127,661

78,992

107,938

203,504

18,039

25,219

66,972

103
33,725

22,36O
33,76O

51 ,963
***59,332

1,294,232

1,293,053

1,580,585

CURRENT EXPENSES
Salaries:
Bank officers
Clerical staff
Special officers and watchmen
All other
Governors' conferences
Federal Reserve Agents' conferences
Federal Advisory Council
Directors' meetings
Traveling expenses*
Assessments for Federal Reserve Board expenses
Legal fees
Insurance (other than on currency and security shipments)
Insurance on currency and security shipments
Taxes on banking house
Light, heat and power
Repairs and alterations, Banking house.
Rent
Office and other supplies
Printing and stationery
Telephone
Telegraph
Postage
Expressage
Federal Reserve currency:
Original cost, including shipping charges. _
Cost of redemption, including shipping
charges
Taxes on Federal Reserve Bank note circulation
:
All other expenses
Total current expenses

*—Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council.
**—Insurance on currency and security shippnaents is included with postage and expressage.
***-Includes $33,399 for Furniture and Equipment which since 1921 has been
charged direct to profit and loss.




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA 3 3
SCHEDULE 5.—Cont'd.

EARNINGS AND EXPENSES.
1921

1922

1923

PROFIT AND LOSS ACCOUNT
Earnings
Current expenses

$2 ,682,314
1 294,232

Current net earnings

$7,406,652
1,580,585

1 ,059,683

5,826,067

._

Additions to current net earnings:
Amounts deducted from reserve for depreciation on United States bonds
All other
Total additions

$2,352,736
1,293,053

1 388,082

_ __

$

$

.._"._.

305,411
668,416
57,228
7,637

2,590
1,823

$

$

163,294
200,000
17,387
10,685

8,379
622
9,001

4,413

2,789

_ _

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

848
1,941

$

47,088
260,OOO
*
41 ,761

. _

1 ,038,692

391,366

338,849

Net deductions from current net earnings

1 035,903

386,953

329,848

earnings available for dividends, surplus and franchise t a x .
.
_ _ .

352,179

672,730

5,496,219

Dividends paid
_
Transferred to surplus account
Franchise tax paid United States Government

264,622
8,756
78,801

256,618
**41,611
**374,501

245,862
770,106
4,480,251

Total deductions

Net

•—Included with current expenses prior to 1922.
**—Bank also charged its surplus account and paid the United States Government
$213,629 as an additional franchise tax for 1921.




34

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE 6.

VOLUME OF OPERATIONS IN PRINCIPAL
DEPARTMENTS.

1933

1922

1921

NUMBER OF PIECES HANDLED.
Bills discounted:
Applications
Notes discounted
Bills purchased in open market for
own account
Currency received and counted
Coin received and counted
Checks handled
Collection items handled:
XJ. S. Government cupons paid
All other
TJ. S. securities—issues, redemptions,
and exchanges by Fiscal Agency
department
Telegraphic transfers of funds
Envelopes received and dispatched- _ .

13,240
86,479

13,976
93,603

28,456
167,874

97,814,000
50,084,000
23,956,000

3,312
85,686,000
61,786,000
37,750,000

1,684
86,048,000
68,136,000
20,336,000

1,689,000
147,000

2,045,000
134,000

3,660,000
79,000

(b)3,981,000
68,000
2,329,000

1,695,000
60,000
(a)

3,578,000
68,000
(a)

AMOUNTS HANDLED.
Bills discounted
,
Bills purchased in open market for
own account
Currency received and counted
Coin received and counted
Checks handled
Collection items handled:
TJ. S. Government cupons paid
All other
U. S. securities—issues, redemptions,
and exchanges by Fiscal Agency
department
Telegraphic transfers of funds

$

728,081,000 $ 489,930,000 $1,647,255,000

94,701,000
48,429,000
22,128,000
415,248,000
415,416,000
454,145,000
7,119,000
6,676,000
9,066,000
8,251,381,000 5,587,997,000 4,378,840,000
12,194,000
165,548,000

12,206,000
151,741,000

15,699,000
96,359,000

161,539,000
1,466,213,000

182,122,000
1,603,403,000

369,621,000
1,079,298,000

(a)

Data not available.

(b)

Large increase due to redemption of war savings securities -which matured
Jan. 1. 1923.




SCHEDULE 7.

OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM.
(Figures include cash items only.)

(Numbers in thousands; amounts in thousands of dollars.)
Items drawn on Banks
in own District
Month.

January
February
JVI arch
April
May
June
July
August
September
October
November
Deoember
Total: 1923
1922
1921

1,651
1,468
1,760
1,604
1,679
1,624
1,677
1,552
1,637
1 ,81O
1.7O7
1,821
19,790
23,970
16,567

$

62O ,67O
605 ,256
617 ,440
671 ,336
597 ,835
553 ,361
481 ,204
516 ,O7O
608 ,929
661 ,498
647 ,074
658 ,O61

$6,938,734
4,486,070
3,251,278

Items forwarded to other
Federal Reserve Banks
and their branches

166
150
194
159
145
131
116
115
120
136
133
168
1,733•
1,548
1,625

48,073
44,652
60,641
49,838
56,350
46,612
43,463
41 ,661
43,954
56,076
53,907
57,589
601,806
483,802
527,643

Items drawn on
Treasurer of
United States

121
112
128
134
127
111
112
111
118
133
120
117

1,444
1,343
1,196

Total*

39,697
14,682
17,961
15,001
26,119
12,716
12,338
12,018
11,392
14,489
12,256
12,289

1,938
1,730
2,082
1,897
1,951
1 ,866
1,805
1 ,778
1,775
2.O79
1 ,96O
2,106

708,440
564,590
696.O42
636,175
678,304
612,688
537,005
569,739
564,276
732,063
713,237
727,939

199,967
227,548
212,060

22,967
26,861
19,388

$7,740,497
5,197,420
3,990,981

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




GO

36

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE 8. CLEARINGS AND TRANSFERS THROUGH THE
GOLD SETTLEMENT FUND.

(In thousands of dollars.)

Payments
Receipts
to other
from other
F. R. Banks F. R. Banks

WEEK ENDING:

January
February
March

April
May

June
July

4 (3 days) _

11
18
25

1
8

16 .
21 . .
1

.

8
15

22 .
29
6
12. .
19
28

3

10
17
24
31

7

14
21

28 5
12
19 .
26 .
9

16...
23 . .

. .

30

13 .
20
27

11
18
25

8

15
22
28

._

13
2O
27

28-31 (3 days)
Total 1923
1922
1921

.

32,929
61,834
65,837
68,333
59,342
53,360
47,542
65,037
67,636
61,464
66,865
71,828
60,344
65,189
60,321
68,275
59,842
63,602
63,300
58,142
64,586
63,469
48,233
51,666
63,601
54,956
61,043
46,799
52,905
54,27O
54,217
42,826
46,956
60,120
47,656
39,278
53,554
66,254
61,142
68,848
61 ,986
66,535
70,346
64,398
63,364
60,273
81,735
62,033
72,210
64,484
73,233
66,920
36,161
$3,084,967
$2,392,243
$2,140,046

28,210
68,961
64,657
67,235
58,201
58,619
| 50,391
5O,862
64,519
61,492
68,984
69,646
65 513
61,492
57,239
63 985
61,591
59,868
56,587
61,265
63,097
64,882
52,928
67,692
63,146
67,299
60,910
52,289
6O,824
52,913
44 957
47,013
41,905
50,934
43 325
34,727
49,914
68,264
61,279
58,847
57,715
69,366
65,863
64,160
71,917
64,294
76,356
56,951
79,208
73 802
82 747
57,798
42,988
$3 088 625
$2 482 228
$2,125,232

Net Loss

Net Gain

4,719

7,127

1 180
1 ,098
1 ,141

6 259
2 849

4,175
3,116

28
2 129

2, 183
3 697
3,082
4 290
3,734

5 169
1 749
3,287
3,123

1 489

1 ,413
4,695
6,026
2 343
6,490

456
133

2 081
1 ,357
9 260
6 ,051
9 , 186
4 231
4,561
3 640
6,990

4,188

137

1

4,271

2,831

4 483
238

8 553
4,021

6 379
6 O82

6,998
9 318
9 514
878

$

14,814

$
$

Net gain in ownership of gold since establishment of fund in 1915-132,640.




6,827
3 658
89 985

SCHEDULE 9.

PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING
CITIES AS OF THE LAST REPORT DATE IN THE MONTH.
(In thousands of dollars.)

Investments
Loans and discounts,
gross
Last report
Date in

1923

1923

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

Net demand
Deposits
TJ. S. Securities

$403,283
405,999
407,878
404,830
406,230
405,240
400,022
400,989
415,065
438,68O
460,398
446,595

$359,818
360,132
358,443
361,251
354,445
354,126
353,882
357,735
370,506
390,270
404,027
399,831

1922

1923

1922

1922

Time
Deposits

Accommodation
at
F. R. Bank

1922

$42,773 $29,307 $35,335 $35 ,27O $289 ,314 $222,953 $163,802 $143,321 $ 7,658 $26,393
37,193
32,505
40,561
4,824
12,501
36,472 287,739 229,394 164,837 142,354
36,606
30,531
46,292
4,615
11,308
31,638 276,891 229,326 167,168 143,925
36,489
32,129
46,862
10,609
6,407
32,213 271,846 237,040 168,775 144,172
35,633
3O,753
46,045
12,462
33,281 276,062 238,750 171,881 147,724
2,959
39,385
38,469
48,356
13,881
33,166 273,444 244,819 179,381 160,442
3,158
39,683
36,762
43,670
16,493
4,123
33,897 268,312 244,202 178,686 151,976
41,249
42,255
44,021
19,026
34,711 262,748 250,856 178,296 164,211
3,548
42,923
40,638
44,784
35,938
33,117 253,023 260,425 181,107 163,920
8,177
43,357
40,623
41,679
51,560
9,029
33,901 259,039 264,894 181,428 167,438
43,114
40,889
41,205
57,683
17,134
36,298 266,076 271,688 181,370 159,189
42,480
46,011
46,648
46,540
10,860
35,645 270,848 271,316 180,701 161,595

Note:—Figures are for about 39 banks in Atlanta, Birmingham, Jacksonville, Nashville, New Orleans, Chattanooga, Knoxville and Savannah •which submit -weekly reports to the Federal Reserve Bank.




DEBITS TO INDIVIDUAL ACCOUNTS.

SCHEDULE 10.

(In thousands of dollars.)
Summary for 15 centers®

CO

Albany, Ga.*

Atlanta, Ga.

Augusta, Ga.

Month
1922

1921

1923

774,821
676,960
781,076
710,303
764,397
785,260
743,297
739,642
800,649
901,535
911,367
989,297

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

4,990
4,299
5,606
4,110
4,330
4,130
3,568
2,872
4,440
5,373
5,407
5,843

11 ,136,549 9,578,604 9 383,264

54,968

1923

January
March
April
May

June
July
August
September
October
November
December

Total .

1,005,714
827,440
991,806
886,328
922,450
902,403
837,023
790,799
835,330
1,020,357
991,989
1,124,910

Birmingnam, Ala.

January

1923

1922

1921

3,734
3,909
3,611
3,716
3,681
3,386
3,928
4,790
5,041
4,907
5,774

135,236
119,234
146,675
127,305
136,068
138,249
121,402
115,754
121,497
149,831
144,066
148,091

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

46,477

1,603,408

1,331,366

1922

Brunswick, Ga. *

1921

1923

1922

1921

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

32,714
28,959
40 692
29,572
27,374
25,332
22,781
19,550
30,224
37,790
38,989
35,831

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

25,404
22,183
21,996
22,125
20,397
20,708
21,539
19,082
29,542
31,782
26,047
30,321

1 ,254,275

369,808

312,299

291,126

Chattanooga, Tenn.

Columbus, Ga. *

September
October
November.
December .

114,378
99,365
106,438
102,313
108,046
106,472
103,708
99,004
100,167
126,990
105,137
118,073

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

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

2,871
2,499
2,857
2,632
2,777
3,067
2,702
3,002
2,981
3,108
3,447
3,601

2,275
2,245
2,184
2,378
2,434
2,642
2,856
2,867
2,958
2,906
3,387

39,088
31,958
40,096
36,764
38,260
38,310
35,625
37,310
35,485
39,050
37,499
39,155

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

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

13,587
11,186
13,956
11,035
12,079
11,179
10,422
10.401
13,140
16,431
16,312
15,260

8 432
10 022
9,794
10,339
10,301
9,594
9 199
12,582
15,214
14,381
14,646

Total

1,290,091

942,903

727,086

35,544

29,132

448,600

376,755

422,838

154,988

124,504

March .
April
May

June
July .

1-Figures for cities marked with an asterisk are not included in the district summary or in the national summary of 141 centers.




DEBITS TO INDIVIDUAL ACCOUNTS.

SCHEDULE 10.—Cont'd.

(In thousands of dollars.)

Jackson, Miss.*

Elberton. Ga. *

Dothan, Ala.*

Cordele, Ga.*
Month
1922

1923

January
February
Marco
April
Mav
June
July
August

1,463
1,451
1,514
1,056
1,186
994
958
913

October.
December .
Total

9,535

1921

1923

1921

1923

1922

1921

1923

1922

1,079
957
1,026
894
757
1,799
2 680
2,458
2,232
1,890

3,845
2,961
2,592
2,676
2,468
2,375
1,823
1,805
3,108
3,901
4,110
3,785

1,789
2,156
1,943
1,954
1,836
1,962
2,602
4 058
4,053
4,430
3,225

1,166
883
1,151
839
772
685
593
761
906
1,679
1,431
1,394

774
1,097
934
1,064
773
706
593
790
1,102
1,046
1,196

13,778
13,137
14,361
12,201
12,072
11,767
12,387
11,210
12 459
15,891
14,983
17,230

15,772

35,449

30,008

12,260

10,075

161,476

1921

10,580
8,328
9,648
11,057
9,623
9,640
11,675
11,939
13,025
13,418
108,933

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

54,639
49,781
59,922
58,384
56,718
55,015
52,201
48,228
46,465
54,643
51,563
64,697

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

Total

652,256

563, i(X)




1922

Macon, Ga.

Knoxville. Tenn.

Meridian, Miss.*

33,367
27,024
31,782
29,018
31,452
34,516
30,770
30,004
30,109
33,319
29,147
36,707

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

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

21,072
18,987
22,187
19,661
24,894
20,765
21,096
18,524
19,210
22,243
22,141
23,522

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

19,673
15,095
17,485
16,765
16,377
16,910
17,219
16,168
18,539
19,362
17,027
19,166

9,894
9,520
11,461
10,048
12,004
18,844
14,290
8,427
9,057
9,989
10,322
10,158

8,161
7,856
8,977
8,398
7,548
7,569
9,749
10,561
9,452
9,123

533,169 377,215

317,712

307,906

254,302

214,549

209,786

134,014

87,394

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

DEBITS TO INDIVIDUAL ACCOUNTS.

SCHEDULE 10'—Confd.

(In thousands of dollars.)
Montgomery, Ala

Mobile, Ala.

Month

January. .
February
March
April
May

June
July
August-September
October
November
December
Total

1922

1923

1921

July .
August
September
October.
November .
Total

1921

1922

1923

32,507
26,453
30,999
28,705
30,241
28,183
27 155
27,471
25 166
30 505
31 973
35,710

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

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

22,809
20,145
24,749
21,137
19 674
18,760
16 639
15,661
20,888
28 350
25,340
25,793

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

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

78,537
64,052
76,812
71,790
79,091
77,272
68,253
66,840
68,256
77,968
70,708
76,669

355,068

313,451

311,223

259,945

203,692

180,386

876,248

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

1921

2,038
1,996
2,306
1,725
1,662
1,494
1 510
1,388
2,210
2,208
2,581
2,599

794,684 1,170,928

23,717

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

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

45,770
38,434
43,762
42,243
41,184
43,389
39,858
36,021
46,693
63,025
49,472
50,465

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

3,552,409 3,262,273 3,001,393

86,353

74,662

76,816

540,316

489,756

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

30,735
27,629
34,600
33,546
35,300
32,890
28,659
31,015
26,393
29,953
30,471
36,162

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

1923

5,536
4,945
5,218
4,483
4,450
4,490
4 467
4,745
4,711
4,887
4,682
5,236

1922

1921

3,792
4,127
3,599
3,739
3,922
3,894
4,078
4 384
4 790
5,213
5,178

57,850 46,716

Vicksburg, Miss.

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

538,418 377,353 299,752 281,427

Note:—Centers which have not reported continuously for the 18 months ending Dec. 31, 1923, are not included in the table.




1921

16,326

7,312
6,327
7,223
6,858
7,493
7,473
7,337
7,248
6,686
7,230
6,436
8,730

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

Valdosta, Ga.*

1,149
1,351
1,195
1,313
1,462
1 727
1,256
1,592
1,828
1,471
1,982

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

347,739
261,634
318,299
272,843
280,069
269,692
255,382
232,162
251,071
310,267
338,657
414,594

1922

1923

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

S a vannah, Ga

Pensacola. Fla.

New Orleans. ] .a.

Januarv
FebruaryMarch _
April
May, ._

1922

1923

Newnan. Ga. *

Nashville. Tenn.

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

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

93,177 81,650

76,487

9,811
7,458
7,570
6,189
6,586
6,085
6,157
6,007
7,020
9,193
10,390
10,711

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA 4 1
SCHEDULE 11. CHANGES IN DISCOUNT RATES DURING 1923.

MEMBER, BANK COLLATERAL NOTES:
Secured by XJ. S. Certificates of Indebtedness
Secured by XJ. S. Liberty Bonds
Secured by XJ. S. Treasury Gold Notes
Secured by XJ. S. Bonds issued prior to 1917
Secured by Commercial Paper
DISCOUNT CUSTOMERS' NOTES:
Secured by XJ. S. Certificates of Indebtedness
Secured by XJ. S. Liberty Bonds
Secured by XJ. S. Treasury Gold Notes
Secured by XJ. S. Bonds issued prior to 1917
Commercial Paper
Agricultural or Live Stock Paper
Trade Acceptances
Bankers' Acceptances (endorsed by banks other than Acceptors),




SCHEDULE 12.

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

Receipts
Month

From
Member
Banks

$ 36,894
28,215
31,161
28,556
April
29,373
M ay _ _ - _ - _ _ .
27,605
30,401
July
28,460
37,075
October
31,448
33,395
December
. .
41 ,678
February

Total 1923
1922
1921




$384,261
$300,OO7
$327,111

From NonMember
Banks

Total Receipts

Payments
To
Member
Banks

To NonMember
Banks

1923

812
831
921
779
7 O
O
695
1 ,O94
1,208
l,OO8
2,269
2,6OO
1,403

$ 17,999
28,195
30,966
23,724
23,455
27,971
20,1O4
28,951
27,920
27,865
33,985
31,957

$

1,309
2,050
6,559
9,781
6,306
3,328
2,926
2,423
4,OO4
3,831
8,846
3,578

$ 37,706
29,046
32,082
29,335
3O,O73
28,300
31,495
29,668
38,083
33,717
35,995
43,081

$ 14,320
$ 8,749
$ 13,624

$E23,082
$263,992
$225,996

$ 54,941
$ 30,756
$ 38,568

1922

Total Payments
1921

$398,581

$

$ 34,309
23,751
27,132
22,695
24,889
24,337
21,941
21,782
21,492
25,870
26,264
34,494

$ 35,226
26,604
32,523
30,611
28,571
28,401
26,142
25,837
22,673
27,507
26,907
31,733

1923

$ 19,308
30,245
37,515
33,505
29,761
31,299
23,O3O
31,374
31,924
31 ,696
42,831
35,536

1922

$ 15,281
17,536
22,150
20,910
26,554
21,761
19,971
23,432
34,019
28,067
24,329
32,748

1921

$ 26,196
17,469
17,305
30,153
23,884
16,370
17,843
16,689
32.422
18,919
16,957
31,357

$378,023
$308,956

$284,748
$34O,735

$264,564

FEDERAL RESERVE NOTE

E 13.

ISSUED AND IN ACTUAL CIRCULATION.
In actual circulation at end of month

Month

$135,143,085
January- . . .
February.. . . _ . _ 123,529,786
127,120,685
March
April _
- . 130,733,986
136,613,086
May..
137,578,686
June
138,143,385
July
_
136,375,286
August
141,O55,185
September
145,769,285
October
151,740,286
November..
156,012,670
December
Total 1923




Issued
during
month

Outstanding
at beginning
of month
$

Redeemed
during
month

Outstanding
at end of
month

3,675,000 $ 15,288,300 $123,529,786
10,626,000
6,935,200
127,120,585
10,820,000
7,2O6,6OO
130,733,985
22,335,000
16,466,900
136,613,085
10,595,000
9,629,500
137,578,585
7,883,000
7,318,200
138,143,385
5,730,000
7,498,100
136,375,285
14,225,000
9,545,100
141,055,185
10,455,000
6,740,900
145,769,285
10,775,000
4,804,000
151,740,285
10,920,000
7,647,615
155,012,670
11,525,000
8,446,000
158,091,670

$129,464,000

$106,615,415

Held by
Federal Reserve Bank
$

1923

8,122,260 $115,407,535
8,103,860
119,016,735
6,589,460
124,144,535
6,871,2OO
130,741,885
5,864,75O
131,723,835
4,963,400
133,179,985
6,864,750
130,510,635
14,467,050
126,588,135
14,686,200
131,083,085
18,980,650
132,759,635
14,264,400
140,748,270
17,198,150
140,893,620

1922

1921

$110,871,415 $169,844,440
109,208,256
164,681,59O
110,562,065
154,041,64O
112,926,305
156,394,890
115,465,705
157,090,190
113,488,055
151,267,300
110,539,805
137,777,020
110,526,205
127,467,965
120,927,005
134,678,650
123,440,605
126,603,955
123,176,565
119,798,975
124,036,035
121,470,606

SCHEDULE 14.

STATEMENT OF FEDERAL RESERVE NOTES.
(In even thousands, O O omitted.)
O

5's

10's

20's

50's

lOOO's

Total
Dec. 31st,
1923

RESOURCES:
Received from Comptroller of Cur$153,360 $183,000 $211 ,840$ 29,600$ 34,400$ 10,800$ 28,OOO $
rency
19,710
65,653
88,911 136,297
28,726
16,037
43,834
Received from Federal Reserve Bank. _
Received direct from X . S. Treasurer
T
and F. R. Agent, and by Comptroller direct from Treasurer for destruction and credit of Federal Re8,311
11,542
388
116,056 132,772 150,918
904
serve Agent's account
Total-




651,000$

Total
Dec. 31st,
1921

389,168

580,000$
334,646

303,408

508,000

420,891

368,898

307,855

$325 ,069 $4O4 ,683 $499 ,055 $ 60 ,852 $ 71 ,437 $ 27,225$ 72,738 $1,461 ,059 $1 ,283,544 $1,119,263

LIABILITIES:
$200,443 $258,336 $332,590$ 41,385$ 50,516$ 21,273$ 63,608$
Issued to Federal Reserve Bank
Returned to Comptroller of Currency
for destruction, including notes returned by IT. S. Treasurer for credit
of Federal Reserve Agent's account-_ 116,056 132,772 150,918
11,542
8,311
388
904
Notes on hand at end of month
15,547
12,610
8,570
7,925
5,564
13,575
8,226
Total.

Total
Dec. 30th,
1922

968,151 $

838,687$

739,907

420,891
72,017

368,898
75,959

307,855
71,501

$525,069 $404,683 $499,055 $ 60,852$ 71,437$ 27,225$ 72,738 $1 ,461 ,O59 $1 ,283,544 $1 ,119 ,283

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA 4 5
SCHEDULE 15.

COMPARATIVE STATEMENT OF FEDERAL RESERVE
AGENT.
At close of business December 31, 1923.
(In thousands of dollars, O O omitted.)
O
1923

RESOURCES:
Federal Reserve Notes on Hand
Federal Reserve Notes Outstanding
Collateral Security held against outstanding
Federal Reserve Notes:
Gold and Gold Certificates on Hand
In Gold Redemption Fund
With Federal Reserve Board
Eligible Paper

72,017
158,092

Received from Comptroller of Currency (Net
Amount)
Collateral Pledge by Federal Reserve Bank
against outstanding Federal Reserve Notes:
Gold and Gold Certificates
Eligible Paper
Total Liabilities




$

75,959
135,143

1921

$

71,5O1
128,644

2,400
8,239
83,000
67,753

$

2,400
6,782
100,000
37,726

2,4O0
2,825
40,000
94,157

391,551

Total Resources
LIABILITIES:
Federal Reserve Notes received from Comptroller of Currency (Gross Amount)
LESS
Returned to Comptroller of Currency for destruction

1922

358,010

339,527

580,000

508,000

423,891

368,898

307,855

230,109

211,102

200,145

93,689
67,753

1O9,182
37,723

45,225
94,157

391,551

358,O1O

339,527

651,000

$

MOVEMENT OF MEMBERSHIP FOR 1923.

SCHEDULE 16.

STATE

NATIONAL
No.
Banks

No.
Shares

,873,400
113,95O

147

28,727

6

3,329

$2

,987,350
118,150

153
8

32,056
860

$2

,869,200

145

31,2O6

No.
Banks

No.
Shares

Amount

396
8

57,468
2,279

and

404
14

59,747
2,363

Membership December 31st,
1923

39O

57,384

Membership December 3Oth,
1922
.
Increase in Members and.
Stock
Total
Decrease in Members
Stock _




TOTAL
Amount

No.
Banks

No.
Shares

Amount

SI ,436,350

543
14

86,195
5,608

,3O9,75O
280,400

$1

166,450
,602,800
42,500

557
22

91,8O3
3,213

$4

,590,150
160,650

$1

,563,000

535

88,590

$4

,429,500

SCHEDULE 17.
STATE BANK AND TRUST COMPANY MEMBERS.
OF
THE FEDERAL RESERVE BANK OF ATLANTA.
December 31st, 1923
LOCATION

NAME OF BANK

ALABAMA:

Date
Admitted

Athens
Birmingham
Birmingham
Carrollton
Clayton
Cullman
Guin
Hartselle
Huntsville
Hurtsboro
Jasper
Marion
Mobile
Mobile
Monroeville
Montgomery
Montgomery
Orrville
Pittsview
Roanoke
Roanoke
Selma
Talladega
Tuskegee
Union Springs

Farmers & Merchants Bank
merican Trust & Savings Bank
Birmingham Trust & Savings Company.
Pickens County State Bank
Bank of Commerce.
Alabama Bank & Trust Company
Marion County Banking Company.
Farmers & Merchants Bank,
Farmers State Bank.
Farmers & Merchants Bank
Central Bank & Trust CompanyMarion Central Bank
Merchants Bank.
Peoples Bank
Monroe County Bank
Alabama Bank & Trust Company.
•Merchants Bank
Orville Bank & Trust Company
Bank of Pittsview
Merchants & Farmers Bank
Roanoke Banking Company
Peoples Bank & Trust Company
Bank & Trust Company of
Macon County Bank
American Bank

6-2 22
7-19-16
2-23-18
2-27-19
10-21-20
12-9-18
8-13-21
4r-16-20
11-3-19
5-18-22
8-12-21
11-2O-17
8-3O-18
5-4-18
5-28-21
12-24-21
11-6-14
1-5-21
7 3O-2O
1O-1O-21
1-10-21
3-21-22
2-28-2O
1 31-22
7 2 18

FLORIDA:
DeLand
Jacksonville
Lakeland
Lake Wales
Leesburg

Volusia County Bank & Trust Co.
American Trust Company
Central State Bank..
Citizens Bank
Leesburg State Bank.

1-4-18
6-8-18
12-24-2O
4-6-21
2-13-18




Capital

Surplus

Total
Resources

25 ,ooo
50 ,000
1OO ,ooo
31 ,4OO
50 ,ooo
5O ,ooo
2OO ,ooo
20O ,ooo
1OO ,ooo
3OO ,ooo

50 ,000
25O ,OOO
750 ,OO0
4 ,OOO
1O ,OOO
10 ,OOO
37 ,5OO
4 ,5OO
3O ,000
15 ,000
10 ,OOO
1OO ,ooo
46O ,ooo
3O0 ,ooo
30 ,ooo
42 ,ooo

988 ,308
13,939 ,494
19,199 ,792
264 ,245
241 ,118
293 ,6O8
37O ,882
434 ,905
8O9 ,162
152 ,98O
96O ,214
6O3 ,211
9,853 ,919
6,214 ,687
76O ,692
2,925 ,588

25,000
25,000
125,000
200,000
100,000
100,000
50,000
50,000

30,000
5,OOO
16,070
200,000
50,000
22,000
110,000
10,000

176,661
7O,139
472,133
1,399,154
974,620
684,031
589,685

200,000
200,000
100,000
75.OOO
50,000

40,000
45,000
5,000
9,000
25,000

2,486,562
571,391
816,383
248,182
1 ,191,332

8O ,OOO
5OO ,OOO
,OOO ,OOO
6O ,OO0
5O ,OOO
5O ,0O0

260,636

SCHEDULE 17.—Cont'd.
STATE BANK AND TRUST COMPANY MEMBERS.
OF
THE FEDERAL RESERVE BANK OF ATLANTA.

December 31st, 1923
LOCATION

NAME OF BANK

FLORIDA:—Cont'd.
Marianna
Miami
Miami
Orlando

Bank of Orange & Trust Company

Turn pa
Tampa
Winter Park
Winter Park _

Citizens Bank & Trust Company
Bank of Winter Park
Union State Bank

GEORGIA:
Athens
Athens
Atlanta
Atlanta
Atlanta
Bainbridge
B arnesville
Bartow
Boston.
B owersville

Georgia Savings Bank & Trust Company
Lowry Bank & Trust Company of Georgia
Teh Barnesivlle Bank
The Bartow Bank
Bank of Boston

•ROWTMHTI

Brunswick.
Calhoun
Camilla
Canon
Canon
Car It on
Carrollton _
Cartersville
Cave Springs
Chipley
.




Commercial Bank, Trust & Title Co.

Bank of Bowman
Brunswick Bank & Trust CompanyPeoples Bank
__
•Bank of Camilla
Farmers Bank

.

Fftrtpora Ar TVTBrfYhnntK B a n l c

Date
Admitted

1-8-21
1O-19-23
6-24-18
7-25-19
6-1-18
3-27-23
12-13-17
4-22-22
1-4-19
12-6-17
3-30-20
8-6-19
11-6-18
12-13-17
1-24-21
2 6-21
1 27 21
3-28-21
12-8-20
3 16-21
12 6 17
11-5-19
2-28-18
8-3O-19
3-27-20
7-17-22
7-23-20
3-5-21
12-31-19
2-6-20

Capital

$

30,000
300,000
100,000
200,000
60,000
200,000
1,000,000
40,000
50,000

Total
Resources

Surplus

$
150,000
25,000
61,6OO
25,000
40,000
500,000
10,000
3,500

$

247,205
1,562,263
2,628,231
1,469,271
423,296
1,965,547
12,682,996
616,421
406,354

100,000
200,000
1,600,000
500,000
2,500,000
100,000
50,000
25,000
25,000
25,000
35,000
230,000
60,000

20,000
50,000
300,000
200,000
3,000,000
20,000
10,000
15,000
5,000
5,000
10,000
101,000
11,OO0

953,865
1,556,237
6,972,648
3,629,331
32,676,6C2
901,619
22O,468
220,620
163,408
109,399
333,274
2,228,65O
482,649

25,000
25,OOO
60,000
100,000
26,000
50,000

1,250
30,000
60,000
25,000
10,000

94,392
64,879
652,343
661,924
184,788
298,320

SCHEDULE 17.—Cont'd.
STATE BANK AND TRUST COMPANY MEMBERS.
OF
THE FEDERAL RESERVE BANK OF ATLANTA.

December 31st, 1923
LOCATION

GEORGIA.—Cont'd.
Claxton
Commerce
Commerce
Cordele
Crawford
Dacula
Dawson
Donalsonville
Douglasville
Dublin
Eastman
Eastman
Eatonton
Eatonton
Elberton
Forsyth
Oirard
Oraymont
Grayson
Greenvl.le
Greenville
Hartwell
Hoschton
Jackson
Jefferson
LaGrange
Lavonia
Lawrenceville
r
Lexington
Lincolnton
Locust Grove
Louisville




NAME OF BANK

Citizens Bank.
Commerce Bank & Trust Company
Northeastern Banking Company
Exchange Bank
•Farmers Bank
.
Dacula Banking Company
Bank of Dawson
Bank of Donalsonville
Douglasville Banking Company
Southern Exchange Bank
Bank of Eastman.
Citizens Banking Company..
Farmers & Merchants BankMiddle Georgia Bank
Bank of Elberton
Monroe County Bank
Farmers & Merchants BankBank of Graymont
Bank of Grayson
Greenville Banking Company.
Peoples Bank
Hartwell Bank
Bank of Hoschton.
Jackson Banking Company
Citizens Bank & Trust Company
LaGrange Banking & Trust Company.
Bank of Lavonia
Brand Banking Company. _
Oglethorpe County Bank.
Farmers State Bank
Bank of Locust Grove.
Bank of Louisville

Date
Admitted

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

Capital

Surplus

Total
Resources

30,000
60,000
100,000
lOO.OOO

4,000
12,055
60,000
lOO.OOO

139,651
194,562
712,612
646,567

25,000
100,000
100,000
75,000
1OO,OOO
60.O0O
100,000
25,OOO
60,000
100,000
25,OOO
25,OOO
25,OOO
40,OOO
66,000
3O.O0O
60,000
30,000
100,000
94,12O
250,000
40,000
60,000
25,OOO
25,OOO
25,OOO
25,OOO

6,OOO
42,600
60,OOO
61,500
1,000
10,000
20,000

86 ,361
228 ,764
668 ,C20
666 ,846
819 ,191
342 ,34O
604 ,258
7O ,6O6
483 ,£21
722 ,717
273 ,794
95 ,583
217 ,061
129 ,330
68O ,88O
2O8 ,878
462 ,936
84 ,284
E20 ,906
369 ,407
2,924 ,827
266 ,231
679 ,957
264 ,6O9
292 ,314
141 ,666
484 ,467

60,OOO
25,OOO
30,OOO
1,000
20,000
10,OOO
100,000
27,606
30,000
15,OOO
20,000
7.1OO
650,000
20,000
50,OOO
25,000
10,000
6,OOO
65,OOO

SCHEDULE 17.—Cont'd.
STATE BANK AND TRUST COMPANY MEMBERS.
OF
THE FEDERAL RESERVE BANK OF ATLANTA.

December 31st ,1823
LOCATION

GEORGIA—Cont'd:
McDonough
McDonough
Madison
Madison
Metter
Metter
Millen
Monroe
Monroe
Monroe
Pelham
Pendergrass
Plains
Portal
Rhine
Royston
Sardis
Sasser
Savannah
Savannah
Savannah
Savannah
Social Circle
Soperton
Statesboro
Swainsboro
Toccoa
Valdosta
Wadley
West Point
Winder
Winder
Winterville
Zebulon




NAME OF BANK

Bank of Henry County.
Farmers & Merchants Bank.
Bank of Madison
*Morgan County Bank
Bank of Candler County.
Citizens Bank
Bank of Millen
Bank of Monroe
Farmers Bank
Union Banking Company
Farmers Bank
Pendergrass Banking Company
.
Plains Bank
Bank of Portal
Rhine Banking Company
Royston Bank.
Peoples Bank.
Bank of Sassei
Citizens & Southern Bank
Citizens Trust Company
Liberty Bank & Trust Company.
Savannah Bank & Trust Compan
*Walton County Bank.
Bank of Soperton
Bank of Statesboro
Central Bank
Bank of Toccoa
Exchange Bank
Bank of Wadley
Citizens Bank
Farmers Bank
North Georgia Trust & Banking Co.
Pittard Banking Company
Bank of Zebulon
.

Date
Admitted

8-8-21
5-28-21
4-8-22
9-24-21
1-24-21
7-6-18
2-2-21
12-21-20
2-16-21
8-15-22
8-18-23
4-1-22
12-13-20
1-24-21
9-29-21
6-20-21
12-14-18
8-30-19
11-30-17
9-16-19
9-29-22
11-8-17
1-11-21
4-11-21
3-16-21
12-14-2O
3-18-21
10-7-20
6-25-20
12 29-17
1O-24-18
5-29-20
7-31-18
6-1-21

Capital

Surplus

Total
Resources

60,000
100,000
100,000

30,000
14,100
75,000

254,362
238,387
456,176

25 ,000
30 ,000
5O ,OOO
300 ,000
15O ,000
60 ,000
1OO ,ooo
25 ,ooo
50 ,ooo
25 ,000
25 ,ooo
60 ,ooo
25 ,ooo
25 ,ooo
3.0O0 ,ooo
3OO ,ooo
300 ,ooo
7OO ,ooo

1 ,25O
2O ,OOO
5O ,000
15 ,00O
3O ,000
6 ,000
50 ,OOO
5 ,000
35 ,000
2 ,ooo
4
30 ,5OO
6 ,OOO
32 ,ooo
2,500 ,6OO
75 ,OO0
350 ,ooo
700 ,ooo
,000
25,000
75,000
5,000
10,000
18,550
25,000
20,000
8,600
24,000
11,000
12,500

127 ,721
199 ,281
542 ,725
731 ,369
607 ,877
163 ,248
603 ,O77
73 ,926
444 ,250
113 ,O41
91 ,757
474 ,678
97 ,113
158 ,427
72,028 ,134
1 ,896,486
3,793 ,889
9,020 ,528

25,000
100,000
25,000
50,000
100,000
25,000
100,000
50,000
200,000
25,000
25,000

327,585
830,263
181,651
253,203
262,809
242,612
431,325
231,472
740,131
109,234
173,006

SCHEDULE 17.—Cont
STATE BANK AND TRUST COMPANY MEMBERS.
OF
THE FEDERAL RESERVE BANK OF ATLANTA.

December 31st, 1923
NAME OF BANK

LOCATION

Date
Admitted

Capital

Surplus

Total
Resources

3-15-18
9-21-17
11-25-16
8-3-21
10-31-18
7-12-18
4-8-18
8-21-17
1-4-18
3-22-18
11-3-21
1O-14-18
6-13-21
4-27-23

150 ,000
6O ,000
25 ,000
2 O ,000
O
300 ,OOO
4,OOO ,000
1 ,000 ,000
2 , 0 0 0 ,ooo
75O ,ooo
1 ,5OO ,ooo
4OO ,ooo
60 ,ooo
5O ,ooo
75 ,ooo

75 ,00O
25 ,000
10 ,000
5O ,OOO
200 ,O00
2,000 ,00O
25O ,000
2,5OO ,ooo
8OO ,ooo
80O ,ooo
1OO ,ooo
6 ,6OO
1O ,ooo
37 ,5OO

2,796 ,867
1 ,378 ,216
369 ,437
1,178 ,41O
3,445 ,C25
83,451 ,187
1O,887 ,637
64,507 ,264
17,588 ,86O
31,407 ,413
5,895 ,340
382 ,789
314 ,431
l . O l l ,172

5-3-22

25,000

2,7OO

159,287

2-19-21
5-16-18
9-12-23
7-14-20

30,000
76O.OOO
50,000
25,000

250,000
25,OOO
l,5OO

141,386
6,855,420
236,860
82,437

LOUISIANA:
Baton Rouge
Gretna
Iota
New Orleans
New Orleans
New Orleans
New Orleans
New Orleans
New Orleans
New Orleans
New Orleans
New Roads
Opelousas
Ville Platte

Union Bank & Trust Company
efferson Trust & Savings Bank
Bank of Iota
Algiers Trust & Savings Bank
American Bank & Trust Company.
Canal—Commercial Trust & Savings Bank_
Citizens Bank & Trust Company.
Hibernia Bank & Trust Company. _
Interstate Trust & Banking Company.
Marine Bank & Trust Company
New Orleans Bank & Trust Company.
Pointe Coupee Trust & Savings Bank.
Parish Bank & Trust Company
Evangeline Bank & Trust Company. _

MISSISSIPPI:
Crystal Springs. _

Peoples Bank-

TENNESSEE:
Bell Buckle
Chattanooga
Murfreesboro
Wartrace

Peoples Bank & Trust Company. _
Chattanooga Savings Bank
Rutherford County State Bank
Wartrace Bank & Trust Company,

*-Bank in process of liquidation.




52

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE 18.
STATE BANKS—LIQUIDATIONS AND WITHDRAWALS—1923.
LOCATION

NAME OF BANK

DATE

DISPOSITION

ALABAMA:
Bank of Eufaula

Nov. 23 , 1923
National Bank of Eufaula.

FLORIDA:
Lakeland

Polk County Trust
pany . _ _
Bank of Ocoee

Ocoee
GEORGIA:
Barnesville

ComApr. 16 1923 Withdrawal.
Dec. 5, 1923 Withdrawal.

rMi-i7«»riR •RanV

July 2, 1923 Converted into the Citizens National Bank.
May 2, 1923 Withdrawal.
Farmers & Merchants Bank Feb.9, 1923 Liquidated,
assets
purchased by First National Bank of Hartwell.
American Bank & Trust
Company.
Oct. 24 1923 Involuntary liquidation.
•FTn.V>PTB>iaTn ' R f t n V

Clarkesville
Hartwell
Savannah
MISSISSIPPI:
Hattiesburg

Bank of Hattiesburg
Trust Company.

SCHEDULE 19.

&
Dec. 29 1923 Converted into the Commercial National Bank .

NEW NATIONAL BANKS, 1923.

LOCATION

NAME OF BANK

ALABAMA:
Auburn
GEORGIA:
Barnesville. _
Sparta
MISSISSIPPI:
Hattiesburg,.
TENNESSEE:
Johnson City
Kingston
LaFollette
Sevierville

First National Bank.
Citizens National Bank.
Hancock National Bank.
Commercial National Bank.
Washington County National Bank.
First National Bank.
Peoples National Bank.
First National Bank.
NATIONAL BANKS LIQUIDATED IN 1923.

SCHEDULE 20.

NAME OF BANK

LOCATION

DISPOSITION

ALABAMA:
New Brocton

First National Bank

Absorbed by Farmers & Merchants National Bank, Enterprise, Ala.

FLORIDA:
Daytona_

First National Bank

Succeeded by Daytona Bank &
Trust Comapny.
Succeeded by Florida Bank &
Trust Company.
Succeeded by a State bank.
Succeeded by Madison State
Bank.
Abosrbed by Miami Bank &
Trust Company.
Succeeded by a trust company.
Succeeded by a State bank and
trust company.

Gainesville

.

. Florida National Bank

Lake Hamilton
Madison

First National Bank
First National Bank

Miami

Miami National Bank

Sarasota
Vero.

First National Bank _
First National Bank.

GEORGIA:
Atlanta
Colquitt
Savannah
Sparta
TENNESSEE:
Knoxville
Sparta

Lowry National Bank
_ . . . _ First National Bank
_ _ Mercantile National Bank
First National Bank
American National Bank
. American National Bank




Absorbed by Lowry Bank &
Trust Company of Georgia.
Involuntary liquidation.
Absorbed by the Citizens Trust
Company.
Absorbed by Hancock National
Bank
Absorbed by
City
Nationla
Bank of Knoxville.
Absorbed by Farmers & Mer chants Bank of Nashville ,
Tennessee.

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

53

SCHEDULE 21. BANKS AUTHORIZED TO EXERSIZE FIDUCIARY
POWERS UNDER THE FEDERAL RESERVE ACT.
(As of Dec. 31, 1923.)
NOTE. The Federal Reserve Board has authorized the National banks of
tbis district listed below to exercise one or more fiduciary powers as follows:
(1)

Trustee.

(2)

Executor.

(3)

Administrator.

(4)

Registrar of Stocks and Bonds.

(5)

Guardian of Estates.

(6)

Assignee.

(7)

Receiver.

(8)

Committee of Estates of Lunatics.

(9)

Any other fiduciary capacity in which State banks, trust compaines or
other corporations which come into competition -with National Banks
are permitted to act under the laws of the State in which the National
Bank is located.

City or Town

ALABAMA:
Anniston
Anniston .
Anniston
Athens _ _
Bessemer
_

.

Cullman
Florence _ _
Gadsden
Mobile
Montgomery- .
Oxford
Piedmont
Selma
Talladega
Troy
Tuscaloosa
Tuscaloosa
FLORIDA:
Bartow
Brooks ville
DeFuniak Springs
Jacksonville
Jacksonville
Jacksonville
Miami Beach
•Pn.Tin.mn C.\ty
St. Augustine _
Sg. Augustine
St. Petersburg
St. Petersburg
Tampa
West Palm Beach
West Palm Beach




Powers granted

BANK

Anniston National Bank
Commercial National Bank. .
First National Bank
First National Bank .
First National Bank in Bessemer
First National Bank
T.RPtTi NntiViTinl TIHTIV
First National Bank
First National Bank
First National Bank.
First National Bank
First National Bank
First National Bank
City National Bank
Talladega National Bank _ . . _
First National Bank
City National Bank
First National Bank

1 to
1 to
1 to
1.
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1.
1 to
1 to

Polk County National Bank .
First National Bank
First. "NTntionnl Rarlr
First National Bank
.........
Atlantic National Bank _.
Barnett National Bank
Florida National Bank
Miami Beach First
National
Bank
First National Bank
_ . . .
First National Bank
.
__
St. Augustine National Bank
Central National Bank & Trust

1
1
1
1
1
1
1

First National Bank
American National Bank
First National Bank

to
to
to
to
to
to
to

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

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

to
to
to
to
to

3.
4.
8.
9.
9.

54

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE 21.—Confd.

FIDUCIARY POWERS.
BANK

CITY OR TOWN

GEORGIA:
Athens
Athens
Atlanta
Atlanta
Atlanta
Barnesville_ .
Brunswick. _
Carrollton..
Dalton
Dawson
Elberton
Fitzgerald- .
Fitzgerald. .
LaGrange
Louisville
Macon
Quitman
Winder
LOUISIANA:
Crowley
Lake Charles.
New Orleans.
MISSISSIPPI:
Biloxi
Canton
Gulf port
Hattiesburg.
Jackson
Laurel
Laurel
Meridian.
TENNESSEE:
Copperhill
Dickson
Fayetteville_ _
Fayetteville...
Gallatin
Greenville
Johnson City_
Kingsport
Knoxville
Knoxville
McMinnville..
Nashville
Nashville
Nashville
Nashville




Georgia National Bank
National Bank of Athens.
Atlanta National Bank.
Fourth National Bank.
Fulton National Bank.
First National Bank.
National Bank of Brunswick.
First National Bank
First National Bank
Dawson National Bank. _
First National Bank
Exchange National Bank.
First National Bank
^aGrange National Bank.
First National Bank.
Fourth National Bank.
First National Bank
Winder National Bank.

Powers granted

1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to

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

First National Bank of Acadia
Parish
Calcasieu National Bank of Southwest Louisiana
1 to 9
Whitney-Central National Bank 1 to 9.
First National Bank.
1 to 4
First National Bank.
1 to 4
First National Bank
1 to 8.
1 to 9
Commercial National Bank.
Jackson State National Bank
1 to 7and 9.
Commercial National Bank &
Trust Company
1 to 9.
First National Bank
1 to 9.
First National Bank
1 to 8.
First

National Bank of Polk
County
itizens National Bank
Elk National Bank
First National Bank
First & Peoples National Bank.
First National Bank
Tennessee National Bank.
First National Bank
ity National Bank
Union National Bank
Peoples National Bank
American National Bank
Broadway National Bank
Fourth & First National Bank..
Tennessee-Hermitage National
Bank

1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1.
1 to
1 to
1 to
1 to
1 to

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

1 to 4.

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA 5 5
SCHEDULE 22.
THE FOLLOWING BANKS HAVE BEEN GRANTED AUTHORITY BY
THE FEDERAL RESERVE BOARD TO ACCEPT DRAFTS AND
BILLS OF EXCHANGE UP TO 100 PER CENT OF THEIR
CAPITAL STOCK AND SURPLUS.
ALABAMA:
Albany
Decatur
Huntsville
Mobile
Montgomery
Troy

Central National Bank.
City National Bank.
Henderson National Bank.
Merchants Bank.
First National Bank.
Farmers & Merchants National Bank.

FLORIDA:
Jacksonville

Atlantic National Bank.

Pensacola

Citizens & Peolpes National Bank.

GEORGIA:
Albany
Atlanta
Atlanta
Macon
Macon
Savannah
Savannah
Savannah
Valdosta
LOUISIANA:
Jennings
New Orleans
New Orleans
New Orleans
New Orleans
New Orleans
New Orleans
New Orleans
New Roads

Albany Exchange National Bank.
Atlanta National Bank.
Fourth National Bank.
Fourth National Bank.
Macon National Bank.
Citizens Trust Company.
Citizens & Southern Bank.
Savannah Bank & Trust Company.
First National Bank.
Jennings National Bank.
American Bank & Trust Company.
Canal-Commercial Trust & Savings Bank.
Hibernia Bank & Trust Company.
Interstate Trust & Banking Company.
Marine Bank & Trust Company.
New Orleans Bank & Trust Company.
"Whitney-Central National Bank.
The Pointe Coupee Trust & Savings Bank.

MISSISSIPPI:
Vicksburg

Merchants National Bank.

TENNESSEE:
Chattanooga
Chattanooga
Clarksville




First National Bank.
Hamilton National Bank.
First National Bank.

FEDERAL RESERVE BANK OF ATLANTA
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

180
160

160

14-0

120

120

100

UNITED STATES SECURITES

DISCOUNTS FOR OWN MEMBERS

1921




1922

1923