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a

SEVENTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF ATLANTA




BY

JOSEPH A. McCORD
CHAIRMAN OF THE BOARD
AND
FEDERAL RESERVE AGENT

1921

\

SEVENTH ANNUAL REPORT
OF THE

r

FEDERAL RESERVE BANK
OF ATLANTA




BY

JOSEPH A. McCORD
CHAIRMAN OF THE BOARD
AND
FEDERAL RESERVE AGENT

1921




FEDERAL RESERVE BANK -

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

LETTER OF TRANSMITTAL

February 28, 1922.
Sir:
I have the honor to submit herewith the Seventh Annual Report of
the Federal Reserve Bank of Atlanta, covering the year 1921.
Respectfully,
JOS. A. McCORD,
Chairman and Federal Reserve Agent.

HON. W. P. G. HARDING, Governor,

Federal Reserve Board,
Washington, D. C.




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

DIRECTORS AND OFFICERS
of the

FEDERAL RESERVE BANK OF ATLANTA
For 1922
CLASS A
P. R. KITTLES, Sylvania, Ga.

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

OSCAR NEWTON, Jackson, Miss.

J. A. MCCRARY, Decatur, Ga.

JNO. 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
L. C. ADELSON, Deputy Governor
J. L. CAMPBELL, Deputy Governor
M. W. BELL, Cashier
J. M. SLATTERY, Secretary
W. B. ROPER, Asst. Cashier
W. R. PATTERSON, Asst. Cashier
R. A. SIMS, Asst. Cashier
J. B. TUTWILER, Asst. Cashier
W. H. TOOLE, Manager Fiscal Agent
Dept.

Jos. A. MCCORD, Chairman of Board and
Federal Reserve Agent
W. H. KETTIG, Deputy-Chairman
WARD ALBERTSON, Asst. Federal Reserve
Agent
C. R. TIDWELL, Asst. Federal Reserve
Agent
CREED TAYLOR, General Auditor

NEW ORLEANS BRANCH
OFFICERS:

DIRECTORS:

MARCUS WALKER, Manager

W. H. BLACK, Asst. Manager

P. H. SAUNDERS, Chairman, New Orleans,

La.

JAS. A. WALKER, Cashier

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

M. F. HARLAN, Asst. Cashier
F. C. VASTERLING, Asst. Cashier
W. S. JOHNS, Asst. Federal Reserve
Agent

A. P . BUSH, Mobile, Ala.
FRANK W. FOOTE, Hattiesburg, Miss.
R. S. HECHT, New Orleans, La.
H. B. LIGHTCAP, Jackson, Miss.
LEON C. SIMON, New Orleans, La.

BIRMINGHAM BRANCH
OFFICERS:
A. E. WALKER, Manager
W. C. STERRETT, Cashier

J. B. COBBS, Asst. Federal Reserve
Agent




DIRECTORS:
W. H. KETTIG, Chairman, Birmingham,
Ala.

W. W. CRAWFORD, Birmingham, Ala.
JNO. H. FRYE, Birmingham, Ala.
T. 0 . SMITH, Birmingham, Ala.
OSCAR WELLS, Birmingham, Ala.

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

JACKSONVILLE BRANCH
OFFICERS:

DIRECTORS:

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

JNO. C. COOPER, Chairman, Jacksonville,
Fla.
BION H. BARNETT, Jacksonville, Fla.
E. W. LANE, Jacksonville, Fla.
FULTON SAUSSY, Jacksonville, Fla.
GILES L. WILSON, Jacksonville, Fla.

NASHVILLE BRANCH
OFFICERS:

DIRECTORS:

J. B. MCNAMARA, Manager
J. B. FORT, JR., Cashier

W. H. HARTFORD, Chairman, Nashville,
Tenn.

W. T. TYLER, Asst. Federal Reserve

J. E. CALDWELL, Nashville, Tenn.

Agent

PAUL M. DAVIS, Nashville, Tenn.
T. A. EMBRY, Winchester, Tenn.
E. A. LINDSEY, Nashville, Tenn.

SAVANNAH AGENCY
OFFICERS:
R. N. GROOVER, Acting Manager

D. E. AVERY, Acting Asst. Manager

GENERAL COUNSEL
HOLLINS N. RANDOLPH, Atlanta, Ga.

MEMBER FEDERAL ADVISORY COUNCIL
EDWARD W. LANE, Jacksonville, Fla.

PERSONNEL
December 31, 1919-1921
Chairman and Federal Reserve Agent
Governor
Other Officers
Banking Department
Federal Reserve Agent's Department
* Auditing Department
Fiscal Agent
TOTAL

* Included in Banking Department in 1919.




1919 1920 1921
I
l
l
I
l
l
18
21
23
285 324 371
10
17
18
22
24
71
60
44
386

446

482

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

5

TABLE OF CONTENTS
Introduction
Review of Service and Activities
Financial Results of Operations
Comparative Balance Sheets
Earnings and Expenses '. „
Profit and Loss Statements
Discount Operations
Bankers and Trade Acceptances
Reserve Position
Member Banks' Reserve Accounts
Note Issues
Federal Reserve Notes
Federal Reserve Bank Notes
Shipments of Currency
Clearings
Collections
Gold Settlement Fund
Foreign Accounts
Treasurer's General Account
Private Wire Operations
Movement of Membership
National Banks
_
State Banks
All Member Banks
Examinations
Trustee Powers
Acceptance up to 100 Per Cent
Operation of Federal Reserve Bank Branches
„
Fiscal Agent Operations
Sale of Treasury Certificates and Gold Notes
Deposits and Withdrawals of Treasury Funds
Denominational Exchange of Securities
Temporary Permanent Exchange
Bond Exchange and Conversion Transactions
_
Inheritance tax
_
Sale of War Savings Securities
Redemption of U. S. Certificates of Indebtedness
Other Activities
_
War Finance Corporation
_
New Banking Quarters
Internal Organization
„
Federal Reserve Bank Club
_
Relations with the Public
Monthly Business Review
General Business and Banking Conditions
General Conditions
_
Labor
„
_
_
_
Money Market



-

~

_
_
,

_
_
_
_
_
„
_

„
,

_

,
_

_

_
..

„

_

„

,

7
7
8
8
9
9
10
10
11
12
12
12
13
13
14
14
14
15
15
15
15
15
16
16
16
17
17
17
19
19
19
19
19
20
.20
.20
.20
.20
.20
21
22
.23
24
25
25
25
26
.......27

6

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULES
Comparative Balance Sheet Dec. 31, 1919-Dec. 31, 1921
Comparative Statement of Earnings and Expenses 1919-1921
Comparative Statement of Profit and Loss Account 1919-1921
Movement of Principal Asset and Liability Items _
Weekly Movement of Earning Assets
Volume of Paper Discounted and Bought
Average Daily Holdings of Earning Assets
Changes in Discount Rates During 1921
Movement of Cash Reserves, Net Deposits, F. R. Note Liabilities and Reserve
Percentage
Movement of Membership for 1921
Number of Member Banks in District and Paid-in Capital Stock as of last day
of each month during 1921
Changes in Membership During 1921
Fiduciary Powers Granted to National Banks in 1921
Acceptance up to 100 Per Cent
Comparative Statement of Federal Reserve Agent—1917-1921
Comparative Statement of Federal Reserve Notes—1917-1921
Federal Reserve Notes Issued and in Actual Circulation
Federal Reserve Notes Received from and Returned to Other Federal Reserve
Banks
Federal Reserve Bank Notes Issued, Redeemed and in Actual Circulation
Currency Receipts from and Shipments to Member and Non-Member Banks—
1921—and Comparison with Years 1919-1920
Operation of Federal Reserve Clearing System
Collection Department Operations
„
Treasurer's General Account Operations—1921—Combined
Member Banks' Accounts Operations—1921—Combined
Leased Wire Operations—1921
Gold Settlement Fund Operations
_
_
United States Treasury Certificates of Indebtedness Issued During 1921
United States Treasury Certificates of Indebtedness Redeemed During 1921
Sale of War Savings Securities by Months—1921
_

-28
30
31
32
36
38
39
40
.42
44
45
.46
50
50
51
52
54
55
56
57
58
59
.60
62
.64
.65
66
67
68

CHARTS
Movement of Earning Assets
„.
Movement of Net Deposits, Federal Reserve Note Circulation, Cash Reserves
and Reserve Ratios—1920-1921




34
35

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SEVENTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK OF ATLANTA

INTRODUCTION

A review of the activities of the Federal Reserve Bank of Atlanta for
1921 emphasizes more fully the stabilizing effect the Federal Reserve
System has had on business conditions generally. The severe strain sustained by the financial structure of the country during 1920 was continued
to a considerable extent until the latter months of 1921, when credit conditions became somewhat easier.
When the year was ushered in, there prevailed a feeling of anxiety
and uncertainty as to what it would bring forth. Many economic readjustments necessary to normalcy were effected, and the year closed under
more favorable conditions, with business generally in a stronger financial
position. Stocks had been reduced, prices had declined, liquidations had
been effected, and bank holdings of discounts reduced, particularly in
commercial centers, although not so marked in agricultural districts.
Profits were small and determined losses charged off, so that final figures
for the year represented more nearly their true value.
United States securities had advanced in price, and there was a tone
of strength to stocks and other bonds. Many hard and tedious transition
processes took place during the year, which contributed to the economic
readjustment of the country.
REVIEW OF SERVICE AND ACTIVITIES

That all the departments of the Federal Reserve Bank of Atlanta were
fully engaged during the year in giving service to member banks is attested
by the brief statistics which follow:
The month of January, 1921, showed 339 banks from a total membership of 467 obtaining discount accommodation; the closing month of the



8

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

year showed 379 borrowing banks from a total membership of 515. The
number of bills handled for discount, rediscount and bills purchased was
159,437, as compared with 112,125 for the preceding year, an increase
of 42%, notwithstanding the aggregat amount showed a decrease of
approximately $602,140,000.
Currency operations for the year showed a total handling of 112,500,000 pieces, aggregating $763,177,000, consisting of shipments to member
banks and to other Federal Reserve Banks amounting to $264,564,000 and
$69,352,000, respectively. The receipts from member banks for the year
amounted to $340,735,000, and from other Federal Reserve Banks $88,526,000, the total amount received being $429,261,000.
In check clearing operations, exclusive of duplications on account of
handling by both the parent bank and branches, a total of 19,388,000
items were handled, aggregating $3,990,981,000, which shows as compared with the preceding year a numerical increase of 2,816,000, but a
decrease of $1,390,315,000.
A total of 27,570 wire transfers of funds, amounting to $751,404,000
were consummated for member banks, all telegraphic costs involved being
absorbed by this bank.
Payments through the Gold Settlement Fund Aggregated $2,287,799,388 for transfers to the Federal Reserve Agent, to the United States Treasurer and to other Federal Reserve Banks.
In the Bond Department, there were 2,540,660 pieces handled, having
an aggregate value of $179,403,000.
The handling of subscriptions and redemptions of United States Treasury Certificates of Indebtedness showed a total for the year of operations
amounting to $108,253,600.
The volume of securities handled by our Custody Division amounted
to $758,015,500.
FINANCIAL RESULTS OF OPERATION

(a) Comparative Balance Sheets
Schedule No. 1 shows a comparative Statement of Condition of the
Federal Reserve Bank of Atlanta as at the close of business December
31, 1919, 1920 and 1921. Upon a comparison of this statement, it will
be noted that the aggregate Resources and Liabilities for the year 1921



ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

9

are approximately $60,000,000 less than the figures shown for the previous year. The greater portion of this decrease is due, however, to the
reduction of our Earning Assets, which were at the close of business
December 31, 1921, $113,393,093.48, against $152,960,892.63 as of
December 31, 1920.
It will also be noted that while our loans decreased approximately
$40,000,000, our Member Banks' Reserve Accounts were only reduced
approximately $6,000,000. Our total Reserves as of December 31, 1921,
were approximately $13,000,000 less than as compared with the same
date last year.
(b) Comparative Statement—Earnings and Expenses
On Schedule No. 2 is shown a Comparative Statement of Earnings
and Expenses for the years 1919, 1920 and 1921. The gross Earnings
for the year 1921 were $7,406,651.86, against $7,476,431.46 for the year
ending December 31, 1920.
It will be noted that the expenses for the year 1921 are approximately
$195,000 in excess of those shown for the year 1920. A portion of this
increase is due to the fact that Fiscal Agent expenses aggregating $34,000
odd, since July 1st, have been absorbed by the Federal Reserve Bank, and
it will also be noted that the cost of Federal Reserve Currency during 1921
was approximately $72,000 in excess of figures reported during the previous year.
(c) Comparative Profit and Loss Statements
Schedule No. 3 shows a Comparative Statement of the Profit and Loss
Account for the twelve months' period ended December 31, 1919, 1920
and 1921.
From this statement, it will be noted that the Net Earnings available
for Dividends, Surplus and Franchise Tax for the year 1921 were $5,496,218.49, as compared with $6,010,324.13 during the previous years, or a
decrease of approximately $514,000. The Net Earnings for the year 1921
have been distributed as follows:
Dividends Paid
Transferred to Surplus Funds
Franchise Tax Paid U. S. Government
Total Net Earnings



$ 245,861.62
770,105.68
4,480,251.19
$5,496,218.49

10

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

DISCOUNT OPERATIONS

Activity in discount operations for the year 1921 was fully as marked
as during 1920, although liquidation was shown by many member banks.
Out of a total of 515 member banks, 444 had paper under rediscount at
some time during 1921. The maximum was reached in September and
December, 379 banks being accommodated in each month. The maximum
number of notes handled in any one month was reached in January, when
14,922 items were handled, as against 18,013 items handled during the
month of December, 1920. The average number of notes, however, was
considerably greater than for the year 1920, the total number of notes
rediscounted for 1921 being 159,437, as against 112,125 for the year 1920.
The distribution of discount and open market operations given in
Schedule 6 shows a decline in dollars; the grand total for the year 1921
being $1,669,383,156, as compared with $2,271,522,757. The average
daily holdings as shown on Schedule 7 also show considerable decrease,
the total earning assets being at the maximum in the first month of the
year, $149,242,513, as compared with $161,758,391, the maximum reached
during the month of November, 1920. The movement of earning assets
is given in Schedule 4, showing distribution of same by weeks, and also
the ratio of assets secured by war obligations to the total. This ratio
reached the maximum in the second week of March, when paper secured
by war obligations amounted to 42.2%, as compared with 64.7% in January, 1920, the high point of the preceding year. This ratio decreased
gradually during the year, until December, 1921, when the ratio shrunk
to 21.2%. The liquidation of this class of paper was far greater during
1921 than any previous year.
Rediscounting with other Federal Reserve Banks reached the peak in
January, 1921, in the amount of $29,083,000, as against $48,856,000 in
the month of October, 1920. During five months of the year 1921 no
rediscounting was done with other Federal Reserve Banks.
BANKERS AND TRADE ACCEPTANCES

Bankers' acceptances in this district are created almost entirely from
transactions arising out of the domestic storage of cotton and the exportation of that commodity.
The movement of cotton during the past year, due to influences from
both domestic and foreign conditions, has not required the amount of
credit customarily needed during a cotton season. The market has not



ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

11

absorbed spots in large quantities, as domestic and foreign mills only
buy in small quantities for immediate consumption. Under such conditions an extension of open market operations is not feasible, and until
there is a normal movement of the staple, acceptances will not be created
in sufficient amounts to create an open market for such bills. The Federal Reserve Bank of Atlanta has purchased the greater part of all acceptances offered in this district, and has also aided the Federal International
Banking Company in the marketing of its bills drawn against export
transactions.
There has been no material increase in the use of trade acceptances
in this district during the past year. Conditions have been such that the
activities of manufacturers and commercial houses have been greatly curtailed. We believe, however, that great effort has been expended in popularizing the use of this form of credit.
Those who have extended commercial credits in the district realize
more than ever the importance of liquefying, or keeping liquid, their
assets, and have, therefore, made a concerted effort to bring about a more
general use of trade acceptances. While conditions have prevented an
increase in the volume of trade acceptances in the district, it is believed
that the improvement in the commercial credit practices that have been
instituted, particularly those in favor of the use of trade acceptances, will
bring about a steady and healthful growth in this form of finance when
normal trade conditions are re-established.

RESERVE POSITION

Our reserve position at the beginning of 1921, while showing an actual
percentage of 41.4%, would have shown a percentage of 27.7% in the
absence of rediscounts with other Federal Reserve Banks. A liquidation
of loans ensued, though at times fluctuating, and on February 16th rediscounts with other Federal Reserve Banks had been repaid, leaving this
bank with a reserve percentage of 42.3 % ; it being the first time since
May 13, 1920, that borrowings with other Federal Reserve Banks were
not necessary in order to maintain our reserve position. From February
16th until July 23rd caring for demands of member banks was possible
from our own resources, but on July 23rd, it again became necessary to
obtain assistance from other Federal Reserve Banks, which gradually increased in amount until the peak of $20,423,000 was reached the latter
part of September. From that time on, liquidation of loans to member



12

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

banks made possible a gradual reduction of our own borrowings, and
they were entirely eliminated on December 12th, when we were once again
able to maintain our position without assistance. During the remaining
three weeks of the year it did not again become necessary to rediscount
with other Federal Reserve Banks, but on the contrary, further liquidation by member banks of their borrowings produced a gradual improvement in our reserve position, and at the close of the year, it stood
at 43.3%.
MEMBER BANKS' RESERVE ACCOUNTS

The gradual reduction in member banks' reserve balances which became apparent in the latter part of 1920 continued during the year 1921.
This condition reflected a corresponding shrinkage in the deposits of member banks during the same period. Reserve balances were highest in
January, when they reached $53,016,000, and were lowest in September,
when they were reduced to $39,221,000. As compared with the previous
year, the average daily reserve balances were $10,035,000 less in amount.
Wire transfers of funds made to other Federal Reserve districts for
account of our member banks were 15,346 in number and amounted in
total to $411,673,934, while transfers of funds received from other districts for account of our member banks were 15,828 in number and
amounted to $624,845,281.
NOTE ISSUES

Federal Reserve Notes
The outstanding Federal Reserve Notes at the close of business December 31, 1921, were $128,644,005, as compared with $179,760,000 at the
close of business December 31, 1920, or a decrease of $51,116,000.
During the year the Federal Reserve Agent issued notes amounting
to $148,940,000, including $32,220,000 shipped by this bank to Havana,
Cuba, at the request of the Federal Reserve Bank of New York for account
of its member banks, and $4,300,000 issued to our own member banks
for shipment to Cuba.
The amount of fit money redeemed by the Federal Reserve Agent during the year was $70,671,000, and there were shipped to the Comptroller
of the Currency for redemption unfit notes aggregating $129,384,535,
making the total redemption of fit and unfit Federal Reserve Notes
055,535 for the year.



ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

13

It is interesting to note the increasing amount of unfit money redeemed,
as follows:
From organization of Bank to December 31, 1917..$ 10,882,580
Twelve months ending December 31, 1918
17,022,135
Twelve months ending December 31, 1919
65,072,465
Twelve months ending December 31, 1920
85,493,280
Twelve months ending December 31, 1921
129,384,535
Total.

$307,854,995

The reduction of outstanding Federal Reserve Notes is attributable to
the redemption of notes that had been issued during 1920 and 1921 to
the Treasurer of the United States and for shipment to Cuba. There was
not the usual seasonal demand for money for crop-moving purposes which
prevailed prior to 1920, due very largely to short crops and to the fact
that the part of the crops which was sold during the marketing season was
principally for the purpose of liquidating accounts.
Federal Reserve Bank Notes
On account of the circulation of New Silver Certificates in small
denominations during the year 1921, the necessity for Federal Reserve
Bank note circulation of $1.00 and $2.00 denominations was greatly
reduced.
On January 1, 1921, the Federal Reserve Bank of Atlanta had outstanding circulation of Federal Reserve Bank notes, secured by special
certificates of indebtedness, amounting to $16,169,800. During the year
there was issued to the bank by the Comptroller of the Currency $10,532,000, the majority of which consisted of notes of $1.00, $2.00 and $5.00
denominations. There were redeemed by the Treasury Department during
the year notes aggregating $18,498,500, leaving a net balance outstanding
on December 31, 1921, of $8,203,300. Special certificates issued to secure
the circulation of Federal Reserve Bank notes have been redeemed by
th Treasury Department in practically the sam ratio as the redemption
of circulating notes.
SHIPMENTS OF CURRENCY

During the year 1921 the volume of currency handled by the Money
Department varied slightly from the previous year. The actual number
of individual shipments received by the bank and the actual number of
deliveries made by the bank to its members, and to non-members at the
request of its members, greatly exceeded those of 1920.



14

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

Figures covering the receipts and disbursements of currency for the
years 1920 and 1921 are as follows:
Receipts for 1921
From members, $327,111,000; from non-members, $13,624,000. Total,
$340,735,000.
Receipts for 1920
Total, $335,485,000.
Disbursements, 1921
To members, $225,996,000; to non-members, $38,568,000, Total,
$264,564,000.
Disbursements, 1920
Total, $288,976,000.
During the year 1921, shipments of mutilated currency to Washington
for redemption by the Federal Reserve Bank of Atlanta amounted to
$200,680,500.
Clearings
The transit department functioned with increased efficiency during
1921, showing an increase in the number of items handled, but a decrease
in the amounts. The total number of items handled, including duplicatiors on account of handling by both the parent bank and branches, was
20,336,039, against 17,883,808 for 1920, an increase of 2,452,231, or
13.2%. The total volume of business for 1921 aggregated $4,378,840,000,
against $6,131,660,000 for 1920, a decrease of $1,752,820,000, or 28.6%.
'

Collections

The collection department continued to show a steady increase. During 1921 it handled 79,348 items, as compared with 49,694 items for 1920,
an increase of 29,654 items, or 59.6%. The amount of collections received during 1921 aggregated $98,213,591.48, as compared with $89,911,329.48 for 1920, an increase of $8,302,262.00, or .092%. It is interesting to note that during 1921, 65,500 items aggregating $84,671,327.14
were paid. These items were handled free of charge for member banks,
except where a charge was made by the collecting bank.
Gold Settlement Fund
Transactions through the Gold Settlement Fund, covering regular daily
settlement as well as special transfers, including rediscounts with other
Federal Reserve Banks, aggregated $4,584,752,936, which amount represents payments of $2,288,694,388 and receipts $2,296,058,548.



ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

15

Foreign Accounts
As in 1920, this account was comparatively inactive, the account showing a dormant balance of $134,000 from January 3rd through March 10th,
and from March 11th through December 31st, $288,000.
Treasurer's General Account
The Treasurer's account continued to show increased activity, transactions consisting of redemption of checks and warrants, coupons, Treasury
certificates, transfers of funds, official deposits, etc. Our records show
that we redeemed 1,196,509 checks and warrants for the Treasurer's account, amounting to $212,059,830.00; coupons, 2,649,701, amounting to
$15,698,828.00; certificates, 15,012, amounting to $48,995,500.00; miscellaneous advices and transfers, 26,554, amounting to $269,416,238.00.
The total number of items charged to the Treasurer's account for the year
was 3,887,776, amounting to $546,170,397.00, and credits to this account
included 22,063 items, aggregating $553,667,920.00.
Private Wire Operations
Total messages of all kinds sent and received over the private wires
amounted to 163,804. Total commercial messages sent and received over
commercial wire loops, 18,046. These wires embrace transactions originating in every department of the bank, and represent communications
of member banks, individuals, other Federal Reserve Banks, the Federal
Reserve Board, the Treasury Department, etc. This volume is constantly
growing, and during 1921 our Board authorized the publication of our
own private code, copies of which have been supplied gratis to each of
our member banks. In addition to this code, we are also equipped with
a code for use between the various Federal Reserve Banks, as well as
code of the American Bankers' Association, Liebers, and the A.B.C. Code,
so that we are prepared to handle any messages received and can communicate expeditiously and confidentially with anyone with whom we
may have occasion to transact business.
MOVEMENT OF MEMBERSHIP

(•a) National

Banks

During the year the National bank membership increased from 375
to 386 by the addition of seventeen new National banks organized in the
district and the surrender of stock by six member National banks; five



16

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

of these having liquidated and one absorbed by another bank. A net
increase of eleven National bank members for the year was the result, as
compared with an increase of twelve during 1920 and a decrease of three
during 1919. At the beginning of the year, 55,236 shares of stock were
held by National bank members and during the year there was a net increase of 968 shares, making the total holdings of National bank members 56,204 shares at the close of the year.
(b) State Banks
The State Bank and Trust Company membership increased from 87 to
129 during the year by the allotment of stock to forty-nine new members
and the surrender of stock by seven member State Banks, which were
either liquidated, absorbed by other banks, or converted to National
banks, resulting in a net increase of forty-two State Bank and Trust Company members, as compared with an increase of twenty-three in 1920 and
ten in 1919. The net increase of forty-two State Bank and Trust Company members in 1921 exceeded all previous years since the organization
of the Federal Reserve Bank of Atlanta, and was only approached in
1917, when thirty-six State Bank and Trust Company members were admitted. The State Bank and Trust Company members held 25,792 shares
of stock at the beginning of the year, and during the year there was a net
increase of 1,758 shares, making the total holdings of State Bank and
Trust Company members at the close of the year 27,550.
(c) All Member Banks
The total number of member banks holding stock in the Federal
Reserve Bank of Atlanta on December 31, 1920, was 462, amounting to
81,028 shares. During the year 6.348 shares of original and additional
stock were allotted to member banks and 3,622 shares were surrendered
during the year, making a net increase of 2,726, with total holdings at
the close of the year of 83,754 held by 515 member banks, on which fifty
percentum had been paid, amounting to $4,187,700, or a net increase in
the capital stock during the year of $136,300.
Examinations
During the year, forty-six examinations were made of State banks
applying for membership, forty-two of these banks being accepted. The
Federal Reserve Bank's examiners made two independent examinations
and participated with State Bank examiners in the examination of 136
State Bank and Trust Company members. In addition, forty-one National
banks were examined at the request of the Comptroller of the Currency,



ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

17

making a total of 225 examinations participated in or made by Federal
Reserve Bank examiners. The policy of participating with State examiners in the examination of State Bank members has been pursued during
the year as heretofore, and the Banking Departments of all the States in
the district have given their hearty co-operation. These joint examinations are being made in thorough accord and harmony with the State
Superintendents of Banking, and the member banks have offered every
facility to expedite the examinations where the Federal Reserve Bank
has participated.
TRUSTEE POWERS

During the year fiduciary powers, under Section 11, Subsection "K"
of the Federal Reserve Act, were granted to five National banks, bringing
the total number of banks in the district which have been granted authority to act in a fiduciary capacity up to seventy. The majority of National
banks which have been granted fiduciary powers are located in the larger
cities of the district where there is more demand for the exercise of such
powers. These powers are now being granted to banks which have found
that business of this nature comes to them unsolicited.
Acceptance Up to 100 Per Cent
During the year only one bank was authorized to accept up to 100
per cent. The banks in the district which have been granted this authority
now number thirty-three, these being located largely in reserve cities
where more use is made of this form of financing in order to handle foreign transactions.
Operation of Federal Reserve Bank Branches
The operations of our New Orleans, Birmingham, Jacksonville and
Nashville Branches and Savannah Agency continued on a large scale.
The New Orleans Branch, having a maximum membership in its zone
of 54 banks, was at all times during the year extending accommodation
to a minimum of 37 banks, and at times as high as 44 banks. The total
amount of accommodation extended by it to member banks during the
year was $531,847,402.79. Its receipts of currency totalled $111,504,209.00, and its shipments of currency amounted to $156,924,726.00, the
former showing an increase of about 20% and the latter over 100%.
In its check clearing and collection operations, 3,037,868 items were
handled at a total value of $903,400,000.00, showing a numerical increase
but a decrease in dollar value.



18

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

Rediscounts and advancements made to member banks in the Birmingham zone amounted to $75,421,319.89, with approximately twothirds of the 76 member banks in its zone being accommodated at one
time or another. Currency receipts amounted to $38,307,000.00, as
against $47,891,000.00 for the preceding year. Currency shipments
amounted to $38,648,000.00, as compared with $36,691,000.00 during
1920. In its check clearing and collection operations, this branch handled
4,538,326 items, a numerical increase of over 50%, whereas the total
value, $846,320,000.00, showed a decrease as compared with the preceding
year.
Of the 72 member banks located in the Jacksonville zone, over 60%
at one time or another were being accommodated through discount operations, the aggregate for the year being $110,391,000.00, as compared with
),296,000.00 for 1920. Currency receipts at that branch amounted to
),529,000.00, as compared with $45,480,000.00 during the preceding
year. Currency shipments amounted to $84,721,000.00, as against $33,856,000.00 for 1920. The number of items handled for check clearing
and collection amounted to 2,848,428 of a total value of $527,548,000.00,
showing an increase both in number and amount.
Of the 86 member banks located in the Nashville Branch zone, over
60% were at one time or another during the year receiving discount
accommodation, the aggregate amount for the year being $389,947,000.00,
as compared with $665,496,000.00 for the preceding year. Currency
receipts by that branch amounted to $41,921,000.00, as compared with
$27,449,000.00 in 1920. Currency shipments by that branch amounted
to $39,513,000.00, as compared with $21,862,000.00 during 1920, showing
a large increase in both. In the performance of its check clearing and
collection operations, 3,560,000 items were handled having a total value
of $634,195,000.00, showing an increase in the physical volume, but a
decrease in the aggregate amount.
The Savannah Agency, though limited in the scope of its operations,
continued to function in a manner that facilitated the transactions between
the member banks located in Savannah and the parent bank in Atlanta.
Its existence, and the knowledge that it had an ample stock of currency
to care for emergency demands, was no doubt a source of relief to our
member banks when the closing of some small institutions might have
been the predicate for serious disturbances.




ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

19

FISCAL AGENT OPERATIONS

The Fiscal Agent Department of the Federal Reserve Bank of Atlanta
was active throughout the year. There was a continuous flow of business
and, taken as a whole, a large amount of detail work was handled.
(a) Sale of Treasury Certificates and Gold Notes
During the year 1921, there were seven offerings of Certificates of
Indebtedness of the loan series and nine offerings of the tax series, with
two offerings of Gold Notes. It will be understood that on occasions
two, and possibly three, of these offerings bore the same date. The total
sale for the year of the loan series amounted to $21,818,500; tax series,
$29,395,000; Treasury Gold Notes, $8,104,600, giving a grand total of
the three series combined of $59,318,100. The early part of the year this
district did not sell its full quota of certificates, but toward the latter
part the subscriptions were far in excess of the quota.
(b) Deposits and Withdrawals of Treasury Funds
Of the total amount of sales of Certificates and Gold Notes sold for
the year, $44,981,000 were placed in special deposit accounts of banks.
These deposits were withdrawn according to instructions of the Treasury
Department in the usual manner followed in previous years. The withdrawals were made usually from three to ten days apart, but on the whole
the deposits must have been very satisfactory to the banks, as some of
the funds remained on deposit throughout the year for an average of
about forty-five days.
(c) Denominational Exchanges of Securities
In the Denominational Exchange Division, there were received during
the year 102,732 pieces of the various loans of various denominations,
which aggregated $13,644,350, for which there were delivered various
denominations of the various loans 14,485 pieces, aggregating the same
amount.
(d)

Temporary-Permanent Exchanges

During the year, 655,394 pieces of Temporary Coupon Bonds were
received in exchange for a like amount of Permanent Coupon Bonds,
aggregating $142,402,300.



20

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

(e) Bond Exchange and Conversion Transactions
There were received during the year bonds and notes, coupon for
registered, registered for coupon, registered for registered and transferred
bonds, aggregating 53,512 pieces, against which were delivered 42,402
pieces, the face value of which is $18,247,100.
(f)

Inheritance Tax

This department received during the year 622 pieces of bonds amounting to $484,100, in part payment of inheritance taxes, delivered to us by
the Internal Revenue Collectors.
(g) Sale of War Savings Securities
The sale of War Savings Securities only indicates the amount sold and
delivered by the Federal Reserve Bank of Atlanta, and does not include
sale made through postmasters throughout the district. The sale of Thrift
Stamps, War Savings Stamps, Treasury Savings Stamps and Treasury
Savings Certificates for the year aggregated 6,409 pieces, with a maturity
value of $93,789.00. The amount of these securities redeemed for the
year 1921 aggregated 1,147,249 pieces totaling $4,531,401.25.
(h) Redemption of United States Certificates of Indebtedness
There were redeemed for the Treasury Department, United States Certificates of Indebtedness for the year 1921, 15,012 pieces, aggregating
$48,995,500.
(i) Other Activities
During the year 1921, the Fiscal Agent Department was of considerable service to banks throughout the district in buying and selling Government Securities, other than stated offerings of Treasury Certificates,
Certificates of Indebtedness and Bonds amounting to $7,189,250 have
been bought and sold. This has been a distinct service to the various
banks in the district and is one which seems to be appreciated.
WAR FINANCE CORPORATION

Transactions engaged in by this bank, acting as fiscal agent for the
War Finance Corporation, have greatly increased since the amendment
to Section 24 ^of the Act, and the establishment by the Corporation of
Agricultural Loan Agencies in the several States comprising this district.
The amount of advances made by the Corporation through this bank and
its branches is shown by the following schedule:



ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

21

Advances Under Section 24 (to Banks)
Georgia (95) amounting to
Florida (4) amounting to
Louisiana (2) amounting to

$2,554,859.21
118,000.00
760,335.89

Total (101)

$3,433,195.10

Advances Under Section 22 (Exports)
Georgia (3) total
Louisiana (1) total
Combined total Sections 24 and 22

$1,450,500.00
6,328,789.02
$11,212,484.12

It is believed that the functioning of this governmental agency in supplying credit to the agricultural communities of the district, particularly
with respect to advances made to non-member banks, has been of invaluable aid to the agricultural interests of the South.
NEW BANKING QUARTERS

Work on the new addition has progressed steadily since July 12th,
under the direction of Architect A. Ten Eyck Brown, and the Building
Committee headed by Director J. A. McCrary. After careful consideration of the bids received, Gude and Company were awarded the contract
as General Contractor.
The structural part of the building has already been practically completed, but there are many details which must wait until the installation
of the vaults, upon which work has just been begun. It is expected that
the entire building will be finished easily before the date set in the contract, namely, October 1, 1922.
Every feature of the new addition has been discussed and fixed upon
after the most mature deliberation, and the final building as planned will
be admirably adapted for Federal Reserve Bank purposes. This result
has been attained by a layout of the original building and annex, the
present addition having been placed on the lot and so designed as to
allow other future additions in a logical manner and along a preconceived final plan.
As the completed building will have frontage of approximately 158
feet, it has been found possible to achieve a dignified elevation, with ample
lighting facilities and entrances; furthermore, on account of the fact that



22

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

the building sets back about 11 feet of the lot line on each side and that
there is a street in the rear, the structure is assured of ample permanent
light and ventilation throughout.
The construction of the original building and the addition now under
way is reinforced concrete throughout, with enveloping walls of face brick
and marble, backed up with hollow tile to give a warm building in winter
and a cool building in summer, by means of the air spaces which this
method of construction affords. Tile floors are used in the toilets; marble
floors in the public lobbies and corridors, and wood floors in working
spaces, with a finished cement floor in the sub-basement, garage and boiler
room. Most of the doors are of metal, as are such items as balustrades,
though some are of marble, having been so constructed with the idea of
using durable materials in order to keep down the cost of maintenance.
There are practically no painted surfaces, except the walls and ceilings
of working spaces and officers' quarters.
The exterior of the building is to be handsome and dignified—practically a continuation of the original, with certain changes which in the
completed design will make a distinct improvement on the original, at
the same time re-using all of the old materials, such as marble columns,
cornices, belts, ashler, etc.
Owing to the fact of the work having been done in sections on the
original building, the vault was first located at the rear of the structure
in the center, and was enlarged, at the time of building the annex, by the
insertion of a vault of the same size below the first, and on the basement
level, for coin storage.
In laying out the vault system, with an eye to the future development
of the bank, it was decided to locate the new vault in the center of the
entire basement, on the basement level, and with dimensions approximating 30x60 feet. This vault is being constructed in accordance with the
improved methods demonstrated at recent tests last year at Washington
and this year at Sandy Hook, held by the Consulting Architect of the
Federal Reserve Board. The construction of the main door and of the
emergency door will involve the application of these improved principles.
INTERNAL ORGANIZATION

There were but few important changes in the organization during the
year 1921. Mr. H. F. Conniff, Assistant Cashier in the Fiscal Agent
Department, resigned on September 26th to accept the vice-presidency of
the First National Bank of Sparta, Georgia. On September 1st, Mr. W. S.



ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

23

McLarin, Jr., of the parent bank, was elected Cashier of the Jacksonville
Branch, to succeed Mr. F. M. Sheffield, resigned. Mr. J. M. Slattery, Secretary of the parent bank, filled Mr. G. R. DeSaussure's position as Manager of the Jacksonville Branch during the latter's absence in Europe from
July through September.
Colonel Edward T. Brown, of Washington, announced his resignation
as a Class C Director of this bank, same to become effective on January 1,
1922. Mr. Lindsey Hopkins, a prominent financier of Atlanta, was appointed Class C Director by the Board to serve for a period of three years
from that date. Mr. J. K. Ottley, Class A Director, and Mr. J. A. McCrary,
Class B Director, met with no opposition, being unanimously re-elected
for three year terms, expiring December 31, 1924.
Mr. Edward W. Lane, President of the Atlantic National Bank, Jacksonville, Florida, served as a member of the Federal Advisory Council for
the year 1921.
FEDERAL RESERVE BANK CLUB

The Club had, on the whole, a very satisfactory year. Perhaps the
outstanding accomplishment was the launching of a very creditable magazine, which has been called "The 6-F Journal." The first issue, under the
editorship of Mr. Ward Albertson, Assistant Federal Reserve Agent, met
with pronounced approval and popularity. The varying articles were
skillfully placed, and an appeal made to every interest of the banking
public.
Another noteworthy action was the giving of $250 from the Club treasury, and a like amount from the Birmingham, Jacksonville and Nashville
Branch Clubs, toward the support of the Employees' Benefit Fund at the
New Orleans Branch, which is unable on account of legal restrictions to
maintain such a fund for itself. Besides this initial gift, each of the other
Branches as well as the parent bank is to contribuet $25 monthly toward
the upkeep of the New Orleans Club.
The Welfare Committee continued its#good work throughout the year.
Many social functions were held with something more than the usual
attractiveness and success. There was an elaborate dinner dance for the
new officers on March 17th; the annual picnic on June 3rd, and other feature dances at Hallowe'en and Christmas, interspersed with the regular
semi-monthly entertainments.



24

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

RELATIONS WITH THE PUBLIC

Practically no change was made during the year in the media used for
disseminating information relative to the operations and functions of the
Federal Reserve Banks. The financial pages of a large number of the
daily newspapers of the South carried copies of our weekly report of condition and many of these papers featured excerpts from our monthly reports of general business conditions. The monthly report is very extensively circulated amongst all classes of business institutions and it is serving to keep the business public of the district informed as to our operations as well as to the general business conditions throughout the district.
From time to time as opportunity offered, our officers have made public
addresses before gatherings of business men, conventions, and group meetings of bankers. We believe these addresses have tended to afford a better
understanding of our operations as well as the aims and ideals of the
Federal Reserve System.
MONTHLY BUSINESS REVIEW

Following the practice of previous years, the Federal Reserve Agent's
monthly report to the Federal Reserve Board on general business conditions in the district has been printed and circulated to member banks, interested business firms, and those throughout the United States who have
requested copies sent them each month. During February, 1921, representatives of the Federal Reserve Bank of Atlanta attended a conference
called by the Federal Reserve Board for the purpose of discussing the
methods of preparation and other questions in connection with the issuance of these reports by the various Federal Reserve Banks. Much valuable information was obtained at this conference, where it was stated that
the primary object of the publication of the reports should be to furnish
accurate information each month on existing business conditions to member banks, business and manufacturing concerns and others who would
benefit by it. Special attention has been paid during the year to developing accurate statistics on retail and wholesale trade, also cotton cloth and
yarn manufacturing. In some other lines, where accurate figures have not
been available, it has been necessary to deal with conditions generally.
The circulation of the Monthly Business Review at the beginning of the
year was approximately 1,500. This has been increased to about 6,000
copies, partly by the addition of non-member banks in the Sixth District,
and by requests for additions to the mailing list which are received daily
and come from all parts of the United States.



ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

25

GENERAL BUSINESS AND BANKING CONDITIONS

(a) General Conditions
The year 1921 was a trying one for all lines of business. Probably no
single line of trade or industry escaped the continuous readjustments which
began in the late summer and fall of 1920, and continued well into the
summer of 1921. Prices, which had continued to rise, reached their peak
in the summer of 1920, followed by declines which were not arrested until
June, 1921. Before the fall months of 1920 had passed the condition of
business had been changed and the trend toward reckless expansion definitely reversed. What amounted practically to a consumers' strike was in
effect; with lessened demand, manufacturing either slowed down or
stopped until jobbers, wholesalers and retailers were able to dispose of
their stocks. There appeared a surplus of labor in place of the shortage;
wages began to decline and substantial reductions in prices were necessary
to move the large stocks of merchandise on hand. With unemployment
increasing and wages of employed workers declining, it was difficult to
effect sales except of necessities, with the result that at the end of 1920
many business firms found it necessary to charge large amounts to profit
and loss accounts. The price of cotton had declined rapidly in the fall
months, when it appeared certain that a large crop of the staple had been
produced, and almost brought disaster to many farmers who found it necessary to carry over to 1921 practically all of their 1920 indebtedness.
This was the condition of business at the beginning of 1921. The first
six months of the year are now known to have been a period of further
decline in prices and in business generally. People had realized that with
very little inconvenience they could do without many of those luxuries
which had almost become necessities. While there was a fair volume of
business in necessities, sales of luxuries fell off greatly. In the summer of
1921 prices, both retail and wholesale, became more stable and fluctuations
since that time has been comparatively small. Generally, retail prices
did not decline in proportion with wholesale prices. Wholesale trade
during the year was about 40 per cent smaller in dollar value than for
1920, while retail trade, as represented by the business of representative
department stores in the district which have made monthly reports to the
Research Division of the Federal Reserve Bank for 1920 and 1921, was
about 12 per cent less than in 1920. Statistics on wholesale and retail
trade show that improvement took place during the latter months of the
year and business men are in agreement that conditions at the end of 1921
were better than a year, or even six months, earlier.



26

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

The agricultural situation in the South during 1921 was a complex
one. The cotton crop, due to weather conditions, the boll weevil, and
reduced acreage, was the smallest in twenty years. Spot cotton sold
as low as 10 cents (Atlanta market) on March 2, 1921, and the highest price was reached on September 28, 1921, when the staple sold at
21.30. Afterwards there was a reacation and the price prevailing at the
close of the year was 18.76, with a disposition to hold for price recovery.
While this increase did not result in prosperity to the farmer, it did help
greatly to improve the general business situation. Other crops were
produced in satisfactory volume, but prices were low and profitable markets for most of them were lacking.
Active building campaigns have been carried on in many of the important cities of the Sixth District during 1921. Building permits have
been issued in larger numbers and a comparison of the number of permits which have been issued for the erection of dwellings shows a much
larger number in 1921 than in 1920. Prices of lumber and building materials, as well as of labor, were considerably lower, however, and the
increased actual volume of building is not reflected by the dollar value of
permits issued, which was about the same for 1921 as for 1920. Production of pig iron declined from October 1920 until July 1921, but has increased each month since that time. In Alabama there were at the end of
the year twelve furnaces in blast as compared with seven in operation during July. Coal mining during the year has shown substantial declines as
compared with 1920, reflecting reduced demand on the part of both industrial and domestic consumers. Retailers, as a rule, have carried large
stocks, but demand has been lacking and buying has been slow.

(b) Labor
The general slackening in all lines of business during the fall of 1920
had produced a considerable amount of unemployment by the beginning
of 1921. Early in the year cotton mills, hosiery mills and other manufacturing plants resumed operations to some extent, but other industries, including coal and iron mining, continued to decline. On the whole, unemployment increased slightly during the first half of 1921 and began to decrease with the late summer and fall months. A strike by employees of
the Atlanta, Birmingham and Atlantic Railroad, because of an onnounced
reduction in wages, was never settled and other labor was employed to
operate the trains of this company. Other minor strikes have occurred in
the district in protest against wage reductions, but have been settled with



ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

27

comparatively little waste of time. During the summer months, unemployment in the coal and iron district of Alabama became acute, but with
the increased number of furnaces' in blast this condition was improved to
some extent before the end of the year. Labor of all kinds has been plentiful throughout the year, and while on the decline, there is still an appreciable amount of unemployment in the district.
(c) Money Market
There was a gradual decline in the demand for money throughout the
year. The lower price levels prevailing made possible the transacting of
the year's business with a much smaller actual volume of money. The
total loans and investments of forty-three member banks in selected cities
of the district were $100,000,000 smaller on December 28, 1921, than on
December 24, 1920, and the total of bills discounted for member banks
and bought in the open market by the Federal Reserve Bank of Atlanta declined from $183,567,000 (exclusive of $33,518,000 rediscounted with
other Federal Reserve Banks) on December 28, 1920 to $98,070,353 on the
same date in 1921. Demand deposits of the forty-three member banks declined from $234,538,000 in December 1920 to $213,528,000 in December
1921, and, in spite of unemployment, wage decline and other conditions,
savings deposits at the end of December 1921 were approximately the same
as one year earlier. Business firms have almost invariably reported collections slow. In the last month or two of the year, however, reports were
received indicating improvement in collections in the cities, while liquidations in farm paper has not taken place to the extent expected earlier in
the year.




SCHEDULE No. 1.

STATEMENT OF CONDITION AS OF DECEMBER 31ST-EACH YEAR
RESOURCES
1920

1921

Gold Coin and Gold Certificates
Gold Settlement Fund-F. R. Board
Gold with Foreign Agencies
Total Gold held by Bank
Gold with Federal Res Agent
Gold Redemption Fund
Total Gold Reserves
Legal Tender Notes, Silver, etc
Total Reserves.
Bills Discounted:
Secured by U. S. Gov't Obligations
All other
Bills bought in open market
Total Bills on Hand
U. S. Bonds and Notes .
U. S. Certificates of Indebtedness:
One year Certificates CPittman Act)
All Other
Total Earning Assets
Bank Premises
5% Redemption Fund against F. R. Bank Notes
Uncollected Items
All Other Resources .
Total Resources


$

—-

$

5.158.508.00
14.806,566.44

$

19,965,074.44

$

45.225,405.00
5,449.881.97
$

70.640,361.41

1919

8,744,466.49
7,442,406.46
118,800.00

$

16,305,672.95

$

8,412,807.62
19,333,518.51
4,727,527.61
32,473,853.74

60,709,940.00
10,297,580.39
87,313,193.34

$ 103,917,498.87

2,026,593.00

$

5.641,351.00

63,503,220.00
7,940.425.13

990,711.30

$

76,281,712.41

$

89,339,786,34

$ 104,908,210.17

$

24,420,078.28
66,406,640.02
3,686.480.13

$

61,439,901.62
71,161,100.39
3,570,950.74

$

$

66,391,635.09
26,660,232.73
16,639,000.16

94,513,198.43

$ 136,171,952.75

10.313,501.05

116,450.00

379,200.00

8,564,000.00
2,394.00

16,664,000.00
8,489.88

15,664,000.00
1,846.00

$ 113.393,093.48

$ 152,960,892.63

$ 125.735,913.98

1.007,946.71
525.550.00
23.592,125,56
729,060.16

541,272.96
560,586.15
31,406,141.22
381,421.62

463,301.88
878,550.00
48,266,919.24
147,276.06

$ 215.529.488.32

$ 275,190,100.92

$ 280,400,171.33

$ 109,690.867.98

STATEMENT OF CONDITION AS OF DECEMBER 31ST—EACH TEAR.
SCHEDULE No. 1—Cont'd.

LIABILITIES
1920

1921

Capital Paid I n Surplus

$

Deposits:
Goverment
Member Banks—Reserve Account
All Other
Total Deposits..

... .

...
. .

.

Total LiabilitiesRatio of total Reserves to Deposit and F. R. Note Liabilities
Combined.
-

4,189,200.00
9,113,570.99

$

4,053,050.00
8,343,465.31

$

3,428,200.00
4,695,000.00

$

11,213,104.31
42,967,160.78
336,370.27

$

3,715,581.57
49,172,496.66
302,491.32

$

2,706,991.38
58,388,305.76
2,778,585.38

$

.

Federal Reserve Notes in actual circulation
Federal Reserve Bank Notes in circulation-Net Liability
Deferred Availability Items...
All Other Liabilities




1919

54,516,635.36

$

53,190,569.55

$

63,873,882.52

121,470,505.00
8,033,750.00
17,480,380,44
725,446.53

173,406,190.00
15,174,950.00
20,360,019.53
661,856.53

155,510,935.00
15,561,300.00
37.130,967.83
199,885.98

$ 215.529,488.32

$ 275,190,100.92

$ 280,400,171.33

43.3%

41.4%

50.4%

to

30

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE No. 2
EARNINGS OF THE FEDERAL RESERVE BANK OF
ATLANTA AND BRANCHES FOR THE YEARS OF 1919, 1920 AND 1921.
1921

Discounted Bills
Purchased Bills-

1920

1919

$ 6,624,052.02

_..

United States Securities

$ 6.688,341.88

$ 3.735.032.95

154,440.05

337,991.12

367.337.75

533,021.84

320.450.89

228,958.61

90,825.04

102,846.10

68.312.83

Transfers - net earnings
Deficient reserve penalties
Miscellaneous
Total earnings

8,356.00

4,312.91

26,801.47

8,003.13

$ 7,406,651.86

$ 7.476,431.46

$ 4,416,001.27

SCHEDULE No. 2 Cont'd: EXPENSES OF THE FEDERAL RESERVE BANK
OF ATLANTA AND BRANCHES FOR THE YEARS OF 1921, 1920 AND 1919.
1921

Salaries:
Bank Officers
Clerical Staff
Special Officers and Watchmen
Another
Governors' Conferences
Federal Reserve Agents' conferences
Federal Advisory Council
Directors' meetings
Traveling expenses*
Assessments for Federal Board expenses
lf
Insurance (life, fidelity, casualty,
w o r k m e n s ' compensation and
general liability)
Banking house:
Taxes and fire insuranceLight, heat and power
Repairs and alterations
Allother
Rent (including light, heat and
power and minor alterations)
Fire insurance-Furniture and equipment
Printing and stationery (including
office and other supplies)
Telephone
Telegraph
'..
Security shipments
Currency and coin shipments
Postage and expressage (other than
on money and Security shipments)
Furniture and equipment
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-

1920

1919

163,431.90
530,324.81
22,652.81
40,751.48
819.21
441.67
1,259.28
25,707.99
26,250.61

156,996.13
433,196.51
15,630.80
24,501.53
504.38
174.72
1,092.02
17,427.29
15,494.99

116,951.58
289,854.40
10,036.83
12,933.96
575 23
132.94
469.57
10,122.91
9,113.22

30,242.28
7,538.24

27,882.11
8,068.49

22.391.31
4,494.40

28,170.25

16,319.74

8,881.19

9,032.46

10,774.08
6,095.12
9,339.82

8,268.10
3,889.11
2,619.32
457.93

19,432.77

14,017.81

8,535.89
2,609.22
488.30
25,999.21
—13.41
85,189.04
4,987.03
57,222.71
4.198.77
58,857.08

80,239.56
3,589.49
50,746.13

46,294.43
2,988.35
24,325.50

"5M87J4

64,605.57
33,398.82

59,006.95
76,056.56

~31^98ll9l
58,737.39
46,844.39

203,504.25

126,009.13

148,734.44

66,971.95

72,808.48

11,535.89

51,962.76
25,444.56

63,957.58
34,009.71

41,561.31
44,003.23

$ 1,580,584.74

$ 1,385,441.23

$

972,216.65

$ 3,443,784.62
$ 5,826,067.12
$ 6,060,990.23
"-Other t h a n those connected w i t h Governors' a n d Agents' conferences a n d m e e t i n g s
of directors a n d of t h e advisory c o u n c i l .

Current net earnings..-




ANNUAL REPORT OF T H E FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE No. 3.
COMPARATIVE STATEMENT-PROFIT AND LOSS ACCOUNT FOR THE
YEARS 1919, 1920 AND 1921.

1920

1921

Earnings
Current Expenses

-

Current Net Earnings

$ 7,406,651.86
1,580,584.74
$ 5,826,067.12

Add:
Amount previously deducted :A-C
Federal Reserve Board Assessment
Depreciation on U. S. Securities
AllOther

Total Deductions
Net earnings available for dividend,
Surplus and Franchise Tax as of
December 31st
Dividends Paid
Transferred to Surplus Fund
Franchise Tax paid U. S. Gov't




$ 7,476,431.46
1,385,441.23

$ 4,416.001.27
972,216.65

$ 6,090,990.23

$ 3,443.784.62

20,301.62

8,378.99
622.03
$ 5,835,068.14

Deduct:
Bank Premises
Reserved for Depreciation of U. S.
Securities
-- -Assessment-Expenses Federal Reserve Board
Reserved-Undetermined Losses
AllOther

$

47,088.67

1919

17.57

13,0f^.53
3,583.33

$ 6,111,309.42

$ 3,460,463.48

$

$

87,266.45

51,477.99

9,506.11
20,301.62

250,000.00
41.760.98
$

338,849.65

4.212.73
$

100,985.29

,496,218.49
$ 5

$ 6,010,324.13

245.861.62
770,105 68
4 ,480,251.19

$ 225,570.94
3,648,465.31
2,136,287.88

$ 5,496,218.49

$ 6,010,324.13

6,286.83
$

78,066.44

$ 3.382,397.04
$

197,397.04
3,185,000.00

$ 3,382,397.04

31

MOVEMENT OF PRINCIPAL ASSET AND LIABILITY ITEMS DURING 1921.

SCHEDULE No. 4.

(Amounts in thousands of dollars)
Discounted Bills
DATE

Total
Earning
Assets

Total
held

(2-1-7-1-8)

I

J an.

(4- 3)

Discounted for member banks
R edisin this district
counted
Per
Secured by
with other
cent
U. S. Govt.
Total
F.R.
(5+ 4)
(2- 1-3)
Obllgat'n
Banks

2

7 $ 150.828
14
148. 048
21147.707
28.
145 .850
Feb.
4.
146. 597
11148.031
18.
147.039
25.
143.154
March . 4 .
143.043
Il .
137.503
18.
140 .798
25.
141. 282
ADril
1141.225
8.
135 . 917
15.
130 .167
22.
133.202
27 .
131.089
May
4.
130.154
11 .
122.374
18.
124.269
25 .
125 .670
June
L
126 .663
8.
126.578
15.
127. 160
22.
130 .847
29 .
127.817
July
6.
126.486
13.
125.526
20.
127.611
27 .
125 .863
August 3 .
126.600
10.
121. 911
17.
124 . 135

$ 130.288
127.636
127.621
125.827
127.055
1 28 . 6~6

128.175
12·1 . 693
125.062

119 , 6~4

123.049
123 . 757
123.733
118 .408
112.276
116.295
113.640
112,857
104.994
106.790
108.255
102.586
102.294
100.736
106.298
102 . 032
100 .817
99 . 873
101 , 659
99.843
104 . 941
100. 180
102.331




3

4

$ 159.371
$ 29.083
151.920
24.284
149 .681
22.060
143.405
17.578
140 .497
13.442
133 . 741
5.115
128 .175
--- - - - - - - - - 124,693
- - --. - ---.-125.062
----. _--- - -119.694
-.- ----- ---123 . 049
- - - --- -.--- 123.757
-.- - - --- - - -123.733
--- - --._---118. 408
-----------112.276
- --- ----- --116.295
- - - - - --- - - -113 ,640
-----------112.857
-- --_. -. _--104 .9a4
- - - - - - --_.-.
106.790
- - - - --- - - --108 . 255
- --- --- - ---102.586
-----------102.294
--------- - -100.736
- - -- - - - - - - - 106.298
-- -- --- - -- -102.032
- - - - - - -- - --100.817
-- --- -- - -- - 99,873
- - - - - - ----- 101.659
- - - - ---- - -- 103 .850
4.007
106.692
1.751
101. 701
1. 521
104.402
2.071

,

5

$ 63.804
63.023
62 . 301
61.311
59.696
58.491
59.212
58 , 150
5S.48~

58.035
58.596
57 . 762
56.571
54.355
52,433
52.893
51,784
50 . 019
47.800
47.397
47 . 685
39.255
38.772
38. 131
38.667
36.454
35.063
34.770
34.898
34.913
35.651
34,459
35.023

Bills
bought
inoDen
market
7

6
40.0
41.5
41.6
42.8
42.5
43.7
46.2
46.6
46 . 8
48.5
47 .6
46 . 7
45 . 7
45. 9
46.7
45.5
45 .6
44.3
45 .5
44.4
44 . 0
38.3
37.9
37 .9
36.4
35.7
34 . 8
34.8
34.3
33 . 6
33.4
33 . 9
33.5

$

3,758
3.630
3.304
3.241
2.760
2.623
2,082
1. 678
1.199
1.027
968
744

7ll
727
742

718
1. 260
1.108
1 .191
1. 000
936
928
1.135
1. 108
1, 225
1.037
962
948
1. 247
1 ,317
964
1.066
1.140

U.S.
Securities
8

$ 16.782
16.782
16.782
16.782
16.782
16.782
16.782
16.783
16.782
16.782
16.781
16.781
16.781
16 . 782
17.149
16. 189
16. 189
16 . 189
16.189
16 .479
16 .479
23. 149
23 .149
25.316
23.324
24.748
24 .707
24.705
24.705
24 .703
20.695
20.665
20 . 664

Total
cash
Reserves
9

$ 87.700
84 .583
84 .460
85,980
90.431
88 . 252
87 , 446
88.028
89 . 387
92.551
90.402
90 ,016
84.776
86.020
95.244
93.158
92 .330
n3.815
101.659
105.592
98.799
95.372
93,934
93.009
69,778
85.844
86.486
81.518
76.923
76. 217
73.572
74.088
72,178

I

F.R. Notes
in cirTotal
I
DeDosits culation

I

10

I
I
I
I

$ 51.562 $ 173.018
169,913
448.738
169.209
48.993
166.570
47.401
170 . 366
47.168
48 ,872
169.288
166.261
48.807
165,284
46.673
48 . 318
162.929
160.527
50.424
158 . 270
58.644
156.026
58.208
153.554
52.545
152 .453
48.722
158.648
45.850
157.384
46 . 43
155.;;30
45 .390
155 . 982
47.162
159.026
46.179
159.882
48.6~ij
157.783
46. 13
157 .110
46.812
157.318
44.423
154, 333
46.480
153, 137
47.883
44,323
150 .905
149.636
46.035
143,670
45.359
141. 341
44,903
138 .670
44 .106
135.723
45,745
133.805
43 . 586
131 .745
44.576

I
I

11

Reserve P ercentages
Actual Adjusted
12
41.4
41. 2
41. 2
42 . 0
43.0
42.0
41. 9
42.7
43.2
45.3
41.7
42.0
41.1
42.8
46.6
45.7
46 . 0
46 . 2
49.5
50.6
48.4
46.8
46.6
46.3
44.7
44.0
44.2
43 .1
41. 3
41. 7
40.5
41. 8
40.9

- -13
- -27.7
29.4
30.4
33.4
36 . 6
39.5

-------- --- .- . - --- --- - .----.-. -.--- --

---- -- --- - ------- ----_.-.---

- _.- -- -- -.-.-.---- ----- _. - -.-.-------

- - - -------- - -.---- - -- - --- - - -

-- --- -- - ------ - - -- -

-- - -- - -- --

-- - -- - - -- -

---_.--- --- - - _.- - --

-- ----------- - ---- - ---- --- - -

39 .5
39 . 6
40.9
39.8

MOVEMENT OF PRINCIPAL ASSET AND LIABILITY ITEMS DURING 1921.

SCHEDULE No. 4.—Cont'd

(Amounts in thousands of dollars.)
Discounted Bills
Discounted for member Banks
in this District
Secured
Total
by U. S.
Per
Govt. ObCent
(2+3)
ligations
(5-M)

Total
held
(4-3)

1

Date

Total
Earnings
Assets
(2-1-7-1-8)

Rediscounted
w i t h other F. R.
Banks

2

3

4

5

$100,648
99,473
100,086
101,770
100,775
99,397
99,958
96,172
96,630
94,491
93,758
92,753
94,459
95,734
92,764
92,592
93,504
96.183
94,426

$ 7,971
8,926
9,669
12,673
16,430
20,095
17,195
16,378
14,096
15,956
15,263
10,668
7,931
7,176
7,488
4,298

$108,619
108,399
109,755
114,443
117,205
119,492
117,153
112,550
110,726
110,447
109,021
103,421
102,390
102,910
100,252
96,890
93,504
96,183
94,426

$ 35,612
35,078
35.248
36,068
36,867
37,419
36,921
33,345
32,492
32,033
31,571
30,181
29,840
30,111
28,741
26,926
24,968
25,284
25,346

24 $122,365
119,275
31
120,456
7
122,860
14
21 123,251
122,859
28
124,005
October 5
11 120,604
121,462
19
119,594
26
118,789
Nov.
2
117,570
9
119,071
16
23 119,630
116,237
30
116,337
Dec.
7
117,489
14
21 119,235
28 117,616

August
Sept.

6
32.8
32.4
32.1
31.5
31.5
31.3
31.5
29.6
29.3
29.0
29,0
29.2
29.1
29.3
28.7
27.8
26.7
26.3
26.8

Bills
bought
in open
market
®

U.S.
Securities

7

8

9

$1,054
878
1,446
2,166
3,503
4,490
5,083
5,468
5,869
6,142
6,078
5,864
5,660
4,946
4,531
3,887
3,808
3,522
3,644

$20,663
18,924
18,924
18,924
18,973
18,972
18,964
18,964
18,963
18,961
18,953
18,953
18,952
18,950
18,942
19.858
20.177
19,530
19,546

$69,479
69,486
70,761
70,103
73,058
71,627
74,146
73,726
70,000
71,390
71,083
71,728
08,058
68,613
66,109
68,104
67,648
71,548
75.790

Total
F. R.
cash
Total Notes in
Reserves Deposits circulation

10

11

$44,005 $129,250
42,874 127,468
44,953 128,962
47,030 127,393
47,698 128,934
47,711 127,359
43,947 134,064
45,850 130,309
44,599 128,224
46,156 126,163
44,487 125,780
45,751 123,676
45,951 122,823
46,576 121,557
43,369 119,799
44,894 119,175
45,765 119,035
49,963 121,795
54,565 123,387

Reserve
Percentages©

Actual

Adj usjusted
®

12

13

40.1
40.8
40.7
40.2
41.4
40.9
41.7
41.9
40.5
41.4
41.7
42.3
40.3
40.8
40.5
41.5
41.0
41.7
42.6

35.5
35.6
35.1
32.9
32.1
29.4
32.0
32.6
32.3
32 2
32.8
36.0
35.6
36.5
35.9
38.9

©No Acceptances were bought from or sold to other Federal Reserve Banks.
©Prior to March 18th, net deposits, as given below, were used in calculating reserve percentages:
Jan. 7th
$38,645,000
Feb. 4th
$40,172,000
March 4th $44,036,000
14th
35,529,000
11th
40,993,000
11th 43,862,000
21st
36,022,000
18th
42,461,000
28th
38,249,000
25th
40,657,000
©Adjusted percentages are calculated after increasing or reducing reserves held by the amount of accommodation extended to or_received from
other Federal Reserve Banks.




w
CO

34

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

FEDERAL RESERVE BANK OF ATLANTA
MOVEMENT OF EARNING ASSETS
DURING 1920 AND 1921
MILLIONS OF DOLLARS
6O

MILLIONS OF DOLLARS
SO
"ED ST A T

SEC UR I T I ES

b1

W/,

20

i 11i

40

PURCHASED BILLS
20
7/77177?
Trr sax-.

20

TLLLL

77fr

777T
200

200

DISCOUNTED BILLS
160

f see NOTE BCLOW}

180
160

160

14-0

140
120

100

100

80

80

60

60

20

20

180

180

TOTAL EARN ING ASSETS
160

160
140
120
100
80
60
40
20

1920

1921

A - Paper secured by U.S. Government obligations discounted for banks in district..

 - Total paper discounted for banks in district.
B
C - Total
http://fraser.stlouisfed.org/ discounted paper held.
Space between lines B and 0 represents - -«here above line B - paper discounted for.
and . where Louis
Federal Reserve Bank of St. below line B - paper redisoounted with, other Federal Heserve BanXs»

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

FEDERAL RESERVE BANK OF ATLANTA
DEPOSITS, F.R. NOTE CIRCULATION, CASH RESERVES
AND RESERVE RATIOS, 1920-1921
PER CENT
90
•ACTUAL

RESERVE . RATIOS

ADJUSTED

80
70
60
50

A -%,
1 *\

-A.
V

\

30

f

+^

20
i <-'
1O

MILLIONS OF DOLLARS
150

MILLIONS OF DOLLARS
DEPOSITS
100

100

50

0

I

1 11i ii 1Ii
ii1

200

i1 1
1111 11

50

F. R. NOTE CIRCULATION

150

150

100

100

50

50

0

0

300

300
DEPOSIT AND F.R. NOTE LIABILITIES,"!-, AND TOTAL RESERVES,"C"

250

250

200

200

1920

1921

 ths amount of acoonnodation received from or extended to other Federal Reserve
by
bank*.
http://fraser.stlouisfed.org/ deposit curve is based on "net deposits'1 up to March 11, 1921, and on
The
Federal Reserve Bank of St. Louis thereafter.
"total deposits"

Adjusted percentagas are calculated after reduolng or increasing reserves held

1

2

Sec'd. by Gov't. War Obligations.
Week

oo

WEEKLY MOVEMENT OF EARNING ASSETS—1921.

SCHEDULE No. 5.

Member
Banks' Coll.
Notes

All O t h e r

3

4

5

6

7

Otherwise Secured a n d
Unsecured.
Member
B a n k s ' Coll.
Notes

All Other

Bills Purchased in U. S. Bonds U. S. Certs.
Openmarket
Owned
of I n d e b t .

8

Unmatured
Coupons
and U. S.

Treas.
Notes

9

T o t a l Earni n g Assets

10

Per Cent.
Sec'd. by
War Obligations 1 plus

84-9

January

7 47,449,330.00
14 46,186,325.00
21 45,565,643.33
28 46,087,960.00

12,455,441.35
12,281,597.48
12,735,267.54
11,923,153.86

273,900.00
316,500.00
371,590.00
380,590.00

70,109,597.14
68,851,504.01
68,948,418.56
67,434.709.41

3,757.897.21
3,629,831.75
3,303,761.48
3,241,183.39

116,450.00
116,450.00
116,450.00
116,450.00

16,664,872
16,664,872
16,664,872
16,664,872

620.94
620.94
620.94
638.44

150,828,108.64
148.047,701.18
147.706,623.85
145,849,557.10

39.7%
39.4
39.4
39.7

February

4 43,663,850.00
11 45,833,350.00
18 46,566,700.00
25 46,021,500.00

12,559,838.25
11,986,261.46
12,644,642.42
12,128,099.71

309,500,00
334,500.00
313,900.00
290,400.00

70,521,766.73 2,759,839.26
70,472,211.27 2,622,905.76
68,649,617.18 2,081,674.51
66,253,019.45 1,678,045.00

116,450.00
116,450.00
116,450.00
116,450.00

16,664,872
16,664,874
16,664,874
16,665,374

646.95
658.83
718.23
724.59

146,596,763.19
148,031,211.32
147,038,576.34
143,153,612.75

38.3
39.0
40.2
40.6

March

4 46.083,200.00
11 46,197,650.00
18 46,714,550.00
25 46,094,850.00

12,398,498.84
11,837,191.85
11,880,747.56
11,667,007.S6

324,400.00
371,400.00
369,900.00
294,900.00

66,256,108.05
61,287,724.18
64,083,111.3£
65,699,974.45

1,198,430.61
1,027,073.53
968,453.53
744,059.39

116,450.00 16,664,874
116,450.00 16,664,876
116,450.00 16,664,876
116,450.00 16,664.876

849.09
851.21

143,042,810.59
137,503,216.77
140,798,088.44
141,282,117.80

40.8
42.2
41.6
40.8

1 45,430,350.00

April

8
15
22
27
May

June

43,618,050.00
42,671,450.00
43,174,750.00
42,054,600.00

11,ill,200.91
10,736,952.91
9,760,673.54
9,717,923.47
9,729,447.32

369,605.00
317,500.00
343,500.00
374,500.00
327,000.00

66,792,232.48
63,735,652.39
59,500,379.50
63,028,235.93
61,529,087.33

710,959.39
727,193.07
742.382.96
717.992.49
1.260,495.96

116,450.00
116,450.00
483,950.00
623,950.00
623,950.00

16,664,878
16,664,878
16,664,878
15,564,878
15,564,878

141,225,675.78
135,916,676.37
130,167,214.00
133,202,229.89
131,089,458.61

40.0
39.9
40.2
39.7
39.5

4
11
18
25

40,353,000.00
39,167,350.00
39.533,850.00
39,555,670.00

9,666,343.70
8,632,737.38
7.862,975.65
8,129,374.41

237,500.00
196,500.00
169,000.00
171,500.00

62,599,494.65
56,997,306.01
59,224,149.75
60,398,901.25

1,108,416.65
1,191,470.65
1,000,203.09
936,144.27

623,950.00
623,950.00
913,570.00
913,430.00

15,565,378
15,565,380
15,565,380
15,565,380

130,154,083.00
122,374,694.04
124,269,128.49
125,670,399.93

38.4
39.0
38.1
37.8

1 31,403,620.00

7,851,274.11
7,405,407.30
7,270.556.78
6,908.880.47
6,879,706.85

186,500.00
194,000.00
202,000.00
224,501.29
255,150.00

63,144,535.89
63,327,426.40
62,403,138.56
67,406,248.02
65,323,578.84

928,047.53
1,134.753.74
1,107.744.07
1,225,288.34
1,036,595.09

8,584,491.00
8.584,491.00
8,723,736.00
8,723,596.00
10,148,596.00

14,564,880
14,564,882
16,592,282
14,599,682
14,599,182

126,663,348.53
126,577,830.44
127,159,727.41
130,846,236.12
127,817,371.63

30.9
30.6
29.9
29.5
28.5

8
15
22
29

31,366,870.00
30,860,270.00
31,758,040.00
29,574,562.85




WEEKLY MOVEMENT OF EARNING

SCHEDULE No. 5.—Cont'd.

ASSETS.
8

Sec'd. by Gov't. War Obligations

Otherwise Secured a n d
Unsecured

10

A11C

Unmatured
Coupons
U. S. Bonds U. S. Certs, a n d U. S.
Owned
of I n d e b t .
Treas.
Notes

Total Earning Assets

10,140,418.15)
10,140,328.15
10,139,523.151
10,137,883-15

14,565,284
14,564,884
14,564,884
14,564,884

126,485,131.18
125,526,493.44
127,610,546.88
125,863,113.02

27.6
27.S
27.7

126,600,312.88
121,911,462.51
124,135,232.
122,364,820.67
119,274,709.51

28.1
28.2
28.2
29.1
29.4

120,456,372.02
122,859,628.51
123,250,922.73
122,858,955.38

29.2
29.3
29.8
30.5

Per Cent
Securred by
by War Obligations
1 p l u s 2-r- 9

Member
Banks, Coll.
Notes

All Other

Member
Banks' Coll.
Notes

28,624,762.85
28,494,512.85
29,116,482.85
28,728,282.85

6,438,399.52
6,275,252.60
5,781,601.59
6,185,319.97

208,900.00
196,500.00
181,500.00
179,000.00

65,544,803.35
64,906,618.07
66,579,586.09
64,751,005.54

August

29,539,761.33
28,648,861.33
28,657,286.33
28,800,806.33
28,574,053.55

6,112,451.15
5,810,338.95
6,366,063.26
6,811,477.69
6,503,744.11

190,000.00
218,000.00
239,500.00
243', 000.00
300,000.00

69,099,596.96
65,503.411.81
67,068,014.50
64,793,442.35
64,095,147.97

963,722.14
1,065,569.12
1,140,342.41
1,053,708.00
877,575.43

10,129,895.30]
10,099,895,30
10,099,140.30!
10,097,500.30|
10,359,302.45i

10,564,886
10,565,386
10,564,886
10,564,886
8,564,886

September

28,508,553.55
28,964,078.55
30,250,948.55
30,378,011.40

6,739,255.66
7,103,222.53
6,615,456.23
7,040,603.99

161,000.00
279,000.00
332,000.00
328,000.00

64,676,716.44
65,423,013.57
63,576,125,28
61,650,246.00

1,446,655.92
2,166,213.41
3,503,097.
4,490,438.54

10,359,302.45
10,359,212.45
10,358 407.451
10,406,767.45

8,564,888
8,564,888
8,564,888
8,564,888

October

29,996,211.40
26,990,761.40
26,637,431.40
25,776,881.40

6,925,471.24
6,354,309.97
5,854,798.24
6,256,537.18

1,035,000.00
1,038,000.00
288,500.00
273,000.00

62,001,838.96
61,789,447.76
63,849,644.04
62,185,413.82

5,082,917.58
5,467,925.46
5,868,972,81
6,141,666.13

10,398,539.60
10,398,539.60
10,397,844.60
10,395,964.60

8,564,890
8,564,890
8,564,890
8,564,890

124,004,868.78
120,603,874.19
121,462,081.09
119,594,353.13

29.7
27.6
26.7
26.7

November

25,845,954.25
24,902,654.25
25,078,279.25
25,180,099.25
23,627,415.00

5,725,426.78
0,278,295.60
4,761,616.84
4,930,536.20
5,114,395.20

329,000.00
355,790.00
306,990.00
289,000.00
310,000.00

61,858.536.53
62,216,718.91
64,312,066.70
65,334,248.62
63,712,558.84

6,077,603.79
5,864,197.90
5,659,732.21
4,946,222.61
4,530,707.44

10,387,736.75
10,387,736.75
10,386,981.75
10,385,341.75
10,376,913.90

8,564,892
8,564,892
8,564,892
8,564,892
8,564,892

118,789,150.10
117,570,285.41
119,070,558.75
119,630,340.43
116,236,882.38

26.5
25.7
25.0
25.1
24.7

December

22,483,321.25
20,730,496,25
21,029,156.25
20,191,350.00

4,443,144.64
4,235,575.85
4,255,310.28
4,555,096.01

455,500.00
461,500.00
301,500.00
360,000.00

65,209,792,81
68,076,401.92
70,596,689.33
68,719,527.38

3,886,963,63
3,807,942.63
3,522,326.98
3,644.380.12

11,293,463.90
11,612,523.90
10,963,858.90
10,979,878,90!

8,564,894
8,564,894
8,566,394
8,566,394

116,337,080.23
117,489,334.55
119,235.235.74
117,616,626.41

23.1
21.2
21.2
21.6

Week

July




50,000

27.7%

OO

SCHEDULE No. 6.

CO

VOLUME OF PAPER DISCOUNTED AND BOUGHT

(In Thousands of Dollars.)
Discounted Paper

Month

January

Total

Secured by
Gov't. obligations

Bankers'
Acceptances

Purchased Paper
Trade
Acceptances

Agricult u r a l and
live stock
paper

All Other

Total

Bankers'
Acceptances

Total discounted and
purchased paper
1921

1920

1919

$ 182,275 $ 157,057 $ 173,923

$ 180,676

$ 112.754

866

$ 6,574

$ 60,457

$ 1.599

$ 1.599

February

149,510

103,240

177

584

4,776

40,733

504

504

150,014

143,446

March

163,604

103,756

49

561

6.003

53,235

471

471

164,075

159.917

147,394

April

150,877

98,301

440

607

5,436

46,093

1,117

1,117

151,994

160,845

155,002

May

144,518

86.416

1,388

6,039

50.675

621

621

145,139

177,269

168,316

June

125,806

67.378

410

5,944

52,074

868

868

126,674

165,730

167,507

July

121,232

62.216

659

5.661

52,696

886

886

122,118

181,617

182,987

August

123.642

65.189

881

4,450

53.122

779

779

124,421

209,481

183,932

September

132.044

67,764

1.196

4.741

58,343

5.344

5,344

137.388

209,774

216.739

October

128.908

61,594

1,647

6.836

58,831

4.108

4,108

133,016

229,844

215,537

November

109,015

53,904

1,478

7,384

46,249

2,225

2.225

111.240

241.007

178,399

December

117,423

54,288

1,534

7.210

54,391

3.606

3.606

121,029

235,536

157,168

$71,054

$626,899

$22,128

$22,128

$1,669,383

$640 ,334

$39,577

$39,577

$227 ,885

$51,661

$51,661

to 1
I—
to

to
to
o

T o t a l 1921----

$

25

$

$1,647,255

$ 936,800

$ 691

$11,811

$2,231,946

$1,571,391

$6,338

$13,883

$2,005,777




$1,769,658

$ 8,234

110,534

$2,271,523
$2,057,438

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE No 7.
Month

AVERAGE DAILY HOLDINGS OF EARNING ASSETS
DURING 1921.
Total
Bills
Bills
Earning
U.S.
Discounted
Bought
Assets
Securities

January

$128,771,451

$ 3,527.084

$ 16,943,978

$149,242,513

February

126,281,701

2,361,013

16.782.170

145,424,884

122,357,549

1,016,571

16,782,146

140,156,266

April

117.425.208

795,514"

16,614,078

134,834.800

May

108,715,030

1,050.434

16,264.618

126,030.082

June

103.498,491

1.077,853

24,155,550

128,731.894

July

101,672,945

1,105,387

24,317,867

127,096.199

August

102.650,137

1.027.196

20.502.470

124.179.803

September

101,200.624

2.513,746

18,953,458

122,667.828
122,840.768

March

...

October,-

98,219,138

5,659,068

18,962,562

November

94,972.548

5.521,562

18.952,027

119.446.137

December

94.459.939

3,842,863

19.699,507

118,002,309




39

SCHEDULE No. 8.

CHANGES IN DISCOUNT BATES DURING 1921.
F e b r u a r y 8,
1921

May 6.
1921

J u n e 22.
1921

November 2,
1921

December 19.
1921

MEMBER BANKS COLL NOTES:
Secured
Secured
Secured
Secured
Secured

by
by
by
by
by

U. S. Certificates of I n d e b t e d n e s s
U. S. Liberty Bonds or Victory N o t e s U. S. Treasury Gold Notes
U. S. Bonds issued prior t o 1917
Commercial P a p e r

REDISCOUNTS, CUSTOMER'S N O T E S :
Secured by U. S. Certificates of I n d e b t e d n e s s
S e c u r e d b y U. S. Liberty Bonds or Victory Notes
Secured by U. S. Treasury Gold Notes
S e c u r e d by U. S. Bonds issued prior t o 1917
Commercial Paper
A g r i c u l t u r a l or Live Stock P a p e r

Trade Acceptances
Banker's Acceptances (endorsed by Banks other than Acceptors)




6 %
51%

6%
6%

7 %
7 %

6 %
51%

6%
6%
6%

54%
5i%

5

5J%
51%

5%

51%
51%
51%
51%
51%
51%
51%

5

6%
6%
6%
6%
6%
6%

6%

1
7
7
7
6

6%
6%
6%
6%

%
%
%
%
%

«%

P

%
5%
5%

5%
5%




SCHEDULE No. 9.

Week

MOVEMENT OF CASH RESERVES, NET DEPOSITS, F. R. NOTE LIABILITIES AND THE RESERVE PERCENTAGE

Total Cash Reserves




Deposits*

F. R. Notes in Actual
Circulation

2 plus 3

Reserve Percentages Combined

MOVEMENT OF CASH RESERVES, NET DEPOSITS, F. R. NOTE LIABILITIES AND THE
RESERVE PERCENTAGE.

SCHEDULE No. 9.—Contd.

1

2

Deposits*

T o t a l Cash Reserves

July

F. R. Notes in Actual
Circulation

5

4
2 Plus 3

Reserve Percentages Combined

$ 86 485 424.40
81.517,704.48
76.922,939.27
76,216,515.50

3--_
10
17
24
31

$46,035,061.65
45,358,830.94
44,903,866.88
44,105.721.61

$149,635,760.00
143,669,755.00
141,340,505.00
138.670,385.00

$195,670,821.65
189,028,585.94
186,244,371.88
182,776,106.61

73,571,616.20
74,088,151.77
72,176,891.52
69,478,565.28
69,485,729.57

6
13
20
27

August

3

45,745.298.49
43,586,377.19
44,575.508.88
44,005,475.31
42,873,872.41

135,722,905.00
133,804,905.00
131,745,405.00
129,249,605.00
127,467,955.00

181,468.203.49
177,391,282.19
176,320,613.88
173,255,080.31
170,341,827.41

40.5
41.8
40.9
40.1
40.8

•

44.2%
43.1
41.3
41.7

September 7
14
21
28

70,761,092.09
70,102,791.33
73,0o7,732.91
71,627.345.50

44,953,200.41
47,029,826.76
47,697,839.63
47,711.376.59

128,961,505.00
127,392,855.00
128.933,355.00
127,358,500.00

173,914,705,41
174,422,681.76
176,631,194.63
175.069,876.59

40.7
40.2
41.4
40.9

October

5
11
19
26

74,146,135.96
73,726.706.31
70,000,297.03
71,390,362.03

43,947,354.91
45,850,009.73
44,599,310.60
46,156,669.14

134.064,255.00
130,308,905.00
128,223,780.00
126,162,505.00

178,011,609.91
176,158,914.73
172,823,090.60
172,319,174.14

41.7
41.9
40.5
41.4

November

2
9
16
23
30

71,082,644.70
71,728,496.20
68,058 358.98
68,612,410.19
66,109,427.54

44,487,438.42
45,750,923.23
45,951,639.34
46,576,594.80
43,369,225.07

125,779,905.00
123.676,155.00
122,822,905.00
121,557,605.00
119,798,975.00

170,267,343.42
169.427,078.23
168,774,544.34
168,134,199.80
163,168,200.07

41.7
42.3
40.3
40.8
40.5

December

7
14
21
28

68,103,565.18
67,648,079.18
71,547,635.56
75,789,797.43

44,893,584.43
45.765.477.90
49,963,276.08
54,564.163.14

119.174,895.00
119,035,205.00
121.794,505.00
123,387,055.00

164,068.479.43
164,800,682.90
171.757.781.08
177,951,218.14

41.5
41.0
41.7
42.6

....

"-Figures January 7th to March 11th inclusive represent "Net Deposits" although begining March 18th, the "Total Deposits" are shown.




MOVEMENT OF MEMBERSHIP FOR 1921.

SCHEDULE No. 10.

NATIONAL
No.
Banks

No.

Banks

No. Shares

Amount

No.
Banks

No. Shares

Amount
$4,051,400

55.236

$2,761,800

87

25,792

$1,289,600

462

81,028

17

2,893

144,650

49

3.455

172,750

66

6,348

317,400

392

Total

58,129

$2,906,450

136

29.247

$1,462,350

528

87,376

$4,368,800

6

Decrease i n Members a n d Stock




Amount

375

Membership December 31st. 1920
Increase i n Members a n d Stock

Membership December 31st, 1921. -

No. Shares

TOTAL

STATE

-

1,925

96.250

7

1.697

84,850

13

3,622

181.100

386

56,204

$2,810,200

129

27.550

$1,377,500

515

83.754

$4,187,700

ANNUAL REPORT O F T H E FEDERAL RESERVE BANK OF ATLANTA

45

SCHEDULK No. 11.
NUMBER OF MEMBER BANKS IN DISTRICT AND PAID
IN CAPITAL STOCK AS OF LAST DAT OF EACH MONTH DURING 1921.

Month

January
February
March...
April
May~

June~

July-.
August
-.
September
October
November
December-.

State
Banks
and
National
Trust
Companies

94
97
107
110
114
116
116
121
124
125
127
129

Total—1921-




373
375
378
378
378
378
379
380
382
384
385
386

Total

467
472
485
488
492
494
495
501
506
509
512
515

Capital Increase Decrease
Stock
for
for
Month
Month

$3,991,450
4,017,350
4,047,100
4,066,300
4,088,650
4,096,650
4,103,750
4,125,700
4,145,150
4,158,600
4,177,200
4,187,700

25,900
29,750
19,200
22,350
8,000
7,100
21,950
19,450
13,450
18,600
10,500
$196,250

Net Increase
during
Year

$59,950

$59,950

$136,300

SCHEDULE No. 12.

CHANGES IN MEMBERSHIP DURING YEAR 1921.
(a) State Banks and Trust Companies admitted to t h e Federal Reserve System:

ANN

December 31.1921.
Location

Name of Bank

Date
Admitted

Capital

Surplus

Resources

c
>

w

ALABAMA
Guin
Jasper
Monroeville Orrville
Montgomery.
Roanoke
Roanoke

Marion County Banking Co...
Central Bank & Trust Co
Monroe County Bank
Orrville Bank & Trust Co
Alabama Bank & Trust Co
Merchants & Farmers Bank-..
Roanoke Banking Co

8-13-21
8-12-21
5-28-21
1-5-21
12-24-21
10-22-21
1-10-21

$ 25,000
50,000
60,000
25,000
300,000
125,000
200,000

$ 35,000
10,000
30,000
30,000
32,000
75,000
200,000

$ 240,294.37
652.470.95
550.701.60
149,582.12
1,211,929.05
616,065.47
944,938,60

Citizens Bank
Citizens State Bank

4-7-21
1-8-21

50,000
30.000

5,000
15,000

157,665.07
297,706.11




a
H

a
w
SO
>

r
9d

GEORGIA
Bainbridge -.
Barnesville-Bartow
Boston
Bowman
Cartersville.ClarkesvilleClaxton
Cordele
Dawson
Douglasville.
Dublin
Eastman
Eastman
Girard
Greenville-.Greenville--_
Graymont.-.

C
*K
_:
Tl
K

FLORIDA
Lake Wales -_
Marianna

"3
O
33
H

Citizens Bank & Trust Co
Barnesville Bank
The BartowBank
Bank of Boston
Bank of Bowman
Bank of Cartersville
The Habersham Bank
Citizens Bank
Exchange Bank
Bank of Dawson
Douglasville Banking Co
Southern Exchange Bank
Bank of Eastman
Citizens Banking Co
Farmers and Merchants Bank
Greenville Banking Co
Peoples Bank
Bank of Graymont-

1-24-21
2-5-21
1-27-21
3-28-21
3-16-21
3-5-21
12-24-21
9-6-21
3-7-21
6-4-21
4-22-21
3-16-21
5-13-21
11-28-21
5-24-21
8-3-21
4-20-21
10-18-21

100,000
50,000
25,000
25,000
35,000
100,000
25,000
30,000
100,000
100.000
75,000
100,000
60,000
100,000
25,000
65,000
30.000
25,000

20.000
10,000
10,000
5,000
10,000
50,000
10,000
3,000
100,000
37,000
51.500
1,000
3,000
20,000
100,000
27,606
5,000

666,592.93
156,996.21
196,645.64
155,536.37
231,958.66
503,005.32
270,174.91
114,120.51
803,382.47
301.709.85
577,845.78
682,063.54
226,709.30
458,829.41
47,532.63
733,717.71
159,774.50
135.453.82

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SCHEDULE No. 12—Continued.

CHANGES IN MEMBERSHIP DURING YEAR 1921.

(a) State Banks and Trust Companies admitted to the Federal Reserve System:
December 31,1921.
Location

Name of Bank

Date
Admitted

Capital

Surplus

Resources

GEORGIA—Continued.
Jefferson
Lavonia
Lawrenceville.
Madison
Metter
Millen
Monroe
McDonough - McDonough-.Portal.
--Rhine
Royston
Social Circle.-.
Soperton
Statesboro
Toccoa
Zebulon

Citizens Bank & Trust Co
Bank of Lavonia
Brand Banking Co
Morgan County Bank. - Bank of Candler County
Bank of Millen
The Farmers Bank
Bank of Henry County
Farmers & Merchants Bank
Bank of Portal
Rhine Banking Co
The Royston Bank
Walton County Bank
Bank of Soperton
Bank of Statesboro
Bank of Toccoa
Bank of Zebulon

3-10-21
3-7-21
3-5-21
9-24-21
1-24-21
2-2-21
2-16-21
8-8-21
5-28-21
1-24-21
9-29-21
6-20-21
1-11-21
4-11-21
3-16-21
3-18-21
6-1-21

$ 93,140
40,000
50,000
50,000
25,000
50,000
150,COO
50,000
100,000
25,000
25,000
60,000
125,000
25,000
100,000
50,000
25,000

$ 2.100
10,000
50,000
50,000
30,000
30,000
12,350
1.250
2,500
30,000
55,000
25,000
75,000
10,000
20,000

$ 192,008.61
197,709.48
483,412.14
133,337.45
75,307.62
504,401.08
470,090.25
218,306.24
219,538.08
89,447.38
69,042.74
350,793.63
540,539.43
302,291.26
743,873.57
225,679.19
168,531.57

LOUISIANA
New Orleans_
New Orleans..
Opelousas

Algiers Trust & Savings BankNew Orleans Bank & Trust Co
Parish Bank & Trust Co

8-3-21
11-3-21
6-13-21

200,000
400,000
50,000

50,000
100,000
10,000

608,098.46
2,338,214.74
177,923.90

TENNESSEE
Bell Buckle.
"Hohenwald.

Peoples Bank & Trust Co
Citizens Bank

2-19-21
1-27-21

30,000
35,000

5,000

146,666.91
161,709.40

"-Converted into The First National Bank of Hohenwald, Tennessee, on June 29,1921.
A list of State Banks and Trust Companies admitted into the Federal Reserve System prior to 1921 appeared in the 1920 Annual Report.




SCHEDULE No. 12—Continued.

CHANGES IN MEMBERSHIP DTTRING TEAR 1921.

(b) National Banks organized and admitted into the Federal Reserve System:
December 31.1921
Location

Date
Admitted

Capital

Surplus

Resources

5-3-21
3-2-21
9-8-21

Name of Bank

$200,000
100.000
25,000

33,500
23.000
18,250

$1,042,628.74
620,925.18
243.816.74

2,500

109,921.78
249,843.52
1,893,554.63
397,184.31

ALABAMA
AndalusiaBessemer...
Oneonta...

Andalusia National Bank
City National Bank
First National Bank

FLORIDA
Clearmont
Ft. Lauderdale...
Miami
Miami Beach
West Palm Beach.

First National Bank
First National Bank
Miami National Bank
Miami Beach First National Bank
American National Bank

3-5-21
10-12-21
9-23-21
11-16-21
12-1-21

25.000
50.000
150.000
50,000
100,000

First National Bank
Citizens National Bank
Mercantile National Bank...

3-8-21
3-5-21
10-20-21

50,000
100,000
300,000

50,000
46,000

146,539.97
630,223.75
1,299,523.14

Citizens National Bank

7-28-21

100.000

25,000

439.628.32

Commercial National Bank & Trust Co

2-12-21

100.000

50,000

1,609,037.85

10-28-21
2-15-21
6-4-21
8-24-21

100.000
50.000
35.000
25,000

25.000
5,500
2.000
2.500

953,886.60
389,655.59
190,169.12
131,374.15

50,000
10.000
10.000

GEORGIA
Lawrenceville
Montezuma-..
Savannah
LOUISIANA
Hammond
MISSISSIPPI
Laurel
TENNESSEE
Harriman
Harriman
Hohenwald
Oliver Springs




First National Bank
Harriman National Bank
First National Bank
Tri-County National Bank

'..

CHEDULE No. 12-Conf d.

CHANGES IN MEMBERSHIP DURING YEAR 1921.

(O Liquidations and Consolidations:
LIQUIDATIONS:
NATIONAL BANKS:
First National Bank,
First National Bank,
Canal-Commercial National Bank
Opelousas National Bank.
First National Bank, ...'
STATE BANKS:
Union Commercial Bank,
Hibernia Bank,
Pan-American Bank and Trust Company

jg
Montezuma. Georgia.
Alexandria. Louisiana.
-New Orleans. Louisiana.
Opelousas. Louisiana.
Russellville. Tennessee.
Mobile. Alabama.
Savannah. Georgia
New Orleans, Louisiana.

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CONSOLIDATIONS:
STATE BANKS:
Glynn County Bank, Brunswick, Georgia, with Brunswick Bank and Trust Company. Brunswick, Georgia.
NATIONAL BANKS:
Cumberland Valley National Bank, Nashville, Tennessee, with American National Bank. Nashville, Tenn.
(d) State Bank and Trust Company Members converted into National Banks:
Mercantile Bank and Trust Company, Savannah, Georgia, into "Mercantile National Bank. " Savannah, Georgia.
Commercial Bank and Trust Company, Laurel. Mississippi, into "Commercial National Bank and Trust Company."
Laurel, Mississippi.
Citizens Bank of Hohenwald, Tennessee, into "First National Bank." Hohenwald, Tennessee.
.
(e) Non-Member State Banks and Trust Companies converted into National Banks:
Bank of Andalusia, Andalusia, Ala, into "Andalusia National Bank." Andalusia, Alabama.
United States Savings Bank, Bessemer, Ala. into "City National Bank," Bessemer, Alabama.
Farmers Savings Bank, Oneonta, Alabama, into "First National Bank." Oneonta. Alabama.
Security State Bank, Fort Lauderdale, Florida, into "First National Bank." Fort Lauderdale, Florida.
First and Manufacturers National Bank, Harriman, Tennessee, into "First National Bank," Harriman, Tennessee.



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50

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA
SCHEDULE No. 13. FIDUCIARY POWERS GRANTED TO NATIONAL BANKS IN
1921

Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
Brooksville.Fla.
Jacksonville, Fla.
Gulfport, Miss.

First National Bank
Florida National Bank
First National Bank

Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics or in any other fiduciary
capacity in which State Banks and Trust Companies 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:
Johnson City, Tenn.
Tennessee National Bank
Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates
and receiver or any other fiduciary capacity in which State Banks, Trust Companies, 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:
Anniston. Ala.

.

Commercial National Bank

SCHUDLE No. 14.
AUTHORITY GRANTED IN 1921 TO ACCEPT UP TO 100 PER CENT

New Orleans, La.




New Orleans Bank and Trust Company

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA
SCHEDULE No. 15.

51

COMPARATIVE STATEMENT OF FEDERAL RESERVE AGENT.

As at the close of business Dec. 31st.
(In thousands of dollars 000 omitted.)
RESOURCES

1921

1920

1919

1918

1917

Federal Reserve Notes on Hand...

$ 71.501

$ 60,450

$ 44.915

$ 44,715

$ 11.870

128.644

179,760

160,108

123,620

66,867

2.400

3,500

2,500

2,503

3,603

2,825
40,000
94,157

3,210
54,000
133,899

3,003
58,000
109,345

2,406
37,270
86,800

3,428
43,670
16,179

$339,527

$434,819

$377,871

$297,314

$145,617

$508,000

$418,680

$298,000

$196,240

$ 89,620

307,855

178,470

92,977

27,905

10,883

$200,145

$240,210

$205,023

$168,335

$ 78.737

50,701

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 PaperTotal Resources
LIABILITIES

Federal Reserve Notes received
from Comptroller of Currency
(Gross Amount)
LESS

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




45,225

60,710

63.503

42,179

94,157

133,899

109,345

86,800

16.179

$339,527

$434,819

$377,371

$297,314

$145,617

to

STATEMENT OF FEDERAL RESERVE NOTES.

SCHEDULE No. 16.

5's

10's

20's

50'S

100's

500's

1,000's

RESOURCES:

Received from Comptroller of Cuirency
Received from Federal Reserve Bank
Received direct from U. S. Treasurer, and by
Comptroller from Treasurer for destruction
and credit of F. R. Agent's account
TOTAL

$110,440,000

$139,520,000

$173,040,000

$25,400,000

$32,000,000

$10,800,000

$16,800,000

44,267.000

69,127,500

114,558.080

14,963,500

21.505,500

13,757.500

25.436,000

78,625,175

100,489.620

116,310,200

7,005.100

4,665,500

149,500

403,000

$233 332 175

$309 137 120

$403 908 280

$47,368 600

$58,171,000

$24,707,000

$24,639,000

$145,873,050

$198,965,800

$274,290,480

$31,821,950

$40,975,400

S17.072.500

$30,908,000

78,764.125

100,551,320

116.317,800

7,004,650

4,664,600

149,500

403,000

8,695,000

9,620,000

13,300,000

8,542,000

12,531,000

7.485,000

11.328,000

$233,332 175

$309,137,120

$403,908,280

$47,368,600

$58,171,000

$24,707,000

$42,639,000

LIABILITIES:

Issued to Federal Reserve Bank
Returned to Comptroller of Currency for destruction, including notes returned by U. S.
Treasurer for credit of Federal Reserve
Agent's account.-Notes on hand at end of month
TOTAL




SCHEDULE No. 16—Continued.

STATEMENT OF FEDERAL RESERVES NOTES.

TOTAL
Dec. 31st, 1921

TOTAL
Dec. 31st, 1920

TOTAL
Dec. 31st, 1919

TOTAL
Dec. 31st. 1918

TOTAL
Dec. 31st. 1917

RESOURCES:
$508,000,000

$418,680,000

$298,000,000

$196,240,000

89.620,000

Received from Federal Reserve Bank

Received from Comptroller

303,615,080

232,944,080

142,054,080

60,016.080

26,956,760

Received direct from U. S. Treasurer, and by Comptroller
from Treasurer for destruction and credit of Federal Reserve Agent's account

307,648,095

178,263,560

92.770,280

27,697.815

$1,119,263,175

$829,887,640

$532,824,360

$283,953,895

$116,576,760

$ 739,907.180

$590,967,180

$394,932,180

$211,334,180

$ 93,824.180

307.854,995

178,470,460

92,977,180

27,904,715

10.882.580

71,501,000

60,450,000

44,915,000

44,715,000

11.870,000

$1,119,263,175

$829,887,640

$532,824,360

$283,953,895

$116,576,760

TOTAL
LIABILITIES:
Issued to Federal Reserve Bank
Returned to Comptroller of Currency for destruction, including notes returned by U. S. Treasurer for credit
of Federal Reserve Agent's Account
Notes on hand at end of month
TOTAL




.

SCHEDULE No. 17.

FEDERAL RESERVE NOTES ISSUED AND IN ACTUAL CIRCULATION.

Outstanding
at b e g i n n i n g
of m o n t h

Month
January
February

$179,759,540

Issued
during
month

$11,090,000

Redeemed
during
month

Outstanding
at end of
month

$16,581,700

$174,267,840

$111,391,190

5.853,100

146,755,485

110,785,210

4,108,000

154,041,640

146,043.215

115,258,865

7,647,600

156,394,890

147,466,390

113,692,790

8,512,950

157,090.190

143,793,505

113,089,095

6,499,350

151,267,300

139,659,995

114,982,685

9,357,735

137,777,020

139,621,760

116,021,335

7,171,550

127,467,955

142,037,225

112,949,150

5,684,805

134,578,650

146,448,840

123,360,545

131,416,455

4,812,500

126,603,955

178,291,690

141,976,333

12,036,750

124,644,705

4,839,730

119,798,975

172,089,890

149,459.055

9,920,700

128,644,005

7,173,500

121,470,505

173,406,190

155,510,935

6,241,500

April
May

158,149,640

35,040,000

164,042,490

25,273,500

23.712,850

165,603,140

165,603,140

7,590,000

15,426,490

157,766,650

157,766,650

9,160,000

19.791,895

147,134,755

147,134,755

4,570,000

17,065,250

134,639,505

134,639,505

18,530,000

12,906,050

140,263,455

140,263,455

5,215,000

14,062,000

131,416,455

5,265,000

124,644,705

13,920,000

10.074,650
19,330,050
29,147,150

170,434,690
158,149,640
164,042,490

/




1919

$142,654,870

7,045,000

$148,940,000

1920

164,581,590

170,434,690

Total

1921
$169,844,440

March

June
July
August
September
October
November
December

In actual circulation at end of month

$4,423,400

174,267,840

_ . -__

H e l d by
Federal Reserve Bank

$200,055,535

SCHEDULE No. 18.

FEDERAL RESERVE NOTES RECEIVED FROM AND RETURNED TO OTHER FEDERAL RESERVE BANKS DURING 1921.
5's Amounts

10's Amounts

20's Amounts

50's Amounts

100's Amounts

Exchange w i t h F. R. Bank of
Received
from
Boston--- New YorkPhiladelphia
ClevelandRichmond.
Chicago
St. Louis Minneapolis
K a n s a s City . .
Dallas..
S a n Francisco

$

-

Returned
to

Received R e t u r n e d
to
from

391,600 $ 337,760 $ 778,700 $ 953,560 $ 1,098,400 $ 1,045,860
4,429,000
3,753,230 14,710,000
6,529,500
3,995,500
1,491,020
1,295,300
713,000
833,880
1,520,500
417,750
502,775
1,134,500
3,049,700
1,487,370
2.293,500
709,000
847,125
1,891,250
2,885,240
2,148,880
5,024,000
1,324,500
1,565,180
1,395,000
3,729,100
2,188,770
2,240,500
876,500
1,078,380
1,878,700
3,711,240
3,642,260
2.582,180
1,601,855 3,150,225
108,000
230,790
183.150
226,600
50,000
91.120
390.000
869,740
443,380
652,000
243,500
317,640
1,669,750
2,389,710
1,676,800
1,503,000
1,615,250
1,439,530
454,740
768,220
275,750
1,066,140
239,285
210,495

$11,464,740 $11,031,250 $16,943,140 $17,587,030 $32,916,820 $24,403,900

TOTAL

500's Amount
Received
from
Boston
New YorkPhiladelphia.
ClevelandRichmond
-.
Chicago
St. Louis
Minneapolis
K a n s a s City
Dallas
San Francisco.
TOTAL

Received R e t u r n e d
to
from

__. ..

.

.....




Returned
to

1,000's Amount
Received R e t u r n e d
from
to

$ 14,000
3,551,500
19,500
19,000
28,500
10,500
24,500
500
6,000
20,000
14,000

$

33,000
819,500
8,500
23,000
13,000
79.500
31,000
5,000
9,000
11,000
15.000

$ 47,000
6,616,000
26,000
127,000
46.000
39,000
72,000
6,000
10,000
84,000
66,000

$ 104,000
3,408,000
20,000
10,000
31,000
120,000
40,000
7.000
19.000
19,000
17,000

$3,708,000

$1,047,500

$7,139,000

$3,795,000

5,000's Amount

Received Returned
to
from

Received
from

Returned
to

$ 140,200 $ 334,700
4,949,450
1,911,950
186,500
530,350
220,000
965,100
316,000
651,200
277,000
845,100
326,450
379,700
28,750
24,250
90,100
70,250
155,700
240,650
194,800
166,400

$ 156.900
7,486,900
212,000
181,000
229,500
271,000
298,400
24,400
83,900
202,500
322,500

$ 244.700
2,484,400
305,600
292.500
317,500
422,600
210,800
26,700
90,600
218,300
224,100

$6,119,650

$9,469,000

$4,837,800

$6,884,950

10,000's Amount

Received R e t u r n e d Received
to
from
from

Total Amounts

$

Returned
to

10.000

$

Received
from
$ 2,626,800
47,838,850
3,095,250
4,684,000
8.859,750
5,109,500
6,784,085
444,250
1,475,500
5,250,200
2,357.465

$ 3,053,580
18,817,100
3,496,405
6,674,795
7,612,000
8,473,450
11,165,225
568,010
1,819,610
5,994,990
1,676,965

20,000

$ 510,000 $88,525,650

$69,352,130

10,000

Returned
to
$ 510.000

SCHEDULE No. 19.

O

FEDERAL RESERVE BANK NOTES ISSUED AND IN ACTUAL CIRCULATION.

Outstanding
at beginning
of Month

Month

Issued
during
Month

Redeemed
during
Month

Outstanding
at end of
Month

H e l d by

F. R. Bank

ON

In actual Circulation at end of Month
1921

1920

1919

1921
800,000
700,000
2,296,000
916.000
212,000

$ 1.694,000
2.154,000
1,816,500
2,145,000
2,787.000

$15,275,800

$ 811.950

$14,463,850

$15,229,300

$ 6,461.850

13.821,800

1.133,750

12.688,050

14,175,000

7.164.596

14,301,300

918,150

13,383,150

11.096,700

7.726.998

13,072,300

311.400

12,760.900

9.583,833

8,356.491

10.497,300

69.850

10.427.450

9,791.000

9,066,060

9,881.300

122,800

9,758,500

11,022,800

9.733,560

9.881,300

700.000

9,062,300

350,550

8,711,750

11,614,026

9,794.200

9.062,300

600,000

616.000
1.519,000
2.434.000

7,228,300

181,500

7,046,800

12,099,400

11.631.998

161.000
1,142,000

8.247.300

343,650

7,903,650

12.725,000

12,481,599

8,369,300

891,800

7,477.500

13,927,700

14,064,386

8,292,300

1,086,100

7.206,200

14,478,850

14,748.908

8,203,300

169,550

8,033,750

15.174,950

15.561,300

$16,169,800

January
February
March
April
May
June
July
August
September
October

15.275.800
13.821.800
14.301,300
13,072,300

..-

10,497,300

7,228.300

1.180.000

8,247,300

1,264,000

November

8.369.300

864,000

December

8.292.300

1.000,000

941,000
1.089,000

$10,532,000

$18,498,500

TOTAL..-

.-1921




CURRENCY RECEIPTS FROM AND PAYMENTS TO MEMBER AND NON-MEMBER BANES.

SCHEDULE No. 20.

(In thousands of dollars.)
RECEIPTS
Month

From
Member
Banks

TOTAL RECEIPTS

PAYMENTS

From
Non-member Banks

To
Member
Banks

To
Non-mem
ber Banks

1921

1920

T O T A L PAYMENTS

1919

1921

1920

1919

$ 34.424

802

i 16,230

35.226

i 36,057

$ 22,046

26,196

$ 16,183

$ 6,478

February

25,676

928

17,127

342

26,604

23,050

12,267

17,469

20,201

7,802

March

31.386

1.137

14,737

2,568

32,523

28,071

16,274

17,305

19.300

9.580

April

29,801

810

19,087

11.066

30,611

28.943

17,523

30,153

24,901

8,842

May

25,857

714

20,341

3,543

26,571

27.604

20.082

23,884

19,439

10.757

January

$ 9.966

June

27,750

651

15,752

618

28,401

27.214

16,758

16,370

18.517

9,985

July—

24,848

1.294

17,385

458

26,142

27.547

20.411

17,843

21,780

9.292

August

25,176

661

15,180

509

25,837

23.736

17,350

15,689

19.398

13,628

September

21,182

1,491

26,092

6,330

22,673

23.351

13,441

32,422

24,773

23.765

October...

24.312

3,195

17,929

990

27.507

27.677

16,936

18,919

53.031

32.815

November

25.978

929

16,113

844

26,907

30.726

17.624

16,957

19.501

20,082

December

30.721

1,012

30,023

1,334

31.733

31,509

28,653

31,357

31,952

22,427

Total 1921-

$340,735

$327,111

$13,624

1920.

$321,312

$14,173

$247,886

$41,090

1919

$216,484

$ 2.881

$175,238

$




215

$264,564
$335,485

$288,976
$219,365

$175,453

Items d r a w n o n b a n k s in own
district

Period

Located in
Federal Reserve
b a n k and
b r a n c h cities

Items drawn
Located out- on Treasurer
side Federal
of United
serve Bank
States
and branch
cities

Amount

No.

Amount

$

90,421

418

$

254

161.435

301

157,362

Apr. 15th

438

Apr. 16th

May 15th

May 16th

June 15th

June 16th
July 16th

No.

Items forwarded t o o t h e r
Federal Reserve B a n k s
a n d their
branches

No.

Amount

No.

55.379

44

$ 6,852

80

838

100,294

93

17.161

167

862

98,303

82

14,098

176

182,945

956

106,862

109

18,741

512

171,739

850

91,309

118

562

170,562

950

93,753

99

July 15th

514

157,589

886

86,709

Aug. 15th

509

151,735

842

80,499

Aug. 16th

Sept. 15th

574

155.090

840

91,747

Sept. 16th

Oct. 15th

507

189,654

939

Oct. 16th

,.--Nov. 15th

535

188,482

Nov. 16th

Dec. 15th

568

Dec. 16th

Dec. 31st

291

Jan. 1st

Jan. 15th

135

Jan. 16th

Feb. 15th

Feb. 16th

Mar. 15th

Mar. 16th

Total 1921

5,700
1920
3.317
2,386
1919
•-Exclusive of d u p l i c a t i o n s on a c c o u n t




O
00

OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM.
(Figures include cash items only.)
(Numbers in thousands-amounts in thousands of dollars.)

SCHEDULE No. 21.

1921

1920

677

649

54.944 1.352

Amount
$

Total Number*

26,766

1919

Total Amount*

1921

1920

1919

444 $ 179.418 $ 257,583 $ 185,359

1,392

970

333,834

465,723

1,421

1,475

917

324,218

468,542

346,422

158

47.474 1,661

1.569

1.017

356,022

503,511

340,032

15.216

133

43,980 1,613

1,416

1.072

322,244

475,454

327,871

15,925

152

40,260 1,763

1,329

1,014

320,500

450,931

352,119

96

17.607

124

36,924 1,620

1,295

1,035

298,829

439,402

373,282

104

17,340

109

35,059 1.564

1,307

1.057

284,633

401,837

373,210

92

19,598

104

37,961 1.610

1.337

1,040

304.396

428,931

381,839

110,364

102

20.720

106

43,134 1.654

1,356

1,124

363.872

440,229

495,400

966

110,912

118

18,066

115

39.998 1,734

1,391

1,286

357,458

437.532

524,480

186,302

998

105,359

98

20,380

128

44.171 1.792

1.330

1,248

356,212

403,511

496,772

101,182

522

55,290

41

10.356

73

726

674

189.345

208,110

261,231

$2,064,498 10,867 $1,186,780 1,196
$2,729,237 10,632 $1,718,196
880
$2,032,941 7,972 $1,502,572 1.486
of items h a n d l e d by b o t h p a r e n t

54,455

22.517

927

$212,060 1.625 $ 527,643 19.388
$161,752 1.743 $ 772.111
$396,820 1.054 $ 926,446
bank and branch.

16.572

$3,990,981
12.898

$5,381,296

400,762

$4,858,779

SCHEDULE No. 22.

COLLECTION DEPARTMENT OPERATIONS-DT7RING YEAR 1921.

Collections Received

Month

Number

Amount

Collections P a i d

Number

Amount

Collections Returned

Number

Amount

Total Cost
Per Month

T o t a l Cost
Per Item

T o t a l Cost
Per $1,000

January
February
March

5405

$ 6,041,362.74

4599

$ 5,241,890.79

723

$ 662,429,88

$ .21

$ .19

4756

6,325,433.15

3973

5,765,298.08

752

626,033.56

1,072

.23

.17

5705

7,773.782.93

4634

6,698,602.19

857

881,240.19

1,080

.19

.14

April

5935

8,570,005.82

4787

7,932,995.47

869

1,320,723.76

1,080

.18

.13

May

6231

7,864,166.26

5209

7,128,940.66

787

506,789.80

1,080

.17

.13

June

6144

6,898,114.71

5283

6,198,985.02

940

688,300,07

1,040

.17

.15

July

7456

6,419,217.27

6446

5,809,103.30

905

555,204.93

1,060

.14

.16

August

6858

6,634,499.69

5916

6,535,485.38

976

510,079.60

1.060

.15

.16

September

6599

7,932,866.13

5523

6.170.903.10

952

496.186.11

1.060

.16

.13

October

8124

12,259,911.84

6608

8,710,546.58

1000

596,076.16

1.080

.13

.09

7061

9,921,916.14

5933

9,052,930.81

1196

714,511.34

1,140

.16

.11

9074

11,572,314.81

6589

9,425,645.76

1481

926.796.28

1,140

.13

.09

79348

$98,213,591.49

65500

$84,671,327.14

11438

$8,484,371.68

$13,032

$ .16

$ .11

November
December

TOTAL 1921

...




$ 1,140

SCHEDULE No. 23.

TREASURER'S GENERAL ACCOUNT OPERATIONS 1921 COMBINED.

Coupons Paid

Warrants Paid

Redemption of
Treasury Certificates

Month
Number

Amount

Number

Amount

Number

Amount

January

83,230

$ 14.395,298.27

289.549

$ 1,177,362.02

1,066

February

88,343

15,256,437.35

145.169

478.135,09

46

118,500

101.391

19.628.761.72

220,473

1.245,778.01

2.335

6.791.000

March

$ 6,925.000

113,478

17,236,790.10

261.157

1,784,809.13

531

2.537.000

-

110.509

19.282,116.64

266,249

1,638.665.35

898

2.235.000

98,774

17,575,865.20

268,556

1,935.792.48

2.410

7,265.000

_
_

62,667

12,840,601.46

165.522

774,628.67

738

1,954,000

109.415

19.164.811.82

102.194

461,590.03

1.232

3,965,000

97,759

17,819.501.35

166,425

1,126,108.72

2,043

6,595,500
4.844,000

April
May

-

June
July
August
September
October

107,139

19,410,318.10

234,205

1.729.876.51

2,163

November.

112,652

19.601,488.42

245,960

1,511,544.20

186

454,000

December

111.152

19,847.840.02

284,242

1,834.538.39

1,364

5,311,500

1,196,509

$212,059,830.45

2,649',701

$15,698,828.60

15,012

$48,995,500

TOTAL




TREASURERS GENERAL ACCOUNT OPERATIONS-1921-COMBINED.

SCHEDULE No. 23—Continued.
Transfers and
Miscellaneous Debits

Month

Number

Amount

Deposits

Total Debits

I Balances
Number

Amount

Number

Amount

January

6.759

$ 23,946.003.29

380,604

$ 46.443.663.58

1.909

$ 44,250.413.43

$ 1,522.331.42

February

4.121

20,782,973.99

237,679

36,636.046.43

1.843

37,757,223.58

2.643.508.57

March

4,063

27,431,330.41

328,262

' 55,096,870.14

2,027

61,038,832,09

8,585.470.52

April-.

4,595

22,031,338.93

379,761

43.589.938.16

2,039

36,050,373.80

1,045,906.16

May

3,608

17,444,967.17

381.264

40.600.749.16

1.997

41,191,218.19

1,636,375.19

842

33,940,217.10

370,582

60.716.874.78

1,946

60,140,933.84

1,060,434.25

July

329

13,182,035.46

229,256

28.751.265.59

1,189

29,179,852.96 .

1,489.021.62

August

489

16,710,473.38

213,330

40.301,875.23

1.823

40,461,602.39

1,648,748.78

September

529

31.910,912.61

266,756

57.452.022.68

1,730

60,297.981.60

4.494,707.70

June...-

-

October

407

12,864,377.61

343.914

38.848.572.12

1,926

37.814,638.70

3,460,774.28

November

386

17,026,903.11

359.184

38.593.935.73

1,684

38,523,221.57

3,390.060.12

December

426

32,144,705.44

397,184

59,138.583.85

1,950

66,961.628.04 •

26,554

$269,416,238.40

$546,170,397.45

22.063

TOTAL-..




3,887,776

$553,667,920.19

11.213.104.31

MEMBER BANKS ' ACCOUNTS OPElLATIONS- DURING 1921.

SCHEDULE No. 24.
Wire Transfers " Debits"
1921
Month

Numbe r

Amount

Checb and Other Debits

Number

Amount

TOTAL DEBITS

Number

Amount

January.. __ .. __ .. ____

1. 244

$ 38,452,534.37

36,508

$ 503,875, 180.98

37,752

February . ____ __ ____ .

1.140

30.795 .442. 12

32.908

422,645 .102.31

34 .048

453.440.544.43

March ____ .. __ . __ ... __
AvriL ______________ __

1.272

36.046.739.58

39.764

468.655.640.27

41.036

504.702.379.85

1.134

34. 171. 927 . 01

37.673

441.199,736 . 31

38.807

475.371.663 . 32

May __ __ . ___ ____ .......

1. 216

30,547.228.37

38.822

431. 888.061.91

40.038

462.435.290.28

June __ __ . . .. .. . . .... . .
July __ _____ __ __ . __ __ ..

1.206

30 .157.460.80

35 .368

386.920.986.90

36.574

417.078.447.70

1.199

32.648.972.78

34 .320

357.864.738.12

35.519

390.513.710.90

August __ __ . __ .. . __ ...

1.273

33.803.521.56

35.504

369.863,232.08

36.777

403.666.753 .64

Sevtember __ .. __ . ____

1.441

33. 199.465.40

36.312

424.649.699.95

37.753

457.249 165 .35

October ___ ____ . __ .. __

1.494

39.389.015.28

39.942

469.421.543.85

41.436

508,810 .559. 13

November.. __ ________

1.540

38.985.204. 18

39.959

412, 127.512.24

41.499

451.112 .766.42

December __ . __ . . __ . __

l , l B7

33.476.373.33

41.221

461, 133.574 .30

42.40B

494.609.947 .63

15.346

$411.673.934 .7B

448.301

$5,149,645.009.22

463.647

$5.561.31B.944.oo

TOTAL

1921.. .




$ 542,327,715.35

MEMBER BANKS' ACCOUNTS OPERATIONS-DURING 1921.

SCHEDULE No. 24.—Continued
Wire Transfers "Credits"
1921
Month

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

Number

—

TOTAL 1921—

Amount

OTHER CREDITS
Number

TOTAL CREDITS

Amount

Number

Amount

Balances

1,274
1,149
1,330
1,276
1.128
1,189
1,053
1,167
1,429
1,550
1.522
1,761

$ 55,933,932.43

38,472

$483,933,814.17

39,746

$539,867,746.60

$46,563,503.46

48,575,635.01

35,460

404.633.527.86

36,609

453,209,162.87

46,332,121.90

51.979,359.07

44,328

451.393.898.40

45,658

503,373,257.47

45,002.999.52

47,967,951.76

43,564

426.443,966.18

44,840

474,411,917.94

44,043,254.14

45,967,677.69

42,238

415.609,906.63

43,366

461,£77.584.32

43,185,548.18

44,655,185.01

40,943

370.073,689.92

42,132

414,728,874.93

40,835,975.41

37,867,779.25

37,876

353,869.352.74

38,929

391,737,131.99

42,059,396.50

41,219,712.85

38,085

361.140,089.01

39,252

402,359,801.86

40,752.444.72

53,486,811.61

39,303

403.294,479.32

40,732

456,781,290.93

40,284,570.30

66,190,396.50

42,150

445.070,649.20

43,700

511,261,045.70

42,735,056.87

62,103.953.97

39,964

385,796,668.26

41,486

447,900,622.23

39,522,912.68

68,896,886.48

43,435

429.108,239.47

45,196

498,005,125.95

42,918.091.00

15,828

$624,845,281.63

485,818

$4,930,368,281.16

501,646

$5,555,213,562.79




SCHEDULE No. 25.

LEASED WIRE OPERATIONS 1921.

Intra-District

Month

January
February
March
April

Number
Messages

Number
Words

Treasury
Department
Number
Messages

Number
Words

Other Federal
Reserve Banks
Number
Messages

Number
Words

Wire Transfers of
Funds

TOTAL
Number
Messages

Number
Words

TOTAL
EXPENSE

Number
Messages

Amount

3,632

225,741

178

8.931

3,118

125,482

6.928

360.154

$ 4,128.74

1,936

$ 67,718,000

2,934

199,947

149

6,663

2.765

102,364

5.848

308.974

4.126.48

1,750

55,716,000

3,616

209,429

320

12,154

2,906

87,428

6,842

309.011

3,869.77

2.046

61,019,000

3,358

205.619

180

5,804

2.524

76.061

6,062

287.484

3,846.58

1,860

53,846,000

May-

3,358

171,660

194

6.145

2.794

79.976

6.346

257.781

4,011.03

1.888

56.383,000

June

3,302

172,314

317

2.733

82.393

6,352

266,278

4.222.84

1.887

52.126.000

July

3,120

153,124

213

69,254

6,409

227,904

4.409.60

1.900

52.987,000

August

3,604

175,076

271

76,785

7,377

260,108

4.426.69

2,181

58,611,000

September

3,753

196,138

464

80,062

7.905

292.910

4.587.35

2.529

66.230,000

83.537

8.155

315,836

4,332.52

2.623

79,969,000

78.729

7.630

281,421

4,472.84

2.399

72,027.000

324.732

4.508.79

2.571

74,772,000

3,492,593

$50,943.23

25.570

$751,404,000

October
November-..
December

TOTAL

3,959
3,755

217,592
186,821

387
317

11,571
5,526
8.247
16,710
14.707
15.871

3.076
3.502
3,688
3,809
3,558

4,109

216.498

455

19,641

3,658

88.593

8.222

42,500

2,329,959

3.445

131.970

38.131

1.030.664

84.076




ANNUAL REPORT OF T H E FEDERAL RESERVE BANK OF ATLANTA

65

SCHEDULE No. 26.
GOLD SETTLEMENT FUND OPERATIONS

MONTH

DEBITS

CREDITS

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

$ 246,161,661.85
185.621,777.11
197,419,262.92
194,838,171.49
186,915,413.69
167,992.968.01
166,073.919.05
168,596,596.08
193,032,172.17
201,943,588.80
185,500,118.88
201,962,898.23

$ 244,991,893.10
183,138,365.83
194,133,129.62
195,406,013.99
191,252,980.08
168,618,240.20
167.898,166.27
171,461,001.62
192,028,628.09
201,255,244.58
186,538,568.31
191,972,156.61

Total

-- $ 2,295,058.548.28

$ 2,288,694,388.30




Balance at Close oi
Month
$

8,612,175.21
11.095,586.49
14,381,719.79
13.813,877.29
9,476,310.90
8,851,038.71
7,026,791.49
4,162,385.95
5,165,930.03
5,854,274.25
4,815,824.82
14,806.566.44

SCHEDULE No. 27.

U. S. TREASURY CERTIFICATES OF INDEBTEDNESS ISSUED DURING 1921.
AMOUNTS

Series

Date of Issue

Maturity

Total

Rate
Atlanta

New Orleans

LOAN SERIES
E-1921
F-1921,
G-1921
H-1921
A-1922
B-1922
C-1922

1-15-21
1-15-21
2-15-21
4-15-21
5-16-21
8- 1-21
11- 1-21

4-15-21
10-15-21
7-15-21
10-15-21
2-16-22
8-1 -22
4- 1-22

5i
5i

4i

TOTAL...

$ 1,540,000
3,258,500
2,398,500
2,809,000
3,572,500
6,949,500
1,290,500

$ 6,571,000

$21,818,500

% 963,800
3,328.600

$ 1,206,100
2,606,100

$ 2,169,900
5,934,700

$ 4,292,400

64

556,500
1,265,500
514,500
930,500
943,500
1,784,500
576,00C

$15,247,500

51%
51
5i

$ 3,812,200

$ 8,104,600

$ 2,199,000
1,602,500
2,732,500
1,017,500
2,068,500
1,116,500
4,451,000
1,115.500
5,596,500

$

448,500
784,000
1,117,500
795,000
725,000
501,000
1,096,500
711,000
1,257,000

$ 2,647,500
2,386,500
3,850,000
1,812,500
2,793,500
1,617,500
5,547,500
1,826,500
6,853,500

$21,899,500

$ 7,435,500

$29,335,000

$41,439,400

$17,818,700

$59,258,100

$

983,500
1,993,000
1,884,000
1,878,500
2,629,000
5,165,000
714,500

$

U. S. TREASURY GOLD N O T E S :
A-1924
B-1924

6-15-21
9-15-21

6-15-24
9-15-24

51%
64

TOTAL
TAX SERIES
TS-2-1921
TM-1922
TJ-1922
TM-2-1922,
TM-3-1922
TS-1922
TS-2-1922
TJ-2-1922
TD-1922

3-15-21
3-15-21
6-15-21
8- 1-21
9-15-21
9-15-21
11- 1-21
12-15-21
12-15-21




9-15-21
3-15-22
6-15-22
3-15-22
3-15-22
9-15-22
9-15-22
6-15-22
12-15-22
TOTAL
GRAND TOTAL

64%

5!
5i
5i
5
5i

44
4i
44

SCHEDULE No. 28
Series

Date of Issue

U. S. TREASURY CERTIFICATES OF INDEBTEDNESS REDEEMED DURING 1921.
AMOUNTS
Maturity
Rate
New Orleans
Atlanta

Total

ISSUED FOR 1920 TAXES:
TM-4-1920.
TJ-1920
T-10
TD-1920

2- 2-20
12-15-19
9-15-19
1- 2-20

3-15-20
6-15-20
9-15-20
12-15-20

4,000
10,000
2,000
137,000

46.500
$

46,500

106,500

$

657.000
632,000
1,512.000
1.446.500
2,595,500
1,782,500
1,824,000
1,669,500
2,157,000

$ 1,132,500
42,500
536,000
832,000
1,705,000
793,000
523,500
2,322,500
1,183,000

$ 1,789,500
674,500
2.048,000
2,278.500
4,300,500
2,575,500
2,347,500
3,992,000
3.340.000

$14,276,000

TOTAL

4,000
10,000
2,000
90,500

$90,070,000

$23,346,000

$

$

$

$

153,000

ISSUED F O R 1921 T A X E S :
TM-2-1921
TM-3-1921
TM-1921
TM-4-1921
TJ-1921
TJ-2-1921
TS-2-1921
TS-1921
TD-1921

7-15-20
9-15-20
3-15-20
10-15-20
6-15-20
12-15-20
3-15-21
9-15-20
12-15-21

3-15-21
3-15-21
3-15-21
3-15-21
6-15-21
6-15-21
9-15-21
9-15-21
12-15-21

51%
51

4!

5?
6

5f
5i

6•
6

TOTAL- -.
LOAN S E R I E S :
G-1920
A-1921
B-1921
E-1921
D-1921
G-1921
C-1921
F-1921
H-1921
C-1920
H-1920

4-15-20
6-15-20
7-15-20
1-15-21
11-15-20
2-15-21
8-16-20
1-15-21
4-15-21
9- 3-19
5-17-20

10-15-20
1- 3-21
1-15-21
4-15-21
5-16-21
7-15-21
8-16-21
10-15-21
10-15-21
2- 2-20
11-15-20
TOTAL

Special 2% Certificates of Ind




51%
5i
51
54
51
5i
6

51
51
44
5i

5,500
1,539,500
930,500
911,500
1.430,500
1.718,500
2,381,500
1,852,500
1,253.500
2.500
5.000

$12,031,000

9,000
1,026,000
465,500
558,500
589,000
489,000
1,835,500
1,237,000
886,500

$ 7,365,500

$ 6,100.000
GRAND TOTAL

$32,453,500

14,500
2.565,500
1,396,000
1,470.000
2,289,500
2.207,500
4.217,000
3,089,500
2,139,500
2,500
5,000

$19,396,500
$ 6.100,000

$16,542,000

$48,995,500

68

ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA

SCHEDULE No. 29. SALE OF WAR SAVINGS SECURITIES BY MONTHS DURING 1921
War Savings and Thrift
Stamps

Treasury Savings Certificates and Stamps
TOTAL

Month
Atlanta

New Orleans

Atlanta

New Orleans

$22,512.65

$1,527.53

$3,127.92

$16,933.20

405.05

1.427.39

9.333.80

1.652.00

12.818.24

March

96.88

505.56

6,497.80

5,796.00

12,896.24

April

117.30

435.75

7.263.50

103.75

7.920.30

May

14.48

832.00

4.409.60

894.40

6.150.48

June

54.95

125.02

1,874.65

125.10

2.179.72

July

145.76

284.00

438.90

20.90

889.56

August

272.57

16.76

1.655.05

20.95

1.965.33

September

408.55

4.20

1,031.00

1,701.00

3.144.75

October

None

None

511.20

None

511.20

November

87.74

852.44

1,858.80

105.50

2.904.48

December

None

8.46

4,081.95

None

4.090.41

$3,130.81

$7,619.50

$55,889.45

$11,343.60

$77,983.36

January
February

TOTAL




$

924.00


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102