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THIRTEENTH ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA I927 THIRTEENTH ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA I927 ATLANTA, GEORGIA DIRECTORS AND OFFICERS FOR 1928 FEDERAL RESERVE BANK OF ATLANTA DIRECTORS OSCAR NEWTON, Chairman, E. C. MELVIN, Selma, Ala. Atlanta, Ga. W. H. KETTIG, Deputy Chairman, Q Q WARE> L e e s b u r g ) F l a LEON C SIMON N e w Orleans ' ' J- A. MCCRARY, Decatur, Ga. LUKE LEA, Nashville, Tenn. Birmingham, Ala. GEO. S. HARRIS, Atlanta, Ga. H. LANE YOUNG, Atlanta, Ga. La - OFFICERS E. R. BLACK, Governor HUGH FOSTER, Deputy Governor OSCAR NEWTON, Chairman of the Board and Federal Reserve Agent CREED TAYLOR, Deputy Governor WARD i , ™ T, Reserve Agent and Secretary of J ., „ ,, , p.. , ' the Board of Directors j O H N S > General Auditor w s J. W. HONOUR, Assistant Auditor ^ i• M. W. BELL, Cashier R. H. V. C. ALBERTSON, Assistant Federal A. SIMS, Assistant Cashier F. CONNIFF, Assistant Cashier K. BOWMAN, Assistant Cashier R. CAMP, Assistant Cashier P. D. HOUSTON, Member Federal Advisory Council, Nashville, Tenn. RANDOLPH AND PARKER, General Counsel, Atlanta, Ga. NEW ORLEANS BRANCH DIRECTORS LEON C. SIMON, Chairman, New Orleans, La. OFFICERS MARCUS WALKER, Managing Director j . A . WALKER, Assistant Manager MARCUS WALKER, New Orleans, La. w, n J. P. BUTLER, JR., New Orleans, La. P. H. SAUNDERS, New Orleans, La. p. C. VASTERLING, Assistant Cashier w . E. MILLER, Assistant Auditor J. E. BOUDEN, JR., New Orleans, La. F. W. FOOTE, Hattiesburg, Miss. A. P. BUSH, Mobile, Ala. BLACK, Cashier BIRMINGHAM BRANCH DIRECTORS OFFICERS W. h '.. KETTIG, Chairman, Birmingham, Ala. ALEX E. WALKER, Managing Director H. J. URQUHART, Cashier ALEX E. WALKER, Birmingham, Ala. T. N. KNOWLTON, Assistant Cashier OSCAR WELLS, Birmingham, Ala. W. E HENLEY, Birmingham, Ala. W. W. CRAWFORD, Birmingham, Ala. J. H. FRYE, Birmingham, Ala. E. F. ALLISON, Bellamy, Ala. JACKSONVILLE BRANCH OFFICERS DIRECTORS JOHN C. COOPER, Chairman, W. S. MCLARIN, JR., Managing Director Jacksonville, Fla. W. S. MCLARIN, JR., Jacksonville, Fla. GEO. S. VARDEMAN, JR., Cashier MARY E. MAHON, Assistant Cashier FULTON SAUSSY, Jacksonville, Fla. EDW. W. LANE, Jacksonville, Fla. C. P. KENDALL, Jacksonville, Fla. G. G. WARE, Leesburg, Fla. S. O. CHASE, Sanford, Fla. NASHVILLE BRANCH DIRECTORS OFFICERS LEA, Chairman, Nashville, Tenn. JOEL B. FORT, JR., Nashville, Tenn. E. A. LINDSEY, Nashville, Tenn. J. E. CALDWELL, Nashville, Tenn. PAUL M. DAVIS, Nashville, Tenn. T. A. EMBREY, Winchester, Tenn. W M . P. RIDLEY, Columbia, Tenn. LUKE JOEL B. FORT, JR., Managing Director E. R. HARRISON, Cashier L. W. STARR, Assistant Cashier SAVANNAH AGENCY J. H. BOWDEN, Manager JAS. A. GOETHE, Assistant Manager HAVANA AGENCY L. L. MAGRUDER, Manager H. C. FRAZER, Assistant Manager LETTER OF TRANSMITTAL Atlanta, Ga., March 13, 1928. Sirs: I have the honor to submit herewith the Thirteenth Annual Report of the Federal Reserve Bank of Atlanta, covering the year 1927. Respectfully, OSCAR NEWTON, Chairman of the Board, and Federal Reserve Agent. Federal Reserve Board, Washington, D. C. GENERAL BUSINESS CONDITIONS Activity in most lines of industry and trade in the Sixth Federal Reserve District averaged somewhat lower in 1927 than in 1926. Production of bituminous coal in Alabama and Tennessee was smaller than in 1926 and 1925 and the output of pig iron and furnace activity in Alabama were at somewhat lower levels. Permits issued for the construction of buildings within the corporate limits of 20 reporting cities averaged 34.8 per cent less in value in 1927 than in 1926, and contracts awarded for new building in the district as a whole averaged 26.5 per cent less than in 1926. Sales of merchandise by 120 wholesale firms in eight different lines of trade averaged 14 per cent smaller in 1927 than in 1926. Retail trade of 46 department stores in the larger cities of the district, on the other hand, increased slightly and averaged l».l per cent larger than in 1926 and 5.7 per cent larger than in 1925. Commercial failures during 1927 were greater, both in number and in liabilities than in either of the two preceding years. Agricultural conditions improved during the year, largely as a result of higher cotton prices in the last six months of the year. The money returns from agricultural production in the six states comprising the district, based upon prices prevailing December 1, were estimated by the Department of Agriculture at $1,057,957,000, an increase of $97,63 5,000 over the value of crops in 1926, but less than the value of crops produced in 1925. Savings deposits of reporting banks at the end of 1927 were 8 per cent larger than at the same time a year earlier. Time deposits of all member banks in the sixth district in December were 6.4 per cent greater than at the same time in 1926, but demand deposits were 1.4 per cent smaller. Debits to individual accounts at 24 reporting cities in the district averaged 2.8 per cent smaller for the year 1927 than in 1926, and in only four months of 1927 were debits larger than in the same months of the year before. (000 omitted) $ $ $ $ $ $ Value of crops (1) Building Permits, 20 cities Contracts awarded—district Failures: Number (2) Liabilities Retail Trade—Sales of 46 Department Stores Wholesale Trade—Sales of 120 firms Debits to Individual Account (3) Deposits All Member Banks (4) Demand Time Bituminous Coal—Tons Alabama Tennessee Pig Iron—tons—Alabama Active furnaces—Alabama (5) (1) (2) (3) (4) (5) 1927 1,057,957 114,914 3 80,773 1,574 29,222 74,594 13 5,724 14,719,339 622,434 465,326 $ $ $ 18,157 5,256 2,777 19% 1926 $ 960,322 $ 176,296 $ 518,219 1,028 $ 23,413 $ 73,763 $ 158,542 $15,137,648 1925 $ 1,268,571 $ 186,608 $ 570,526 1,089 $ 19,985 $ 70,596 $ 159,410 $14,679,606 $ $ $ $ 631,243 437,329 21,001 5,789 2,944 23 767,999 443,793 20,004 5,454 2,847 23 I / 2 Total for six states: Alabama, Florida, Georgia, Louisiana, Mississippi and Tennessee. Actual number—000 not omitted. Total for 192 5 is for 24 cities through August, and 23 cities last four months. December of each year. Monthly average of furnaces active. 5 RESULTS OF OPERATION Comparative Balance Sheets—A comparison of the balance sheets of the Federal Reserve Bank of Atlanta at the end of 1927 and 1926 shows a decrease of $20,449,000 in the total of resources and liabilities. This total at the close of 1927 was $258,662,000, compared with $279,111,000 a year earlier. Cash reserves were greater by $648,000 than at the end of 1926. Bills discounted on December 31, 1927, totaled $28,202,000 compared with $36,676,000 a year earlier. Bills bought in the open market amounted to $2,238,000 compared with $23,172,000 at the end of 1926, and holdings of United States securities totaled $13,58 5,000 compared with $1,890,000 at the close of 1926. Total bills and securities on December 31, 1927, amounted to $44,286,000, a decrease of $17,452,000 compared with the corresponding total a year earlier. Federal Reserve notes in actual circulation at the close of 1927 show a decrease of $21,730,000, and deposits an increase of $3,722,000, compared with a year ago. Comparative balance sheets at the close of the last four years are shown on page 12. Earnings and Expenses—On page 13 of this report will be found a table setting forth in detail the various items of income and expenditures, and the profit and loss statement, of the Federal Reserve Bank of Atlanta for the year 1927, and for the three years preceding- Earnings on bills discounted for member banks declined 26 per cent in 1927 compared with 1926, but were 37% per cent greater than in 1925. Income from bills purchased in the open market for 1927 was about one-third of the income for 1926. Earnings on United States securities were $290,218 in 1927 or 27 per cent greater than in the preceding year. Total earnings during 1927 amounted to $2,067,839, compared with $3,045,867 in 1926. Total current expenses of the Federal Reserve Bank of Atlanta during 1927 amounted to $1,264,156, and were smaller by $125,012 than in 1926. Salary expenses were only slightly larger, and decreases were shown in traveling expenses, insurance on currency and security shipments, rent, office supplies and printing and stationery, telegraph, postage and express expenses. Current net earnings in 1927 were a little less than half as large as in 1926. After deductions for depreciation on bank premises and furniture and equipment, net earnings available for dividends, surplus and franchise tax amounted to $669,904. Of this amount, dividends amounting to $305,817 were paid, and $364,087 was transferred to surplus. MOVEMENT OF PRINCIPAL ASSET AND LIABILITY ITEMS Total Bills and Securities—Total bills and securities on the first weekly report date for the year, January 5, amounted to $63,314,000, a total greater than for any other report date in 1927. During January and February this total declined more than $20,000,000, but beginning in March increased, with some fluctuations, to $57,876,000 on July 20, the second highest point for the year. From this time to October 12, this total declined to $38,197,000, increasing to $57,619,000 on November 30, and on the last report date of the year amounted to $48,769,000. Bills Discounted for Member Banks—The total of bills discounted for member banks at the beginning of the year was $39,624,000. The low point for the year was reached on October 26, when discounts were $22,438,000; the highest point at $39,900,000 on November 30, and on the last report date of 1927 discounts totaled $32,685,000. Bills Bought in the Open Market—Holdings of bills bought in the open market at the beginning of the year totaled $21,895,000, and declined during the first five months of the year to $8,65 5,000 on June 1. During June and early July holdings of purchased bills increased more than two million dollars, but declined to $1,849,000 on November 9, the lowest point for the year. On the last report date of the year these holdings amounted to $2,252,000. United States Securities—In contrast to holdings of discounted bills and bills bought in the open market, holdings of United States securities were at the lowest point of the year, $1,794,000, on the first report date in January, and increased to the highest level recorded during 1927, $15,272,000, on September 7, but declined to $13,573,000 on the last report date of the year. Total Cash Reserves—Cash reserves increased from $178,473,000 at the beginning of the year to $208,321,000, the highest point for the year, on April 13, declined to $163,721,000, the lowest level for the year on July 27, and increased to $204,560,000 on October 12. At the end of the year cash reserves totaled $175,177,000. Member Banks' Reserve Deposits—The total of member banks' reserve deposits at the beginning of 1927 was $73,5 54,000, the highest for any report date of the year- The low point was reached on August 24, at $62,861,000, and at the end of the year these deposits totaled $69,620,000. Federal Reserve Notes in Actual Circulation—The return flow of currency, following the holiday period, caused the volume of Federal Reserve notes in actual circulation to decline from $163,953,000 on January 5, to $157,191,000 on January 26, but during February, March and early April there was an increase to the highest point for the year, $175,128,000, on April 13. Following this high level, notes in circulation decreased to $152,450,000 on July 27, increased to $163,339,000 on October 5, and decreased to the lowest level of the year, at $146,122,000, on December 14. At the end of the year notes in circulation totaled $147,230,000. Reserve Position—The ratio of total cash reserves to the combined deposit and Federal reserve note liability was 74.7 per cent at the beginning of the year, and was lower than for any other report date during 1927. The high point for the year was 8 5.9 per cent on February 23, and at the end of the year this ratio was 79.6 per cent. VOLUME OF DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES The total amount of bills discounted for member banks, bills and securities bought in the open market and from other Federal Reserve Banks, investments through foreign banks, and Federal Intermediate Credit Bank debentures bought, amounted in 1927 to $799,794,000, as compared with $1,025,754,000 in 1926. Bills discounted for member banks in 1927 amounted to $667,521,000, compared with $810,592,000 in 1926. Bills bought in the open market in 1927 amounted to $63,315,000, compared with $99,201,000 in 1926, and United States securities bought in the open market in 1927 totaled $62,644,000, compared with $31,472,000 in 1926. VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS During 1927, 7,110 applications for the rediscount of 47,15 5 items amounting to $667,521,000 were handled, compared with 9,111 applications for the rediscount of 59,674 items amounting to $810,592,000 handled in 1926. These figures show decreases of 22 per cent in the number of applications, 21 per cent in the number of items, and 17.7 per cent in amount, compared with 1926. Bills purchased in the open market during 1927 numbered 5,828 amounting to $63,315,000, smaller in number by 27.4 per cent and in amount by 36.2 per cent, than in 1926. During the year 121,378,000 pieces of currency, amounting to $538,462,000 were received and counted, a decrease of 7 per cent in number and 17.5 per cent in amount compared with 1926. Coin received and counted during 1927 numbered 61,760,000, amounting to $8,250,000, smaller in number by 3.4 per cent, and in amount by 9-4 per cent, than in 1926. Checks handled in 1927 numbered 31,904,000 amounting to $12,360,424,000, an increase of 1 per cent in number but a decrease of 9.6 per cent in amount, compared with 1926. The number of government security coupons and other collection items handled in 1927 was 985,000, amounting to $173,621,000, compared with 1,059,000 items, amounting to $194,581,000 handled in 1926, a decrease of 7 per cent in number and 10.8 per cent in amount. Transactions in United States securities during 1927 numbered 138,000 and amounted to $173,076,000, compared with 103,000 amounting to $61,563,000 in value, handled during 1926. Transfers of funds during 1927 numbered 76,000, amounting to $2,281,756,000, an increase of 2.7 per cent in number, and 1.4 per cent in amount compared with 74,000 transfers amounting to $2,249,153,000 handled in 1926. OPERATION OF THE FEDERAL RESERVE CLEARING SYSTEM Transit Operations—During the year 1927 the Federal Reserve Bank of Atlanta handled 29,959,000 items (exclusive of duplications on account of items handled by both the parent bank and one or more of its branches) amounting to $12,057,504,000. This is an increase in the number of items handled of 192,000 or about six-tenths of one per cent, but a decrease in amount of $1,231,794,000, or 9.3 per cent, compared with totals for 1926. Clearings and Transfers through the Gold Settlement Fund—Total payments through the Gold Settlement Fund to other Federal Reserve Banks for clearings and transfers of funds in 1927 amounted to $4,418,304,000, smaller by $123,104,000 than in 1926. Receipts from other Federal Reserve Banks through the Gold Settlement Fund for clearings and transfers totaled $4,408,388,000, showing a decrease of $193,400,000 compared with receipts in 1926. There was a net loss of gold for the year 1927 of $9,916,000, compared with a net gain in 1926 of $60,380,000. The net gain to the Federal Reserve Bank of Atlanta in ownership of gold since the establishment in 1915 of the Gold Settlement Fund amounted at the close of 1927 to $208,707,000. MOVEMENT OF MEMBERSHIP At the beginning of the year 1927, there were 378 national banks and 97 state bank members of the Federal Reserve System in the sixth district, a total of 475 members. During the year, due to new banks organized, conversions, other changes, and suspensions, there was a net gain of 2 national banks, and a net loss of 13 state bank members, and at the end of the year there were 464 active members of the System in the sixth district. The table below indicates the number of members in each class active at the beginning and at the end of the year, and the changes during the year. National Active members January 1, 1927 New national banks organized Conversion of non-member state banks to national banks Conversion of state member banks to national banks Withdrawal of state member banks . Absorption of member banks by non-members Suspensions and insolvency Absorption of state member banks by national banks Absorption of national bank by another national bank Active members December 31, 1927 x—No net change in membership. State 378 97 +3 +3 +2 — — 2 2 — 2 380 — — — — — 2 3 1 4 3 84 Total 475 +3 +3 x — 3 — 3 — 6 — 3 — 2 464 BANK ORGANIZATION AND PERSONNEL Captain W. H. Hartford, of Nashville, Tennessee, whose term as director would have expired December 31, 1928, and who had served as a Class B director of this bank since its organization in 1914, died on August 1, 1927. Colonel Luke Lea, of Nashville, was elected a Class B director by the member banks of Group No. 3, for the unexpired term of Captain Hartford. Mr. H. Lane Young, Vice-President and Executive Manager of the Citizens and Southern National Bank, Atlanta, was elected a Class A director by the member banks of Group No. 1, for the three-year term ending December 31, 1930. Mr. J. A. McCrary, Class B director, was re-elected by the member banks in Group No. 2 for the three-year term ending December 31, 1930. Mr. George S. Harris, President of the Exposition Cotton Mills, Atlanta, was appointed a Class C director by the Federal Reserve Board, for the threeyear term ending December 31, 1930. Mr. M. B. Wellborn, who had served as Chairman of the Board and Federal Reserve Agent from the organization of the Federal Reserve Bank of Atlanta until March, 1919, and since then as Governor, resigned. Mr. E. R. Black, who had served as Class A director since January, 1925, was elected Governor of the Bank at the January, 1928, meeting of the Board of Directors. Mr. V. K. Bowman was elected Assistant Cashier, in charge of the Discount Department, effective January IS, 1927. Mr. J. B. Tutwiler, Assistant Cashier, resigned effective July 31, 1927. The number of officers and employees of the Federal Reserve Bank of Atlanta, including its branches and agencies, on January 1, 1927, was 428, and on December 31, 1927, was 421. BANK PREMISES On January 23, 1927, the Birmingham Branch of the Federal Reserve Bank of Atlanta moved into its own building, and the formal opening was held on March 11. All of the four branches of this bank, as well as the parent institution, are now housed in buildings owned by the bank. MONEY RATES With the approval of the Federal Reserve Board, the directors of the Federal Reserve Bank of Atlanta reduced the discount rate on all classes of paper from 4 per cent to ll/z per cent, on August 13, 1927. During most of the year interest rates charged by banks in Atlanta and branch Federal reserve bank cities on prime commercial loans eligible for rediscount with the Federal Reserve Bank, have been fairly steady and have ranged between 41/* and 6 per cent. MOVEMENT OF PRINCIPAL ASSET AND LIABILITY ITEMS OF WEEKLY REPORTING MEMBER BANKS IN SELECTED CITIES Thirty-three member banks located in Atlanta, New Orleans, Birmingham, Jacksonville, Nashville, Chattanooga, Knoxville and Savannah have reported each week their principal asset and liability items to the Federal Reserve Bank. 10 The volume of loans and discounts on January 5, the first report date of the year, was about 515 million dollars, and was higher than on any other report date in 1927. The low point for the year, at 481 millions, was reached on August 24, and at the end of the year total loans and discounts amounted to approximately 504 millions. Investment holdings of these banks increased from 96TA millions at the beginning of the year to 121 millions on June 15, declined to 110 millions on August 17, and increased to 131 millions at the close of the year. Demand deposits of these banks at the beginning of the year were 342 millions, and with irregular fluctuations, declined to 317 millions on July 27, but increased to 345 millions at the end of the year. Time deposits of these banks at the beginning of 1927 totaled 220 millions and increased, with some fluctuations, to 245 millions in November and early December, and at the close of the year amounted to 243 millions. Borrowings by these banks from the Federal Reserve Bank of Atlanta at the beginning of 1927 amounted to 23 millions, declined to 9 millions, the low point for the year on February 9, reached 26 millions, the highest point for the year, on November 30, and at the close of the year amounted to 21 millions. li CONDITION OF FEDERAL RESERVE BANK OF ATLANTA (IN THOUSANDS OF DOLLARS) RESOURCES Gold with Federal Reserve Agent Gold redemption fund with United States Treasury Gold held exclusively against F. R. Notes Gold settlement fund with F. R. Board Gold and gold certificates held by bank Total gold reserves Reserves other than gold Total reserves Non-reserve cash — Bills discounted: Secured by U. S. Government obligations Other bills discounted Total bills discounted Bills bought in open market U. S. Government securities: Bonds Treasury notesCertificates of indebtedness Total U. S. Government securities Other securities Foreign loans on gold Total bills and securities Uncollected items Bank premises All other resources Total Resources LIABILITIES F. R. Notes in actual circulation Deposits: Member bank-reserve account Government Foreign banks Other deposits Total deposits Deferred availability items Capital paid in Surplus All other liabilities Total Liabilities Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) Contingent liability on bills purchased for foreign correspondents Dec. 31, 1927 $ 145,772 Dec. 31, 1926 $ 140,135 1,688 Dec. 31, 1924 $ 143,306 5,302 2,492 3,104 147,460 11,791 8,078 $ 167,329 11,946 $ 179,2 7 5 4,371 Dec. 31, 1925 $ 87,364 $ 143,239 .$ $ $ $ $ 21,707 4,311 169,257 9,370 178,627 4,476 8,0 53 20,149 2 8,202 2,23 8 5,971 893 6,721 13,585 260 92,666 $ 145,798 12,963 20,240 8,390 3,488 116,394 $ 167,151 7,031 9,167 123,425 176,318 3,718 4,701 3,707 23,721 27,428 76,732 1,113 35,563 }6,676 23,172 $ 1,564 1,349 872 3,785 $ 29,321 $ 1,890 $ 2,986 9,773 7,005 19,764 44,286 $ 61,738 $ 124,244 26,545 2,823 1,361 352 1,538 — $ $ 1,329 14,741 16,070 9,202 320 264 $ $ 258,662 30,385 2,864 1,021 $ 279,111 40,982 $ 27,950 2,780 2,715 1,775 1,444 $ 296,528 $ 242,845 $ 144,097 $ 165,827 $ 168,966 $ 142,879 73,243 1,532 190 170 75,135 23,981 5,175 9,996 278 66,742 2,613 1,126 932 71,413 26,847 5,020 9,632 372 78,276 846 339 136 79,597 34,232 4,656 8,700 377 62,897 3,757 81 43 66,778 19,023 4,564 8,950 651 _$ $ $ $ $ $ $ 5 $ $ 258,662 $ 279,111 $ 296,528 $ 242,845 81.8 75.3 49.7 84.1 $ 12 9,380 $ 2,258 $ 2,884 $ 1,878 EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANK OF ATLANTA EARNINGS Discounted bills Purchased bills United States Securities Deficient Reserve penalties Miscellaneous Total earnings 1927 1926 $ 1,2 54,629 $1,705,117 332,593 1,024,830 290,218 228,280 2 5,900 41,636 164,499 46,004 .$2,067,839 $3,045,867 - CURRENT EXPENSES Salaries: Bank Officers $ 201,992 191,016 Clerical Staff 408,53 3 418,096 Special Officers 3 5,217 31,426 All Other 3 9,4 0 8 38,253 Governors' Conferences 282 255 Federal reserve agents' conferences 136 129 Federal Advisory Council 945 892 Directors' Meetings 23,243 24,602 Traveling Expenses (1) 17,582 32,994 Assessments for Federal Reserve Board expenses 32,177 28,686 Legal fees 9,144 9,728 Insurance (other than on currency and security shipments) , 21,474 20,826 Insurance on currency and security shipments 33,167 47,398 Taxes on banking house 57,429 54,987 Light, heat and power 13,949 13,600 Repairs and alterations, banking house 7,013 4,234 Rent 5,62 6 9,485 Office and other supplies 20,482 23,556 Printing and stationery 29,3 54 31,565 Telephone 6,159 6,123 Telegraph 63,63 5 70,499 Postage 99,78 5 104,296 Expressage 31,692 33,437 Miscellaneous 3 6,966 32,767 Total exclusive of cost of currency $1,195,390 $1,228,850 Federal reserve currency, including shipping charges: Original cost 59,861 148,763 Cost of redemption 8,905 11,555 Total current expenses $ 1,2 64,15 6 $1,389,168 PROFIT AND LOSS ACCOUNT Earnings Current expenses Current net earnings Additions to current net earnings $2,067,839 $3,045,867 1,2 64,15 6 1,389,168 $ 803,683 $1,656,699 $ 956 $ 12,794 (Continued on page 13 1925 $ 912,491 726,707 370,529 32,481 30,170 $2 ,072,378 1924 $1,532,222 234,196 85,388 40,720 14,595 $1,907,121 $ 172,092 $ 206,719 431,430 385,367 37,188 30,073 34,906 3 5,769 358 272 666 280 405 848 23,200 18,848 25,290 20,821 28,954 9,405 26,897 9,019 18,525 19,742 33,204 58,082 12,986 4,714 9,475 17,137 29,905 5,160 68,859 104,093 26,534 25,495 $1,119,173 28,459 47,667 13,402 9,070 14,695 23,848 29,518 5,045 79,427 98,924 21,169 29,942 $1,214,711 102,863 3,697 $1,225,733 28,409 3,892 $1,247,012 $2,072,378 1,225,733 $ 846,645 $1,907,121 1,247,012 $ 660,109 $ $ 6,803 14,298 PROFIT AND LOSS ACCOUNT—Continued Deductions from current net earnings: Bank premises—depreciation Furniture and equipment Reserve for probable losses All Other Total deductions (Continued from page 14) $ 85,008 48,460 1,267 $ 134,735 $ 151,341 24,313 261,663 3,849 $ 441,166 $ 75,836 18,468 724,359 8,594 $ 827,257 $ $ 94,934 17,321 285,585 3,911 $ 401,751 Net earnings available for dividends, surplus, and franchise tax _$ 669,904 $1,228,327 26,191 $ 272,656 Dividends paid Transferred to surplus account $ 305,817 - 364,087 $ 296,573 $ 276,488 931,754 (2)250,297 $ 272,656 $ $ REIMBURSABLE FISCAL AGENCY EXPENSES Salaries All Other Total $ $ 5,220 2,886 8,106 $ 5,209 897 6,106 $ $ 10,687 1,602 12,289 $ 24,175 3,630 27,805 (1) Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. (2) Deficit in earnings after payment of dividends, charged to surplus account. VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS FEDERAL RESERVE BANK OF ATLANTA Number of Pieces Handled Bills Discounted: Applications Notes discounted Bills purchased in open market for own accountCurrency received and counted Coin received and counted-.. Checks handled Collection items handled: U. S. Gov't coupons paid. All other U. S. securities—issues, redemptions and exchanges by Fiscal Agency department Transfers of funds 1927 1926 1925 1924 7,110 47,15 5 9,111 59,674 7,325 43,025 10,492 68,912 5,828 8,030 13,602 4,426 121,378,000 61,760,000 31,904,000 130,465,000 63,931,000 31,575,000 116,202,000 75,915,000 29,092,000 106,694,000 58,325,000 25,299,000 827,000 15 8,000 903,000 156,000 997,000 142,000 1,202,000 147,000 13 8,000 76,000 103,000 74,000 243,000 67,000 692,000 73,000 Amounts Handled Bills discounted $ 667,521,000 810,592,000 $ 527,946,000 $ 550,312,000 Bills purchased in open market for own account. 63,315,000 99,201,000 172,856,000 59,621,000 Currency received and 652,774,000 529,979,000 450,008,000 counted 5 3 8,462,000 Coin received and counted ... 8,250,000 9,105,000 8,659,000 7,690,000 Checks handled 12,360,424,000 13,673,722,000 12,436,129,000 8,650,648,000 Collection items handled: U. S. Gov't coupons paid 6,737,000 9,824,000 8,020,000 8,680,000 All other 166,884,000 165,758,000 186,561,000 184,290,000 U. S. securities—issues, redemptions and exchanges by Fiscal Agency dept 173,076,000 61,563,000 69,689,000 56,731,000 Transfers of funds 2,281,756,000 2,249,153,000 2,134,535,000 1,738,402,000
