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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




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