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F E D E R A L R E S E R V E BANK OF RICHMOND C A L D W E L L HARDY, FEDERAL RESERVE AGENT General Business and Agricultural Conditions in the Fifth Federal Reserve District for the Month of January, 1921 15, 1921] Our reports this month include fifty-nine letters from prominent business men, twenty reports from large retail stores, and thirty-eight from leading jobbers and wholesalers. All these are practically unanimous in stating that business is “working back to normal.” The correspondents disagree as to the dates which will mark the resumption of normal business. As signs of recovery our correspondents name the reduction of stocks held by retailers and wholesalers; the restoration of efficiency on the part of labor; the continued volume in coal production and transportation improvement. While orders to manufacturers are limited, buyers are making inquiries and gathering data on supplies and prices. Bank clearing and debits to individual account are less than last January, due chiefly to the decline in prices of commodities to new low levels. Money is in strong demand, but time deposits have in creased in the past five weeks, and Government certificates are easily placed at lower rates than obtained a few months ago. There is some unemployment, but one city that opened a soup kitchen in December, closed it for lack of patronage. During January, practically all of the Fifth District textile mills resumed operations. Build ing permits issued recently are few, but architects and contractors are receiving many inquiries, indicating an increasing interest in construction work. COLLECTIONS.—Dun’s Review reports 142 busines§*failtt£e§ ia.tjie Fifth District during January, 1921, with liabilities amounting to $3,887,908, compared with 35 f^ltfro^iij#J % M a r1920, with liabilities of $284,943, an increase of 305.7% in number, and of 1,264.4%Sbl H^bilftieVTor 1921* ;IVJ*^nWry> 1920, markets were still rising, but the continued collapse of inflated vatCfcesj&Ifich began months ago*&aa«fo&ed the resources and credit of the best concerns, and in many cases has wtpe&out the profits#of thejpa^t $wo In view of the complete [Compiled February LINES SOLD Groceries..................................................................................................... . Dry Goods................................................................................................... Boots and Shoes............................. ............................................................ Hardware...................................................................................................... Furniture...................................................................................................... January Totals............... ............................................................... December, 1920, Totals....................................................................... •• ••• •• ••• ••*• • ••• Collections Good Fair Slow Poor 5 1 1 1 2 6 0 0 5 0 1 2 2 2 3 2 1 3 0 1 17 6 5 10 10 13 10 3 Total 8 8 8 9 5 38 36 One dry goods house and one furniture factory report that collections are good except infthe strictly cotton and tobacco sections. Retailers in the larger cities continue to report their collections as satisfactory, with only an occasional complaint. Retailers in smaller towns, or those serving the rural trade, are finding it more difficult, however, to collect their outstanding accounts, and most of them look for little improvement until the resumption in the marketing of cotton and tobacco. The crop holding movement naturally slows up collections, and leaves unsettled most of the obligations incurred by farmers and distributors of agricultural supplies, during the planting and growing season. BANKING OPERATIONS.—Bank clearings in fourteen cities in the Fifth District for which 1920 figures are available for comparison, totaled $739,330,574 in January, 1921, compared with $989,217,308 in January, 1920, a decrease this year of $249,886,734, or 25.3%. Not a single city of the fourteen showed an increase for January, but the percentage decrease is only two points below the percentage increase of January, 1920, over January, 1919. The decreased clearings in January this year, compared with those of the corresponding month last year, are not as bad as the figures alone indicate, for it should be remembered that prices are considerably lower than they were a year ago. The debits to individual account at clearing house banks in seven cities totaled $173,064,000 for the week ending February 2,1921, compared with totals of $202,397,000 for corresponding week ending February 4, 1920, or a decrease of 14.5%. This decreased percentage again reflects the decline in prices since January last year, and indicates that the volume of merchandise moved is keeping up remarkably well. Reports of condition received weekly from eighty-four member banks in thirteen selected cities show approximately the same amount of “loans and discounts” outstanding on February 4, 1921, as on February 6, 1920, but investments in “stocks, bonds and other securities” have decreased approximately $25,000,000. “Reserve balances” and “cash in vault” show practically the same figures on both dates, but deposits have changed materially. On February 6, 1920, demand deposits stood at $365,043,000 and time deposits at $98,514,000, but on February 4, 1921, demand deposits had decreased to $329,190,000 and time deposits had increased to $116,121,000. Time deposits have increased $8,000,000 in the past five weeks, a striking develop ment at a time of wide-spread unemployment. NOTE.—In our Report for December, 1920, two typographical errors were made in the table at the top of page 3. Loans Outstanding on December Slsl should have reoA: “$488,971,000,” and Demand Deposits should have read, “$331,750,000.” The averages and discussion following the table were correct. Elsewhere in this report w^e publish tables showing clearings, debits, and principal items of condition reported by various cities and banks. LABOR.—The labor situation changed little during January. Textile workers, idle during much of December, wTere given work shortly after the turn of the year, most of the mills resuming operations on practi cally full time. Much unskilled labor is still unemployed. Reduction in wages has spread, and labor of all kinds is plentiful. It is reported that on account of decreased industrial activities, colored laborers who left the South to work in Northern and Eastern centers are returning, and it is hoped that their return will help the farm labor situation. There is some unemployment among clerical workers, and a few mercantile estab lishments are reducing their sales forces. Salaries paid clerical workers and clerks have not been materially lowered, but these salaries were not increased in proportion to those paid in the trades or for unskilled labor. FOODS.—January witnessed fur^er.roi^sgians in both wholesale and retail prices for food products. Meats, eggs, butter, and condensed w lk V c^stfi^ low^r, and a tendency to further reduced bread prices was noticeable. Fresh eggs haye d&jdtofect S5%*Wlfetall ^iijce Jpecember. Fruits are lower than last fall, and vege tables are also to be had f<i£t*pn^derably less than a few*wfcefes.ago. Flour, sugar, coffee and other staples that registered declines previ©i$«tt> January remained practicMly"stationary during the month. Since Christmas several large stores hajre*.£ut on s$leS*(£f «!mjijJdrJapobd^ preseftjfes*ajid jellies having been featured, in an effort to clear shelves of gt>ods#made fro&i ftigK However* secession in prices of canned goods has not been as striking as*t1ie-Yeduction in staples. Reports from a nu3$J^rU)f wholesale firms show that 23.9% less goods in dollar value#*were ^.ojdj#ijJ&jiuary»l&21^ than during thQ^alne month of 1920, but the concensus of opinion is that prices are WW Jl^n-tliey were a year ago, indicating that the volume of business, measured in pounds a*nd*busUels*V&#s*fully &S giteaftin January, 1921, as in January, 1920. It is, of course, natural that grocers’ sales would not decline in the same proportion as those of dealers in the less essential commodities. COTTON.—Cotton prices fluctuated during January, “spot” quotations on the Carolina markets ranging from an average of 12.79 cents per pound, middling basis, on December 31, 1920, up to 14.10 cents on January 21, 1921, and down to 13.41 cents on January 31st, thus closing the month 1.38 cents higher than the close of the preceding month. Cotton seed on the same markets were quoted at $20 per ton, wagon lots, on December 31, 1920, and $22.50 on January 29, 1921. Car lots increased between the same dates from $22 per ton to $26. However, little except distress cotton or seed was sold during the month, the growers standing firm in their determination to hold for better prices. The following table issued by the Federal Government shows statis tically the supply and movement of cotton this season, to January 28, 1921: \ S tatem ent op S u ppl y and M o vem ent op A m er ic a n C otton (Compiled by M r . H . G. Hester , Secretary New Orleans Cotton Exchange) Comparisons are to actual dates, not to close of corresponding weeks To January 28, 1921 Last Week 4,481,000 Total American visible this week............................................................ 4,493,000 2,863,000 Visible in the United States this week................................................... 2,916,000 228,000 255,000 In sight—For the week............................................................................. For the month.......................................................................... 776,000 1,003,000 For the season.......................................................................... 6,934,000 6,706,000 Port receipts for the season...................................................................... 3,806,000 4,006,000 Overland to mills and Canada, for the season....................................... 488,000 456,000 Southern mill takings for the season...................................................... 1,671,000 1,721,000 Interior stocks in excess of September 1st............................................. 718,000 719,000 Foreign exports—For the week................................................................ 115,000 97,000 For the season.............................................................. 2,744,000 2,844,000 Northern spinners’ takings, including Canada—For the week.......... 25,000 40,000 For the season....... 776,000 756,000 Last Year 4,516,000 2,481,000 296,000 1.434.000 8.894.000 4,777,000 1,055,000 2,719,000 342,000 227,000 3,743,000 62,000 1,828,000 OTHER CROPS.—Tobacco prices were somewhat better during January than they were before the holi days, and much of the crop was sold. Several markets were glutted at times, but some others early in the month found farmers unwilling to accept the prices offered and were forced to suspend sales temporarily. Much talk of reduced acreage in tobacco for 1921 continues, and a co-operative marketing association is being formed among growers in the Fifth District. It is stated that there is a surplus of tobacco in the United States, especially of bright tobacco, and both growers and their bankers look with favor upon the reduction plans. With only slight improvement thus far in foreign exchange, exports continue unsatisfactory. Domestic trade keeps up, and building plans, made by tobacco manufacturers, indicate confidence in the future. An interesting statement made to us by a tobacco manufacturer is that when unemployment increases, tobacco consumption increases also. A leading grower of cabbage plants writes that home gardeners are buying very few plants, and states that market and commercial growers are reducing acreage materially. Only about 25 to 50% of the normal requirements of plants are being sold, and the growers think that approximately two-thirds of their plants will remain unsold. The mild weather in January was well suited for farm work, but it appears that farmers are slow in making their plans for 1921 crops, arid less preparation of the soil was made in January than usual. Farmers are dissatisfied with the quotations made them on fertilizer and equally dissatisfied with prices offered for cotton seed; consequently many cotton planters are considering using their seed for fertilizer. FERTILIZER.—The inability of many farmers to pay for their 1920 fertilizer has limited the early season business of the fertilizer manufacturers. Thus far they have sold comparatively little for 1921 use, and many farmers are making plans to plant their crops with cotton seed or meal, using no commercial fertilizer this year. A town in the center of South Carolina’s cotton belt reports receipt this season of only eleven cars of fertilizer, compared with a hundred cars received at that station previous to February 1,1920. Fertilizer has been reduced in price, but in view of the decline in prices for agricultural products, farmers are not satisfied with the quota tions. Some of the fertilizer manufacturers anticipate a fair business but, like the cotton acreage, the outcome cannot be intelligently forecast. COAL.—For the first time in many months, January saw coal mines lacking sufficient orders to keep them running to capacity, and since the middle of December the deliveries of coal have decreased, partly due to the mild winter, and further to cancellations of orders for domestic and foreign consumption. The weekly pro duction of soft coal has fallen off something like 20% since the end of November, but hard coal production has kept up better. There is now no trouble in getting cars for shipment from the mines. Coal dealers do not appear to have large stocks on hand, but they are purposely limiting their stocks because of price uncertainties. Mine prices have been reduced materially, but retail prices have not followed the primary costs, a condition which retailers claim is due to contracts previously made, and to freight rates. PAPER.—The readjustment in the paper industry appears to have started later than in most lines. Late in October orders ceased, and in some cases cancellations became serious. Between the first of December and the opening of the new year, practically all factories caught up on back orders, and since then have found it exceedingly difficult to place their products. A fairly normal consumption of paper products apparently continues, but when the price recessions in other lines came in the fall of 1920, dealers and users of paper became cautious, and have been reducing their stocks. Manufactured prices have declined 20% to 25% on low and medium grades, and there has been some softening in quotations for fine papers, but the declines in the latter have been considerably less than in the lower grades. Jobbers and printers are not stocking up, but on the other hand are using their surplus paper. Reports from paper manufacturers state that prices of raw materials have sagged materially during the past three months, and the present stagnation at the mills is thought to be temporary. FURNITURE.—The reports received from furniture manufacturers at the close of January are conflicting, both as to present business and future prospects, but on the whole it seems evident that conditions are more favorable than they were a month ago. Our correspondents write that few orders were placed at the Grand Rapids and Chicago Expositions in January, although buyers attended in considerable numbers, making inquiries regarding prices and supplies. This is thought to indicate an early resumption of conservative buying. The manufacturers from whom we heard this month, nine in all, agree in the statement that they cannot lower prices further, but some of them state that the consumers are not yet convinced of this fact, and will not absorb the usual output until they are sure that prices have reached bottom. In actual dollars and cents, the reporting furniture factories sold 74.1% less in January, 1921, than in January, 1920, and had 90% less unfilled orders on January 31st this year than on the corresponding date last year; but attention is called to the fact that last year labor was scarce and inefficient, and transportation of both raw materials and finished goods was very poor, which tended to cause unfilled orders to accumulate unduly. If the railroads continue to function as at present, and labor remains plentiful, it is unlikely that unfilled orders will reach the totals of last spring. The correspondent manufacturers had three times the amount of outstanding orders on January 31, 1921, than they had booked on December 31, 1920, which cer tainly seems to indicate some activity in the trade since the turn of the year. In the retail furniture trade, dealers are bending every effort to rid themselves of stocks bought at prices considerably above present replacement figures and in this endeavor special sales were conducted during January and early February. Extensive advertising has been done, and every effort has been made to stimulate trade; but these efforts have been only moderately successful in the larger cities, and unsuccessful in the smaller places more directly dependent on rural trade. TEXTILES.—The general feeling among textile manufacturers in the Fifth District is decidedly optimistic. During January mills operated more nearly full time than they did in December. Mills making tire fabrics have enough orders to keep them running full time, and some of them have orders for six to eight weeks’ output. Early in January prices were generally revised on staple ginghams, fancy dress ginghams and a number of other lines of cotton goods, including denims and various heavy weight fabrics, and while no great volume of orders has been received, the manufacturers feel that the way is prepared for a profitable business later in the year. The most promising factor in the present situation is the wide-spread feeling of soundness in funda mental conditions in the textile industry. CLOTHING AND SHOES.—Clothing and shoe prices declined approximately 20% during September, November and December, 1920, but greater reductions have occurred since January 1st. Immediately after the holidays, practically every clothing store made further reductions and put on special sales, including both clothing and shoes, and also some other furnishings, such as shirts and underwear. Some of these reductions were seasonal, of course; but as we stated last month, the reductions this year have been greater and the efforts to move winter stocks have been more marked than in former years. Merchants realize that the market is falling, and clothing carried over would have to be sold in competition with clothing bought at considerably lower figures. Buying for spring delivery was delayed until January, but manufacturers state that a fair amount of orders have been booked recently, and some of them express the opinion that they have sufficient orders to keep them busy until delivery date, the manufacturing season being exceptionally short this year. Usually clothing salesmen go on the road in the early fall for next spring’s business, but this year most large houses held their salesmen off the road until late fall or even until after the turn of the year, hoping that con ditions would become more stable. One of the largest clothing manufacturers in the country sums up the situation thus: On the whole, the clothing industry was hit exceedingly hard. It appears now to be emerging into a period that holds promise of more stable conditions, and except for some unforeseen economic development over the country, it should be on a profit-making basis again in the second half of this year. Shoe manufacturers are receiving more orders than during the past two or three months, and some special novelties in ladies’ shoes are in active demand for the Easter and spring trade. There is a general feeling of improving business in the trade, and the opinion seems to be that the worst is over. Better business is looked for in the next two or three months. HOUSING.—Twenty-three reporting cities in the Fifth District issued 624 permits for new buildings in January, 1921, at an estimated valuation of $3,235,028, compared with 987 permits for new work issued in the same cities in January, 1920, at an estimated valuation of $6,295,580, a decrease this year of 363 in number of permits and $3,060,552 in total valuation. In January, 1921, there were 1,348 permits issued for alterations and repairs, valued at $765,104, compared with 1,178 permits for repairs in January, 1920, valued at $1,036,609. Combined valuation of both new work and repairs total $4,000,132 in January, 1921, compared with $7,332,189 in January, 1920, showing a decrease this year of 45.4%. The figures given above indicate that there has been little provision for additional homes, but conditions are perhaps better than the figures indicate. There appears to be developing a strong movement toward home construction, and various plans for bringing this highly desired result are being put forward. The Chamber of Commerce and the local Building and Loan Associations in Greenville, S. C., are co-operating to bring about construction of new houses for residences, and a large Trust Company in Baltimore recently announced that it would lend $5,000,000 to home builders. Some of the leading newspapers in the District are urging con struction; and finally, many builders are making tentative plans for new work a few weeks later in the season. BUILDING MATERIALS.—Lumber dealers are beginning the year with comparatively large stocks, but few orders. Manufacturers are more cheerful and confident. The lumber dealers quite generally state that if financial conditions improve and the trade unions accept wage adjustments in keeping with reductions in commodity prices, they confidently believe that building will be resumed. Lumber has been reduced greatly from the peak prices of 1920, and most other building materials have witnessed recessions; but there has been little or no change in the labor cost of construction work. Brick yards report work on back orders, but say that few new ones are yet coming in. Inquiries recently received indicate renewed interest in building, however, and without exception our correspondents expect average business for 1921, at a reduction in prices of something like 30% to 35% from the peak of last year. Labor in brick making has been quite generally reduced 25%. Hardware prices held firm some time after the first slump in lumber and brick, but the recession finally set in, and has been steadily continued during the past two months. This item of cost in construction work is now sharply lowered, and hardware dealers feel that this fact should encourage new work. Granite and crushed stone dealers report business dull, due to the season in part, and to the few important construction projects begun late in 1920. The prospects in the crushed stone trade are thought to be good for the future, however, a large number of contracts having recently been let for street and highway work, with estimates for further jobs being submitted. Prices of stone will be lower during 1921 than during 1920, in the opinion of the manufacturers; but they state that the drop will not be as great as many people expect. MISCELLANEOUS.—Bagging manufacturers are running at about 60% capacity, but an increase or decrease in this running time depends upon the final acreage planted in cotton, and upon the development of the crop during the growing season later in the year. Bagging prices are off approximately 50%, and manu facturers state that they think there will be no advance later on. Trunk and bag makers write that although stocks in the hands of retailers are not large, they are sufficient to meet immediate needs, and few orders are coming to the factories. Better business is expected later, as vacation season approaches. The automobile sales business is dull, and a very conservative business is expected during the entire year; but on the whole, the dealers are optimistic. Buggy manufacturers state that business in their line ceased to exist last Septem ber. One factory reports the sales of two buggies in October, two in November, and two early in December; but states that from that time through January they sold none. Horse and mule dealers are finding both sales and collections hard to make, and not much business is expected during this crop planting season. Prices of animals are off considerably. RETAIL TRADE .—Detailed reports received for January from twenty large retail establishments in the Fifth District indicate that business during the month was better than during January, 1920, in actual dollar value, in spite of recent price recessions. The reporting stores sold 4.5% more goods than during January, 1920. Stocks on hand at the close of January, 1921, were 22.7% less than at the close of January last year, and 13.1% less than at the close of December, 1920. During January of this year the ratio of stocks carried to net sales was 343.9%, and the outstanding orders at the close of the month totaled 5.7% of total purchases of merchan dise during the calendar year 1920. On the following page we publish a table showing averages for Baltimore, Richmond, Washington, mis cellaneous cities, and the District as a whole; and in addition, we give another table showing the trend of wholesale trade in January, 1921, as compared with January, 1920, and December, 1920. FIGURES ON RETAIL TRADE As Indicated by Reports from Twenty Representative Department Stores for the Month of January, 1921 (Compiled by the Federal Reserve Bank of Richmond) Baltimore Percentage increase (or decrease) in net sales during January over or under net sales in January, 1920. Percentage decrease in stocks on hand, at selling price, at the close of January, in comparison with stocks on hand at the end of January, 1920........... Percentage decrease in stocks on hand, at selling price, at the close of January, in comparison with stocks on hand December 31, 1920.......................... Percentage of average stock on hand during January to net sales during the month................................. Percentage of outstanding orders at the close of January to total purchases during the calendar year, 1920................................................................... + Denotes increase. Richmond Washington Other Cities District +5.3 -3.3 +9.3 -3.9 +4.5 -20.6 -8.2 -28.6 -20.6 -22.7 -18.7 -20.2 -13.1 351.2 427.8 343.9 3.9 5.4 5.7 -6.0 aio.3 401.7 7.9 - Denotes decrease. FIGURES ON WHOLESALE TRADE Net Sales in January, 1921, Compared with LINES SOLD Sales in December, 1920 Sales in January, 1920 -10.4% +40.3% -7.1% -6.8% -2.4% Groceries...................................................................................................................... Dry Goods................................................................................................................... Boots and Shoes....................................................................................................... Hardware..................................................................................................................... Furniture....................................... ....<,.................................................................... + Denotes increase. - Denotes decrease. -23.9% -65.2% -77.6% -38.4% -74.1% MONTHLY CLEARINGS No. CITIES] 1 Asheville, N. C. ... Baltimore, Md....... 3 Charleston, S. C... 4 Charlotte, N. C__ 5 Columbia, S. C__ 6 Frederick, Md....... 7 Greensboro, N. C.. 8 Greenville, S. C... 9 Hagerstown, Md... Huntington, W. Va 10 11 Newport News, Va. 12 Norfolk, Va........... 13 Raleigh, N. C....... 14 Richmond, Va....... 15 Spartanburg, S. C. 16 Washington, D. C. 2 T o t a l s ...................... - Denotes decrease. F or M o nth of J a n u a r y 1921 $ 4,306,945 363,741,807 14,774,497 9,969,803 9,507,841 2,747,859 4,852,716 8,813,769 2,884,011 8,163,824 3,055,102 34,945,376 4,716,922 203,975,401 3,497,164 72,844,504 $739,330,574 1920 5,524,611 414,217,937 25,498,838 20,390,164 2,806,120 6,080,453 24,853,140 2,894,940 8,446,825 5,445,576 57,555,773 9,221,622 330,775,086 75,506,223 $989,217,308 % Increase or Decrease $ 1,217,66650,476,13010,724,34110,882,32358,2611,227,73716,039,37110,929283,0012,390,47422,610,3974,504,700126,799,6852,661,719$249,886,734- Per Cent, of Increase No. or Decrease 22.012.242.153.42.120.264.5.43.443.939.348.838.4^ 3.525.3- 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 BUILDING OPERATIONS FOR THE MONTHS OF JANUARY, 1921, AND 1920 P ermits I ssued o & 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 1921 Maryland Baltimore...................... 214 Cumberland.................. 2 Frederick............... Virginia Lynchburg..................... 5 Norfolk........................... 24 Richmond...................... 41 Roanoke......................... 39* 1 Staunton........................ West Virginia Charleston..................... 24 Huntington................... 66* Parkersburg.................. N orth Carolina Asheville........................ 12 Charlotte....................... 15 3 Durham......................... 8 Greensboro.................... High Point.................... Wilmington................... 10 3 Winston-Salem... .... . South Carolina Charleston..................... 29 Columbia....................... 19 Greenville...................... 18 Spartanburg.................. 16 D istrict of Columbia. Washington................... 75* T otals........................ 624 New Construction Repairs New CITIES 1920 1921 1920 353 32 10 103 42 38* 9 39 57* 763 10 2 1 1921 1920 Alterations 1921 1920 Increase or Per Cent. Decrease of In Total^ Valu crease or o ation Decrease 525 674 1,414,200 2,575,440 6 7,000 182,200 1 30 52 2 25 63 1 15 10 287,000 339,720 7,145 3,310 2,000 2,075 1,500 21,400 107.000 200 56,319 81,000 589,910 38,270 289,368 254,450 33,127 234,018 45,570* 36,255* 1,000 150 18,000 300 18,160 28,428 209,205 18,537 128,230" 223,005" 6,000 15,000 ’io,666‘ 10,666 5,175 42,412 197,300 21,398 60,650 130,370 103,400 7,650 3,485 9,200 112.000 16,382 24,600 29,900 130,900 24.425 58,300" 25,400 1,000 13,450 23,300 2,100 7,462 7,800 91,930 19.425 34,300 46,925' 73,225 47,400 79,600 57,500 23,235 5,890 5,700 59.125 294,750 4,875 31.125 44,975 3,425 754,775 906,535 219,310 175,745 ’ 26 30 9 18 6 8 8 18 17* 6 4 7 29 40 26 16 81 22 22 24 10 93 258 987 * Includes both new and repairs. 26 1 30 10 79 18 4 206 1,213,960171,36575 86.900526,959165^973* 9,315 18,550180,40094,7759,000 138,66526,03089,903101,17532.9008,75072,16760,6002,065235,81515,300108,195- 41.692.43.8 80.181.534.025.7 97.679.342.556.3 68.515.977.865.156.436.072.656.52 . 078.430.710 . 0- 9 11 12 10 13 14 15 16 17 18 19 20 21 22 23 - Denotes Decrease. CONDITION OF EIGHTY-FOUR REPORTING MEMBER BANKS IN SELECTED CITIES FIFTH FEDERAL RESERVE DISTRICT ITEMS (In Thousands of Dollars) February 4, 1921 Total loans and discounts (exclusive of rediscounts)............ Total investments in bonds and securities.............................. Reserve balance with Federal Reserve Bank.......................... Cash in vaults.............................................................................. Net demand deposits................................................................... Time deposits............................................................................... Eighty-two banks. $438,895 118,657 39,308 16,182 329,190 116,121 January 7, 1921 $440,698 119,857 34,191 21,057 340,129 108,531 *February 6, 1920 $491,845 93,902 39,205 16,873 365,043 98,514 DEBITS TO INDIVIDUAL ACCOUNT AT CLEARING HOUSE BANKS (In Thousands of Dollars) For the Weeks Ending CITIES Baltimore, Md....... Charleston, S. C. .. Charlotte, N. C.... Columbia, S. C...... Greenville, S. C__ Huntington, W. Ya Norfolk, Ya............ Raleigh, N. C........ Richmond, Ya........ Washington, D. C.. Wilmington, N. C.. Totals.............. t Not included in totals. February 2, 1921 $104,723 6,400 4,588 4,550 3,505f 5,957f 15,046 3,890 33,867 36,414f 7,443f $173,064 January 5, 1921 February 4, 1920 $134,443 6,900 8,173 5,650 5,557f 18,580 4,900 31,967 39,955f $113,103 11,473 8,900 9,657 $210,613 $202,397 19,320 5,300 34,644 COMPARATIVE STATEMENT OF CONDITION DECEMBER 31, 1920, AND DECEMBER 31, 1919 RESOURCES December 31, 1920 December 31, 1919 RESERVES: Gold bullion, coin and certificates.................................... $ 5,702,352 93.................... . $ 2,419,725 00 Gold Settlement Fund, Federal Reserve Board.............. 20,428,746 09........................... 25,201,328 28 161,700 0 0 . . . . . . .. .. .. . . . . 6,434,690 37 Gold with foreign agencies.. ...................................... Total gold held by bank.................................................. $ 26,292,799 02........................... $ 34,055,743 65 Gold with Federal Reserve Agent..................................... 53,699,498 00 ........................... 39,998,970 00 Gold Redemption Fund, Federal Reserve Notes........... 6,796,702 20........................... 7,196,777 49 Total gold reserves............. ............................................. $ 86,788,999 22........................... $ 81,251,491 14 Legal tender notes, silver, etc............................................ 362,600 30................ .......... 190,339 55 Total Reserves....................................................................................... $ 87,151,599 52........................... $ 81,441,830 69 EARNING ASSETS: Bills discounted, secured by Government War Obligations $ 45,955,387 76........................... $ 81,506,691 34 Bills discounted, all other................................................... 69,518,377 21....... ................... 23,495,584 34 Bills purchased in open market.......................................... 5,047,600 43........................... 16,404,904 82 Total bills discounted and bought................................. $ 120,521,365 40........................... $ 121,407,180 50 TJ. S. Government Bonds and Victory Notes.................. 1,233,300 00........................... 1,234,600 00 U. S. Certificates of Indebtedness..................................... 12,262,000 00........................... 12,260,000 00 Total Earning Assets........................................................................... $ 134,016,665 40........................... $ 134,901,780 50 UNCOLLECTED ITEMS: Currency of other banks and unassorted currency.........$ 7,335,329 00.............................. $ 4,742,114 00 Checks and other cash items............................................ . 269,034 51........................... 154,714 81 Exchanges for clearing house............................................ 2,267,837 40......................... . 5,113,094 03 Transit items......................................................................... 50,002,976 24.......................... 84,182,455 68 Total uncollected items...................................................................... $ 59,875,177 15........................... $ 94,192,378 52 MISCELLANEOUS: Interest accrued on U. S. securities.................................. $ 128,201 67 $ 106,576 81 Advances to Government Committees............................. 35,782 24 ...........514,860 47 Redemption Fund, Federal Reserve Bank Notes.......... 601,300 00 ............643,300 00 Bank premises..... .............................................................. 1,277,388 01 ...........504,024 50 All other resources............................................................. 402,111 33 ............562,765 66 Total miscellaneous assets................................................................. $ 2,444,783 25........................... $ 2,331,527 44 TOTAL RESOURCES................................................ $283,488,225 32........................... $312,867,517 15 LIABILITIES CAPITAL: Capital paid in...................................................................... $ 5,269,300 00........................... $ 4,392,000 00 Surplus................................................................................... 10,561,331 67........................... 5,820,462 63 Total capital and surplus.................................. ................ .... $ 15,830,631 67........................... $ 10,212,462 63 DEPOSITS: U. S. Treasurer...................................................... .............. $ 2,899,181 86...........2,839,730 49 Member banks, reserve accounts....................................... 57,085,285 27........................... 62,712,122 52 Foreign governments..................................................................................................................... 3,542,408 75 Foreign banks...................................................................... 196,000 00........................... ................ Due Federal Reserve Banks, collected funds............................................................................ 33,800,592 08 Cashier’s checks................................................................... 91,863 25.......................... 72,560 32 Deferred availability, uncollected funds......................... 40,201,543 13 ........................... 41,522,428 74 Total gross deposits.............................................................................$ 100,473,873 51..............................$ 144,489,842 90 NOTE CIRCULATION: Federal Reserve Notes in actual circulation.................... $ 155,169,290 00........................... $ 145,765,320 00 Federal Reserve Bank Notes in circulation..................... 11,466,443 00....... .................... 12,057,950 00 Total notes outstanding..... .................................... ... .........$ 166,635,733 00............................. $ 157,823,270 00 MISCELLANEOUS: Reserve for Federal Reserve Board assessment......................................................................... $ 25,531 16 Reserve for expenses accrued and unpaid......................... $ 30,440 65 20,316 50 Reserve for other taxes..........=...................... , ------27,595 73 — 19,970 00 Unearned discount.............. . . . . . . . . . 5. . . . . . . ................ 476,705 78 260,184 59 All other liabilities............................................................. 13,244 98 15,939 37 Total miscellaneous liabilities....................................... ................ $ 547,987 14........................... $ 341,941 62 TOTAL LIABILITIES................................................... $283,488,225 32........................... $ 312,867,517 15
@FedFRASER