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FEDERAL 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 June, 1920. [Compiled July 15, 1920] The inability of the railroads of the country to handle the business awaiting them is the outstanding fact of June, and underlies most of the other developments. Largely as a direct result of traffic tie-ups, strikes, and embargoes, construction work of all kinds is virtually at a stand-still, large sums in credit are more tightly frozen, and collections are increasingly slow. The price cutting movement, begun in May, continued through June, but was less marked than during the preceding month and was confined chiefly to wearing apparel. The most encouraging development of the month was the striking improvement in crop conditions, not only in the Fifth District but over the entire country. A decrease in outstanding loans reported by eighty-two member banks amounting to $13,000,000 in the past eight weeks indicates that credit is being handled more conserva tively than has been the case in recent months. COLLECTIONS.— Collections during June were increasingly slow, in contrast with previous months this year, but the situation is not yet critical, and few concerns report actual losses. There is a growing tendency on the part of merchants, however, to allow bills to run to maturity, and comparatively few discounts art' being taken. The manufacturers and wholesalers are urging payments. Dun’s Review reports thirty-seven failures in the Fifth District during June, 1920, with liabilities of $314,156, against thirty failures during the corresponding month last year, with liabilities of $1,001,355. The following table shows failures in this Dis trict reported in Dun’s Review, with liabilities for the first six months of 1919 and 1920: January........... February.. March.... April......... May — June.. 1920 Liabilities No. Failures Failure 284,943 35 $ 40 1,335,730 464,017 36 14 88,450 1,577,684 41 37 314,156 203 $ 4,064,980 1919 No. Failures Liabilities 34 $ 617,155 27 381,910 36 457,495 27 660,750 30 491,740 30 1,001,355 184 $ 3,610,405 Collections have been influenced adversely by traffic conditions this year, seasonal goods frequently not reaching their destination until demand for them had practically ceased. This fact has made it hard for the merchant to turn his merchandise into the money needed to pay his accounts. BANKING OPERATIONS.—Bank clearings reported from fourteen cities total $885,434,165 in June, as against $743,779,680 during the corresponding month last year, an increase of $141,654,485, or 19%. Debits to individual accounts reported by eight clearing houses for the week ending July 7, 1920, totaled $189,733,000, against $195,786,000 reported for the previous week, ending June 30th, and $152,791,000 for the week ending July 9, 1919. The higher figure reported for the week ending June 30th was probably due to pay-roll dis bursements at the end of the month. Condition reports received from eighty-two member banks indicate that efforts to restrict loans to essential purposes is meeting with good results, outstanding loans of these reporting institutions having fallen from $496,939,000 on May 7th to $482,950,000 on July 2nd, a decrease of $13,989,000 in eight weeks. The outstanding loans on July 2nd were less than at any previous week-end date this year. Bankers continue to extend credit where it is actually needed for meritorious purposes, but specu lators are finding funds hard to secure. Traffic conditions became worse in June, causing further tie-up of funds in manufactured goods and raw materials which could not be delivered. Elsewhere in this report we publish a table showing bank clearings during June, both 1919 and 1920; another table gives total clearings for the first half of 1920; another shows debits to individual accounts for the weeks ending July 7th and June 30, 1920 and July 9, 1919; and another shows a composite statement of condi tion made up from reports received from eighty-two member banks for the weeks ending July 2, 1920, June 4, 1920, and July 3, 1919. LABOR.—-The month of Juno was marked by another “ outlaw” strike of railway trainmen in Philadel phia and Baltimore, which necessitated laying embargoes on practically all freight shipments through these cities. This strike of course affected thousands of laborers elsewhere, throwing many out of work because the factories employing them could not ship manufactured goods. Employers outside of railroad circles report little trouble with labor, however, and a number of reports indicate that skilled workmen are beginning to realize that production must bear a closer relation to wages drawn if employment is to continue for them. Glass manufacturers report difficulty in securing sufficient laborers, and a large manufacturer of steel products complains that present day labor-is too much inclined to float from job to job. Inability of coal mining com panies to run full time, due to car shortage, appears to be causing considerable unrest among the miners; the men employed in the few mines which are able to run more nearly at capacity seem to be much better contented than those working in mines which can market only enough coal to keep running a few days each month. It would seem from numerous reports received that many laborers are now being, or will soon be, laid off or forced to work only three or four days each week, because of inability of manufacturers to secure raw materials or to get finished products to market. Several letters state that if the transportation system of the country he made to function properly there will be full time work for every one and the increased production will reduce general prices sufficiently to remove most of labor’s complaints. CROPS.— The weather in June was favorable for crops, and government reports indicate that marked improvement in condition was made. Estimates of expected production have been raised, and farmers and dealers in farm products are much more optimistic than when our May report was mitten. Truck crops turned out well, ..and large sums were realized for potatoes, vegetables, etc. Cotton shows indications of a full crop, if given favorable weather during the balance of the season, and tobacco crops, though late, are promising. Outside the District, the Western States are harvesting wheat and realizing much better yields than was expected a month or two ago. The Virginia apple crop is approximately a million and a half barrels this year, which is about the same as last year’s yield. Farmers continue to receive top prices for their produce, with no noticeable indications of any reduction in the near future. In South Carolina much cotton is in the hands of the growers. FOODS.— Conditions in food circles are unchanged from last month, except that the greater wrheat production makes it seem less likely that flour prices will materially increase. The fact that sugar continues high, will tend to increase the cost of manufacturing preserves, jams, jellies, and other sweet products. Traffic conditions are causing trouble in getting goods to market. There are as yet no signs of reduction in the prices of foods. On the other hand, according to a Depart ment of Labor report published in the press, cost to the consumer increased during June approximately 3% in Richmond. Wholesale grocers report good business and fair collections, but say that high prices make it hard to finance their trade. TOBACCO.—A bumper tobacco crop is expected for 1920. The South Carolina market will open in July. Prospects are good for satisfactory prices for the best grades of domestic tobacco, but foreign buyers are not operating to any appreciable extent. Exporters are worried over the outlook fearing that European customers may be lost permanently because of inability of American dealers to sell on sufficiently long credit to meet Europe’s needs. Domestic trade in grades used for chewing and pipe tobacco is slack, but cigarette and cigar stocks are in brisk demand and at good prices. Some dealers fear trouble in financing the newTcrop, but bankers as a rule do not seem to share this feeling. FERTILIZER.— The fertilizer trade is stagnant at this season, but to prevent a repetition of the traffic conditions of this year, and to relieve the railroads of this freight during the late winter months, manufacturers are trying to place as much of their output with consumers during the coming fall as possible. Reports indicate that there is a large amount of money tied up in materials at the ports, these materials having arrived too late for their intended use during spring and early summer, and it will be necessary to carry much of it over until next crop planting time. Howrever, it must not be understood that next year’s supply of materials is assured, because the stock mentioned above is only a small part of the total amount needed. COAL.—The coal situation is causing much worry throughout the entire country. It would seem from all information coming to us that it is a transportation problem almost entirely, and that there will be little improvement until traffic conditions are bettered. Car shortage, railroad strikes, embargoes—all these operate to keep down production, We have a report from a mine capable of producing more than 1,200 tons a day , but during June this mine was able to work less than ten days and in May only ten and three-eighths days. Another mine belonging to the same company and capable of producing approximately 800 tons per working day, was able to work only sixty-nine hours in June. The mines cannot operate unless they can secure cars to haul away their product, both because they do not have storage space for the coal, and because they cannot finance their operations without prompt collections. Another troublesome factor in the coal situation is the, large tonnage going to ports for export, much of it being shipped to speculators who hold it at the docks for exor bitant prices. Recently the Interstate Commerce Commission has ordered all open top cars with sides thirty inches high or over sent to the mines, and it is hoped that this order will effect some relief. Consumers are securing sufficient coal to meet immediate needs, but with winter coming in a few months, reserves should be accumulating in advance of needs. TEXTILES.—The textile manufacturers report dull business for June, with mills running on back orders^ and new orders not to be had, because the hesitating attitude taken by the merchants toward placing orders for future delivery, mentioned in our May report, continues in the face of a decided attitude of caution on the part of the ultimate consumer. Spinners are therefore unable to realize on the cotton they have on hand by manufacturing it and selling the product. Yarn and hosiery makers have been likewise hard hit, and a" number are finding difficulty in financing their operations. Many mills bought cotton on borrowed money, expecting to manufacture the cotton, sell the cloth or yam, and repay the loans, but, in the meantime, the market for cotton goods and yarn has practically ceased to be, with the result that notes made by the mills are coming due without funds being in hand to meet them. CLOTHING AND SHOES.—Clothing and shoe manufacturers are not getting the usual orders for fall delivery, but they insist that prices cannot, be materially lowered until raw materials are cheaper and labor is both more efficient and more reasonable in its demands, One report states that clothing workmen are now demanding increases in wages ranging from 15% to-25%. Some makers are laying off workmen rather than pay the high wages demanded in the face of the public’s attitude toward clothing prices. Special sales put on by retailers continue, but these do not appear to have stimulated buying to any marked extent. A good many cancellations are being received by manufacturers, and there is a greater volume of partial cancellations or shading off of orders previously placed. METALS.—Makers of cast iron pipe report dull business, which they attribute to a general stoppage of public work on streets and highways, and on sewage and water lines. Municipal bonds are not selling readily and therefore litle public improvements are being made. Traffic tangles prevent prompt deliveries, and tie up funds while the goods are in transit. HOUSING.—No improvement has been made during June in the housing situation. Permits for new construction and alterations totaled 3,288, against 3,363 in May, 1920, and 4,147 in June 1919. Total estimated cost of construction provided for in June was $7,161,845 against $8,733,810 in May, 1920, and $11,847,594 in June, 1919. This is a decrease of 39.6% in valuation in comparison with the corresponding month last year. This marked slump is due to high priced materials, dear labor, difficulty in financing building operations, and perhaps chiefly to the wide-spread feeling that construction coets more than it should. This feeling has deter mined the builder to wait until prices are in his judgment more reasonable. The fear of not being able to secure shipments of material when needed has also undoubtedly played a prominent part in deferring construction projects. BUILDING MATERIALS.—All kinds of building materials are increasingly hard to secure, not because there is an actual shortage, but because traffic conditions are so badly tangled that deliveries cannot be prompt ly or steadily made. A number of lumber mills have been forced to shut down either wholly or in part, their yards having become crowded with lumber ready for shipment. Embargoes to eastern and northern points prevent shipment there, and the car supply is also inadequate. Cement, crushed stone, steel, brick, etc., are almost impossible to secure, and open top cars, used for hauling gravel, are being sent to the coal fields as rapidly as possible. A large contractor stated early in July that unless conditions improved very rapidly practically all construction work in Richmond would cease before the end of the month because the supply of building materials in the city would have been exhausted. Highway construction work is practically at a standstill, and officials of the Virginia Highway Department state that millions of dollars damage is being done the roads of the State because of inability to secure material with which to repair them or to continue construction. MISCELLANEOUS.—The real estate market is dull, except for city residence property. The hardware trade is good, but collections are reported as distinctly slow. Stove manufacturers report increased business over last year, both in dollars and volume, but find raw materials scarce and high, especially good coke. The jewelry business has been good, and is expected to be better in the fall months, especially if silver prices stay down. The furniture trade is dull, merchants being cautious in buying under present unsatisfactory traffic conditions and in the face of the hesitating attitude of consumers. The paper bag industry is good, but raw materials are hard to secure. The glove business is rather chaotic, fine leathers being exceedingly scarce, skilled labor hard to get and keep, and customers “ trimming” many orders. The oil industry is operating under full steam, but collections are somewhat slow and transportation problems continue to annoy and handicap the trade. Naval stores are in strong demand at high prices. The live stock business is expected to be brisk in the fall months. Trunk and bag manufacturers report light orders, with some troublesome cancel lations. RETAIL TRADE.—Elsewhere in this report we print a table showing in percentage form the trend of retail trade for the first six months of 1920, in comparison with the same period last year. These averages were made up from reports sent us by a number of representative department stores in Baltimore, Richmond and Washington. These reports show that the lowest sales during the year occured in January, which were 3% lower than during January, 1919. The highest sales month was March, 23.1% above March, 1919, and 51.6% above January, 1920. March is usually a good month, and this year the severe weather in February pyramided a considerable amount of the earliest spring trade into March, thus making that month better than usual. In April there was a very slight gain over April of 1919, but a decrease of 13.5% over the preceding month, and this slackness and decided hesitancy to buy probably influenced the merchants to put on their price cutting campaigns in May. These special sales stimulated purchasing to some extent, but sales in May were only 11% greater than during May, 1919, and only 2.2% greater than in April, 1920. It is probable that all increase over last year's sales amounting to less than 15% do not indicate a greater volume of units sold, the increases being due to higher prices. Stocks on the shelves of the merchants, expressed in dollars, grew steadily from January through May, but declined somewhat in June. May stocks were 28.8% more valuable than those held on January 31, 1920; 40.3% more valuable than those on hand December 31, 1919; and 67.1% more valuable than on May 31, 1919. The year began with enormous outstanding orders, merchants having ordered practically everything offered them in the hope that enough merchandise would be secured to supply their needs. Deliveries had been poor, and sales brisk, thus justifying merchants in placing orders amounting to 22.3% of total purchases for 1919. But severe weather in the late winter and early spring, a markedly growing conservation by con sumers, and somewhat better deliveries as railroads and manufacturers emerged from the winter, all combined to pile up stock on the shelves. The merchants followed the consumers lead, and began buying far more cautiously than they had been doing. Outstanding orders, therefore, have fallen from the January figure of 22.3% of the total purchases in 1919 to the June average of 9.7%. The merchants have also been looking more closely to the condition of stocks, and the percentage of average stock on hand at the end of each month to net sales during the elapsed period since January 1st fell from 459.1% at the close of January to 407% at the close of June, each month having seen a lower figure than the preceding one. FIGURES ON RETAIL TRADE As Indicated by Reports from Several Representative Department Stores in Each City for the First Six Months of 1920. ( C o m p il e d b y the F ed eral R eserve B an k op R ic h m o n d ) Percentage of increase (or decrease) in net sales during month named. 1920, over same month last year: Baltimore................. Richmond........... Washington....................... Average for District..... _ ; .................... January 6.0 15.1 18.83.0- February 34.6 5.8 3.4 14.2 March 42.3 24.1 9.8 23.1 April 7.6 9.8 9.2.9 May 29.6 8.0 .611.0 June 31.0 22.3 14.2 21.4 Percentage of increase (or decrease) in net sales from January 1st through month named, 1920, over net sales during same period last year: January February March April May June Baltimore.. . 6.0* 20.1 28.3 21.7 23.4 24.7 Richmond.................... 15.1 10.7 15.8 14.1 12.7 14.5 Washington........................ . 18.88.31.23.52.9.2 Average for District .. 3.05.3 12.1 8.8 9.3 11.4 Percentage of increase (or decrease) in stocks at close of month named, 1920, over stocks at same date last year: January February March April May June Baltimore...................... .................. ....... 34.1 45.7 57.4 92.0 98.8 71.9 Richmond........................... ..... . .......... 23.6 24.0 36.3 33.3 37.4 34.4 Washington.............................................................. 48.0 89.4 54.5 51.1 61.1 59.1 Average for D istrict...... / ....... ............ .......... 37.6 57.0 51.5 59.5 67.1 57.2 Percentage of increase (or decrease) in stocks at close of month named, 1920, over stocks at close of preceding month: January February March April May June Baltimore____ 1.69.7 21.9 2.6 .415.1Richmond............... . . ..... . 11.5 7.3 13.2 1.0 1.14.0Washington....................... 19.2 12.6 8.7 3.06.3 6.6Average for District............... ...... 9.8 10.5 14.1 .12.3 9.2Percentage of average stocks at close of each month since January 1st, to average monthly period: January February March April Baltimore...... 418.4 " 393.6 380.9 383.3 Richmond............. .... 430.1 484.0 453.3 447.7 Washington........................ ... 512.0 504.2 449.3 446.9 Average for District__ 459.1 456.8 423.5 422.2 net sales during same May 384.9 441.9 446.2 421.5 407 0 Percentage of outstanding orders at close of month named, 1920, to total purchases during 1919.: January February March April May ....... 22.3 20.4 16.9 i2.1 9.9 ATetage for District...... _ June 9.7 - Denotes decrease. June o7o Q MONTHLY CLEARINGS F or M o n th of Ju n e . Increase or Decrease CITIES No. 1919 1920 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 $ Asheville, N. C .. Baltimore, Md. ... Charleston, S. C .. Columbia, S. C . .. Frederick, Md........ Greensboro, N. C .. Greenville, S. C ...... Hagerstown, Md . ... Huntington, W. Va. . Lynchburg, Va........ Newport News, Va. . Norfolk, Ya Raleigh, N. C .. Richmond, Va......... Washington, D. C ., Wilmington, N. C .. If T o t a l .......... * Not counted in totals. Percent of Increase or No. Decrease 6,187,887 $ 427,805,095 21,640,498 13,701,539 2,489,610 6,509,809 9,707,399 3,385,469 8,080,896* 6,020,081* 3,803,075 44,934,449 6,312,246 ! 250,755,290 83,369,109 4,832,690 4,119,085 $ 353,449,086 15,997,999 9,532,284 2,182,003 4,763,964 7,135,197 2,746,397 2,068,802 74,356,009 5,642,499 4,169,255 307,607 1,745,845 2,572,202 639,072 50.2 20.8 35.3 43.7 14.1 36.6 36.0 23.3 5,305,546 46,390,244 4,037,605 212,251,183 72,296,611 3,572,476 1,502,471MSS,7952,274,641 38,504,107 11,072,498 1,260,214 28.33.156.3 18.1 15 3 35.3 885,434,165 S 743,779,680 $ - 141,654,485 19. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 j Decrease. CLEARINGS FIGURES FOR FIRST SIX MONTHS OF 1920 January February March April May June Totals $ 4,929,282 $ 6,095,215 $ 6,087,079 !$ Asheville, N. C...................... 6,752,578 $ 6,187,887 $ 30,052,041 $ 414,217,937 326,380,672 412^330,6611 393,131,859 393,380,469 427,805,095 2,367,246,693 Baltimore, Md.............. 21,784,634 107,949,163 Charleston, S. C........... . . 20,295,231 22,692,000! 21,536,800 21,640,498 20,390,163 14,534,407 100,391,027 17,542,423 18,036,245 Columbia, S. C ............ 16,186,250 13,701,539 15,822,362 1,748,325 2,722,958 2,808,120 Frederick, Md......... 2,304,820 2,489,610 3,750,529' 30,956,798 5,222,275 6,080,453 6,430,801 6,509,809 Greensboro, N. C........ 6,713,460 11,644,815 13,876,237 63,591,030 Greenville, S. C............ 16,716,050 11,646,529 9,707,399 2,637,869 3,920j482 20,199,365 Hagerstown, Md........ 3,025,315 4,335,290 3,385,469 2,894,940 7,337,669 8,458,125 7,930,292 39,529,583 Huntington, W. Va...... 7,722,601 8,080,896 Lynchburg, Va....................... 12,124,519 6,020,081 6,104,438 Newport News, Va... 3,565,453 5,445,576 3,812,447 24,762,538 4,434,572 3,701,415 3,803,075 Norfolk, Va.... 57,555,773 43,325,060 46,628,615 278,274,896 44,403,040 41,427,959 44,934,449 Raleigh, N. C. .. 9,221,621 7,195,218 8,333,696 45,642,090 8,010,298 6,312,246 6,569,011 Richmond, Va. 330,775,086 250,737,039 286,643,935 254,400,585 245,184,834 250,755,290 1,618,496,769 Washington, D. C......... 75,506,222 64,625,838 79,667,899 458,006,181 74,765,860 83,369,109 80,071,253 Wilmington, N. C .. 4,277,735 5,396,377 5,252,204 4,707,459 4,832,690 24,466,465 T o t a l ..................... ...... $ 918,813,438 S 768,456,888 $ 923,878,125 S 870,075,395 $ 856,752,532 $ 899,535,142 *5,237,511,520 BUILDING OPERATIONS FOR THE MONTHS OF JUNE, 1919 AND 1920. P erm its I ssu e d N e w C onstruction New CITIES O 525 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 M aryland B altim ore.. Cumberland................... Frederick......................... V irginia Lynchbur g. . . . . Norfolk.......... Richmond................... Roanoke........ , . Staunton.......................... W est V irginia Charleston................ Huntington. Parkersburg.. . . . . . . N orth C arolina Asheville......... C h arlotte... .... Durham......... .! ! Greensboro. High P o in t... . W ilm in g to n ..... Winston-Salem ............. South C a r o lin a Charleston......... C olum bia... Greenville____ . . . . . . . Spartanburg............... Increase or Per Cent of In Decrease Total Valu crease or ation Decrease A lterations Repairs 1920 1919 1920 429 43 2 1,018 23 3 1,326 24 3 1919 1920 1919 1919 1920 $2,622,5121,160 $2,060,380 $4,477,296 $ 397,800 $ 603,396 14 186,325 24,845 1,633 134,147 75,390 2 6,018 | 4,1938,300 9,075 2,600 7 31 54 81* 2 16 156 94 102* 7 6 39 102 5 16 89 1 1 36 101* 61 96* 16 20 ** 23,650 213,100 139,760 1,051,863 511,076 545,920 88,330* 159,330* 25,600 93,390 3,900 33,915 198,768 2,100 45,600 88,705 3,000 700 6,880 27,620 40,000 20,000 75,970 326,270* 70,000 212,300 214,935* 150,000 190,578 192,170 33,700 91,475 179,895* 73,200 183,875 63,542 276,610 42,750 63,350* 47,625* 29,000 183,640 12,000 2,400 37,440 25,280 6,545 8,985 4,840 14,900 29,094 51,605 38,800 104,250 34,800 2,513,627 5 1 .6 174.1 2 7 .8 - 1 2 3 187,650923,78875,219 71,00065,490- 8 7 .2 8 4 .2 11.9 4 4 .6 6 9 .6 - 4 5 6 157,070111,335 60,000- 1 6 5 .5 9 51.8 i 10 3 4 .7 - 1 i 11 i 8 5,500 44,112 132,491 91,02523,550 53,405 132,270 53,600 14,783- 189.0 3 1 .8 49.5 84.3 277.7 155.4 6 .5 - 12 13 14 15 16 17 18 7,000 29,047 22,170 9,565 9,215 39,968 11,950 1,150 23,697 17,221185,470 41,225 38.9 2 1 .9 159.6 114.7 19 20 21 22 322,882 267,359 1,437,426- 5 1 .7 - 23 2,000 $5,938,359 10,652,198 $1,223,486 $1,195,396 $4,685,749- 34 1 19 ! 8 ! 18 25* 16 44 28 38 7 18* 22 4 12 14 19 12 6 10 32 7 69 | 2 I 54 20 7 13 22 22 12 21 33* 7 69 24 11 13 1 77,517 61 32,500 31 279,500 67,610 D istrict of C olum bia 23 Washington........ 88 T o t a l .............................. 1,100 350 432 2,147 I2,188 495 Decrease. 1,020,678 3 9 .6 - 1 * Includes both new and repairs. CONDITION OF EIGHTY-TWO REPORTING MEMBER BANKS FIFTH FEDERAL RESERVE DISTRICT ___________________________ (In Thousands of Dollars)_________________________________________ July 2, June 4, July 3, 1920 1920 1919 Total United States Securities owned............................................................................................. $ 82,906 $ 88,438 $ 139,413 26,892 27,892 43,068 Loans secured by U. S. War Obligations......................................................................... . .......... 104,714 107,041 Loans secured by stocks and bonds other than U. S. Securities.......................... ..................... | 378,556 351,344 358,873 All other loans and investments.......................................... ............. ............................................ 35,731 38,482 33,195 Reserve balance with Federal Reserve Bank..................................................... „............ ............ 19,141 18,832 16,072 Cash in vaults......................................................................................................... .. „t 348,383 336,088 322,314 Net demand deposits on which reserve is computed............................................... ................... 105,149 82,664 103,978 Time deposits...................................................................................................................................... DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING HOUSE BANKS. _____ ________________ (In Thousands of Dollars)______________________ ' _______ F or t h e W e e k s E n d in g CITIES Baltimore, Md. .. Charleston, S. C .. Charlotte, N. C . . ... Columbia, S. C . .... Huntington, W. Va. Norfolk, Va . . . , ....... Raleigh, N . C w ........ Richmond, Va......... T otal. July 7 June 30, July 9 1920 1920 1919 108,543 9,875 7,340 5,742 5,175 19,797 3,900 29,361 $ 189,733 111,778 9,400 7,872 5,577 5,563 20,356 4,070 31,170 93,966 7,102 4,900 6,464 17,028 3,500 19,831 195,786 $ 152,791 FEDERAL RESERVE BANK OF RICHMOND Statement of Condition as of June 11, 1920. RESOURCES RESERVES Gold Coin and Certificates................................................... .................. ......................................... $ 2,416,860 00 Gold Settlement Fund—Federal Reserve Board............... ..... 18,455,844 59 Gold with Foreign Agencies.................. ................................... 5,464,975 38 TOTAL GOLD HELD BY BANK...................................... ...................................................... $ 26,337,679 97 Gold with Federal Reserve Agent.......................... ......................................... . . . 33,657,690 00 Gold Redemption Fund—Federal Reserve Notes............................................................................. 12,781,807 49 TOTAL GOLD RESERVES....................... ....... Legal Tender Notes, Silver, etc...... ...................... .............. ........................ . $ 72,777,177 46 ......................................................................... . 116,503 75 TOTAL RESERVES............................................................................................................ $ 72,893,681 21 UNCOLLECTED ITEMS Currency of other banks and unassorted Currency........ ............................... .. . „................ .. $ 2,662,305 00 Transit Items........................................................................ .............. ...................................... 50,324,855 21 Checks and other Cash Items........... ................. . ................ ... 135,957 77 Exchange for Clearing House..... ............................................... 3,590,432 42 TOTAL UNCOLLECTED ITEMS........................................................................ EARNING ASSETS Bills Discounted—Secured by Government War Obligations......................................................... $ 53,430,913 51 43,690,107 79 Bills Discounted—All others............................................................................................................. Bills Purchased in Open Market.. ..................................................... . 8,859,747 39 TOTAL BILLS ON HAND......................... U. S. Government Bonds and Victory Notes— U. S. Certificates of Indebtedness............... ................................................... $105,980,768 69 . . . . . . . ....... ..................... . . . . . . . . . 1,234,600 00 ................................................... 12,260,000 00 TOTAL EARNING ASSETS......................................................................................... MISCELLANEOUS ASSETS Interest Accrued on U. S. Securities.................................. _ _ _ _ _ _ _ _ _ .......... ........ ... $ .......................... ......... . . Advances to U. S. Government for War Loan Expenses............ Bank Premises............................................................................ . 5% Fund against Federal Reserve Bank Notes—Our own. . . . . . ...... Overdrafts—Members.............................................................. ............ . ............... All other resources........... ........... _ _ _ _ . .......................................... .................. TOTAL MISCELLANEOUS ASSETS................. TOTAL RESOURCES.............. Capital paid in.......... Surplus........................... Unapportioned Profits...... ,_ . 56,713,550 40 119,475,368 69 113,582 35 35,916 90 716,626 91 451,300 00 218,362 01 14,644 39 1,550,432 56 ............................................................. ...................... . $250,633,032 86 LIABILITIES CAPITAL AND PROFITS .................... .............. ..... ............................. _ . _ ................. ... . $ 4,811,700 00 5,820,462 63 2,420,486 47 TOTAL CAPITAL AND PROFITS........................................................................... $ 13,052,649 10 NOTE CIRCULATION Federal Reserve Notes in actual circulation—Our own............ . . . . ....... . ..... ............ .........$120,608,620 00 Federal Reserve Bank Notes in actual circulation—Our own.......... . 9,095,744 00 TOTAL NOTES IN ACTUAL CIRCULATION.............. ............................................. 129,704,364 00 DEPOSITS U. S. Treasurer............................................... ................... .................................................................. $ 1,613,540 85 Member Banks Reserve Accounts........................................................................................ ......... . 58,922,532 11 Foreign Governments................................................................................................... _ _ _ _ _ 2,886,053 75 Cashier’s Checks.............................................. ..................................................... ................ ......... 47,291 20 Deferred Availability—Uncollected Funds............... .................... ............. 44,000,181 98 TOTAL GROSS DEPOSITS............................................................................ .................................... 107,469,599 89 MISCELLANEOUS LIABILITIES Reserve for Taxes other than Franchise Tax........ ................................................... ....... .............. $ 18,199 53 Reserve for Depreciation on U. S. Securities........... ..................................................................... 4,580 00 Unearned Discount........... ....................................................................................... ................... 377,700 83 All other Liabilities........ ....... ...... ..... ....................................... .................. 5,939 51 TOTAL MISCELLANEOUS LIABILITIES................................................................... 406,419 87 TOTAL LIABILITIES..............................................................................................................................$250,633,032 86 MEMO : Due United States Treasurer by Depositary Banks.. . ....................................................................................... $ 1,642,400 00 Contingent Liability on Bills Rediscounted or Sold............................ ............................................................ 29,750,000 00
@FedFRASER