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FEDERAL RESERVE 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 May, 1920. [Compiled June 15, 1920] The breakdown of the traffic system and the wave of price cutting in retail stores were the outstanding features in the business world during May. The inability of the railroads to furnish cars to manufacturers, coal producers, etc., with the consequent slowing up in freight movements and the further freezing of credits, has been the chief element in keeping prices high. In addition to car shortage, embargoes at many points in the East have made it impossible to ship to these points, and this condition has caused widespread confusion among manufacturers. Many manufacturing concerns and coal mines are forced to run less than full time, in spite of capacity demands, because of the difficulty of getting goods moved from the mills and mines, and the impossibility of financing operations unless the output can be marketed and collected for. The wide spread protest against high prices has had an unsettling effect in all lines of trade, and retailers are afraid to buy at present prices for future delivery. The consumption of luxuries and high priced goods appears to have fallen off considerably, and consumers continue to demand more reasonable values for their dollars. Numbers of manufacturers in many lines report a distinct slowing down in new orders, and there have recently been many cancellations by the more timid retailers and jobbers. COLLECTIONS.— Money is distinctly tight; we have received a few complaints about collections, but on the whole they continue to hold up well. Indications are, however, that collections are becoming slower; there is a growing tendency to let accounts run to maturity instead of discounting them, and in some cases requests for further extentions have been reported. Dun's Review reports forty-one failures in the Fifth District during May, 1920, against thirty during the same month last year, with liabilities of $1,577,684 this year against $491,740 in 1919. This is a much poorer record than for April, 1920, when reports showed fourteen failures with liabilities of $88,450. With a market showing signs of marked depression, because of the greater caution displayed by the public in making purchases, it is not strange that failures should increase among the border-line firms; in fact it is probable that the number will be swelled materially if there develops any special tendency in the markets toward lower prices. BANKING OPERATIONS.— Bank clearings reported for May by fourteen cities show a total of $842, 925,493, a gain of 20.8% over the corresponding month last year. Eighty-two reporting member banks show a decrease in total loans of more than $3,000,000 during the past month, a very hopeful sign, apparently indicating a real effort against further inflation of credit. During the same period, demand deposits have decreased slightly more than two and a quarter million dollars, and time deposits a little over a million. Debits to individual accounts at eight clearing-house points totaled $176,240,000 for the week ending June 2, 1920, and $184,660,000 for the previous week, ending May 26th. A year ago for the week ending June 4, 1919, these debits totaled $142,606,000. The totals for the week ending June 2, 1920, would have been higher if May 31st had not been a bank holiday. Bankers report sufficient funds available for the real needs of the District, but careful examination of applications for loans is necessary, and appears to be the policy of the majority of the banks in the District. Traffic tie-ups of course make the credit situation considerably worse than would be the case if goods could be delivered and collected for promptly, and certain lines of luxuries are beginning to find the money market closed to them. Elsewhere in this report we print a table comparing bank clearings for May, 1920, with those for May, 1919; another table gives debits to individual accounts for the weeks ending June 2 and May 26, 1920, and June 4, 1919, and a third shows a composite statement of condition made up from reports received from eighty-two member banks for the weeks ending June 4, 1920, May 7, 1920, and June 6, 1919. LABOR.— It appears from numerous reports that labor is beginning to realize that a constantly growing wage without a corresponding increase in production is not possible, and manufacturers think that the present uncertainty and restlessness in the business world is tending to make labor more reasonable in its demands, and more anxious to keep jobs now held. Some slight improvement is also reported in labor’s attitude toward giving a full day’s work for the wages received. However, it seems that traffic conditions so far overshadow labor troubles that manufacturers are paying comparatively little attention to the latter. Labor is on the whole plentiful for all kinds of factory work, but for construction, contracting work, and farming it is scarce and of an inferior grade. Some manufacturers report a distinct shortage in female workers, probably due •to the ability of the men of the families to support those dependent upon them without assistance from the women. The most marked shortage exists in the rural districts, where very few farmers have sufficient hands to work the usual acreage. CROPS.— Truck crops on the coast are showing up well, though the winter and spring cabbage was largely a failure. If the truckers can get their produce to the Eastern markets, they will secure large returns from their operations, but embargoes and dock strikes make the situation uncertain. Cotton and tobacco crops are from three to five weeks late, but if the weather is favorable during the remaining months of the season it is possible that this lateness will have little harmful effect. The boll weevil is causing apprehension in South Carolina. The crops have been more heavily fertilized than usual, which fact should improve the yield per acre. It is difficult to get accurate figures on acreage planted, but indications are that in the Fifth District about the same amount of land has been planted in cotton, and probably somewhat more in tobacco. The tobacco acreage would have been considerably increased had the weather not been unfavorable at trans planting time, and had the outlook for securing farm labor been better. Prices for farm produce hold up well, though the cotton market has been erratic and has made frequent and sudden changes during the past month. Spot cotton has ranged from forty cents to forty-two cents during the month, and continued at the same price into June. FOODS.— In food circles, the wide-spread uncertainty, so apparent in other lines, is hardly discemable, there being no signs of any reductions anywhere. To begin with, higher flour prices are indicated by all sources of information, the mills being forced to run less than full time because of difficulty in getting wheat shipped to them, and government crop estimates predicting a wheat crop for 1920 of 780,543,000 bushels against 940,987,000 bushels produced last year. Only 68.5% of the 1919 acreage was planted in winter wheat, and 83.5% of the 1919 spring wheat acreage. In addition to this predicted short crop, the release of the wheat price from government control seems likely to contribute to a rise in flour prices to the consumer. Meat prices are firm, on the whole, and packers are facing reduced herds of both cattle and hogs, together with extreme difficulty in getting stock to packing houses and beef and pork delivered to jobbers and branch houses. Fruits for canning and preserving will be moderately plentiful, but scarcity and high prices of sugar will keep prices high to the purchaser. Canners are having trouble in securing enough containers too, because manu facturers cannot secure sufficient tin plate. TOBACCO.— Exporters of leaf tobacco report that unfavorable exchange in Europe has closed their principal markets, and that consequently prices have fallen fully 25%. European buyers are beginning to buy substitutes for American leaf, and dealers fear that this will result in permanent loss of foreign trade. Unless conditions improve before the 1920 crop reaches the market, the producers may receive very disap pointing prices for their crops. Demands for domestic consumption keep up as usual. FERTILIZER.— The fertilizer season has closed. Manufacturers have had trouble in supplying the demands of the farmers, because of car shortage and of strikes in the Florida mines, but most sections finally secured enough to meet their most urgent demands. On the whole, more fertilizer has been used this year per acre than previously. In South Carolina, for example, an average of 490 pounds per acre has been put under cotton, representing a value of $13.62, as against 400 pounds per acre, valued at $10.00, used in 1919, and 300 pounds per acre, costing $4.00 put down in 1916. One district in South Carolina made up of eight of the largest cotton producing counties in the State, averaged 745 pounds per acre, valued at $20.81, but much of this land will produce around two bales per acre, or approximately $400 worth of cotton at present prices. COAL.— The coal situation remains unchanged since last month, mines being forced to run far below capacity production because of inability to get cars in which to make deliveries. Many industries are finding it extremely difficult to secure sufficient coal to keep running, both because of the shortage of cars for handling and the large amount of coal being exported or used for coaling ships at ports. West Virginia correspondents report soft coal selling at the highest prices ever known in their section, with little improvement in sight unless the railroads can work out some plan by which a much greater tonnage can be handled. It is obvious that mines forced to run at less than full capacity must make a larger profit on each ton to cover fixed charges than would be necessary if their fixed charges could be spread over a larger tonnage. A number of users of high grade coal for heating purposes are buying during the summer months for next winter’s consump tion, and householders and apartment house owners are urged by producers and dealers to follow this example in order to relieve the railroads as much as possible during the fall rush. TEXTILES.— Following the break in silk prices mentioned last month, cotton textile manufacturers in the Fifth District have experienced a decided falling off in the number of new orders placed. The wave of price cutting in retail establishments made the merchants hesitate in placing future orders, and has led them to adopt a marked hand-to-mouth policy. The mills are viewing the situation calmly, however, claiming that the special sales put on by the retailers exhausted stocks, and that they will be forced to return to the market to refill their shelves. In the meantime, mills are running full time on back orders, of which practically all mills have enough to keep them at capacity output for several months. Some manufacturers feel that the future is not bright for hosiery and yam mills, but there is little uneasiness in the cloth field. It is not likely that marked reduction in either production or prices will come about as long as cotton and wages remain as high as they now are. It is possible, however, for cotton textile prices to be materially reduced, without requiring any marked reduction in wages or raw material prices before the mills would approach the point at which further operation would be unprofitable. Textile profits have been very large, in spite of advancing wages and dear cotton, and most manufacturers could stand a considerable reduction in price received for their goods without suffering hardships. It is certain that the consumers believe that prices are too high, and are buying far more conservatively than they did two or three months ago. In addition to this psycholog ical factor the recent taste of lower costs will have a tendency to make them still more reluctant to pay exorbi tant prices for cloth and clothing. CLOTHING AND SHOES.— Boot and shoe manufacturers report that they are facing a period of small business. Retailers are buying slowly for fall trade, and unless people begin buying again recklessly, without regard for price, there are indications that some real reductions in selling prices are on the way. Prices in hides and leather have declined slightly and some reflection of this is being shown in manufacturers' quotations. It appears probable that retailers will carry smaller stocks in the immediate future, both because of the difficulty of financing large stocks and because of a fear of being caught in a falling market with full shelves of high priced goods. The propaganda against high prices, which reached its crest in May, brought about a determina tion on the part of the retailers not to buy at present prices for future deliveries, and the clothing manufac turers report their business at a standstill. The very evident dissatisfaction with present prices displayed by the public, together with the taste of lower figures experienced in the recent unloading of surplus stocks, has caused retailers to purchase conservatively for fall delivery, and has led to some cancellations. The demand is less than manufacturers’ capacity, and one trade journal sees a period of unemployment in the near future. Transportation problems loom large, and because of freight embargoes and the extreme slowness of freight delivery many orders are being shipped by express, thus adding to the already high cost of the goods. A Baltimore house reports a shipment to Seattle as having been on the way eighty-five days by rail. Some manufacturers expect higher prices for next spring, but it seems unlikely that this condition will materialize if the present attitude of the consuming public continues. Collections in the clothing trade are reported as less satisfactory than is desired. TIN PLATE AND METALS.— Tin plate and roofing dealers report a marked scarcity in their goods, which has resulted in advanced prices. The leading manufacturers of plate are selling at March, 1919 figures, but they are booked far ahead and prompt deliveries can be gotten only by paying secondary handlers substan tial premiums for their holdings. This condition also exists in the steel trade. Collections by metal dealers are reported very good for Virginia, North Carolina and South Carolina, but manufacturers are finding difficulty in financing their business, because of the complete tie-up of funds while goods are in transit to retailers. Accounts cannot be collected until deliveries are made, and when shipments take weeks in reaching their destination the shippers experience difficulties in meeting the credit strain. HOUSING.— The housing situation became decidedly worse during May, and fewer permits for construc tion were issued than during April. May figures for new construction and alterations totaled 3,363 permits, representing an estimated valuation of $8,733,810, compared with 4,051 permits issued during April, repre senting an estimated valuation of $11,685,042. As in April, many of these M ay permits were for business structures, the erection of which does not in any way relieve the great shortage of homes. Construction authorized in May, 1920, was only 32.6% greater than that authorized during the corresponding month last year. This decided slump in building is due to abnormally high prices for all kinds of building material and labor, and also to a hope that prices will be lower in the near future. There does not appear to be much ground upon which to base this hope, however, especially while railroads are unable to distribute the output of the lumber mills and brick yards. High prices for finished houses continue, and buyers are plentiful since rental properties are so scarce. Elsewhere in this report we publish a table of comparative figures, showing building activities during May, 1920, and during the corresponding month last year. BUILDING MATERIALS.— Rough lumber prices have shown some tendency to decline slightly, but cement, brick, and structural steel are scarce and continue to bring high prices. For immediate delivery steel can only be had from speculators at advanced prices, the regular mills being sold out far ahead. The embargoes at Eastern points caused more lumber to become available in the Fifth District, with resulting fluctuations in price levels. Cut stone is hard to secure as a result of traffic conditions and strikes at quarries, and crushed stone is scarce and hard to get delivered when found. PAPER PRODUCTS.— Orders for paper boxes and containers have fallen off somewhat during the pastthirty days, but all manufacturers have sufficient orders ahead to keep them running three or four months. There is great difficulty in securing sufficient raw material in box manufacturing. Labor conditions are unsatisfactory, and female workers are increasingly hard to secure. Demands for paper are strong, and prices continue firm. Collections are good after deliveries are made, but the credit situation is worrying the manufac turers because of the long tie-ups resulting from traffic conditions. FURNITURE.— Prices of lumber used in furniture making have shown a declining tendency during the past month, chiefly due to the lumber thrown on the Southern market as a result of the embargoes at Eastern points. These lower prices are not expected to continue when the shipping restrictions are removed. The mirrors used by furniture manufacturers are scarce, chiefly due to the great amount of plate glass taken by the automobile trade. The growing popularity of the closed cars has greatly increased consumption of fine glass, and furniture makers cannot pay the prices offered by the automobile makers for this material. Demands from consumers for furniture keep up, but retailers are reducing stocks carried, and are extremely reluctant to purchase far ahead at present prices. MISCELLANEOUS.— Hardware dealers report good business, but from conservative buyers. Automo bile manufacturers are behind with orders for cheap and medium priced cars, and the high priced ones are in active demand. Many automobiles sold are being delivered under their own power, because of freight conges tion and car shortage. Dealers in pleasure cars are beginning to complain of the tight money market, and considerable uneasiness is indicated. The varnish and paint business is prosperous, and prices appear to have reached the peak. The extract business is good, but duller than for sometime past. There is little demand for woolen rags, but cotton rags are bought eagerly at high prices. Wholesale druggists report a conservative attitude on the part of the buyers, but think this is a healthy sign, and they regard the outlook in their lines as good. Live stock dealers report larger business in May, 1920, than in May, 1919. Crude oil is selling at high prices at the wells; this fact has led to extensive drilling operations. RETAIL TRADE.— During the month of May the market was thrown into a state of excitement by sweeping price reductions in certain lines. Clothing and shoe dealers, department stores, furniture stores, millinery establishments, and many others, announced cuts ranging from 20% to 40% of former prices, numbers of these cuts including every article found in the store. This action was taken by stores in every line except those handling foods, though of course not every store put on these special sales. These sudden reductions probably came as a result of several factors, among them being a distinctly more conservative attitude taken by the buying public, increasing difficulty in financing large stocks of high priced goods, and a general feeling of nervousness and uncertainty that gained wide circulation early in May. It does not seem probable that these reductions will be permanent, and quite a number of the stores have already stopped the special sales, having reduced their stock to a more conservative and a safer point. The sales brought out many buyers, and stimulated purchases considerably, but the public having had a taste of somewhat lower prices, it will now be increasingly hard for retailers to operate successfully unless wholesale prices come down more than they have yet shown any signs of doing. It would seem that wisdom would dictate a policy based upbn small stocks turned as quickly as possible, and requiring little credit to carry for the coming months, unless there develops a decidedly firmer tone in the market than is indicated today. FIGURES ON RETAIL TRADE As Indicated by Reports from Several Representative Department Stores in Each City for the month of May, 1920. ( C o m p il e d b y th e F ed er al R e se r v e B a n k of R ic h m o n d ) 1. A. Percentage of increase (or decrease) in net sales during May, 1920, over same month last year: Baltimore....... ........................................................................................................................... 29.6% Richmond............ . ..«. . .............. . , . .................................... , ...... ............... 8.7% Washington.................. ...................... ............................................................................................. 5%Average for District................ ........................................................ ...................... 11.3% B. Percentage of increase (or decrease) in net sales from January 1st through May 31, 1920, over net sales during same period last year: Baltimore...... ......... . . „ . „ .......................................... .................... 23,2% Richmond............ , ,„ .......................................................... . . . . . . 13.7% Washington.................. ...... ........................... , ............. .................. 2.8% Average for District............................ , „ ............................. ........ ........ 12.4% 2. A. Percentage of increase (or decrease) in stocks at close of May, 1920, over stocks at same date last year: Baltimore...... .................... ... 98.9% Richmond__ .... . ...... ....... . . . . 61.1% Washington.................. Average for District__ ___ . 70.1% B. Percentage of increase (or decrease) in stocks at close of May, 1920, over stocks at close of April, 1920: Baltimore... ........................... .4%Richmond............ ..................................................................... ...... ........................ ...... 1.1% Washington........... ; ... Average for District...... .6% 3. Percentage of average stocks at close of each month since January 1st, to average monthly net sales during same period: Baltimore.......... ............ .................................. . .379.5% Richmond__ . . . .... Washington.................. . .491.1% .. 433.2% Average for District...... 4. Percentage of outstanding orders at close of May, 1920, to total purchases during 1919: District Average............. ....................................................... 9.9% Denotes decrease. CLEARINGS For Month of May. Increase or Decrease CITIES No. 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. V a.. Lynchburg, Va .... Newport News, Va. . Norfolk, Va Raleigh, N. C ...... Richmond, Va....... Washington, D. C .. Wilmington, N. C .. T otal....... * Not counted in totals. $ ...... $ 1919 Percent of Increase or No. Decrease 6,752,578 $ 393,380,469 21,536,800 16,186,250 2,304,820 6,430,801 11,646,529 3,025,315 7,722,601* 6,104,438* 3,701,415 41,427,959 6,569,011 245,184,834 80,071,253 4,707,459 4,569,903 $ 302,597,990 17,882,090 11,164,394 2,114,184 4,917,142 7,654,486 2,204,141 2,182,675 90,782,479 3,654,710 5,021,856 190,636 1,513,659 3,992,043 821,174 47.8 30 20.4 45. 9. 30.8 52.2 37.3 4,809,652 44,097,861 4,542,507 215,967,153 71,323,072 4,067,796 1,108,2572,669,9022,026,504 29,217,681 8,748,181 639,663 23. 6.144.6 13.5 12.3 15.7 842,925,493 $ 697,912,371 $ - Decrease. 145,013,122 20.8 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 BUILDING OPERATIONS FOR THE MONTHS OF MAY, 1919 AND 1920. Permits I ssued N ew Construction CITIES o 5 1 2 S 4 b 6 7 8 9 10 11 M aryland Baltimore...................... Cumberland.................. Frederick....................... V irginia Lynchburg.................... Norfolk................ Richmond.................. Roanoke......................... Staunton..... ................. W e s t Virginia Charleston................ Huntington................... Parkersburg.................. New 1920 1919 559 8 3 389 17 2 9 74 74 14 173 76 3 1920 1919 Asheville........................ Charlotte................. . Durham..................... Greensboro.................. High Point............ Wilmington......... Winston-Salem............ 1920 Charleston........... „ Columbia....................... Greenville...................... Spartanburg........... 34,100 323,250 930,215 91,650 977,692 742,688 1 13 14 95 164 2 Washington................... 3,800 33 89 27 13 18 94 47,700 319,455 35,000 23 20 6 18 24 8 61 31 28 9 10 17 10 60 26 5 14 6 61 14 15 9 7 105 26 12 29 34 23 17 11 25 240 367 T otal.......................... 1,353 - 1920 o 1919 174,348 38,104 8,540- 10.8 94.4 83.7- 1 2 3 4 5 6 1,800 5,000 18,650 104,113 186 395 X U V / jU i7 tl 5,000 4,750 21,585 73,222 142 640 700 57,300657,377218,418 43 755 6*300 59.465.826.8 ‘3U 0 . 7( O 252. 70,500 10,300 70,000 85,000 7,305 174,695 20 000 19,805144.760 30 000 O U jU Uu 25.482.9 33o . o3 o 9 10 62,948 113,000 31,650 94,150 15,275 33,200 176,335 7,629 8,950 26,015 8,050 11,367 27,000 17,730 5,290 31,500 99,597 6,000 8,451 14. 10,386232,150 165.8 435 .9 17,805 17.9 652 735 4,273.2 100,800 257! 1 967,716 523.7 12 13 14 15 2 39 56,300 363,200 23,800 109,195 668,010 108,500 1,052,905 9 83 24 8 12 91 30 6 219,150 43,050 110,910 114,757 42,410 40,950 111,750 35,600 4,495 86,124 19,650 1,525 15,540 15,180 12,285 900 165,695 73,044 6,525 79,782 19 20 21 22 494 492 1,199,045 1,370,800 396,650 277,809 D is t r ic t o f C o l u m b ia 23 1919 13 18 84 92 1 S o u t h C a r o l in a 19 20 21 22 Increase or Per Cent of In Decrease Total Valu crease or ation Decrease 989 1,203 $1,490,000 $1,020,836 $ 296,700 $ 591,516 $ 18 22 72,275 22,635 6,190 17,726 1 2 460 8,900 1,200 1,300 N o r t h C a r o l in a 12 13 14 15 16 17 18 A lterations Repairs 285.9 130.1 5.3 218.6 52,914- 1,307 2,010 2,398 $7,325,077 $5,134,769 $1,408,733 $1,452,991 $ 2,146,050 3 .2 - 7 8 i i xu 17 18 23 32.6 Decrease. CONDITION OF EIGHTY-TWO REPORTING MEMBER BANKS FIFTH FEDERAL RESERVE DISTRICT (In Thousands of Dollars) Total United States Securities owned.................. Loans secured by U. S. War Obligations........... » Loans secured by stocks and bonds other than U. S. Securities........... All other loans and investments..................... Reserve balance with Federal Reserve Bank... . . Cash in vaults.................................. Net demand deposits on which reserve is computed...... ........ Time deposits................................. June 4, 1920 May 7, 1920 $ 88,438 27,892 107,041 358,873 38,482 19,141 348,383 103,978 $ 88,443 $ 158,664 June 6, 1919 28 620 43 Q74. 109,992 358 327 J 385,361 35,934 33 217 19,511 17,927 350,727 309,583 105,055 80,174 \ DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING HOUSE BANKS. (In Thousands of Dollars) F o r 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 ........... Norfolk, Va................ ... Raleigh, N. C __ _ Richmond, Va............ Huntington, W . Va....... T o t a l ................................. $ June 2, May 26, June 4, 1920 1920 1919 98,961 $ 102,873 $ 10,100 9,975 8,155 9,584 7,279 8,553 15,278 20,663 3,851 3,500 27,396 23,864 5,220 5,648 74,784 7,176 5,700 6,093 20,537 4,383 23,933 $ 176,240 $ 184,660 $ 142,606 FEDERAL RESERVE BANK OF RICHMOND Statement of Condition as of May 14, 1920. RESOURCES RESERVES Gold Coin and Certificates........................................................................................................ $ 2,342,860 00 Gold Settlement Fund—Federal Reserve Board.................................. ............................. .. 20,843,898 11 Gold with Foreign Agencies...................................................................................................... 5,526,225 38 TOTAL GOLD HELD BY BANK.................................................................. .................. $ Gold with Federal Reserve Agent........................................................................................ Gold Redemption Fund—Federal Reserve Notes..................................................................... 28,712,983 49 37,780,225 00 8,790,172 49 TOTAL GOLD RESERVES.............................................................................................. $ 75,283,380 98 Legal Tender Notes, Silver, etc................................................................................................ 92,047 30 TOTAL RESERVES.................................................................................................. $ 75,375,428 28 UNCOLLECTED ITEMS Currency of other banks and unassorted currency.................................................................. $ 2,125,251 00 Transit Items............................................................................................................................. 54,617,427 21 Checks and other Cash Items................................................................................................. , 29,444 90 Exchanges for Clearing House............ ............................................................................... ...... 4,674,791 98 61,446,915 09 TOTAL UNCOLLECTED ITEMS......... . . .............................................................. EARNING ASSETS Bills Discounted—Secured by Government War Obligations................................................. $ 57,880,749 89 Bills Discounted—All others.................................................................................................... 38,192,861 29 Bills Purchased in Open Market................................................................................ ............. 10,431,569 24 TOTAL BILLS ON HAND............................................................................................... U. S. Government Bonds and Victory Notes................... ..................................................... U. S. Certificates of Indebtedness............................................................................................ $ 106,505,180 42 1,234,600 00 12,260,000 00 119,999,780 42 TOTAL EARNINGS 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............................................................... 93,620 99,378 686,274 451,300 163,690 17,532 65 05 39 00 89 48 TOTAL MISCELLANEOUS ASSETS. 1,511,796 46 TOTAL RESOURCES................... $ 258,333,920 25 LIABILITIES CAPITAL AND PROFITS Capital paid in.............. ..................................................................................................... . $ 4,786,300 00 Surplus..............................................................................................................................................5,820,462 63 Unapportioned Profits............................................................................................................... ....... 1,989,750 85 $ 12,596,513 48 TOTAL CAPITAL AND PROFITS......................................................................... NOTE CIRCULATION Federal Reserve Notes in actual circulation—Our own.......................................................... $ 122,192,520 00 Federal Reserve Bank Notes in actual circulation—Our own................................................. 8,343,866 00 TOTAL NOTES IN ACTUAL CIRCULATION..................................................... DEPOSITS Unites States Treasurer.................................................... ...................... ........................... $ 1,344,497 03 Member Banks Reserve Accounts.......................................................................................... 59,194,375 69 Foreign Governments............................................................................................................. 3,542,408 75 Cashiers’ Checks........................................................ ........................ ..... ......... .. 23,425 38 Deferred Availability—Uncollected Items......................................................... ................... 50,724,903 07 130,536,386 00 TOTAL GROSS DEPOSITS..................................................................................... MISCELLANEOUS LIABILITIES Reserve for Taxes othern than Franchise Tax...................... . ............................................ $ Reserve for depreciation on United States Securities.......................................................... Unearned Discount.................................................................... . ............................. All other Liabilities....................................................................... ........................... 114,829,609 92 15,164 4,580 348,706 2,960 12 00 58 15 371,410 85 TOTAL MISCELLANEOUS LIABILITIES........................................................ TOTAL LIABILITIES....................................................................................................... Memo: Due United States Treasurer by Depositary Banks Contingent Liability on Bills Rediscounted or sold, $ 258,333,920 25 $ 1,675,540 00 25,000,000 00
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