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F E D E R A L R ES ER VE 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# % M a r1920, with liabilities of $284,943,
J
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, wT given work shortly after the turn of the year, most of the mills resuming operations on practi­
ere
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# ^.ojdj#ijJ&jiuary»l&21^ than during thQ^alne month of 1920, but the concensus of
*were
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&#*fully &S giteaftin January, 1921, as in January, 1920. It is, of
s
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




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