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F EDE RAL R E S E R V E BANK OF RICHMOND
C A L D W E L L HARDY, F E D E R A L R E S E R V E A G E N T

General Business and Agricultural Conditions in the Fifth Federal Reserve
District for the Month of July, 1920
[Compiled August 16, 1920]
The outstanding feature of a large majority of the reports reaching us this month is a feeling of optimism
and confidence in the basic soundness of general conditions. It is hard to lay a finger on definite development?
which justify this confidence, and numerous complaints still appear almost daily in the press, but the fact
stands out clearly that both merchants and manufacturers have almost entirely lost the tendency, so much in
evidence a few weeks ago, to predict a general crash. The merchants have caught their breath after their scare
in April, which stampeded them into the price cutting movement during May, and are calmly making plans
to do business on smaller margins than has been the fashion in recent years. Manufacturers are receiving in­
sufficient orders to keep them running steadily, in many cases, but they are viewing the situation without
panic, and appear to feel confident that the merchants will return to the markets a bit later in the year. Perhaps
at bottom the real cause of the wide feeling of optimism rests on the increase in wages recently granted the
railway workers, and the increase in freight charges allowed the roads by the Interstate Commerce Commission.
It may sound paradoxical to say that these additions to the cost of living have been generally welcomed, but
the public believes that the increased wages may lessen the danger of strikes and tie-ups, and that the increased
freight rates may enable the roads to provide seriously needed rolling stock, new trackage, terminals, etc. It
is felt that if strikes, and resulting embargoes, can be stopped and new equipment provided, the higher efficiency
of the country’s railway system will do enough to reduce the cost of living more than sufficiently to cover the
advances in wages and rates the public will be called upon to pay. It remains to be seen whether the railway
workers will be satisfied with the new scales, however.
COLLECTIONS.—Collections as reported to us are holding up fairly well, there being little complaint of
actual loss from either retailers or manufacturers. Some merchants are meeting their obligations slowly, due
to a decrease in retail sales, but the public are meeting their bills promptly, according to a number of reports
sent in by large retail establishments from all sections of the District. Dun’s Review gives 39 failures in
July, 1920, in the Fifth District, with liabilities of SI,995,634, as compared with 17 failures during July last
year, with liabilities of $316,282. On a falling or hesitating market, failures are certain to increase sharply, and
the figures for July are not alarming. A greater number of failures was reported in both February and May of
this year, though the liabilities were not quite as high in either month as in July. On the whole it would seem
that collections are holding up better than might have been expected from the outlook two or three months ago.
BANKING OPERATIONS.—Reports from fourteen cities in the Fifth District indicate a total of $873,172,948 in bank clearings for July, 1920, an increase of 6.7% over the corresponding month last year. This is a
lower percentage gain than any previous month this year, but July is usually a rather dull month in the District.
Debits to individual accounts, perhaps a better sign of business activity than bank clearings, show gratifying
totals during recent weeks, the totals reported from eight cities being $197,391,000 for the week ending August 4,
1920; $189,733,000 for the week ending July 7, 1920; and $189,049,000 for the week ending August 6, 1919.
Condition reports received from 82 member banks show an increase in outstanding loans and investments
amounting to $7,31.1,000 in five weeks, totals for week ending August 6th being $490,261,000 as against
$482,950,000 for the week ending July 2, 1920. This would certainly seem to prove that no sudden and dis­
astrous calling of loans is being done by member banks, as is sometimes charged. During the five weeks,
deposits increased $15,087,000 in the same 82 banks. Banks are meeting all actual needs, and there is little




evidence of serious credit strain except in speculative fields or in cases in which corporations have attempted
to expand too rapidly. Railway conditions have not improved sufficiently to release very much frozen credit
now tied up in raw materials and finished goods for which transportation cannot be secured.
LABOR.—Reports indicate that as a rule the labor situation is slowly but surely clearing up. The increase
granted the railway workers during July has certainly postponed—and perhaps has entirely removed—danger
of further serious rail tie-ups, and may have a definite effect on transportation by increasing the efficiency of
operation of the roads. Building contractors report that carpenters, masons, unskilled laborers, etc., are
suffering slightly from unemployment, which in turn is having a good effect in bringing about a more earnest
effort to hold jobs by giving a fair day’s work for the wages received. A considerable number of plants of
various kinds have cut down their working forces, or have shut down temporarily and workmen are finding
that it is not so easy to jump from job to job as it has been. When there is more work than workers, workers
slacken their pace and grow careless, but when work slackens, and mills run irregularly, workers appreciate
T
their jobs, and quicken their efforts to “ make good,” thus increasing individual production and cutting down
over-head costs of operation. Wages have not decreased appreciably as yet, nor are they likely to go lower
unless much more unemployment develops, but increased efficiency and regular work on the part of the workers
is more important to the manufacturer than lower wages, and is less unsettling in its psychological effect.
Occasional reports speak of labor shortage in scattering industries, and there has been no back-to-the-farm
movement, but on the whole there is sufficient labor to supply present demands.
CROPS .—Due to the extreme backwardness of the crops as a consequence of the late spring, it is difficult
to say with much assurance what the year’s output will be in growing fields, but indications point to satisfactory
yields in practically all lines. Government reports predict a cotton crop of between twelve and thirteen million
bales, but much depends upon the weather conditions the balance of the season. The lateness of the crop has
delayed the usual fruitage, and also gives the weevil a better opportunity to work serious havoc than he usually
has, and much wet weather over a considerable section of the cotton belt has been favorable to weevil develop­
ment. The crop looks well now, and with favorable weather will meet expectations, but unless conditions are
practically ideal from the present writing to the end of the season it is likely that the cotton yield will be
T
disappointing. Realization of the Government predictions, with last year’s carry-over added, would probably
bring about a decline in prices for cotton, this decline being already foreshadowed by a weakening in both spots
and futures during the past six weeks.
Other crops are perhaps more than meeting expectations, with the exception of tobacco, which is discussed
elsewhere in this report. The early apple crop in Virginia has turned out well, and truckers are gathering full
yields. Hay is abundant for curing, and pastures are in excellent condition. Corn is developing steadily and
a good crop is indicated.
FOODS.—Wholesale grocers report good business for immediate consumption, but little speculative
buying. Occasional price reductions in staple foods during the past three or four weeks hold out hope of
gradual recession in prices. The flour market has weakened distinctly since our June report was written,
12-pound bags which then sold for $1.05 being quoted on August 15th at 89c, with other grades off in proportion.
Sugar which retailed at 27c in June can be purchased in the same stores today at 22c, and in unlimited amounts
as compared with the one and two pound restrictions recently in vogue. Market reports indicate that sugar
speculators have over-staved the market, and are now trying to unload.
Garden produce, expecially potatoes, is lower in cost than a month ago. Meats have not weakened, but
the thriving condition of Western herds and good prospects for hay and corn crops would seem to point to some
recession during the coming months. The increase in freight rates recently granted the railroads by the Inter­
state Commerce Commission will of course add something to the costs of all foods, but if these increased rates
bring about improvements in transportation facilities, the release of tied-up crops will probably more than
off-set the increased rate for transportation, unless the profiteer uses the new rates as an excuse to hold up the
public.
TOBACCO.—The South Carolina tobacco market opened in July, and for the first few days good prices
were realized. Later, however, the bids weakened materially, and complaint has been general, but some
reports indicate that when the grade of tobacco being sold is taken into consideration the price is better than




last year’s, though still under the record price of 1918. Continued rain during the gathering and curing season
has lowered the general average of tobacco being marketed, and has caused big losses to the farmers. Reports
indicate that the largest companies are not buying freely, most of the takings being by independents, who are
apparently having trouble in financing their operations. On the whole, it would appear that South Carolina’s
crop will sell at a better price than was realized last year, grade for grade, but the average grade promises to
be lower than last year’s, perhaps about off-setting the slightly higher prices being paid. The ultimate return
to the growers is now largely dependent on the weather conditions during the next three or four weeks. The
North Carolina market is set to open September 1st, and the Virginia markets somewhat later, and the yield
gathered, the average grade sold, and consequently the ultimate money returns secured, depends upon weather
conditions in the immediate future.
Manufacturers of tobacco report steady business, with no striking developments during the past month.
COAL.—The coal situation is still chaotic, and the real situation is hard to discover. July witnessed con­
siderable labor troubles at the mines of Illinois, and to a less degree in West Virginia. Many localities claim
to be operating their industries from hand to mouth, and coal has been consigned to special sections, notably
New England, by the Interstate Commerce Commission. Everywhere there is talk of shortage, and several
important and essential industries have been crippled by taking all available open top cars for fuel movement.
On the other hand, figures published in the New York Times and credited to the U. S. Geological Survey,
indicate that the actual shortage exists mostly in the minds of the public, and is due to unequal distribution
rather than to non-production of coal. These figures state that during the first six months of 1920 the mines
produced 254,987,000 tons, against 213,537,000 tons in 1919 and 281,739,000 tons in 1918. A report given out
at Washington stated that during the week ending July 17th, bituminous coal production was 10,969,000 tons,
a larger amount than during any week since the switchmen’s strikes in March. Operators state that improving
railway conditions will improve the coal situation, and allow a considerable increase in tonnage mined and
shipped, but whether or not there will be a sufficient supply for all demands next winter appears to depend upon
rather uncertain factors, such as an absence of friction between miners and operators, continued improvement
in traffic conditions, and a late and mild winter season. Coal is bringing record prices at retail, and the charge
is frequently made that exhorbitant profits by speculators are being taken.
TEXTILES.—The textile business is quiet, and few orders are being placed with manufacturers. Mills
are running on back orders, of which most manufacturers have sufficient to keep them running for a month or
two, and our correspondents are inclined to believe that before these orders have all been filled the jobbers will
be on the market again. Opinion is divided as to whether or not further declines in textiles will come in the
near future, but all agree that the public is determined not to stand any increase. Cancellations are worrying
some mills, but on the whole the number of firms withdrawing previously placed orders is not large. The
mills grant that prices in many cases have been too high, but declines in the past few weeks have largely wiped
out this excess profit, and manufacturers are preparing to operate on a narrower margin than they have done
during the past four or five years.
CLOTHING AND SHOES.—Clothing manufacturers report dull business, with a decided reluctance on
the part of the retailer to enter into future contracts in the face of public demand for lower prices. Some
manufacturers are curtailing production, and reports from outside the District indicate complete shut-down
by several large firms. It is thought that the manufacturers will have plenty of business later in the year, but
it would seem that the customer’s demands have changed, and that the most popular type of clothing will be
suits selling at moderate prices. Reports from New England indicate that the wool market has practically
ceased to exist, which shows clearly the general dullness of the clothing industry.
Shoes are moving from manufacturer to retailer slowly, and because of some slight recessions during
recent weeks, buyers are holding off as long as possible, in the hope of securing further reductions, a hope for
which there does not appear to be much ground. Leather has weakened, but the shoe manufacturing process
is a long one, and orders are placed months ahead, making it unlikely that reductions in raw material prices
will reach the ultimate consumer until months have elapsed after the reductions occur.
PAPER.—Reports from paper manufacturers agree so closely that almost any individual letter would
serve adequately as a summary of them all. It appears that there is a tremendous demand for all kinds of
paper products, and practically all mills are sold out ahead for the rest of this year. Prices are high, and raw
materials bring the highest figures in the history of the industry, with some of them exceedingly hard to secure




at any price. Wholesale paper dealers report a hand-to-mouth situation, with domestic demands for all the
paper that can be manufactured in the country. Some paper is being exported, however. Mills and jobbers
appear to be in a liquid condition as far as finances are concerned, as most of them have liquidated their stocks
of goods on hand. Collections are good in the trade.
HOUSING.—Building permits issued in July totaled 1,067 for new construction, and 1,756 for alterations
and repairs, with total estimated valuation of $7,247,588, a decrease of 29.9% under July, 1919, reports having
been received from twenty-three cities in the District. In actual valuation the figures for July, 1920, showed
an increase of 1.2% over total valuation of permits issued during June, but in actual number of permits issued
July fell 14.1% behind June, showing that a higher percentage of the July work represented business building
instead of the much needed residence construction. The amount of building now under way does not begin to
fill the needs of the District, but it is not likely that there will be any material increase in construction work
until embargoes are lifted, and open top cars are released for hauling building materials. A number of large
construction jobs are reported in contemplation, but until transportation improves it is not likely that many
of these projects will actually be started. Residence construction is lagging more than business work, in spite
of the undiminished demand for homes.
BUILDING MATERIALS.—Practically every article used in building is hard to secure, not because there
is any shortage but because railway equipment cannot be gotten to move it. All open top cars having sides
over 30 inches high have been ordered into the coal carrying trade, and consequently it is practically impossible
to secure gravel, sand, brick, steel, etc., for construction work. This has crippled not only the building trades,
but the manufacturers of these articles of commerce, and has added to the credit strain by tying up large sums
in materials which cannot be marketed and collected for. North Carolina lumbermen report yards covered
with lumber, for which there is insufficient market because of embargoes to Northern and Eastern cities. Some
of the mills have shipped lumber into New England by way of Albany, N. Y., hundreds of miles out of the
direct route, rather than not make deliveries on previous orders. Highway construction is at a stand-still all
over the District, and numerous large building projects are lying dormant until materials can be secured to
make it reasonably safe to proceed with construction. Lumber prices are weaker than two months ago, but
the weakness is chiefly due to the inability to make deliveries, and has not encouraged new building. Cement
and lime are scarce and hard to secure.
MISCELLANEOUS.—The bagging and tie business is good, crop prospects encouraging dealers to stock
up. Raw materials in this business are reported as considerably weaker than six months ago. The live stock
industry is prosperous, and stockmen are selling horses and mules freely in the tobacco belt of South Carolina,
the first section to realize funds from its crops. The trunk and bag industry is somewhat handicapped by
embargoes to Northern and Eastern points, and finds the market dull for their products, purchasers apparently
being of the opinion that prices are too high. Leather, lumber and cotton materials used in the trade are
cheaper, but other raw materials have advanced. There is a tendency toward lower prices in the leather
belting trade. Buggy manufacturers report that trade is quiet, and one large factory says it has no orders for
immediate shipment. A large cotton mill supply house reports inability to secure sufficient goods to fill cus­
tomers' orders, and states that collections are good. Reports indicate that the automobile industry has
slumped within the past two or three months, the reason being laid to the tight money market. Furniture
factories are active, with plenty of orders at fairly firm prices, and lumber used by them off perhaps 15 to 20%.
RETAIL TRADE.—Reports of sales made and stock inventories received from nineteen important retail
establishments show that there was an increase of 15.7% in value of sales in July, 1920, over July, 1919, and
an increase of 44.6% in stock inventories during the same period. This year’s sales in July fell off 27.3% from
the figures of June, 1920, but July’s stock showed an increase of 1.6% over the June figure. The percentage
of stock on hand at the close of July to total sales during the month was 505.9, a higher figure than any previous
month this year, the increase being due to the sharp drop in sales without a corresponding decrease in stocks
carried. We mention the fact that beginning this month retail trade averages now published are made up
from reports sent in by stores in ten cities, located in all five States of the District, thus enabling us to present
a more representative picture of conditions as a whole than was previously possible, when reports were received
from only three cities. A table of details appears elsewhere in this bulletin.




CROP MOVEMENT
The Federal Reserve Bank of Richmond fully realizes the importance of rendering the fullest
possible measure of assistance within the limit of its resources to member banks for the pupose of
properly marketing all crops grown in the District, and is using (and endeavoring to conserve) its resources
for such purposes. On the other hand, it is the duty of every member bank in the District to co-operate fully
in this conservation and use of the volume of available credit, and to see that no undue strain in one direction
shall be allowed to create an embarrassing shortage of credit in some other direction. A demand from one
bank for a volume of credit out of all proportion to the contribution of that bank to the credit resources of the
District would inevitably result in some other bank having to be content with less than its share.
There is always a seasonal discussion about whether crops are going to be successfully planted, followed by
a further discussion as to whether they can be moved or not, but all such discussions are proven by experience
to be academic, because the crops are always planted, always gathered and always marketed, even if attended
by some difficulties or restrictions. We have not only made the largest possible advances to our member banks
out of our own resources, to assist them in financing agriculture and commerce, but we have borrowed $25,000,000 from other Federal Reserve Banks to increase the volume of credits extended them.
It is possible, as well as proper, for a Federal Reserve Bank to make the necessary advances for crop
moving purposes, while it would be neither proper nor possible for it to furnish all the funds that might be
necessary to withhold crops from the market, in order to force prices higher than might be considered natural.
That is to say, higher than the prices which would obtain if the crops were marketed in a normal and natural
manner and neither unduly held nor precipitantly sold. It is a specific requirement of the Federal Reserve Act
that in making loans or advances to any particular member bank, for whatever purpose, a Federal Reserve
Bank must take into consideration the needs and requirements of all other member banks. The volume of
credits extended to individual banks must therefore be governed by the law and the circumstances in each case.
We have always felt that farmers, in the long run, would best serve their own interests by marketing with
reasonable promptness sufficient of their crops to liquidate the agricultural advances obtained for raising them.
Such a policy of liquidation would enable the banks to furnish new credits for crop moving, until the products
can be distributed to consumers and ultimate liquidation be secured. The early and gradual liquidation of
the large volume of credits already extended by us to member banks and through them to farmers will therefore
place the banks in a position to furnish new credits for moving the crops to market.
If the farmers, instead of carrying home cash from proceeds of sale, will deposit such proceeds in their
banks and draw checks for necessary disbursements, it will materially increase the resources of the banks,
facilitate the movement of the crops, and thereby promote the best interests of the farmers themselves.




MONTHLY CLEARINGS
'

T or M

o n t h of

Ju l y .

1920
Asheville, N. C ..........
1
Baltimore, Md.
2
Charleston, S. C . .
3
Charlotte, N. C . ...
4
Columbia, S. C ........
5
6
Frederick, M d.............
7 ■ Greensboro, N. C . ...=.
Greenville, S. C _
_
8
Hagerstown, M d . .. .
9
Huntington, W. V a......
10
Lynchburg, V a........
11
12
Newport News, Va.
13
Norfolk, V a................
14
Raleigh, N. C........
15
Richmond, V a..........
Spartanburg, S. C . .,
16
Washington, D. C. . .
17
18
Wilmington, N. C..
T otal

.*

Percent of
Increase or No.
Decrease

Increase or
Decrease

CITIES

No.

$

S

. .

1919

6,784,480 $
431,588,887
21,495,734
13,802,856*
12,367,764
2,625,490
6,744,129
9,656,285
3,573,843
8,227,079*
6,887,558*
5,040,028
47,392,336
5,877,807
239,321,358
4,845,239*
75,616,642
5,088,165

4,869,978 $
405,505,800
16,383,501

Not included in totals.

39.3
6.4
31.2

10,821,242
2,589,894
4,680,023
9,632,763
2,923,432

1,546 522
35,596
2,064,106
23,522
650,411

14.3
1.3
44.1
.2
22.2

6,423,630
53,700,223
4,668,879
223,857,127

1,383,6026,307,8871,208,928
15,464,231

21.511.725.9
6.9

68,579,000
3,577,156

873,172,948 $

1,914,502
26,083,087
5,112,233

7,037,642
1,511,009

10.3
42.2

54,960,300

6.7

818,212,648 $

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

Decrease.

FIGURES ON RETAIL TRADE
As Indicated by Reports from Several Representative Department Stores in Each
City for the Month of July, 1920.
( C o m p il e d

b t the

F ederal R eserve B a n k

op

R

ic h m o n d )

Baltimore

Richmond

Washington

Other Cities

District

Percentage increase in net sales during July over
net sales during same period last year...................

26.1

23.5

5.8

13.4

15.7

Percentage increase of stocks at close of July, 1920,
over stocks at close of same month last year.......

60.4

32.4

33.9

46.8

44.6

Percentage increase of stocks at close of July, 1920,
over stocks at close of June, 1920............................

10.4

Percentage of average stocks during July, 1920, to
average monthly net sales during same period .

534.3

Percentage of outstanding orders at close of July to
total purchases during calendar year 1919...........

15

Denotes decrease.




.9407.6

2.1491.5

.6-

2.5

553.6

505.9

21.5

16.1

BUILDING OPERATIONS FOR THE MONTHS OF JULY, 1919 AND 1920
P ermits I ssued
A lterations

N e w C onstruction
New

C IT IE S
o
&

1920

19
20
21
22
23

W ashington,

4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

D

is t r ic t o f C o l u m b ia

T o ta ls .............. .

1919

1920

372
22
2

836
21
1

855
20

9
34
37

5
129
91
96*
2

33
82*

53
83*

1919

5
42
103
70*

2

M ar ylan d
B a ltim ore............
C um berland ............
Frederick
............
V ir g in ia
L yn ch bu rg.......... „. . .
N o rfo lk .....................
R ich m on d ................
Roanoke
.
Staunton
..
W e s t V ir g in ia
C harleston.......................
H untington
..
P arkersburg....................
N orth C arolina
A sh ev ille.................
C h a rlotte.............. . =..
D u rh a m .........
Gr eens boro. . . . . . . . .
H igh P oint
«...
W ilm in g to n ........
W in sto n -S a le m ..............
So uth C arolina
C harleston ..........
C o lu m b ia ___ _
G reen ville................
Spartanburg....................

1
2
3

Increase or Per Cent
Decrease
of In ­
T otal V alu ­ crease or
ation
Decrease

Repairs

4

1919

1920

i
1,014 $1,927,300 ,13,301,428 $ 686,000
5,488
83,033
103,700
11
2
10,350
8,000
8
15
93

47,685
189,405
547,398
7,300

1,352,00421,873
1,550

3 4 .1 2 5.1
17.6

1
2
3

8,450
40,449
153,146
182,295*
300

17,910
501^31831,5609 3,7573,700

5 8 .6
6 9 .5 4 .7 5 1 .4 102.8

4
5
6
7
8

4,200

11,850

30,000

10,000

87,842
143,8154 0,000-

3 7 .6
4 9 .8 3 0 .8 -

9
10
11
12
13
14
15
16
17
18

3,300

7

$ 663,876 $
4,282
800

' 800
30,400
120,354
88,538*

22,125
680,674
546,166

2

o
£

1919

1920

317,355
144,745*
60,000

221,863
288,560*
120,000
22,443
51,997
29,260
68,495
451,860*
18,500
126,228

17,092
9,300
5,100
14,400

33,446
7,175
6,425
10,150

18,500
29,115

4,000
36,869

143,968
2 57 .6
109,278
184.7
13,915
3 8 .7
2,630
3 .3
8 3 .2 415,86079,000
351*1
3 9,1 0 724 -

17
12
6
19

19
6
3
6

53
10
7
6

6
37

5
56

2
38

182,765
159,150
44,500
66,875
36,000*
83,000
94,875

198
10
7
18

31
25
19
32

18
55
23
5

12
69
37
20

853,765
62,650
41,175
75,850

237,975
123,500
165,000
285,165

74,167
16,145
59,250
1,700

9,575
25,300
38,700
8,710

680,378
7 0,005103,275216,325-

274 .8
47 5 0 .7 7 3 .6 -

19
20
21
22

89

266

461

443

654,790

1,910,835

326,410

316,370

1,246,005-

5 5 .9 -

23

11,067

1,787

1,756

1,849

$5,710,633 $8,766,407 $1,536,955

1,572,168

3,090,987-

2 9 .9 -

60
22
6
11
22*
8
23

.I

*Includes both new and repairs.

-

$

Decrease

CONDITION OF EIGHTY-TWO REPORTING MEMBER BANKS
FIFTH FEDERAL RESERVE DISTRICT
(In Thousands of Dollars)
August 6,
Total United States Securites owned.......................... ....... „
Loans secured by U. S. War Obligations......................................
Loans secured by stock 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............................. .........................

July 2,

August 8,

1920

1920

1919

.... $
.........
................
....
...
.....
.........................

81,428 $ 82,906 $ 144,854
27,786
26,892
42,392
107,318
104,714\
y tn o COO
4UJ, OJo
355,157
351,344/
37,712
35,731
36,008
16,505
18,832
16,594
343,554
336,088
340,133
112,770
105,149
90,372

DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING HOUSE BANKS
(In Thousands of Dollars)
F or

th e

W

eeks

E n d in g

UlllJbjb
August 4,
1920
Baltimore, M d . .. .
Charleston, S. C ..
Charlotte, N. C . ..
Columbia, S. C ........
Huntington, W. V a........
Norfolk, Va......
Raleigh, N. C ......
Richmond, V a...............




July 7,
1920

August 6,
1919

.. . $ 119,433 $ 108,543 $ 117,784
....
8,975
9,875
5,750
7,275
.. .
7,340
6,400
5,258
5,742
....
5,567
6,014
.. .
5,175
22,606
19,797
20,655
3,441
....
3,900
3,490
24,389
29,361
...............
29,403
$ 197,391 $ 189,733 $ 189,049

FEDERAL RESERVE BANK OF RICHMOND
Statement of Condition as of July 16, 1920.
RESOURCES
RESERVES
Gold Coin and Certificates....................................
Gold Settlement Fund—Federal Reserve Board.
Gold with Foreign Agencies...............

$

TOTAL GOLD HELD BY B A N K ..
____
Gold with Federal Reserve Agent...........................
Gold Redemption Fund—Federal Reserve Notes.

$ 23,346,431.20
41,106,950.00
7,005,747.49

TOTAL GOLD RESERVES.
Legal Tender Notes, Silver, e t c ...

$ 71,459,128.69
137,726.10

TOTAL RESERVES.................................................................................
UNCOLLECTED ITEMS
----Currency of other banks and unassorted Currency— ..
Transit Items...................................................................
Checks and other Cash Items— ................................... .. = ,............
Exchange for Clearing H ouse.. . ..... .................................................
TOTAL UNCOLLECTED ITEM S....................................................
EARNING ASSETS
Bills Discounted—Secured by Government War Obligations........................
Bills Discounted—All others— .................................. . . .
...................
Bills Purchased in Open Market................................................. .........................

2,425,655,00
15,455,800.82
5,464,975.38

$71,596,854.79
2,587,629.00
56,355,770.72
184,464.46
4.216,771.97
3,344,636.15
40,225,801.22
58,734,239.08
5,300,658.76
104,260,699.06
1,233,300.00
14,260,000.00

TOTAL BILLS ON H A N D ...
U. S. Government Bonds...............
U. S. Certificates of Indebtedness.
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....................................................................................................

$119,753,999.06
12,181.73
44,834.93
1,040,241.02
451,300.00
770,792.96
11,921.30
$ 2,331,271.94

TOTAL MISCELLANEOUS ASSETS.

$257,026,761.94

TOTAL RESOURCES....................
LIABILITIES
CAPITAL AND PROFITS
Capital paid in.
Surplus
Unapportioned Profits...............................................................................
TOTAL CAPITAL AND PROFITS....................................................
NOTE CIRCULATION
Federal Reserve Notes in actual circulation—Our own............
......
Federal Reserve Bank Notes in actual circulation—Our own —
TOTAL NOTES IN ACTUAL CIRCULATION...................
DEPOSITS
U. S. Treasurer.. ........................... ................................... .........................
Member Banks Reserve Accounts...............................................................
Foreign Government Credits...................................... .
........... .........
Foreign Banks............................................... .......................
........ ..............
Cashier’s Checks...............................................................................................
Deferred Availability—Uncollected Funds..................
..................

4,873,200.00
8,067,365.25
485,612.16
$ 13,426,177.41
125;066,270.00
10,139,966.00
$135,206,236.00
837,178.60
57,454,496.01
1,123,636.15
196^000.00
112,344.75
48,165,692.95

TOTAL GROSS DEPOSITS.
MISCELLANEOUS LIABILITIES
Reserve for Taxes other than Franchise Tax.
Reserve for Depreciation on U. S. Securities.
Unearned Discount............................................
All other Liabilities...........................................
TOTAL MISCELLANEOUS LIABILITIES.
TOTAL LIAB ILITIES..................................................................
MEMO:
Due United States Treasurer by Depositary Banks................................
Contingent Liability on Bills Rediscounted or Sold.......... .....................
Contingent Liability on Bills Purchased for Foreign Correspondents.




$107,889,348.46
21,216.83
4,580:00
475,336.50
3,866.74
$

505,000.07

$257,026,761.94
$

1,902,619.00
25,000,000.00
784,000.00