The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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 wThen work slackens, and mills run irregularly, workers appreciate 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 wTriting to the end of the season it is likely that the cotton yield will be 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 16,383,501 873,172,948 $ Not included in totals. 1,914,502 26,083,087 5,112,233 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 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 & 19 20 21 22 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.................... 23 W ashington, 1 2 3 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 .............. . Increase or Per Cent Decrease of In T otal V alu crease or ation Decrease Repairs 1920 1919 1920 372 22 2 836 21 1 855 20 9 34 37 5 42 103 70* 2 5 129 91 96* 2 33 82* 53 83* 4 1919 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 22,125 680,674 546,166 2 7,300 3,300 7 o £ 1919 1920 $ 663,876 $ 4,282 800 1,352,00421,873 1,550 3 4 .1 2 5.1 17.6 1 2 3 ' 800 30,400 120,354 88,538* 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 18 317,355 144,745* 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) 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............................. ......................... August 6, 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
@FedFRASER