View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

F E D E R A L R E S E R V E BANK O F RICHMOND
C A L D W E L L H A R D Y , FEDERAL RESERVE AGENT

General Business and Agricultural Conditions in the Fifth Federal Reserve
District for the Month of October, 1920
(Compiled November 15, 1920)
October saw no pronounced developments in the District’s business, but was rather marked by a generally
hesitant attitude, and a continuation of several developments already begun. The efforts made by merchants,
wholesalers, and manufacturers to reduce stocks previously bought at a higher market continued; the tendency
toward the formation of a crop-holding movement in the cotton and tobacco territories developed; construction
work failed to respond to reductions in costs of building materials; and many manufacturing plants were closed
part of the month or ran on part time in the absence of new orders. Some tendency toward lower wages in cer­
tain lines of work appeared, notably in textile mills and unskilled labor on public works. Improvement con­
tinued in transportation, and the average miles-per-day movement of freight cars increased and approached
pre-war standards. Prices for farm products declined further, and money was steadily in demand at firm rates.
A dead-lock between retailers and consumers appears to have developed, the former trying to reduce stocks
bought at high prices with as little loss as possible, and the latter determined to purchase necessities only until
further reductions are made. The weather in October favored the consumers, who because of the high tem­
perature felt no necessity for making purchases of fall and winter clothing, shoes, and house furnishings. We
received letters or detailed reports on conditions during October from sixty-four firms and banks, together with
thirty-eight reports from wholesalers and twenty-five reports from department stores, these sending us actual
figures on sales, stock inventories, outstanding orders, collections, etc., and definite opinions on the tendency to
purchase luxuries or necessities, the price trend, and experiences with transportation.
Collections.— We give below comparative figures for failures in the Fifth District, as reported by Dun’s
Review, for October, 1920, October, 1919, and September, 1920:
Month.

Number Failures.

October, 1920............................. ...........
October, 1919................................... , ,
September, 1920......... ....................................

............
.................
..... .............................................. .
........................................................ ...................

Liabilities.
58
21
54

$1,644,702
119,567
1,646,417

It will be noted that October, 1920, saw only 4 more failures than occurred in September, and liabilities during
October were actually $1,715 less than during September, though both months of this year were far more dis­
astrous to weak firms than October, 1919.
Confidential reports received for October from thirty-eight wholesale firms indicate that collections are on
the whole not bad, and are as satisfactory as they were at the end of September. We give below a classification
of the replies sent us by the wholesale firms, together with totals received from forty-one firms for September,
which we reprint for comparison:
Good.

Lines Sold.
Groceries.............................
............
Dry Goods............ ...
Boots and Shoes............
....
Hardware................................:
Furniture..........................
October Total Reports..........
September Total Reports.......




............

.

........................
.

5
2
2
3
2
14
11

Fair.
2
3
2
2 .
1
10
15

Slow.

Poor.

2
2
3
1
1

1
0
1
3
0

9
12

5
3

Twenty-two large retail stores, chiefly city department stores, reported to us for October on collections,
and of these fifteen stated that collections are good, normal, or satisfactory, while seven wrote that they are
fair only. On the other hand, banks and merchants located in the rural sections, or in sections where most
of the custom comes from farmer trade, report collections slow and unsatisfactory, and practically all of the re­
porting banks and firms state definitely that the reason for this slowness is the crop-holding movement that has
gained considerable headway in the cotton and tobacco sections. A careful analysis of all information at hand
would seem to show that the large city stores, whose trade comes chiefly from wage earners and salaried people,
are finding no serious trouble in making collections, while merchants in the smaller cities, whose trade is largely
rural, are considerably embarrassed by the crop-holding movements that have arisen as a result of the farmer’s
disappointment with prices offered him for his crops. Among the firms reporting collections at least fair are
city department stores, as mentioned above, tobacco manufacturers, building supply houses, machinists and
founders, cotton mills, and a large city credit agency, while collections are reported as slow or bad by fertilizer
dealers, small town merchants, wagon and buggy manufacturers, packing companies, and banks dealing directly
with agricultural sections.
Banking Operations.— Bank clearings during October reported by twelve clearing houses for which figures
are available for the corresponding month last year total $849,045,925 for this year compared with $972,169,669
for October, 1919, a decrease this year of $123,123,744, or 12.7% of last year's figure. This is the greatest per­
centage decrease shown for any month this year in comparison with the corresponding month last year.
Condition reports received weekly from eighty-one member banks in the chief cities of the District show
total outstanding loans and investments amounting to $490,875,000 on November 5, 1920, compared with
$499,515,000 four weeks ago, on October 8,1920, and $485,064,000 one year ago, November 7, 1919. Combined
demand and time deposits in the same eighty-one institutions were $448,645,000 on November 5, 1920, $450,822,000 on October 8, 1920, and $468,894,000 on November 7, 1919. One year ago time deposits composed
20.57% of demand and time deposits combined, while on November 5,1920, time deposits made up 24.23% of
the total.
Debits to individual accounts reported weekly by nine clearing house cities total $227,126,000 for the week
ending November 3,1920, compared with $242,266,000 for the week ending November 5, 1919, only seven of the
nine cities reporting last year, however. The average debits to individual accounts reported by seven principal
cities show an average of $188,075,070 each week this year down to July 1, compared with an average of $146,362,960 each week for the corresponding twenty-seven weeks of 1919, an increase this year of 28.5%, but for
the eighteen weeks since July 1 debits have fallen to an average of $178,063,830 each week compared with an
average during the same week of 1919 of $177,056,000, an increase this year of only .6%. These figures show
clearly that down to July business activity was considerably greater than during the first half of 1919, but since
July general business has failed to increase as it did in the fall of 1919, and has not even held the average at­
tained during the first half of this year. In other words, during 1919 debits steadily rose throughout the year,
and this rise continued during the first half of 1920, but from July 1 through November 3 the trend was down­
ward, and for the last four weeks for which figures are available the 1920 figures are below those for the corre­
sponding weeks in 1919.
We print elsewhere in this report three tables, one showing clearings in seventeen cities, with figures for
the same month last year where these were available; one showing debits to individual accounts in nine clearing
house centers; and the third showing the principal items of condition reported by eighty-one member banks
located in thirteen cities in the Fifth District.
Labor.— Skilled labor is still somewhat scarce in a few scattered industries, but on the whole there is suffi­
cient labor available to meet all pressing demands except in agriculture, in which cotton pickers and corn huskers have been scarce and hard to secure even at high wages. A considerable number of cotton mills in the
Carolinas have reduced wages paid operatives around 15% and three or four cities have cut wages paid day
laborers in city employ, but thus far there has been no wide-spread reductions in wages and salaries. It is clear,
however, that labor is not making as much money as previously, due to shut-downs and part time running in
a number of industries.




Crops.— October weather was practically ideal for crop gathering, and the bumper crops predicted by
government agencies materialized. Frost held off until the cotton and corn crops were safely made. The aver­
age of all crops per acre in Virginia, duly weighted, is 9.2% greater this year that the ten year average. Esti­
mates of Virginia’s tobacco crop for this year indicate a yield of 730 pounds per acre, against an average
yield of 570 pounds last year and 707 pounds as the ten year average. The total production is now estimated
at 179,653,000 pounds, compared with 131,100,000 pounds in 1919 and 165,500,000 in 1918. The average
yield of white potatoes for Virginia is estimated at 108 bushels per acre, compared with 95 bushels last year, and
93 bushels the ten year average. The sweet potato yield per acre is less this year than last, however, but higher
than the ten year average. The apple crop is reported at 15,210,000 bushels this year, compared with 9,950,000
bushels last year and 10,668,000 bushels in 1918.
Prices of farm products have been much less satisfactory to the growers this year than last, and cotton has
declined to an average of 17c for middling on the markets of North and South Carolina. Tobacco prices have
improved, however, as better grades came on the market with the advance of the season and according to
figures published by the State Department of Agriculture the average price per pound realized for the South
Carolina crop was higher this year than in 1919. This is not the case in North Carolina and Virginia, how­
ever, where the average prices realized in 1919 were considerably higher than the prices paid in South Carolina
in that year.
Some preparation of land for next year’s crops has been made, but October was a dry month, and the soil
became too hard to permit of the usual amount of plowing. This condition somewhat delayed the planting
of winter grains.
Foods.— The price situation in foods has changed little since our September report was written, but the
few variations noticed have been in the main downward. Sugar and flour have both fallen during the past
month, and consumers have shared to some extent in the lowered prices, though not to the extent that wholesale
prices would indicate. Flour has been quoted at central markets at less than $10 a barrel for family patents,
and at least one store in Richmond sold sugar at retail for eleven and a half cents the latter part of October.
Wholesale grocers report dull business, with customers buying only for immediate needs. Retail grocers tell
us that consumers are waiting for further declines in prices, and are determined to buy necessities only until
the declines materialize, or until the consumers become certain that no further declines are coming.
Tobacco.— The farmers have been dissatisfied with the tobacco markets, and a number of meetings have
been held looking toward the formation of growers’ organizations to exert some control over prices, and also
over acreage for 1921. Manufacturers of tobacco report a slowing of demand from both domestic and foreign
buyers, domestic buyers hesitating to buy for future delivery until prices become more firmly fixed, and foreign
buyers being handicapped by unfavorable exchange rates. Supplies used in the manufacture of tobacco are
more easily obtained than previously, and freight and express service has improved enough to greatly simplify
the problems of delivery of goods.
Coal.— The coal situation is improving steadily, and government reports on production indicate results
approximately equal to the record year 1917. However, this splendid production began late in the summer,
and dealers were unable during the summer months to make the usual early deliveries to consumers or to store
up supplies for winter, thus bringing about a hand-to-mouth situation at present that is disquieting. There
appears to be plenty of coal available for homes, but public utilities are operating on narrow margins, occa­
sionally with only enough supply ahead to last a few days. Prices at retail in the Fifth District are firm at the
advanced prices set some time ago, when higher freight rates went into effect. We repeat our former state­
ment that it would appear that the general supply of coal available during the coming winter will depend upon
the weather, and the ability of the transportation system of the country to function steadily.
Textiles.— We quote the following from an official of a large textile plant, the thoughts conveyed being
typical of all statements sent us this month by cotton and woolen mills:
Replying to your letter of the 1st, will say that business in our particular line is at a standstill. Jobbers and retailers
are buying practically nothing. Lower prices do not seem to attract them. From the information we can get, all the
textile mills in this section are confronted with about the same conditions, and being unable to market their product, are
curtailing production. Quite a number of mills have reduced wages fifteen to twenty-five per cent., this reduction being
effected without any apparent dissatisfaction, a great many employees having stated that it was no more than they
expected.




Dealers in textile machinery and supplies report little business, due to curtailed production and a general
slackening of activity in the textile manufacturing field. Prices of textile mill stocks have declined sharply
during the past three months.
Clothing and Shoes.— Both clothing and shoes have fallen somewhat in the retail stores, and a feature of
the trade is the growing tendency of buyers to choose medium and low priced merchandise instead of the high
priced goods that were so much in demand last spring. A prominent merchant in Richmond told us recently
that last fall approximately thirty-five out of fifty pairs of shoes sold by his firm were $20 grades, but he stated
that on the day previous to his statement only two pairs out of sixty pairs sold had been $20 shoes. Clothing
and shoe dealers are showing suits and shoes considerably below average prices last fall, though the clothing
and shoes are not the same makes and materials that were featured last year. For example, last fall store win­
dows d isp la j^ ed $60 to $75 suits, and merchants declared that they did not have serviceable suits much cheaper,
but one can see window after window today filled with suits priced from $30 to $50, and many pairs of shoes
displayed and pushed at $10 instead of the $15 to $20 that was so much in evidence a few months ago. It would
seem from the best information available that merchants have reduced retail prices to some extent, and have
still further lowered selling prices by stocking lower grades of clothing and shoes than they did last fall and
spring. Manufacturers of clothing and shoes have reduced prices more than retailers but the reductions made
by the manufacturers apply to goods being bought for next spring delivery and retailers claim that consumers
have no right to expect reductions in the stores until the spring goods are received.
Many classes of dress goods, and practically all hosiery, have declined sharply, and retailers are buying
cautiously.
Furniture,— Furniture factories are receiving few orders in comparison with normal years, and most of the
orders received are for small amounts. The dealers are buying only when absolutely necessary. Prices have
declined somewhat, in keeping with declines in lumber, but labor is one of the chief items in furniture making,
and labor has not yet gotten cheaper except in unskilled lines. Reports state that a number of furniture fac­
tories are shut down or running part time, due to lack of orders, but confidential reports of sales made by four
important factories in October indicate that 12.2% more furniture was sold, in dollars value, than during the
month of October, 1919. In September, 1920, however, 11% less was sold by the same factories than in Sep­
tember, 1919, and the increase shown in October is part of the trade that normally would have been gotten
during the previous month.
Housing.— Building permits issued in twenty-two reporting cities in the Fifth District during the month
of October, 1920, totaled 894 for new construction and 1,975 for alterations and repairs, compared with 1,323
for new construction and 1,917 for alterations and repairs issued during the corresponding month of 1919.
Total valuation, both new and old, for October, 1920, amounted to $4,453,137, compared with $8,504,932 total
valuation for October, 1919, a decrease this year of $4,051,795, or 47.6% of last year’s October totals.
This is the greatest decrease both in total dollar valuation and percentage during any month this year in com­
parison with the corresponding month of 1919. Of the twenty-two reporting cities, six increased in total valu­
ation over the October, 1919, figures, while sixteen decreased. The increasing cities were Asheville, Greensboro,
High Point and Wilmington, North Carolina, and Charleston and Spartanburg, South Carolina, the largest
percentage increase being 271.8%, made by Charleston, South Carolina.
Building Materials.— In keeping with the decrease in building permits issued, the building material dealers
are finding business dull, with little demand for their goods, and stocks on hand increasing. Whether the opin­
ion is well founded or not, most consumers think that prices are going lower, and are putting off all construc­
tion work and all purchases of materials as long as possible. Lumber prices have steadily declined at the mills
and consumers expect further recessions, but manufacturers state that they cannot produce lumber at lower
prices until the expense of operation falls in proportion. A slowing up in the furniture trade has lessened the
demand for certain grades of lumber, and one lumber dealer extimates that prices on hardwoods have fallen 40%
during the past three months. There is little foreign demand for lumber, due not only to unfavorable exchange,
but to internal financial conditions in European countries, and to inadequate shipping arrangements. The stone
dealers state that there is little demand for building stone, and say that crushed stone for road work is less in




demand because of the coming of winter with the resulting slowing up in road construction. Glass manufac­
turers report fairly active business, but less than was evident a few months ago. Paint dealers report good
business. Jobbers in plumbing materials are cautious, and hesitate to buy for more than immediate needs.
Miscellaneous.— Buggy and wagon manufacturers, largely dependent upon agricultural purchasers, report
business at a standstill, with collections unsatisfactory. A large dealer in farm seeds reports sharp declines in
price, due to large carry-over from previous years, large harvests of the present year, and a general buying
power much less than the supply of seeds. Iron and metal producers write that buyers are inactive, and ship
builders report that construction in their line is lessening rapidly. The retail drug trade is said to be active,
especially in the cotton sections where the laborers are spending the high wages received for picking cotton,
but the wholesale drug business is somewhat duller than usual.
Wholesale Trade.— For the month of October, 1920, we received thirty-eight reports from wholesalers,
jobbers or manufacturers, in five lines of trade, as follows: groceries, 10; dry goods, 7; boots and shoes, 8; hard­
ware 9; and furniture, 4. These firms reported to us their sales for October, 1920, October, 1919, and Sep­
tember, 1920, and we give below a table showing the increase or decrease in sales during October, 1920,
in comparison with the sales made by the same firms during September 1920, and October, 1919.
Percentage increase or decrease October, 1920,
to September, 1920,
to October, 1919.

Lines Sold.

Groceries. . .
........................................... ......... .........
..........
,.
Dry Goods........................................................
........... , . , , .................
Boots and Shoes................
............ . . . . . . . . . . . . . . . . . . . . . . . . . .
Hardware....................................... ................ .
e e . . . . . . . . . =, 5
e.
Furniture.............
............ ..............................................................................

9.240.516.39.27.5+

8.247.436.36 .3+
12.2+

Thirty-three of the same firms reporting for the previous month, September, 1920, showed increases dur­
ing that month over both September, 1919, and August, 1920, in groceries and hardware, but decided declines
in furniture. The October figures show a change in groceries and furniture, however, the former now being
behind both the previous month this year and the corresponding month last year, while the latter regained
part of the loss reported the previous month. Under the head of Collections elsewhere in this report, some
data is given that was furnished us by the wholesale firms that reported for October.
Retail Trade.— Confidential reports received from twenty-four retail establishments, most of them city
department stores, indicate that trade is holding up fairly well, that their collections are on the whole satis­
factory, and that they are gradually but surely reducing stocks carried in proportion to sales made. Very few
of the stores have bought as large fall stocks as usual, the percentage increase from August 31 to September 30
having been but 10.2% and the increase from September 30, to October 31, but .1%. Outstanding orders for
merchandise amounted at the end of September to 8.4% and at the end of October to 7.1% of total purchases
of merchandise during the calendar year 1919. The merchants reporting from the smaller cities show larger
proportionate increases in stocks than do the big stores in Richmond, Baltimore and Washington, but they also
show a greater percentage increase in sales over the corresponding month last year. In the opinion of the re­
porting managers, the price tendency is downward, and customers are generally buying necessities and staples
only. Transportation problems are not causing trouble to any great extent, and deliveries are much more
quickly made than was the case six months ago, but in this field conditions are still not near pre-war standards.
+ Denotes increase.




- Denotes decrease.

MONTHLY CLEARINGS
F or M onth of O ctober

No.

1919

1920

1
2

3
4
5

6
7
8
9
10

11

12
13
14
15
16
17
18

Asheville, N. C .......
Baltimore, M d..........
fCharleston, S. C ___
Charlotte, N. C .......
Columbia, S. C ........
Frederick, M d..........
Greensboro, N. C . ..
Greenville, S. C .......
Hagerstown, M d___
Huntington, W. Va.
Newport News, V a ..
Norfolk, V a ... ........
Raleigh, N. C...........
Richmond, V a..........
Roanoke, Va.............
Spartanburg, S. C . ..
Washington, D. C. . .
fWilmington, N. C. . .

5,623,749
409,737,728

5,870,649
440,313,214

t

2

3
4
5

19,335,564
3,070,630
7,358,161
12,914,194
3,412,315

6,608,467202,789457,5674,133,229219,144-

34.26 .6 6 .2 32.06 .4 -

5,936,608
51,533,627
8,102,970
371,123,380

2,705,01512,312,4122,045,609127,016,218-

45.623.925.234.2-

4,757,431'
75,775,063
$

1

4.4+
7.5+

246,900+
30,575,486+

12,796,248*
12,727,097
2,867,841
6,900,594
8,780,965
3,193,171
8,796,927*
3,231,593
39,221,215
6,057,361
244,107;162

T o ta l .

Not included in totals.

Per cent of
Increase or No.
Decrease

Increase or
Decrease

CITIES

74,020,743

1,754,320+

2.4+

123,123,744-

12.7-

972,169,669 $

849,045,925 $

Report not received.

+

Denotes increase.

-

6
7

8
9
10
11
12
13
14
15
16
17
18

Denotes decrease.

FIGURES ON RETAIL TRADE
As Indicated by Reports from Twenty-four Representative Department Stores in
the District for the Month of October, 1920.
( C o m p il e d

by the

Federal R

eserve

B ank

of

R

ic h m o n d )

Baltimore

Richmond

Washington

Other Cities

District

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

13.1

9.3

6.7

24.4

12.4

Percentage increase in net sales from July 1, through
October 31, 1920, over net sales during same
period last year. . . .
............... . . . . . . . . . .

18.5

12.0

5.4

17.1

13.6

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

12.3

21.6

6.3

37.3

15.1

3.0

.1

441.0

475.8

554.1

489.0

4.0

3.2

7.1

Percentage increase of stocks at close of October
1920, over stocks at close of preceding month,
September, 1920...........
...........................................

.3-

Percentage of average stocks on hand at end of
each month since July 1, 1920, to average net
sales during same period...........................................

482.3

Percentage of outstanding orders for merchandise
on October 31, 1920, to total purchases during
calendar year 1919..............
............
............

9.4




.4-

BUILDING OPERATIONS FOR THE MONTHS OF OCTOBER, 1920 AND 1919
P erm its I ssued
N e w C onstruction

CITIES
O

2

3
4
5

6
7

8
9

10
11
12
13
14
15
16
17
18
19

20
21

22
23

M ar ylan d
B altim ore .........................
C u m berland................
Frederick..........................
V ir g in ia
L yn ch bu rg.......................
N o rfo lk ..............................
R ich m on d .........................
R oa n ok e............................
S tau n ton ...........................
W est V ir g in ia
C h arleston.......................
f H u n tin gton ......................
Parkersburg.....................
N orth C arolina
A sh eville...........................
C h a rlotte ..........................
D u rh a m .............................
G reensboro......................
H igh P o in t.......................
W ilm in g to n ......................
W in sto n -S a lem ..............
S outh C arolina
C harleston ........................
C o lu m b ia..........................
G reenville.........................
Spartanburg....................
D istrict of C o l u m b ia .
W ash in g ton ......................
T otals .

1919

1920

358

410
33
6

1,083

11

1
1

89
52

69'

1
42

Increase or Per Cent
of In­
Decrease
Total #Valu­ crease or
ation
Decrease

A lterations

Repairs

1920

&
1

New

6

92
86

20
2

1919

1920

1919

1,045 $ 856,800 $1,639,320
12
14,587
111,305
1
2,400
17.800

100
20

28
89

97

83'
3*
55
81*

13

230,819
279,473
66,240*
3,000

36.800
580,496
638,030
72,695*
15,000*

1920

1919
480,510
8,095
600

362,83094,53114,900-

17.179.281.0-

8,100

2,375
83,844
85,525

30,975388,456371,4176,45512,G O
O -

79.158.551.38 .9 80.0-

47,950-

28.0-

9

10
11

45,065
72,665

15.000
31
14
5
12
12'1
16
128

40
5

25
4
15
15

24
28

29
17
3
13

56
5
5

4

126,200
90,460
12,900
67.000
38,100*
72,200
101,100

73,775
135,325
54,850
26,750
10,950*
46,200
378,135

25,070

53,600
183,500
116,115*
24,680

8,449
42,114
5,695
15,860

8,790
38,500

205,658

7

1

2
71

2
56
19
81

26

12
78
15
21

12

223,500
54,500
30,550
40,280

100

253

481

484

600,350

894

1,323

1,975

12 *

14
23

1

900,200
10,282
'
1,100

163,000
243,966*
50,000

117,950

o
&

5,050

7,950

2

3
4
5

6
7

8

15,000

40,000

60,000-

66.7-

26,335
3,175
1,210
17,600

14,455
4,500
12,555

1,000

16,000
40,630

64,305
46,19053,29555,850
27,150
11,000
292,595-

72.9
33.079.1194.3
247.9
17.7
69.9-

13
14
15
16
17
18

271.8
. 56.5-

20

3,675

169,559
125,38679,87027,785

328,347

2,000

12

19

68 . 8-

21

98.0

22

2,420,594-

75.0-

23

1,917 $3,043,509 $7,326,581 $1,409,628 $1,178,351 $ 4,051,795-

47.6-

2,898,255

* Includes both new and repairs.
t Report not received this month.
- Decrease

j

CONDITION OF EIGHTY-ONE REPORTING MEMBER BANKS
FIFTH FEDERAL RESERVE DISTRICT
(In Thousands of Dollars)
November October November
5, 1920
8, 1920
7, 1919
Total United States Securities owned................. ................................................................................ $ 76,717 $ 77,440 $ 98,385
Loans secured by U. S. War Obligations...............................................................................................
26,325 J 26,834
38,260
Loans secured by stocks and bonds other than U. S. Securities....................................................
113,501
113,143
*108,213
351,049
All other loans and investments..............................................................................................................
364,468
333,661
Reserve balance with Federal Reserve Bank.......................................................................................
35,323
36,213
40,748
Cash in vaults...............................................................................................................................................
18,708
18,559
19,039
Net demand deposits on which reserve is computed..........................................................................
339,937
343,307
372,424
108,708
107,515
Time deposits................................................................................................................................................
96,470

DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING HOUSE BANKS
(In Thousands of Dollars)
F or th e W e e k E n d in g

CITIES
November October November
3, 1920
6, 1920
5, 1919

Baltimore, M d.............................................................................................................................................. $ 110,483 $ 124,101 $
6,220
7,461
Charleston, S. C ...........................................................................................................................................
8,206
Charlotte, N. C ............................................................................................................................................
7,360
6,168
6,928
Columbia, S. C .............................................................................................................................................
5,945
6,196
Huntington, W. Va......................................................................................................................................
17,044
19,359
Norfolk, Va....................................................................................................................................................
3,900
4,280
Raleigh, N. C ............................................ ...................................................................................................
27,589
31,108
Richmond, Va........................................................................... ...............................................................
38,992
38,052
Washington, D. C...................................................... .................................................................................




91,306
14,273
8,700
10,255
25,482
6,335
36,302

$ 227,126 $ 242,266 $ 192,653

FEDERAL RESERVE BANK OF RICHMOND
Statement of Condition as of October IS, 1920.
RESOURCES
RESERVES
Gold Coin and Certificates.......................................................................................................................$ 2,416,415.00
Gold Settlement Fund—Federal Reserve Board................................................................................
22,495,661.27
Gold with Foreign Agencies.....................................................................................................................
4,243,336.78
TOTAL GOLD HELD B Y B AN K ...............................................................................................$ 29,155,413.05
Gold with Federal Reserve Agent..........................................................................................................
45,331,743 .00
Gold Redemption Fund—Federal Reserve Notes...............................................................................
9,762,050 00
TOTAL GOLD RESERVES...........................................................................................................$ 84,249,211.05
Legal Tender Notes, Silver, etc..............................................................................................................
696,446 .25
TOTAL RESERVES.................................................................................................................
UNCOLLECTED ITEMS
Currency of other banks and unassorted Currency— ....................................................................$ 2,867,168.00
Transit Items...............................................................................................................................................
61,919,860.96
Checks and other Cash Items................................................................................................................
454,121.41
Exchange for Clearing House...................................................................................................................
4,945,748.46

84,945,657.30

$
TOTAL UNCOLLECTED ITEM S.......................................................................................
EARNING ASSETS
Bills Discounted—Secured by Government War Obligations......................................................... $ 39,822,867.26
Bills Discounted—All others....................................................................................................................
71,239,608.70
Bills Purchased in Open Market.............................................................................................................
5,908,354.41

70,186,898.83

TOTAL BILLS ON H A N D .............................................................................................................$ 116,970,830 .37
U. S. Government Bonds..........................................................................................................................
1,233,300.00
U. S. Certificates of Indebtedness..........................................................................................................
13,261,500.00
TOTAL EARNING ASSETS.................................................................................................
MISCELLANEOUS ASSETS
Interest Accrued on U. S. Securities............................................................................................... ... .$
Advances to U. S. Government for War Loan Expenses..................................................................
Bank Premises....................................................................................... .....................................................
5% Fund against Federal Reserve Bank Notes—Our own..............................................................
Overdrafts—Members.................................................................................................................................
All other Resources.....................................................................................................................................

$ 131,465,630.37
73,857.36
40,783.91
1,284,833.37
451,300.00
371,821.00
24,897.07
$

TOTAL MISCELLANEOUS ASSETS....... ........................................................................
TOTAL RESOURCES.......................................................................................................
LIABILITIES
CAPITAL AND PROFITS
Capital Paid in.............................................................................................................................................$
Surplus............................................................................................................................................................
Unapportioned Profits................................................................................................................................

$ 288,845,679.21
5,242,200.00
8,067,365.25
1,949,528.09

$
TOTAL CAPITAL AND PROFITS.....................................................................................
NOTE CIRCULATION
Federal Reserve Notes in actual circulation—Our own................................................................... $ 143,870,115.00
Federal Reserve Bank Notes in actual circulation—Our own........................................................
11,100,987.00
TOTAL NOTES IN ACTUAL CIRCULATION.............................................................
DEPOSITS
U. S. Treasurer............................................................................................................................................ $
Member Banks Reserve Accounts........................................................................................................ ..
Foreign Government Credits...................................................................................................................
Foreign Banks..............................................................................................................................................
Cashiers’ Checks...................................................................................................................................... <
Deferred Availability—Uncollected Funds..........................................................................................
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.....................................................................

2,247,492.71

15,259,093.34

$ 154,971,102.00
385,316.89
60,357,535.43
135,734 38
196,000.00
265,592.54
56,791,980.14
118,132,159.38
13,986.69
4,580.00
461,469.48
3,288.32
483,324.49

$ 288,845,679.21
TOTAL LIABILITIES.....................................................................................................
MEMO:
$
5,012,787.25
Due United States Treasurer by Depositary Banks..................................................................
20,000,000.00
Contingent Liability on Bills Rediscounted or Sold.................................................................
784,000.00
Contingent Liability on Bills Purchased for Foreign Correspondents................................. ...............................