The New York herald., 1921-01-11
N. Y. BANK DEPOSITS
SHOW HEAEY GAINS
Total Increase i'm December Is
Roughly Estimated at
S13O.O00.00O.
NO BOYCOTT ON BUYING
Retail Stores Report Heavy
Holiday Business, but on
Thrifty Scale.

Arc New Workers. becoming more
thrifty? Reports from seventeen of the
larger savings banks in Greater New
York for December last show an increase
in interest bearing deposits of, roughly
S10O,00O,000. AS these banks normally
carry about three-quarters of the saw
ings bank balances deposited locally. the
total gain may be estimated at about
| $3.50, 100000. The total amount due de-
| positors in these seventeen banks on De-
cember 81 last was $976.477.7os. Ac-
tual deposits for December last exceeded
| those for the same month in 1919 py
| $4,000. 900 in the banks referred to- while
Withdrawals. although more tnan
million dollars in excess of those Tor the
! same period a year ago, were upwards
Of $1,000 900 less than the total de-
| posits for the month.
| Those figures are exclusive OF interest
added to standing deposits and reflect
| the actual operation of the accounts.
| Savings deposits usually show marked
gain in December of each year as re-
! cult of employers bonuses, bond interest
and revenues accruing during the last
month of the years final quarter But
bankers generally regarded the forecast
| of savings bank figures as favorable
symptom of the financial health of the
community. Complete figures will not be
available until all returns are filed with
the State Banking Department.
The fact that a considerable gain Is
| shown in the savings bank deposits for
the month of December and the latter
part of November caused the impression
in some quarters that 1t was the result
Of a buyers boycott and that the in
| creased deposits were the reflection OF
poor Christmas trade that had left
| the retailers in many cases In bad
way. That conclusion, however. is not
borne out by reports on trade conditions
received by the Federal Reserve Bank
of the Second district. Mr. and Mrs.
Christmas Shopper appear to have cur
tailed individual expenditures somewhat
by limiting their expenditures for gifts,
but there was a general Increase In the
number of individual transactions.
In this connection the current monthly
review published by the Federal Re-
serve Bank of the New York district
says:
"The volume of holiday buying ap-
pears to have proved satisfactory to the
department stores in this district and
was greater than had been anticipated.
Reports received by this bank just be-
fore the close of the Christmas shopping
season indicated that the amount OF
sales had been about on q par with that
of last year. The size of individual
transactions was smaller this year, but
there was an increase in the number of
transactions. Stores which met the de-
mand by reprlcing goods at or near re-
placement values had the largest trade.
Customers showed tendency to Sc
lect their purchase with careful atten-
ton TO value. High priced goods did not
sell as readily as last year and there was
a greater demand for articles OF utility
There was relatively light demand Tor
such articles as pianos and other musical
instruments. jewelry and furniture and
rugs. In buying mems clothing custom
errs last year preferred suits retailing at
SOS this year. however. suits selling at
S45 appeared to be In greatest demand.
Similarly, many purchasers refused to
pay SIS for a pair of shoes, and some
stocks bought by merchants to retail at
that price have been reduced to s12.
However, cheaper grades of shoes at $6
and 81 and suits at s2S and $40 were not
in great demand.
Reports to this bank for November
show that gross sales of departments
stores in this Federal Reserve district
averaged 11.6 per cent more than In the
corresponding month last year. Only two
stores out of fourteen reporting showed
a decrease. Prices Of number of arti-
cles, particularly textiles. have now de-
clined to a point where the levels for
each month are somewhat lower this
year than for -he corresponding month
in 1919, and therefore equal dollar
amounts Of sales of such articles mean
actually greater quantities of goods sold.
Retail stores maintain their policy of
buying only for immediate needs. and
there have been no Indications of
change in this attitude Reports to this
bank show low percentage or out
standing orders. Merchants inform US
that the amount of orders outstanding
to-day is proportionately less than at any
other time ir their memory"