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Economic Review FEDERAL RESERVE BANK OF RICHMOND General Business and Agricultural Conditions in the Fifth Federal Reserve District By CALDWELL HARDY, Chairman and Federal Reserve Agent RICHMOND, VIRGINIA, APRIL 29, 1922. NATIONAL SUMMARY * DISTRICT SUMMARY. Pronounced increase of activity has been char­ There can be no serious doubt that the eco­ acteristic of many basic lines of industry during nomic and industrial forces working to bring the past month. It has been particularly notice­ about a restoration of general business activity able in the metal working industries, while metal are getting the upper hand over the deterrent mining operations have also reflected the tend­ factors. In spite of the uncertainty over the ency to an upward movement. In steel and iron outcome of the tariff situation, and in spite manufacture it is now estimated that, taking the of the coal strike, the New England textile industry as a whole, about seventy per cent of strike, and high freight charges, March reports plant capacity is being utilized. The automobile show a distinctly upward trend in general busi­ trade has shown a very decided gain. Active ness. demand for building materials has had a fav­ Eighty-one regularly reporting member banks, orable effect not only upon the metals but also located in thirteen cities of the Fifth District, upon other lines of industry. The total value of have further reduced their rediscounts, and have building permits for March was almost twice as increased their demand and time deposits and great as that for February and more than twice both their reserves and cash in vaults. Bills held as great as that for March, 1921. The lumber by the Reserve Bank have continued to diminish, industry has notably expanded operations. In and the reserve ratio has correspondingly in­ cotton textiles the month has been much less en­ creased. In consequence the Bank reduced dis­ couraging. There has been a reduction in mill count rates on all classes of paper from 5% to activity, largely due to the widespread strikes in 4J^%, this reduction having gone into effect the New England Districts. On the other-hand, April 14. Debits to individual account in leading demand for cotton goods has been fairly well sus­ trade centers are higher than a month ago, and tained. Boots and shoes have shown great ir­ even exceed those of last year, reflecting the regularity as between different producing dis­ growth of banking transactions. The labor sit­ tricts. Very much the same is true of the woolen uation is distinctly improving. The outlook for manufacture. A conspicuous development has textiles is thought to be good, though at present been the shifting of demand from worsteds to the industry is marking time. Farm product woolens. Leaving out voluntary unemployment, prices are holding the gains made in the past few the result of strikes, added increase in the num­ months, and so far as can be judged at this season ber of employees at work is noted. There has the prospects for this year are good. The pros­ been a 2.5% increase during the month in the pect for a full fruit crop this year is excellent. number of workers employed by firms report­ Building operations are very active, and as a re­ ing to the United States Employment Service. sult building materials are in strong demand. The improvement noted will, however, be off­ Wholesale and retail trade is responding to the set to some extent by the widespread unemploy­ general improvement, and Easter business was ment in the coal mining industry as well as in not unsatisfactory. Collections are at least hold­ the New England textile centers. Wholesale ing their own, and are perhaps showing some im­ and retail trade have reflected to some extent provement. the improvement in industrial conditions. Such improvement is in part seasonal, but it also con­ rates have continued on a very low basis with tains an element of growth due to better busi­ slight tendencies to decline. An apparent shrink­ ness conditions. Agriculturally the month has age in the use of commercial credit has been not been altogether promising. Spring planting indicated by further falling off in the rediscounts has been retarded by the cold weather and con­ of the Federal Reserve Banks, although an up­ tinued rains. Prices continued relatively stable. ward movement is again to be noted in the loans The Federal Reserve Board’s wholesale price in­ and discounts of member banks in many parts dex for March advanced one point. Interest of the country. * The National Summary supplied by the Division of Analysis & Research of the Federal Reserve Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis CONDITION OF EIGHTY-ONE REPORTING MEMBER BANKS IN SELECTED CITIES ITEMS April 5, 1922 ] March 1, 1922 April 1, 1921 1. Total Loans and Discounts (exclusive of rediscounts) _________________ $ 417,045,000 $ 415,055,000 $ 434,005,000 2. Total Investments in Bonds and Se­ curities ____________________ ____ 113.096.000 116,066,000 125.774.000 3. Total Loans and Investments_______ 530.141.000 531.121.000 559.779.000 4. Reserve Balance with Federal Re­ serve Bank _____________________ 32.788.000 31.905.000 33.250.000 5. Cash in Vaults _____________________ 13.691.000 13.409.000 14.010.000 6. Demand Deposits __________________ 305.482.000 300.890.000 315.619.000 7. Time Deposits ----------- --------------------- 134.147.000 129.411.000 117.412.000 8. Discounted with Federal Reserve Bank 31.032.000 35.273.000 73.255.000 The table above shows the principal items of condition reported by eighty-one identical member banks as of the close of business April 5, 1922, March 1, 1922 and April 1, 1921, thus affording com­ parisons of the April 5 figures with those reported a month ago and those reported a year ago. All items are comparable for the three dates, but the figures given are not comparable with those pub­ lished in previous issues of our Review, one of the banks that reported heretofore having been pur­ chased by, and merged with, a non-member bank. Between April 1, 1921 and April 5, 1922, all items in the table show decreases except item num­ ber seven, Time Deposits, which shows an increase of $16,735,000 or 14.3%, within the year. Be­ tween the two dates, Total Loans and Discounts decreased from $434,005,000 to $417,045,000, a con­ traction of $16,960,000, or 3.9% ; Total Investments in Bonds and Securities decreased from $125,774,000 to $113,096,000, a drop of $12,678,000, or 10.1%: Reserve Balance with Federal Reserve Bank de­ creased from $33,250,000 to $32,788,000, a decline of $462,000, or 1.4%; Cash in Vaults decreased from $14,010,000 to $13,691,000, a decline of $319,000 or 2.3%; Demand Deposits decreased from $315,619,000 to $305,482,000, a decline of $10,137,000, or 3.2%; and Rediscounts with the Federal Reserve Bank de­ creased from $73,255,000 to $31,032,000, a decline of $42,223,000, or 57.6%. A comparison of the figures for April 5, 1922, with those reported for March 1, 1922, shows in­ creases within the month in Total Loans, Reserve Balance, Cash in Vaults, Demand Deposits and Time Deposits, and decreases in Total Investments and in Rediscounts with the Reserve Bank. The in­ crease in loans is a normal development at planting time, and the decrease in investments is a result of the approach of Government securities to par. The increases in demand and time deposits are notable, and the increase in reserve balances naturally follows the growth in deposits. The decrease in rediscounts reflects in part the easier credit conditions of the District, and in part represents trans­ fers to the War Finance Corporation. DEBITS TO INDIVIDUAL ACCOUNT IN LEADING TRADE CENTERS For the Week Ending CITIES April 5, 1922 | March 1, 1922 | April 6, 1921 Asheville, N. C.*---------------------------------- $ 4,058,000 $ $ Baltimore, M d ._— — ---------------------- 92,773,000 93^055,000 99^691,000 Charleston, S. C. _ -------------------- ------- ! 6,480,000 5.500.000 7.263.000 Charleston, W . Va. --------------- -------- ! 6,581,000 7.468.000 Charlotte, N. C .----------------------------------- ! 6,095,000 6.737.000 ~ ~ 5 ~756,000 Columbia, S. C. — ------------------------- ! 7,368,000 5.574.000 4.949.000 Cumberland, M d .-------------------------------- 1 1,907,000 1.845.000 Danville, V a . ------- ------------------------ j 2,230,000 2.204.000 Greensboro, N. C. — — ----------------- — ! 4,088,000 3.310.000 Greenville, S. C .-------------------------------— 3.279.000 3.669.000 3.177.000 Hagerstown, Md. ------------------------------ 2.672.000 1.730.000 Huntington, W . Va. -------------- ------------- 4.523.000 4.461.000 Lynchburg, Va. ---------------------------------- 4.526.000 4.059.000 Newport News, Va. ---------------------------- 1.712.000 1.651.000 Norfolk, V a .------- ----------------------- 16,688,000 14.170.000 14.152.000 Raleigh, N. C .----- - — ----- -------- 3.600.000 4.100.000 4,000,000 Richmond, V a . ---------- - ---------------- 27.898.000 29.518.000 24.628.000 Roanoke, V a.___________ _______ _ — 5.272.000 4.858.000 Spartanburg, S. C . ----------------- ------------ 1.975.000 1.885.000 Washington, D. C . ----------- ----------— 44.219.000 39.176.000 loj?5~000 Wilmington, N. C . ------------------------------ 6.044.000 4.475.000 6.132.000 Winston-Salem, N. C .-------- ----------------- 5.736.000 5.372.000 Totals for 11 cities-------------------- $ 218,967,000 $ 210,435,000 $ 215,316,000 Totals for 21 cities---------- -------- 1 255,666,000 244,817,000 * Asheville, N. C., not included in totals.
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