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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 Fedsral Reserve Agent RICHMOND, VIRGINIA, MARCH 31, 1922. NATIONAL SUMMARY.* DISTRICT SUMMARY The outstanding feature in business develop­ February being a between-season month, when ment during the past few weeks has been the im­ the winter’s business is done and spring trade provement in basic industries, including steel, especially railway equipment, copper and other has not opened up, it is difficult to estimate the metals. A marked increase in the production of progress made during the month toward normal automobiles has also been a feature of the month. activity in the business wrorld, but on the whole Building, which has been on the up grade for favorable signs appear to predominate. several months past, continued its growth in activity, February permits being about forty per Eighty-two regularly reporting member banks, cent in excess of those of February, 1921, while located in thirteen cities of the Fifth District, the advance is still continuing. As against this have reduced their outstanding loans and their favorable trend in the physical volume of produc­ rediscounts, while increases are reported in their tion in basic lines is the fact that a variety of deposits and reserves. Bills held by the Federal conditions have operated to offset the encourag­ Reserve Bank have fallen, and the reserve ratio ing improvement which had been noted in tex­ has increased. Debits to individual account re­ tiles during the winter months. Prominent ported by eleven leading cities compare favora­ among these unfavorable influences is the dis­ bly with debits a year ago, and reflect a growing turbed relations with labor, but uncertainty as activity in trade. The labor situation is still un­ to cost of production and lack of forward orders satisfactory, but the number of unemployed is has had a depressing effect in the Districts where gradually lessening. Coal production is more no labor troubles have made themselves felt. No than meeting current needs, and appears to be important changes have been observed in other still increasing. Retail prices of clothing and manufacturing lines, such as leather and boots shoes are working downward to a more satisfac­ and shoes. Agriculturally, the month has been tory basis to the consumer. The outlook in the one of favorable development, considering the textile trade is considered good by our corre­ season. According to official figures a marked, spondents, though orders at preset are being even if still limited, decrease in unemployment placed reluctantly. The prices of the chief farm is under way. In trade, both retail and whole­ products have increased, bringing some relief to sale, the tendency has been on the whole down­ the farmers with reserve stocks in their posses­ ward, although not pronouncedly so. Retail trade sion, and this improvement in farm product is uniformly lower than it was a month ago or prices has had a general stimulating effect on all than it was at this time last year. The move­ the business of the District. Building operations ment of commodities to market during the month continue to exceed those of the previous year, has been very satisfactory. Increase in car load­ and letters from building inspectors, dealers in ings has been noticeable in many parts of the building materials, and real estate men indicate country. The advance in the index number of a general feeling of optimism and confidence. wholesale prices shown by the Federal Reserve Wholesale and retail trade is fairly satisfactory, Board’s compilation amounts to four points for and at least is holding its own. the month. Financially, the month has shown The chief unsatisfactory elements in the pres­ but little change. Discount and interest rates ent situation are the large number of business have not moved materially. Foreign trade shows failures, the existing scale of freight rates, the a somewhat further decline with a much closer strained credit conditions in the agricultural sec­ approach to adjustment of export and import fig­ tions where the previous year’s indebtedness has ures both here and abroad. Increasing stability not been paid, and the uncertainties in the busi­ in foreign exchanges, with the exception of ness world arising from tariff, tax and soldier marks, has been the rule. bonus agitations. ♦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-TWO REPORTING MEMBER BANKS IN SELECTED CITIES ITEMS March 1, 1922 February 1, 1922 | March 4, 1921 1. Total Loans and Discounts (exclusive of rediscounts) ------------------------ $ 416,569,000 $ 417,170,000 $ 433,733,000 2. Total Investments in Bonds and Se­ curities ________________________ 116.597.000 122.376.000 119.357.000 3. Total Loans and Investments---------- 533.166.000 539.546.000 553.090.000 4. Reserve Balance with Federal Re­ serve Bank ____________________ 32.024.000 31.781.000 33.624.000 5. Cash in Vaults ____________________ 13.441.000 12.702.000 14.978.000 6. Demand Deposits -------------------------- 301.728.000 300.816.000 327.276.000 7. Time Deposits ____________________ 130.752.000 130.413.000 116.886.000 8. Discount with Federal Reserve Bank_ 35.273.000 41.009.000 67.352.000 The table above shows the principal items of condition reported by eighty-two identical mem­ ber bank as of the close of business March 1, 1922, February 1, 1922, and March 4, 1921, thus affording comparisons of the March 1 figures with those reported a month ago and those reported a year ago. All items are comparable for the three dates. The figures for March 1, 1922, are all lower than those reported for March 4, 1921, except Item 7, Time Deposits, which shows an increase of $13,866,000, or 11.9%, within the year. Between the two dates Total Loans and Discounts declined from $433,733,000 as of March 4, 1921, to $416,569,000 as of March 1, 1922, a decrease of $17,164,000, or 4.0%; Total Investments in Bonds and Securities declined from $119,357,000 to $116,597,000, a decrease of $2,760,000, or 2.3%; Reserve Balance with the Federal Reserve Bank declined from $33,624,000 to $32,024,000, a decrease of $1,600,000, or 4.8%; Cash in Vaults declined from $14,978,000 to $13,441,000, a decrease of $1,537,000, or 10.3%; Demand Deposits declined from $327,276,000 to $301,728,000, a decrease of $25,548,000, or 7.8%, and Discounts with the Federal Reserve Bank declined from $67,352,000 to $35,273,000, a decrease of $32,079,000, or 47.6%. The decrease in Investments in Bonds and Securities has been in the holdings of Liberty and Victory bonds. A comparison of the figures for March 1, 1922, with those reported for February 1, 1922, shows distinct improvement in the condition of the reporting banks. Within the four weeks between the two dates, the reporting banks increased their Reserve Balances with the Reserve Bank, their Cash in Vaults, their Demand Deposits, and their Time Deposits, at the same time decreasing their Total Loans and their Borrowings from the Reserve Bank. The decrease in borrowings from the Reserve Bank amounted to 14% of their indebtedness to us as of February 1, 1922, but all of this does not rep­ resent a genuine liquidation of outstanding obligations, a considerable part of the decrease reflecting transfers to the War Finance Corporation. DEBITS TO INDIVIDUAL ACCOUNT IN LEADING TRADE CENTERS CITIES For the Week Ending March 1, 1922 February 1, 1922 March 2, 1921 Baltimore, Md. ------ 93,055,000 78,876,000 100,436,000 Charleston, S. C .------ 5.500.000 6,001,000 6.789.000 Charleston, W. Va. — 7.468.000 6,100,000 Charlotte, N. C .-------- 6.737.000 5.572.000 "”5"600,000 Columbia, S. C .------- 5.574.000 4.591.000 5.302.000 Cumberland, M d.___ 1.845.000 1.554.000 Danville, Va. _______ 2.204.000 1.905.000 Greensboro, N. C. — 3.310.000 3.558.000 Greenville, S. C .____ 3.669.000 2.882.000 3,501,000 Hagerstown, M d.___ 1.730.000 1.443.000 Huntington, W. Va. _ 4.461.000 3.979.000 "5"6"5’5",000 Lynchburg, Va. ------ 4.059.000 4.384.000 Newport News, Va. __ 1.651.000 1.392.000 Norfolk, V a.------------ 14.170.000 13.528.000 14.679.000 Raleigh, N. C...........— 4.100.000 3.750.000 3,900,000 Richmond, V a .--------- 29.518.000 25.057.000 27.372.000 Roanoke, Va.---------- 4.858.000 4.306.000 Spartanburg, S. C. — 1.885.000 2.054.000 Washington, D. C .__ 39.176.000 34.628.000 36,868,000 Wilmington, N. C. — 4.475.000 4.030.000 4,961,000 Winston-Salem, N. C. 5.372.000 3.683.000 Totals for 11 cities. 210.435.000 182.894.000 $ 215,063,000 Totals for 21 cities. 244.817.000 ! $ 213.273.000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis The table presented herewith shows debits to accounts of individuals, firms and corporations re­ ported by the banks in twenty-one cities of the Fifth Reserve District during the weeks ending March 1, 1922 and February 1, 1922, together with debits reported for eleven of the same cities for the week ending March 2, 1921.
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