The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-03-29
RAPID GROWTH OF
RICHMOND TRADE
Business Increase is Wonderful City Strong in
q Many Branches UnequaI|ed Transpor-
tation Facilities.

Let us have just a few Of these facts
and figures, principally figures. Bank
figures usually tell what is going on in
a business way in any community. Let
us go back to some figures that Rich
mond made last year. They are official
figures that come from the office Of
the Comptroller Of the Currency of the
United States. Nhey are from his last
official report, issued on the 9Th of Sep
TENDER last, and cover the period of a
year previous TO that date. 1t is worthy
Of note in the beginning that this re-
port shows a decrease for that period
in the entire United States in both gen
eral and individual bank deposits. This
combined decrease in the country at large
ran UP in the millions, some cities show
ing a decrease as large as five millions
and the whole country as much as fifty
millions. Richmond, however, is not in
the deficit column; quite the contrary,
FOR in the face of the figures in other
part OF the country, Richmond doomed
up with an increase in deposits during
that year of over So 200 900; an increase of
assets of over S2,?O0,O0O: an increase of
surplus and undivided profits of about
$4,000. This progress has been made in
SplIe OF Il ueINOfdllZeQ STOCK udfkeC anu
great shrinlage of values.
For eight years from 1890 to 1898 the
100000, and assets increased about $4,250,-
600. During the past five years the de-
posits increased nearly nine million and
the assets over twelve and half mil
lion.
DAILY FACTS.
Thn So, h. -
are, of course, not yet officially issued
but bankers foot up their columns every
night, and pretty much always know
what they are doing. From these daily
figures, having had a private peep at
them, the writer is able to make the
statement that the general banking bust
ness of Richmond for the past eight
months has shown a marvellous increase,
even over the remarkable figures shown
by the official report of the Comptroller
of the Currency for the year ending last
September. This increase did not COM
mence just last year, but has been the
result OF rapid growth of ten or more
years past. For instance, the bank clear
ings for the year 1892 were but a trifle
over 500 ,0000 900. Last year they were con-
siderahly over $3a0. 900, 600.
THE CAUSE OF IT.
Why this increase? What is the cause
for this remarkable growth Of thebanking
ing business, this enlarged handling of
money this doubling up, quadruplng of
the volume OF exchange? The answer
is simple enough. More mercantile bust
ness makes more need for banks and
bank business. Richmond has been
spreading out and increasing her bust
ness in all lines and everything; larger
banking facilities were demanded and
live Richmond bankers met the demand.
This is the plain, simple story, In as
few words as it can be expressed.
But this increased business, which ne
eaitated the remarkable increase in the
banking facilities: Where is it and what
is it? 1t is here in Richmond and it is
composed of pretty much everything
known to the wholesale and retail trade.
The hundred and ten or fifteen thousand
or more men, women and children in this
city who have to eat and sleep and live
and move and have their being, to say
nothing of the many thousand in the
suburbs who have to shop here, make
this one of the biggest retail centers in
the South, and the unparalleled transpor-
taton facilities, and is accessibility at
all seasons and in all weathers combine
to make Richmond the best wholesale
point readable from the South; in fact,
commercially speaking, the gate of the
city of the whole South country, especial