Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-01-01
OUTLOOK IS BRIGHT IN
~ Vhs ~ ;.
FIFTH RESERVE DISTRICT
Chairman lngIe, OF Reserve Bank
Board, Reviews Operations
of Past Year.
BUSINESS RETURNS no NORMAL
Easy Credit Conditions Obtain In
Fifth Federal Reserve District,
Many Banks Seeking Employment
for Surplus Funds.

The almost universal dsorganiza-
ton and depression OF year ago has
gradually but surely been succccdc,. by
feadJustincnt and improvement until
IL Is possible to report that general
business in practically all lines in the
lfIrth District is nearly and In some
instances better than normal"
In these optimistic words, Chairman
william lnSlc. Of the board of direc-
tors OF the Federal l;cscryc Bank OF
Nichmond. sums up the general bank
,nS, Industrial and commercial situa-
ION in the states of Maryland, Vir-
Ein!a. West Virginia. North CarolitA,
south Carolina and the District OF Co
lumhia. the territory that comprises
! the Federal reserve district Of which
/ Richmond is the scat.
The citation is an excerpt from.
comprehensive review OF the opera
tons Of the Federal Reserve Bank of
Richmond from tho date OF it's or
ghnization in November, 1914, to the
close OF 1915. yesterday addressed to
the member banks of the district. The
review occupies "a booklet of eiEh-
teen magazine size pages and contains
material OF high general interest.
! EMERGENCY CURRENCY
HAS NOW DISAPPEARED
Fourteen months ago" continues
Mir. lnsl", the banks OF the district
were heavily committed for bills pay
! able, rcdiscoun,s and emergency cur
rcncy. The last indicated liability long
since disappeared, much OF II at the
time by the aid OF the reserve bank.
Excess bills payable we're promptly re-
duccd in the use of the same agency.
with the gathering and sale of sea-
, sonable crops came Liquidation so gem
crous and general that easy credit con-
ditions now obtain throughout the dis
trict. AS a matter Of fact, many sub
stantial banks have not only cared for
all unusual liabilities. but have sur
plus funds seek ing employment"
MIR Inrlc reviews the several objcc-
tons that have been made Ivy member
banks TO features Of the new banking
Systematically their regret at an as
sumed loss OF interest on reserve de-
posts. and the loss OF exchange charges
which they fear will follow the clear
anc, feature Of the new law.
practically all present adverse
criticism says Mr. luyle. seems to
arise from the fact that many banks
are still living III the atmosphere Of IbS
past. and viii not diagnose the sao,i,
ton in the light OF the future. as forGS
cast in the reserve act"
LOCAL HANK HAS
FULLY SERVED IRIS DISTRICT
THE Federal Reserve Bank OF Rich
mond," Mr.. lngle concludes, has most
fully served the needs OF its district
during trying year. When help has
not been directly cN%ndcd. tho bank
has made IL possible To he obtained
elsewhere at the same or lower rates :
than il has named. "a situation fullY-np-
prcciatcd by numerous CORE Spondcnts-
"a canvass Of all member banks eli
cited replies OF most Gratifying ma
.turc. apprcciativc not only OF imrne-
date service rendered. either actual or
,al l.,,, nc
The law. Adverse criticism when Of
fcred was directed almost entirely to
the two points before referred 10, non
payment OF interest on reserve balances
and possible loss Of exchange charges.
Those raising the points, apparently
have never reflected upon the intimate
relationship OF the two question, hut
are continuing to think in terms OF the
old national bank act. WITH IT'S artificial
advantages and dangerous limitations"