Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1917-01-03
FULL TIDE or PROSPERITY
Seen BY CALDWELL HARDY
Federal Reserve Agent Makes Re.
port on Conditions I'm This
District
FARMERS MOST PROSPEROUS
Conditions In Cotton Mill Section
Said To BE Satisfactory From
Every Standpoint - Banks Are
Seeking Outside Investment.

Trade. agricultural and general re
ports Of every character indicate u con-
tinuance Of a fun tide of prosperity.
warning for preparedness in antici-
patton OF REIMBURSEMENT to more
normal conditions" said Federal Re-
serve Agent Hardy. OF the Richmond
bank. in his report to tho Federal Re
serve Board On trade conditions in the
Fifth District for the month of Janu-
AIRY. This is anticipated without any
apprehension Of any material setback
In continued good business.
"The continued high cost OF ma
terials. labor and living. particularly.
is commented on everywhere, and con-
siderable concerted efforts towards the
reduction OF the latter are being made
by housewives and many organizations.
Reports as to conditions among the
farmers emphasize prosperous condi
tons, and indicate great activity in
the preparation for future crops.
"Jobbers in the building line report
All increased volume of business, a
large volume Of new building being
under way notwithstanding the advance
in prices OF supplies and the high cost
Of labor. These conditions are imdi-
Gated throughout The district. Rich
mond leading with reported increase
Of 80 per cent in volume of building
over this time last year.
COTTON MILL CONDITIONS
REPORTED As SATISFACTORY
Cotton mill conditions are reported
satisfactory from every standpoint.
mills running to capacity at profitable
prices. distribution good and mill
stocks al minimum. Sales to retailers
are in far volume. out limited. owing
to the uncertainty of future trend of
prices. and to the high price of cotton.
Prices are also affected to some extent
by the anticipation Of greatly increased
acreage in cotton next year, which is
expected to result in reduced prices.
"'Havc never known conditions TO be
better, is the way one johber puts it..
and this seems TO be a fair report OF
the trade conditions generally. Buyers
are rarely asking for any extensions.
and an unusual number are discounting
kills. There seems TO be. however,
cons siderable difference OF opinion as
TO the future. Large business is gem
orally expected. but many look for
tower prices and predict that jobbers
and retailers will only purchase from
hand To mouth. al least until there is
some recession In prices There is a
disposition TO reduce stocks and keep
commitments we'll in hand.
HANK DEPOSITS At
HIGH-WATER MARK
deposits are Al high water mark,
and many banks have found il neccs
sary to seek outside investments, but
these appear 10 be wisely limited Ia
such are Of a liquid nature. Bank
reserves have indicated u decrcasi Z
tendency OF late, many institutions
having furnished considerable amounts
OF money TO borrowers OH short-tern
notes. trade acceptances or conlnodit.
notes. representing the purchase 81
cotton. cotton seed and other produces
Much Of this has been done by the
banks without finding it necessary 4,
rediscount with the Federal reserve
bank Ia any large extent.
Railroad earnings show an avera
Increase Of about 10 per cent. with 4
strong pressure for cars lndica ting the
offering Of an increased volume ol
traffic. Clearing house returns from
tine district indicate an increase If 81
per cent over last year, postal receipts
and money order business continuing
In Increased volume. Federal reserve
clear!mss for the month ending Deem
ber - show an Increase OF l.G9 pei
cen, IN the number Of items. and &c:
per cent IN the volume