Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-12-06
CONDITIONS
IN THE FIFTH DISTRICT
BY I. A. FLEMING.

Business in the fifth federal reserve
district is thus digested for the De-
cember issue of the Federal Reserve
Bulletin by the directors of the
Richmond regional bank:
Trade was spotty and below nor
NAL during the influenza period, but
on the whole satisfactory and on a
sound basis for manufacturers, Job
bers and buyers. Dun's latest figures
shows failures with liabilities OF
ties of $715,0O0 in September, 1917,
in the fifth district.
THE reopening of the tobacco trade
caused the reserve bank to ship w.
100000 federal reserve notes for this
trade in six days. The production of
cotton has been increased by the open
fall weather. Cotton is urgently
needed abroad, and foreign shipments
would relieve an embarrassing situa-
ton.
Manufacturing continues active
with the prevailing restrictions OF
supplies and labor. The effects of in
fiuenza are passing, and mills are re-
suming normal operations. New bust
ness, however, is less active.
THE large volume of business Is
reflected in an increase Of 81 per
cent in clearings. The volume of
federal reserve bank loans has ap.
proximated $100.000,00o, IS per cent
count
Considering the problem of the day.
reimbursement in it's various phases,
the directors have this to say:
1.-The readjustment period confront
ing us presents to this district. as well
as the whole country, vital questions of
interest. AS government demands re-
lax, the tendency viii be to release.
first. labor: second. material, and
third, credit. These much needed es-
sentials can be devoted to peace In
dustries, and will facilitate their re-
turn to supplying the enormous re-
construction demands of the world:
The trade awaiting the industries OF
the district promises q continued and
more stable prosperity. Restrictions
on building and other essential con-
struction are being removed. and Ia
government activities. All Sunday
and extra time work has been discon-
tfnued at the Norfolk navy yard and
other government plants, and large
manufacturers working on govern
ment contracts are following suit
One large corporation, which mas
ceased taking on new employees. is al
lowing it's force to be gradually re-
duced by the natural turnover Of en-
ployes, and during five days 700 en-
ployes have found employment else
where and left. AS government re-
Ou1r6mSnIS 1OT material ClhAp ouP
plies for private work will be more
readily obtainable. AS present gov
eminent obligations are met and new
ones are restricted, national demands
on credit will also relax, and we will
gradually return to normal conditions.
There is no occasion for demoraltza-
ton in the accomplishment of this
much-to-be-desired end. The sound
sense, courage and cooperation OF our
people can be relied upon to achieve
the result. There is general feeling
throughout the district that as soon
as the readjustment steps are success
fully accomplished We may reasona-
bly, expect good business"
The Secretary of the Treasury has
called Treasury certificates of indebt-
edness, series AZ. due January 2.
1919. for payment December Is. at
par and accrued interest. This is the
second series of certificates issued
in anticipation Of the fourth liberty
loan that has been called. The next
payment on the fourth liberty loan
will be due December 10, and these
certificates will be used largely IN
settlement of the installment-