The Washington herald., 1922-03-03
GAIN IN DEPOSITS
and INVESTMENTS
N FIFTH DISTRICT
Richmond Bank Reports
Loss in Loans and
Rediscounts.
OTHER LOCAL NOTES
Fidelity and Deposit Co. Re-
ports Gain-D. C. Securities
Firm in Fair Trade.

Reports of condition from eighty
two reporting member banks in thir-
teen cities of the Fifth Federal Re-
serve district show increases in in
vestments and time deposits. and de-
creases in loans and in rediscounts
with the Federal Reserve Bank Of
Richmond. In comparison with the
figures Of year ago. .-.
The statements Of the Federal Re-
serve Bank Of Richmond show that
between January IL, 1929. and Feb
ruary s, 1872. both cash reserves and
member bank reserve deposits in
creased. while bills on hand and
notes in circulation decreased, both
movements tending to strengthen the
banks position. as is shown by the
Increase in our reserve ratio from
lke0 per cent on January IL,
1922, to 52.4s per cent on Febru-
ary 8, 1922. A year ago, on Feb
ruary 4. 1872, this ratio was 1901
per cents Debts TO Individual ae-
count figures from eleven cities for
the week ending February /, 1872.
debts reported by the same cities
for the week ending February 2. 1921.
Production OF coal is again greater
than current consumption. Tobacco
prices have been well maintained.
and farmers have realized fairly sat
isfactory returns for their crops.
Building operations continued dur
ing January on a much larger scale
than last year. as is shown by the
Increase Of 49.4 per cent In permits
hsued IN twenty-five reporting cities.
Wholesale trade, while reluctant and
nervous. was not unsatisfactory. on
the whole.
On the other hand. business fall
ures during any other month in the
past three years, and total habtli-
| ties were next to the greatest Dun's
Review reporting 233 insolyencies
| in the Fifth district, with labflf
ties of s4.6ss,036 during January,
1879. The labor situation Is un-
. changed, and the number Of unem-
ployed has not diminished. Clothing
and shoes are moving sluggisnly. and
| all retail trade Is hesitant and dis
terminating. The textile industry
apparently has suffered a slump after
spurt before Christmas, and cot
ton prices fell steadily during Janu-
ary and early February. though fol-
lowed BY some recovery in more re-
cent weeks.
Correspondents Of the bank believe
that the setbacks mentioned above
Iare temporary and their belief Is
unshaken in the soundness of. or at
least the distinct Improvement in.
Fundamental conditions. Many BUSH
Iness leaders write US that the dis
trict Is in much better condition than
II was a year ago. and they are
optimistic for 1922.
Fidelity and Deposit Statement.
The annual statement of the FL
delity and Deposit Company of Mary
land reports gross premiums writ
ten by the company was more than
$4,000. 900 during the past year, net
ting approximately $1,000. 900. which
s an increase OF more than $1,000. 900.
Local officials Of the company state
i was the most prosperous in the
history OF the firm. and that $780,
poo was added to surplus during 1921
after all claims had been paid.
Local Securities.
A fair volume of trade brought
put pronounced strength on the Wash
ngton Stock Exchange yesterday. At
kention was centered upon various
public utilities, all of which sold
ht the years highs. Lapston being
the exception in both cases. This
Issue sold to the extent Of 30 shares
ht ~.
Railway general IS sold to an ag-
regate Of 5000, face value. at s71s.
with Potomac Electric general IS
eelling at 99k to the extent sof s3.-
poo. Gas 71zs were in fair demand
i irregular prices, $1,000 selling at
prices ranging from 1854 to 105%.
In the stock list. small lots OF
Railway preferred sold at 66E, with
he common selling at 36.
War FInance Loans.
The waT Finance Corporation.
through Managing Director Meyer.
yesterday announced that from Feb
uary 81 to March 1. both dates in
Elusive. II approved 1s6 advances.
ggregstinR S4.s1s,00O, for agricul-
uraI and livestock purposes.
The board also approved an ad-
ance OF s722.000 to a financing in
titution organized to promote ex-
|ort trade for the purpose of financ-
hg the expectation of cotton.