Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31
ny George j. Sony.

-. hS trOrgc j.. Scny.
president OF the Fiifth Federal Re-
serve Bank.
- Tho banking institutions generally
+ot inc Fifth Federal Reserve District
arc in Il greatly strengthened position
IN comparison with last year at this
r lime There are. OF course. cXcep-
TONS. chiefly among the country
p banks: the Improvement. however. Is
particularly noticeable with city
hanks. banking transactions indicate
larger volume Of business In the
closing month"; Of the year in com
phrison with last year. The failure
record shows Improvement. There is
- very little unemployment In the dis
irict. Building operations continue,
IN many places in record breaking
volume but there has been "A notable
increase In construction costs during
8 The year Retail trade from all re-
porting ccnters is in Increased volume
IN comparison with last year
.,.. The textile industry of the district
is quite fully occupied. and some mills
are running day and night. Tobacco
factories are busy and in some places
-are finding 4, difficult to secure suGi-
! c!ent labor business conditions in
!. the district have been helped very
: considerably by a crop of tobacco
:. higher prices. North Carolina pro-
. duc"d one OF her largest cotton crops.
2 and that crop is also selling at prices
. very much higher than at this time
, last year In South Carolina. how
ever. tho CROP suffered severely. prln-
: cipaily from the ravages Of the boil
: "eev!l This Insect Is very great
: menace To the prosperity OF both
: North and South Carolina. and In.
!, directly TO tho rest OF the district II
> is the opinion Of Intelligent. practical
!. and experienced men that remedy
: for tn. hOll wccvii has been found in
= calcium arscnnte, but there is a short
=, age in the supply OF this chemical:
!, moreover. the remedy loses In cNec-
3 tivencsH unless IL is applied by all
: growers in contiguous territory. since
! II is next to useless to apply II TO
. one hcld OF cotton when II is not ap-
= Piled In tho adjoining neiI. I; IS well
y understood. therefore. that an active
; campaign VIII he needed TO induce
/, growers to apply 1t.
!, outlook Is nriEht.
Reports which come to us indicate
: that we shall enter tho New Year
: with prospects, of an increased and
. sustained volume OF business. The
lmi; 20 the supply OF labor may place
d. an automatic check upon production
= and likewise Increase the cost OF pro-
duc'ion. The public has heretofore
! given convincing demonstration
z That priccs Will govern consumption
3 and construction. and II prices are
permitted to mount high. from what
ever cause. they viii constitute Il
menace to continued business activity.
our present immigration laws place
, limit upon immigration. tho main
+ sorrc" from which ne have been de-
T, irving our unsk He'd labor in times OF
!, unusual business activity -
Thor" stiil exists AN inequality be-
tween the prices of agriculture! prod
. ucts received by the grower and the
, prices which the grower is compelled
; to pay FOR goods which he must buy.
7. IL these conditions were fairly ad-
jwstcd. we might look for "a period OF
une%amplcd activity in domestic bust
n"sA. The transportation situation
, also Is not satisfactory and places a
: limit upon manufacturing and pro-
ducirg activities. II We cannot trans
port what we produce and manufac-
; twre. there is no gain. II seems i'm
possible TO convince the shippers and
, the people OF the country generally.
and particularly. perhaps. the lcgis-
"a iatorS. that without prosperous
Transportation industry business can
not continue TO thrive.
largest In Its History.
The Federal Reserve Bank OF Rich
mond transacted during the year the
largest volume OF business in it's his
tory, contrary to impressions which
seem 10 prevail in some quarters. EN-
pressed In dollars and cents. In" re-
port for tho year. when published.
VIII not indicate accurately the COM
narativc volume OF business done, hu;
the physical volume or banking bust
ness IN all departments of the bank
except the discount department has
been greater than in any previous
year. The number OF items handled
for member banks by the discount de-
partmcnt VIII show a material de-
crease. hu; this decrease in COMPARE
son with the increase of other i'm
nortant departments OF the bank IS
very small. on the other hand. the
credit work OF the discount depart
mcnt has been very active during the
year. owing to conditions which have
existed The check collection Cor
ciearing) department has far sur