Evening star., 1921-03-03
SEE IMPROVEMENT
IN THIS DISTRICT
Richmond Bank Notes That
"Business Is Working Back
to Normal"
BY I. A. FLEMING.

There is encouragement in the re-
port of the Richmond Regional Banh
on business conditions in this district
which includes Washington and aist
Baltimore.
Letters were received by the bank
from fifty-nine prominent business
men, twenty reports made oy larSe
retail stores and thirty-cight by ieah
ing jobberS and wholesalers. All are
practically unanimous in the asser
tion that business is working pach
to normal.
CORRESPONDENTS generally indicated
reductions in stocks in the hands OF
retailers and wholesalers and the re-
turn to efficiency on the part OF LABOR
the continued volume in coal produc'
tion and Improvement in Transports
tion.
While manufacturers report less
buying orders, they admit that retail
ers and jobbers are making more III
quiries and gathering data as 10
prices and conditions.
The repirt notes some unemploE-
nent. and calls attention to the tact
that one city opened a soup Kitchen
which was forced to close by lack OF
patronage.
During January practically all the
textile mills in the fifth district re-
sumcd operations. Building permits
are few but both architects and con
tractors are receiving many m
guirieS which may lead to business.
Bank clearings and individual debts
are less than in January. due largely
to the reduced prices of commodities.
Dun'S Review reports 142 business
failures in the fifth district with
S3.SST. 90S liabilities. as compared with
thirty-five failures in January last
Wit iah Of n
increase of 1.264.4 per cent in liabili-
ties.
Washington took out more building e
permits in January-624-than any
other city in the fifth district. Balti-
more being second with 2l4. In money
involved Baltimore led.
Hope for Recall Of Questions.
Bankers generally are looking for
and confidently expecting recall
in the near future of the query from
the deputy controller of the cur
rency. relating to the number of de-
poSitors and the aggregate amount
Of deposits in the district segregated
by states. They can see no special
good that can possibly arise from this
Information. and as the clerical work
in connection with the compilation
would be severe they hope ii may be
unnecessary.
Reports have been filed in response
I.
in which all questions up to that
time have been answered.
The law in the matter ia explicit,
and unless there is recall of the
query the bankers will have to an
swer.
Local Securities.
There was good investment de-
Exchange today and a little better
inquiry for public utility stocks.
Railway preferred was featured in
the stock list. advancing sharply
from an opening at 81 to 51L then
to 5s%. with the final sale at 5Sh.
few shares of Capital Traction
brought s42.. Lanston sold at u.
Potomac Consolidated 5s were
steady at So. Likewise. Capital Trac-
tion IS. at 81, were unchanged.
Washington Gas ia per cent notes
were firm but quiet at 1ooiz. Rail-
way general 6s brought 90A.
steel workers' Holdings.
Up to date the holdings of common
stock purchased by United States
Steel Corporation workers totals 255,-
30S shares. subscribed for under the
recent proffer of the company. by ST.
10 employees. This years subscrip-
tions are the largest on record. From
1903 the workers have gradually been
adding to their holdings until now they
are important factors in the corpora
tion. over 100000 workers. quite an
army. are holders of the stock of the
corporation.
The Federal Reserve Bank of Chi
Cago says:
1T is probable that the entire fran
chise tax shortly will be applied to-
ward the payment of liberty bonds
and victory notes before their ma
turity. thus returning direct to the
public so per cent of the profits OF
these banks. to which they contrib
uted and which they are now prone
to criticisc.
This paper was the first to suggest
that the large profits of the twelve
federal reserve banks be used. as far
as posi- BILE. TO retire, gradually. lib
erty and victory issues
Maturing Certificates
March Is, as stated some time ago
$5o6. 500 treasury certificates ma
ture. Semi-annual interest on the
big third 4A per cent loan is also due
then.