Evening star., 1924-02-29
BUYING power UP
I. NF|FTH DISTRICT
Reserve Bank Gain in Retail
SaIes-Fewer Failures.
Deposits Grow.
BY the Associated Prtss,

BY the Associated Press.
RICHMOND, Va. February 90
Despite the lack Of snap and enthu-
siasm" evident q year ago, business
in the NTH federal reserve district
during January was nevertheless
equal in volume to that same month
last year. according to the banks
monthly review of conditions issued
here.
A year ago, the report deNares, the
volume OF business seemed greater by
contrast because business men were
Just recovering from the depression
(which began about the middle of
1920 and lasted under the summer
and early fall Of 1s22." Comparative
teen months over which merchants
look back makes present activity not
30 remarkable as II did twelve months
ago.
PuFcAaaiAH Power Greater.
The purchasing power Of the fifth
district Is considerably greater than
% !. was e. year ago" the review as
whore the coal miners are not able to
secure full-time employment The
Carolinas. which buy goods In enor-
nous quantities from the wholesalers
III xStCutlOuo AuQ ohttlUlOIS, are III
better financial shape than they have
been since the spring Of 1920. Agri-
culture yields were good on the whole
In Virginia. Maryland and West Vir-
gtnia, and both skilled and unskilled
labor have been fully employed at
FurehsrmoSs. F % people peopi. as have pe been 'In less
extravAgant with their funds and
have shown q growing disposition to
use them In paying or debts. making
Investments In homes or securities.
or building up savings accounts.
Tho Insurance Companies found
business in the NTH district especial
ly good during the past year"
Banks IN Better Position.
Deposits. according to the report.
show that bank customers are finan-
cially stronger this year than they
were last year. Member banks in
principal cities find themselves able
to care for all present needs of their
customers.
Fifth district business failures in
January. 1924. were less numerous by
12.1 per cent than In January, 1929,
er. this record being distinctly better
than the national average. the review
says,
"Unskilled workmen are fully en-
ployed and wage scales are unchang-
ed from the levels Of last year" the
and Is cheaper than IL has been dur
Ing recent years. The textile indus
try is marking time. Cotton prices
continue to hold well above the thir-
ty-cent level and are considerably
above 1923 prices at the same season
Of the year"
Tobacco Prices Higher.
Tobacco Is bringing better prices
than in December and the size of the
crop Is up to the estimates, according
to the review. which adds that farm
ers are making preparations for this
years planting and are. on the aver
age, we'll advanced with their work.
City department store sales indi-
cate that retail trade during January
was $50 per cent above that of Janu-
ary. 1923. and 7.2 per cent above aver
age January business during the
three previous years. the review says
Wholesale trade was said to have
been greater In January In every line
except groceries. than in December
1929. Groceries show gain in com.
parison with trade in January. 1929
Hardware and furniture businesses
also show improvement over : ,al
ago. while dry goods, shoes and drugs
show losses.