Evening star., 1924-03-31
RESERVE DISTRICT
BUSINESS ACTIVE.
Review by Richmond Shows
Some Industries Excep-
tionaIIy Busy.
Sy fir Associated Press.

~ FIR Associated Press
RICHMOND, Va. March 31.-"There
1re exceptions here and there, but
>rost of the fifth reserve districts
'HdustricS arc about as active as
9sey have ever been. and a few are
Exceptionally busy" according to the
monthly business and agricultural
review made public last night by
the Richmond Federal Reserve.
The review calls attention to the
fact that one of the leading fertilizer
companies and it's numerous sub
sidlaries went into the hands of a
receiver recently, but adds that their
troubles date back" previous to 1924
and are not 'chargeable" to this year.
An insufficiency of orders has
forced many textile mills to adopt
pdrt-time operations the review
reads Prices Of both cotton and
tobacco are now lower than com
narrative prices of year ago, and
severe weather has DELAYED farm
y ork sine the middle of February
Bankruptcies More Numerous.
Bankruptcies in the fifth district
were more numerous in February
han during the corresponding
month last year, and the total in
Movement also was greater, but both
number and liabilities were less than
in January.
Coal mines are not receiving
enough orders to keep them running
20 capacity, but this is due to an
"Verdevelopment in the industry,
with an excessive number of active
mines, rather than to any real lack
Of Consumptive demand.
Examining the proSperouS indus
tries and trades. the outstanding fea-
ture is the steady continuation of rec
urd-brea king building operations. the
number of permits for new work is
sued in the reporting cities of the
fifth district for February being the
highest number ever reported for that
month Of the year. with total valua-
lions only slightly below valuations
II year ago. which We're in turn the
highest ever reported.
Debts to individual accounts, in
sympathy with lower prices of to-
bacco, cotton and some mercantile ar
tcles. are running practically the
same as a year ago. Member banks
generally in the district are in posi-
tlon to meet all legitimate demands
TOT credit, and the reserve bank is in
strong reserve position to care for
any unusual demands that might arise.
Savings Deposits Increase.
Savings deposits are distinctly
higher than a year ago, and the pur-
chasing power of the district is great
or than it was in February, 1928,
especially in the Carolinas, where
larger cotton crops were raised than
IN 1922. This cotton also brought
higher prices than the crop of the
previous year"
Labor is as fully employed as is to
be expected at this season, the re-
port continues.
While farm work is unseasonably
delayed. prospects on the whole are
good for the agricultural sections" ii
s stated, the fruit outlook being bet
ter than for several years, and de-
mand for all farm products appar-
entity sufficient TO hold out fair hopes
for profitable prices during the COM
ing season.
Retail Trade Advances.
Retail trade in February was
greater than in February last year,
and also above the average in Febru-
ary of the three years 1920, 1921 and
l922, and stocks i'll the retail stores
are not excessive. In wholesale lines
dry goods and shoes are rather dull,
but groceries hardware, furniture
and drugs are moving in greater vol
ume than in 1928, and collections are
on the whole fairly good, showing
some improvement during February
in comparison with January, the pre-
ceding month.
automobile dealers are selling all
the ears they can secure, and live
stock dealers report sales of mules
far ahead of last year. Farmers are
not paying cash for much Of their