Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-12-04
TRADE IS REVIEWED
IN FIFTH DISTRICT
Reserve Bank Finds Reports
FavorabIe-SavingS Clubs
Get Lively Start.
BY EDWARD c. STONE.

Trade IN the NTH Federal reserve dis
trict was in good volume and showed
seasonal advances in october, accord
ing to complete details received from
the Federal Reserve Bank of Richmond
today. There are troublesome spots in
this territory, says w. w. Hoxton. and
some industries are not doing as well as
others, but favorable factors are more
numerous than unfayorable ones. Mem
Der banks loans are lower than year
ago, and for the first time in many
months loans on securities are below
those outstanding II months earlier.
Member banks in the district are Dor
rowing more from the reserve bank than
at this time last year, but the increase
is in country bank borrowing, chiefly for
agricultural purposes.
Debts to individual accounts figures
for five weeks ended November IS were
not only seaSonally larger than debts ii
the preceding five weeks this year, but
were more than 8 per cent higher than
debts for the corresponding period last
year. indicating that Fall and Winter
trade is proceeding normally and prob
ably in somewhat larger volume than in
1928.
Commercial failures in the fifth dis
trict in October were fewer than in any
other October in six years, and the
liabilities involved were the lowest for
that month in 10 years. Labor is mod
erately we'll employed. Coal production
in October was in larger volume than in
October last year. and textile mills con-
Sumed more cotton last month than in
the same month in 1928, although the
situation in cotton manufacturing IS
still unsatisfactory.
Decline in Building Permits.
mitS was in smaller volume than year
ago in most of the cities of the district,
although more work in 10 of them eX-
ceeded the decreases in the other % re-
porting cities and brought the district
total valuation slightly above that of the
october, 1928, permits. On the whole,
agricultural returns in the district are
better this year than last, with cotton
the only outstanding exception. The
prospective yield of cotton in the district
is larger than last years yield, but the
price is sufficiently lower at present 20
reduce the cash returns below those
realized for the 1923 crop.
Tobacco farmers are faring better
than cotton growers. a moderately larg-
er crop selling for slightly higher prices
this year in comparison with last year.
Fruit crops are generally smaller this
year, but practically all other crops COM
pare favorably with those of 1928 in
both yield and price. The gain in
money returns received this year by
potato growers in the fifth district was
perhaps the most marked change in ag-
ricultural returns over last year.
Retail trade was in larger volume
than in october last year, although
sales in the Carolinas did not come up
to those of the earlier month. Finally,
wholesale trade averaged about the
same as in october, 1928, some lines
reporting increased and some decreased
sales, with no very marked change in
either direction.
Christmas Clubs Start With Bang.
Inquiry at many local banks TODAY
revealed that the Christmas Savings
Clubs for 1880 have started of with a
bang
The new clubs were opened only last
Saturday, but nearly all the banks
make two important announcements
about them. They declare that more
Washington people are opening Christ
mas savings accounts than did last
year at the same time and that the
amounts being deposited are larger.
With larger individual deposits and
an increased total membership, it now
seems certain that last years total saw
1ngS Will be increased. The coming
years club deposits should reach close
TO 100000 and the membership ought
10 be well toward 10000
The crash in the stock market Is
held to have had a very SOLDERING effect
on people everywhere. Their attention
mas been turned to the importance of
having some definite saving policy and
some money set aside that will not be
swept away in any break that NAV take
pace IN Wall Street. Local bankers as
sign the new attitude toward savings
and the cooperative advertising being
carried on in Washington as the two
chief reasons for the increased inter-
est in the club savings idea.
Washington Gas Stock Higher.
Washington Gas Light stock sold at
105 on the Washington Stock Exchange
gain Of points of the last transfer.
Capital Traction registered 75H,
Potomac Electric Power per cent pre-
1erred los4, while the So per cent is
sue sold at l04A.
and Potomac Electric Power IS were the
only bonds out today, prices being
steady.
1t was learned today at the Treasure
that William M. Folger, who has re-
Gently, been president of a bank in
Norfolk, has returned to Washington
as national bank examiner and is
again attached to the Office of the
controller of currency.
Cleaned in Financial District.
Commenting on the Presidents mes
sage. Chairman McFadden of the House
banking and currency committee stated.
am In hearty accord with the Presi-
cent In the suggestion in his message
That careful investigation be made Of
the present state of our banking sys-
tenn, with a view to amending the ma
tional banking laws"
The Chesapeake & Ohio Railway
stockholders approved increase in capt.
tai stock to $500, 000, 900, from Sls5.
100000, and 4-for-1 split
The Pennroad Corporation interests
understood to have acquired holdings In
New Haven and Boston g. Maine Rail-
roads.
The National City Bank Nationa,
City Co. and City Bank Farmers Trust
Co. have declared combined regular
quarterly dividend of 81, payable Jan
uary to stock of record December 7
AS in the recent past. it is not stated
what portion of this dividend is paid By
the bank. by the securities company, OF
by the trust company.
The Miller Train Control Corporation
reports a number of foreign countries
have become interested in the Mile
trafilator and negotiations are now be
ing carried on with several Of the largt
signal companies for sales right
throughout the British empire and con
tinent.