Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-08
APRIL TRADE SLOW
IN FIFTH DISTRICT,
REPORT REVEALS
Moderate Volume of Trans
actions Reported by Rich
mond Reserve Unit.
RECENT PROGRESS SEEN
TOWARD BETTER TIMES
Seasonal Expansion of Credit De-
clared Less Than Normal
This Year.

Business in the fifth Federal Re-
serve district in April and the first half
of May was in moderate volume only,
and probably did not measure up to
seasonal levels" according to the
monthly review of credit, business and
agricultural conditions in this district,
issued by the Federal Reserve Bank of
Richmond
"On the whole" said 1.-The review,
issued by William W. Hoxton, chair
man and Federal Reserve agent for the
bank, the recovery from the depres-
sion which began last Fall has been
slower than was generally expected, but
definite progress has been made in
most lines"
THE seasonal expansion of credit in
April and early May was less this year
than usual" the review continued, re
discounts held by the Federal Reserve
Bank of Richmond rising very little
between the middle of April and the
middle of May, and reporting member
banks actually decreasing agricultural
and commercial loans to their custom
ers between April 9 and May IA.
Bank Deposits.
"The volume of both Reserve bank
and member bank credit outstanding
in this district is much smaller at
present than at the same time last
year. On the other hand, bank de-
posits compare favorably with the fig
ures for May, 1929 a decline in de-
mand deposits being practically offset
by an increase in savings and time de-
posts. Debts to individual accounts
representing check payments in clear
ing house banks in the leading cities
of the district, were seasonally lower
in the five weeks ended May IA than
IN the preceding like period ended
April 8, and also 81 per cent below ag-
gregate payments in the five weeks
ended May Is, 1929, but in view of
generally lower level of wholesale COM
modify prices prevailing this year and
lessened activity in stock market OPP
erations, the decline in comparison
with last years debts is very slight.
THE commercial failure record of
the district for April was one of the
worst for several years. The number of
failures was less than the number re-
ported for April, 1929, but the liabilities
reached a higher figure than for any
month since March, 1924. Employment
conditions improved somewhat In April
and early May, but probably not as
much as was expected with the opening
of outside activities.
THE retfsl stores, especially those
selling clotking, did a larger volume OF
business in April than they did in April
last year, due to the occurrence of
81 last year. Retail trade In April did
not overcome the decline reported in
March, however, and for the first four
months of this year department store
sales ran slightly below the sales in the
first four months of 1929. Wholesale
trade in April was spotted and infiu-
enced by seasonal trend, but on the
whole was in rather less volume than
in April, 1929 Total sales since Janu-
airy l in wholesale lines for which in
formation is available show lower fig
ures than in the first four months OF
1929, except in shoes, the chief decline
being in dry goods and hardware.
THE weather since the first of April
has been favorable for farm work, but
until the middle of May was unfavor-
able for seed termination or plant
growth. The fruit prospects are spotted,
stone fruits having been seriously hurt
by froStS and apples In low-lying or
chardS also damaged. Rains throughout
most of the district in the latter half
of May improved agricultural prospects
materially"
Rediscou.4ts for member banks held
by the Richmond Reserve Bank rose
both this year, increasing bq $500, 900,
or Al per cent, but on the later date
stood at level of $39, $780, 900. or TOP
per cent below the volume of redis-
counts held on May is, 1929.
CIearings Decrease.
While Washington showed a falling
off from 1902 $50 900 in checks passing
through the clearing house for the
$279 100000 in the period ending May
IA, as compared with S3l7,727,00 in
the period ending May Is, a year
ago, it was shown that majority of
the reporting cities showed lower
figures, also the district register
ing a total decline in payments
amounting to 2.7 per cent. This de-
cline was seasonal, however" the re-
view said. due chiefly to heavy quar-
terly payments around April !, and
does not indicate any material decline
in trade during the later five weeks.
Retail trade for the district, as re-
hected in department store sales aver
aged lit per cent higher in April,
1880, than trade in April, 1929, chiefly
due to the lateneSs of Easter. fairer
comparison, that of combined sales in
March and April, with sales in the
same two months last year, shows an
ing to 2.8 per cent, the gain in April
not being sufficient to balance the de-
crease in March.
Washington showed gain of 88 per
cent in April. 1880, retail sales, COM
pared with sales in April, 1929; loss
of 80 per cent for March-April sales
combined, compared with March April
1929; a decrease of IL per cent for
January-April, 1880. sales, compared
with January-April. 1929; decrease of
SO in April 80, 1880, stocks, compared
with the same date last year; a decrease
of 4.3 per cent in stocks April 80, as
compared to March 81. 1880. Wash
ington department stores reported 30
per cent of receivables collected in April.
The times the stock was turned since
January /, 1880, was fixed at 1887.
Frank Shiselli, vice president of the
Merchants Bank & Trust Co., has been
confined to. his home with illness for
the past 10 days.
Electricity Production.