Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-02
BUSINESS AWAITING
.UPSW|NG IN LOCAL
RESERVE DISTRICT
Tobacco Prices Very Low and
Cotton Cheapest in Ten
Years, Review Shows.
SAVINGS DEPOSITS GAIN
IN BALTIMORE BANKS
Washington Bankers Decide on
Hot Springs, Va, as Place for
Next Convention.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Industry and construction work,
along with banking activity, showed a
decrease in the fifth Federal Reserve
district during the period from Sep
TENDER Is to October Is, according to
the monthly report of William M.
Hoxton, agent of the Federal Reserve
Bank of Richmond, made public yes
terday. Unemployment and unsatisfac-
tory conditions in the agricultural dis
trtctS grew worse during the month,
he adds, in a most comprehensive re-
view.
Commercial failures throughout the
district were more numerous than in
the same period Of 1929 and we're rela-
lively greater in number than other
sections of the country" the report
said, adding that seasonal improvement
was shown in wholesale trade in five
leading lines but still compared I'M
favorably with 1929
THE outstanding factors tending to
influence the trend of business In the
fifth district at present are, as previ-
ously mentioned, large volume Of I'M
employment and very unsatisfactory
conditions in agricultural sections" the
report declared. with relatively little
building going on and many industrial
plants finding it necessary to cut their
production, employment has decreased
further during recent weeks.
Cotton Cheapest in Ten Years.
prices Of cotton and tobacco, the
nth districts two leading money crops,
are very low, especially cotton, which
is selling at the lowest price for 10
years In Maryland, Virginia and West
Virginia the effect Of low prices Is
greatly increased by poor yields, due
to the record drought which cut yields
Of most crops from Is to SO per cent,
and in some cases even more.
Feed crops were perhaps worse hurt
than money crops, and in many cases
farmers have been compelled to sell on
most of their live cattle, funds from
cash crops being insufficient to enable
them to purchase food for animals.
Savings deposits in IL mutual saw
ings banks Of Baltimore increased IN
September. and at the END OF the
Business failures in the district
numbered ia in September Of this
year, with aggregate liabilities amount
Ing to 81 .831 sos, compared with 119
insolvencies In August and only 10
bankruptcies with liabilities of $1,111,-
141, in September Of last year.
Textile Pickup Noted.
'For the first time in many months,
September and early october showed
some signs of better basic conditions
In textile manufacturing In the dis
trict. There was no marked improve
ment, but a tendency toward slightly
increased operating time developed, cot
ton consumption increased in COMPARE
son with August and there was some
increase of interest among buyers OF
textile products"
'Maryland's prospective yield Of 49,
100000 pounds Of tobacco this year
was unchanged during September and
compares very unfavorably with the
$500, 900 pounds grown in 1929" the
report continued.
'Maryland's composite condition f1g-
ure on October / was 72.6 per cent OF
average condition for the 10-year period
1ei9-1928, compared with TAI per cent
on September IL the report said in
regard to the agricultural situation.
Retail trade in the district in Sep
tember showed an increase of about 20
per cent over the volume Of business
done in August, but lacked 9 per cent
of eQualing the amount Of sales in Sep
TENDER, 1929, and the September in
crease was less than 1t generally Is over
August. Wholesale trade showed a
seasonal increase in September over
business done in August this year, but
was in less volume in every line for
which data Is available than in Septem-
Der, 1929. Cumulative sales this year
since January / were lower in every
line than in the corresponding nine
months Of last year.
Bankers Select Hot Springs.
The Homestead, at Hot Springs, Va,
has been selected as the place Of hold
ing the next annual convention OF the
District Bankers Association, the pres
tdent, Lanier p. McLachlen, announced
yesterday. The decision is made by the
NouNAi1 ~ administration The FN0@
vention comes in June. but 1t is neces-
sary to reserve the dates far in advance.
The local association has already held
several successful conventions at the
popular Virginia resort. 1t is an ideal
place for the four-day session, which
hotel Is ample in size and offers q par
ticularly attractive hall for the business
sessions, also splendid golf links.
The first convention was held at
Deer Park, Md, about IL years ago.
One year the sessions took place on one
of the Norfolk g. Washington steam
boats, cruises to Yorktown and other
places added greatly to the program at
fractions. The conventions have now
become too large for a repetition OF
such a plan The convention met last
at Asheville, N. c., after two years at
Montauk Point, Long Island. White
Sulphur, w. Va, drew the bankers some
wears ago, DuL III Tie tOt1B AAoN
Springs has received the call more often
than any other palce.
Trading Dull on ID. c. Exchange.
Trading was unusually quiet on the
Washington Stock Exchange yesterday.
The market opened with Capital Trac-
ton SIS selling at SO. Washington Gas
6s. series A. changed hands at 103, ana
the series B bonds moved at 1861 In
the stock division 40 shares OF Real
Estate Mortgage & Investment preferred
sold at 6l2. The unlisted securities
were called of as usual on Saturday,
the quotations being practically un-
changed.
Notices have been posted on the ex-
change bulletin board announcing the
plan for the redemption Of Chevy Chase
Dairy per cent preferred stock on De-
cember /, at lot and accrued interest.
The stock Is listed on the local board
and the entire issue Is to be called in
on the above mentioned date, payment
from the corporations surplus TO be
made through the Riggs National Bank.
TIRE FIRM EXPANDS.
AKPON. Ohio. November 1 DID,