Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-07

in vaults show relatively little change.
This banks earning assets are lower
than a year ago, but the cash reserves
and the ratio of reserves TO note ano
deposit liabilities combined are much
higher.
Debts to individual accounts figures
I'm the leading cities of the fifth district
have been running behind the hgures
for the preceding year since last NO
yember, but probably much OF this de-
crease is due to lessened activity IN
stock trading this year and is therefore
not indicative of any material decline
in ordinary business payments.
Savings deposits IN both mutual saw
fnrs and member banks are higher than
a wear ago, testifying to large purchaS-
ing power in the district.
Employment Less Satisfactory.
Employment conditions are less salts
factory now than in February, 1929,
but prospects for additional work I'M
proved during the past month. Coal
production continues at seasonal levels,
and with relatively low reserve STOCKS
on January /, the prospects for fair
demand during the next Few months
are at least equal to those OF last year.
Tobacco markets sold comparatively
large amounts of tobacco In January
for prices somewhat above the January
NJ.
bacco manufacturing industry IN the
fifth district grew more In 1879 IMAM
the average for the Nation.
Retail trade in January was better
than in the same month last year IN
Maryland, the District of Columbia, ana
in West Virginia. Wholesale trade re-
ported seasonal gains in January pusi-
ness over December, but was little
lower than the volume OF trade In
January, 1929.
THE Situation in the construction field
amuIoved in January in comparison
with the past several months. PermltS
issued in January exceeded in valua-
ton those of December and also were
larger than the figures for January last
year, and figures for contracts actually
awarded last month were at approx
rnately the seasonal level.
Cotton Outstanding Weak Spot.
The outstanding unfavorable elements
In the situation In the fifth district are
the very low cotton prices and short
Yields OF cotton in certain sections of
the Carolinas, the poor demand for cot
ton textile products, an increase in conn
mercial failures, and marked de-
cline in retail and wholesale trade IN
the Carolinas. These weak spots in the
business field have been reflected to
other lines, of course. and the effects
have been felt IN other sections which
have business dealings with the affected
arcs
The Eastern counties in South Caro-
lima are the most seriously affected by
the disastrous decline in cotton prices,
the yield of cotton in those counties
having been small last year, but some
cotton growing counties in North Caro-
lima are nearly as hard hit.
RediScountS for member banks held
by the Federal Reserve Bank of Rich
Inond declined $s,769, 900, or 29.3 per
cent, between January Is and February
IS, both this year, and on the latter
date totaled $15,850, 900, or 42.8 per
cent less than on February is last
year. About 80 per cent of last months
decline and approximately so per cent
of the years decrease in member bank
borrowing at the reserve bank was IN
rediscounts for banks in the larger
cities. The bank increased its portfolio
Of open market paper by $2,3S8 900, or
2o.3 per cent last month, but assets
Of this character dropped $I,612.00o, or
1912 per cent, during the year.
1874 Commercial Failures.
Business failures in most years are
at the highest point in January, due
to the strain of ,year-end settlements.
and in January this year insolvencieS
IN the fifth district numbered 1874, COM
pared with 116 in December and ITO IN
January, last year. However, the
district increase Of 80 per cent dur
ing the year was a little better
than the national increase of S.e
per cent Liabilities involved in the
fifth district bankruptcies last month
totaling $4,509,938, compared with
$2,032,S94 in December and $2,l65.S3l
in January, 1929, the years increase OF
1893 per cent contrasting quite unfa-
vora5ly with the national rise Of l3.t
per cent. The number of insolvencieS
In the district was larger than in any
month since January, 1928, and TIT
January, 1880, liabilities were the larg'
est monthly total since November, 1928
says Chairman Hoxton.
CLANCY Arranges Credit Banquet.
r. Jesse CLANCY, chairman of thu
banquet committee of the Washington
Credit Mems Association, announce
today that e. Paul Phillips, Eastern
manager of the national association
will attend the Willard festivities to-
morrow evening and bring greeting
from that body. The chief speaker vii
be Stephen I. Miller, executive manage
of the national organization, who's
subject will be Business and Credi
Conditions in the United States for tn
DAoSN
Watts is to preside and William z
Leahy act as POSTMASTER.
Trading on ID. c. Exchange.
Trading in the bond division wa
much more active on the Washington
Stock Exchange today than for severa
sessions. Good sized sales were re
corded in Anacostia e. Potomac Rail
road SIS, Capital Traction SIS, Washing
ton Gas SIS and IS, Barber e. Ross, 6l2
and Washington Railway q Electric Al
Recent prices were well maintained.
In the stock divisions Potomac Elec
trtc Power issues, Railway & Electri
preferred, Merganthaler Linotype an
National Mortgage & Investment pre-
ferTed figured in the days transaction
In the unlisted department 10 share
OF Park Savings Bank stock sold at n
Cleaned in Financial District.
At the monthly meeting Of the boar
Of directors of the Washington Loan
Trust Co. President John B. Larne
added an interesting sideiight to tn
session when he announced that it wa
the five-hundredth meeting of tn
board
Wade H. Cooper, president Of til
Commercial National, told the director
yesterday that earnings for Februal
were $4,000 more than earnings
January. February was the first fu
business month since the merger wit
the Continental Trust Co. took place G
January Is.
George A. Garrett, resident .partn,
of r. B. Keech IL Co, Is taking week
vacation at Aiken, 8. G.