Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-04
BUSINESS RECEDES
IN FIFTH DISTRICT
Reserve Bank Review De-
cIares Some Trade Barome-
tiers Favorable, However.
BY EDWARD C. STONE.

by EDWARD S1ONE.
In the December review of business
in the Fifth Federal Reserve district
w. w Hexton, chairman of The Re-
serve Bank of Richmond and Tcdera
Reserve agent. reports moderate re-
ceSSion in business from the high levels
of earlier months of 1929. He reports
that generally business was not up to
the seasonal volume of the preceding
year although some of the trade
barometerS are quite favorable. Ths
December review covers conditions IN
this district in November and the first
part of the following month.
Labor is only moderately employed in
the district: returns to cotton growers
are lower than in 1928, and Wholesale
trade showed slight declines. the state
ment declares. AS to labor the state
ment adds: ION the whole, outlook for
steady employment during the next few
months appears more doubtful
Daily production of bitunlinous coal
in November was less than in Novem-
Der, 1923. and total production de-
clined rather more than The seasonal
average in comparison with October.
Textile mills operated less extern
sively than in November. 1923, ana
there was some curtailmont of work
to four Gays A week. but inc recession
in operations was less marked than the
average for the Nation.
Retail and Wholesale Trade.
''Retail trade in department stores in
the fifth district was better in the
largest cities than in NoveInb-c. 1929.
but, on the whole. was poorer in the
smaller cities and stores.
wholesale trade in November COM
pared unfavorably with that of Novem-
Der year ago in every line reported
upon.
Crop returns were quite spotted. but.
considering the district AS a whole,
production of most crops was up to the
production of 1923.
Prices for cotton. the leading money
crop, are much lower this year than
in 1928. and returns to the growers will
be considerably below the returns last
year. Tobacco prices have averaged
somewhat lower this year, but increased
production this year probably about
balanced the lower prices.
Loans Paid More Slowly.
Liquidation of agricultural loans
proceeded seasonally, but perhaps at a
somewhat slower rate than in most
years. says the report. Member
banks reduced their rediscounts at the
reserve bank, although the reduction
from country banks was not in proper
ton to the reduction of rediscounts
serve note circulation rose during the
past month, 10 meet the demand for
cash needed for crop marketing and
the holiday trade
An encouraging phase of the sum-
mary deals with the solvency of busi-
ness generally in the district "Busi-
ness failures were less numerous and
liabilities were IS per cent lower than
In November, 1928. much more favor
able showing than the national COM
pariSon, which revealed liabilities 20
per cent greater in November. 1929,
than in November, 1928" the summary
states
Notes in Financial District.
Latest figures indicate that deposits
declined in the local banks about 3d.
600 goo between the calls of October 4
and December 81, 1929. The biggest
factor in the recession was the break
In the New York stock market and the
resultant letting-up in business every
where
It is expected here that the banks
In most other parts of the country will
SHOW the same or a larger decline in
deposits, business in industrial cities
having suffered a much more severe
slump. Nsw York and Chicago. the
money centers, however. may reveal
gains on account of the enormous sums
OF money rushed to These places when
stocks tumbled.
The McLachlen Banking Corporation
reports deposits on December 81 sof
$l,673,506.80 instead of S1.727.493O5.
the figure given out just after the call
came in yesterday. BY omission of an
important item the deposits were made
70 appear more than $4,000 lower
than they should have been.
H, S. BroSsard, manager of the
washington office Of the Investors
Syndicate. of Minneapolis. is on his
way to attend the annual convention
IN the Minnesota city. AS a result of
the large business done by his office in
tne past year, he was one of a number
OF sales managers who was given ex-
penses to the convention.
r. B. keech & Co. announces that
Ihomas N McCarter. jr. member of
the New York Stock EXCHANGE has
been admitted to general partnership
IN its firm. as of January 2. The
local F. B. Keech office is at Seven
tsenth and H streets.
Joins HemphiH Staff Here.
Another addition has been made To
tne personnel of the new Hemphill.
Noyes & Co. investment of1ce n he
established here in the person of Robert
K Carpenter, who will be identified
with the stock department of the once
Mr.. Carpenter has been in the invest
ment business in WASHINGTON for the
past f1ve years and until recently was
associated with the Offices of Eastman.
Dillon d Co. He is graduate of Dart
mouth College.
Regional Savings Conferences.
Four regional savings conferences will
be held this Spring under the sponsor
SNIP OF the savings bank division of
the American Bankers Association
The one which will be attended by
good many Washington bankers will
take place in New York on March
20-2l.
These conferences have been a fea-
ture in the savings banking field for
the last six years with increasing in
terest and attendance. The meetings
this year are expected to prove of ex-
ceptional interest because Of the recess
sion of savings deposits in savings de-
partmentS Of banks experienced during
the past year.
New York Stock Exchange brokers
loans declined S27, 088. 496 in December
TO 1899 .5l0,273, against Sc, 439, 74O,-
5ll year ago.
Merrill Lynch & Co. and Kissell,
Kinnicutt & Co. acquired part of J.
q. McCrory's personal holdings Of Nc
Crory Stores stock.
Further Bank Deposit Reports
Further reports from washington
banks on deposits of December 81. as
compared with the call OF October 4,
follow:
D.csnse5 81 oc. sss rs
81. : sis,sooe isi5:s 4ss:3!
ITR as.4h.sl E1ch.nt.: ss77l7s55S isssssss5
No MOTHS 6spi n - i. 55Ss22s i5s77sgp55