Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-01

Total .......... s55s,96s, s62 s6270ls 400
Bankers and business men are hop
ing that conditions will improve enough
during the remainder of the year to
bring clearings well up to last years
high mark. However. since five months
of 1880 have already passed, difficult
pace has been set for bank clearings
In the other seven.
Fifth District Business Review.
In addition to the months bank clear
ings the monthly review of conditions
In the Fifth Federal Reserve district
was also made public yesterday. VIII
liam M. Hoxton, chairman of the Fed
eral Reserve Bank of Richmond, covers
April and the first half of May, and
notes slow, but definite progress during
that period
His review states that employment
conditions improve somewhat during
that period although not as much as
was expected with the opening Of out
side activities. The seasonal expansion
Of credit was less than usual. reporting
member banks actually decreasing agri-
cultural and commercial loans to their
customers between April and May IA
While the volume of both reserve
and member banks credit outstanding
in the district Is much smaller than
ut the same time last year, the report
says that bank deposits compare favor
ably with figures for May, 1929, a de-
cline in demand deposits being practi
cally Offset by an increase in savings
and time deposits.
The commercial failure record Of the
district was reported as one Of the
worst for several years. the number
Of failures being less than reported in
April last year, but with liabilities which
reached higher figure than for any
months since March, 1924.
Debit Accounts SeasOnaIIy Lower.
Debts to individual accounts, repre-
Senting check payments in clearing
house banks in the leading cities of the
district, were seasonably lower in the
five weeks ended May IA than in the
preceding like period ended April 8,
and also 81 per cent below aggregate
payments in the five weeks ended May
IS. 1929. This decline, however. the
report declares. in view of a generally
lower level of wholesale commodity
prices prevailing this year and lessened
activity in stock market operations,
was very slight"
Coal production was reported in ex-
cess of that of March. but is in smaller
tonnage than In April, 1929, West Viz
ginia continuing TO lag behind Penn
sylvania in output.
ne SIbudJlOh LIlG UCALlIS
showed no improvement last month. "
the report continues, and many mills
have adopted policy Of curtailment Of
operating time TO prevent accumulation
Of manufactured goods.
Cotton prices in April and May
ruled lower than in the preceding
month or the same time last year. and
cotton consumption in American mills
was less than consumption in April,
1929.
Retail Trade Improves.
1.-THE retail stores. especially those
selling clothing, did a larger volume of
business in April than they did in April
last year, due to the occurrence Of
Easter on April 20 this year and
March 81 last year. Retail trade in
April did not overcome the decline re-
ported in March, however, and for the
first four months of this year depart
ment store sales ran slightly below the
sales in the first four months of 1929
Wholesale trade in April was spot
ted and influenced by seasonal trend,
but on the whole was in rather less
volume than in April 1929. Total sales
since January l in wholesale lines for
which information Is available show
lower figures than in the first four
months of 1929 except in shoes, the
chief decline being in dry goods and
ubTQWaTe,
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. April and early May were ex-
ceptionally dry, and April was unusual
ly cool, with several frostS late in the
month. Cotton has been planted and
tobacco has been set out except lr
some sections where the ground Ia:
been too dry.
Pastures are backward and feeding
of cattle was, therefore, necessary
later this Spring than usual. The
fruit prospects are spotted. stone fruit
having been seriously hurt by frost
and apples in low-lying orchards alsC
damaged. Rains throughout most o
the district in the latter half of Ma!
improved agricultural prospects ma
terially."
More Building Being Started.
Large building activities in Washing
ton and Baltimore brought an increas
In building permit figures for the Dis
AMk Though thu V1tfVnhaF iERaIaA fell Ia