Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-01
SIGNS OF RECOVERY
NBUSINESS NOTED
Federal Reserve Report for
Fifth District Reveals Sea-
sonaI Increases.
By EDWARD G. STONE.

BY EDWARD G. STONE.
William W. Hoxton, agent OF the Fed
eral Reserve Bank Of Richmond re-
ported today that there were signs of
seasonal Improvement in certain lines
Of trades in the fifth FEDERAL Reserve
district during August and the first half
Of September. He added. however, that,
on the whole, recent developments have
been unfavorable for early resumption
Of active business.
The severe drought which damaged
crops in the upper half of the district
in July, continued in August, the re-
port says, anG further reduced agricul-
tural prospects for this season. No up
ward trends in prices of agricultural
commodities, In so far as the leading
money crops of the district are con-
cerned, were shown. Cotton prices con-
tinued to decline and tobacco markets
opening at or near record low levels.
Small Demand for Loans
Reserve bank credit die not increase
between the middle of August and the
middle of September, as it usually does,
Mr.. Hoxton said but the volume of re-
serve notes in circulation turned upward
slightly. nearly a month later than in
most years. There was relatively small
demand for loans from member banks
throughout the ClStrlCJ,
Business failures during the period
compared favorably with the national
record, being fewer in number and lower
in liabilities. Employment showed lit
tie or no change. Coal production
showed a seasonal increase. but the in
crease and the tonnage mined was con-
siderably below that for the same period
last year.
Fewer Building Permits.
BUILDING permits issued in the leading
cities of the district were fewer in num-
Der and lower in estimated value than
those issued during August, 1929, and
contracts actually awarded for work
were also materially lower, the value of
contracts for residential construction
being especially small.
Retail trade as reflected in depart
ment store sales was Sc cents less in
dollar amount in August, 1880, as COM
pared with 1929, and wholesale trade
in August was much below the volume
of business done last year, the decline
ranging from 1913 per cent in groceries
to 1913 in dry goods.
Decline in RediscOunts.
Rediscounts for member banks. held
by the Bank of Richmond, declined
$4,000, or AZ per cent during the
month However, total earning assets
of the bank rose by 1899 900. or 90 per
cent, an increase of $1,sS6.000 in the
holdings of the open market paper
more than balancing the drop in re-
discounts. A normal expansion in the
Federal Reserve notes in actual circu-
lation began between August Is and
September Is, rising by $744000, or
IL per cent.
The SIS member banks in their state
mentS reported slight increases in their
outstanding loans during the month,
all of the rise occurring in security
loans, which gained $965, 900, while all
other loans which are chiefly agri-
cultural or commercial in nature de-
clined $606,000. The net increase in
outstanding loans amounted to $3.50 900.
There was an average decline in
debts to individual accounts, during
the four weeks, amounting to So per
cent, but the reporting cities divided
evenly in reporting higher and lower
figures, in comparison with the figures
for the preceding four weeks. Balti-
more and Washington reported de-
creased totals for the later period, but
Richmond showed higher figures. Mr.
HoXton reports.
H. NJ. Camp with Fenner g. Beane.
Henry M. Camp, formerly in charge
OF the statistical department of the
local Office of Hartman & Co., has
joined the staff of the Washington
office Of Fenner & Beane, another New
York Stock Exchange house, starting
his new duties today. Mr.. Camp well
known in the financial district of
Washington, is a director of the Inter-
national Exchange Bank, member of
the National Press Club, Washington
Board of Trade and a Mason. For
many years he was connected with the
trade association movement in Wash
ington when ne engaged principally in
financial and business research for the
building and construction industry. He
has also served in various capacities of
political nature in organization and
publicity work for the Republican Ma
tional League and the local Republican
organization for the past 20 years.
Fuller Joins Eastman, Dillon.
Charles Ashmead Fuller has become
associated with the Washington staff of
Eastman, Dillon g. Co, New York Stock
Exchange House, according to an
nouncement today by the local man
ager, Arthur Foraker He is a native
of Washington and has been conf
Dental secretary TO Clarence F. Nor
Ynent, chairman of the board of the
National Bank of Washington and of
the Norfolk & Washington Steamboat
Co. Prior to holding that position he
was sales manager for the Wardmap
organization. He is also former en-
ploye Of The Washington Star and Is
the youngest member of the board of
governors of the Chevy Chase Club,
where he has been golf champion for
several years. Mr.. Fuller has a wide
acquaintance in the financial district
and has already assumed his new duties.
Active Trading on Exchange.
October started off on the Washing
ton Stock Exchange today with active
trading in both divisions. Washington
Gas SIS, the series IS, and the series
3 IS, were in the best bond demand,
with Washington Railway g. Electric
Is also appearing on the board, prices
being steady.
In the stock department there were four
100-share sales of Real Estate Mortgage
& Investment preferred at 6la, and 300
shares of National Mortgage e. Invest
ment preferred moved at 5. Carpet Cor
poration figured in a turnover Of ITO
shares, some at "a and the rest at 24H.
Mergenthaler sold today at 94l4. Po-
tomac Power and Federal-American Co.
common were unchanged from recent
prices.