Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-01
FAILURES FEWER
IN FIFTH DISTRICT
Richmond Reserve Bank
] Finds Gain in RedisCounts
During Month.
By EDWARD c. STONE.

Fewer commercial failures were re-
ported in August and early in Septtm-
Der in the fifth Federal Reserve dis
trict than in any of the other IL dis
tricts in the United States, according
10 the monthly review Of credit bust
ness and agricultural conditions issued
today by the Reserve Bank of Rich
mond. the total number of failures
being compared with August year ago.
The liability record was also not UNI
satisfactory. although it compared quite
unfay orably with liabilities in August
last year, when very low totals were
reported Business barometers varied
greatly during the month. but some sea-
sonal pickup was indicated in trade.
Increases were shown in rediscounts
at the Richmond Federal Reserve Bank
between August is and September is,
in keeping with the seasonal trend, and
the volume of Federal Reserve notes
also rose moderately. Reporting mem
Der banks in leading cities experienced
little demand for loans, but deposits de-
clined slightly, the banks increased
their investment in stocks and bonds
and their cash in vaults. and their Dor
rowing at the Reserve Bank.
Debts to Individual Accounts
Debts to individual accounts figures
for the fourWeek period ending Sep
TENDER 9 showed the lowest total for
any similar period in man. years
though the total was only 1877 per cent
below that for the four weeks ending
September 10 1880. Savings deposits
in mutual savings banks and time de-
posts in member banks are higher
than a year ago. indicating a large
potential purchasing power on the part
of the banking section of the public
The employment situation in the
fifth district is bad and shows no signs
of early improvement, but at the same
time it is better than in some other
sections OF the country, the report
stated.
Building Permits Decline.
Building permits issued in the lead
ing fifth district cities in August pro-
vided II per cent less work than per-
mits of August a year ago which in
turn were about 81 per cent below Au-
gust. 1929 Contracts actually awarded
in August this year totaled only slightly
over half of those of a year ago
Retail trade, as reflected III depart
ment store sales in August, averaged
81 per cent less than in August, 1890
a larger decline than has been noted
IN most recent months. Wholesale
trade, however. showed seasonal i'm
proyements, but remained below 1880
levels
In agriculture the upper section of
the district is in much better condi-
ton than at this time last year All
sections Of the district have fine crops,
but prices are lower than last year
b. & o. Common Dividend Cut.
Late yesterday the Baltimore & Ohio
Railroad declared a dividend of 81 on
the common stock. In the two previous
quarters dividends Ct Sl.25 each were
voted and prior TO that time the COM
mon stock was on 81 basis.
The directors declared the regular
quarterly dividend on preferred stock
The monthly financial report showed a
net railway operating income in August
of S2.451 .403, against $4,473.226 in Au-
gust, 1880 decrease of So OBJ 1928 Net
railway operating income for the first
eight months of the present year was
reported as Sl5,699, BOG, against S25.-
645,l60 in the corresponding month last
year, decrease of S9,l45,854.
Heavy Selling in Lanston.
Heavy selling in Lanston Monotype
vas the feature Of today's session of
the Washington Stock Exchange The
stock opened at IA and closed at 70i4
after dropping to 20 on some sales |
The days sales totaled $40 shares. the
largest turnover in any stock in many
weeks
Capital Traction sold at 81 on a |
turnover of only 10 shares and large !
number of other issues also appeared |
on the board. The largest bond sale |
was $4,000 Potomac Electric Consou- !
dated IS at 1901. |
Moore Back at Metropolitan.
SilaS E. Moore, assistant manager of |
the Washington Clearing House Asso-
ciatien, has returned to his duties with /
the association and also as one of the |
general bookkeepers with the National |
Metropolitan Bank. He has now recov-
cred from the effects CT the automobile |
accident in which he was badly hurt
several weeks ago. Mr.. Moore has besn |
at the Metropolitan many years and |
has also served fer a long time as
Manager Charles z. BrightS Clearing |
House aide. Presiding ar the daily ses- I
slons of the Clearing House. Isl" Moore
is known and liked by every bank mes
senger in the city.
Financial District Notes.
z. E Mountjoy. representative of the
American Bankers Association in
Washington. will attend the coming
convention at Atlantic City and take
prominent part in the sessions.
Miss Grace NJ Bromley assistant
secretary Of the District Bankers AS
ISOLATION, will attend the annual
A. B. A. convention, which opens next
week at Atlantic City.
Guy o. Dove, jr associated with
James M. Johnson {. Co. was recently
elected a director and treasurer of the
Z. B. Adams Co
Washington clearing house figures
for today, S5382 1888.
FEDERAL RESERVE