Evening star., 1931-06-01
BUSINESS DRAGGING.
4 IN FIFTH DISTRICT.
Activity Under Recent Years
in All Lines, Reserve. Bank
Review Says.
BY EDWARD C. STONE.

Review Says.
= BY EDWARD C. STONE.
Business generally in the Fifth Fed
eral Reserve District was at iowTI
level in May than in the same montn
in other recent years, according to the
June l review by William M. HoXton,
chairman and agent of the Federal Re
serve Bank of Richmond. Conf1icting
tendencies were much in evidence in
the latter part of April and the first
half OF May
At the Federal Reserve Bank Of
Richmond the volume OF rediScountS
failed to show a normal seasonal in
crease last month, and at the middle
OF May only seven of SO Of the districts
largest member banks were borrowing
at the reserve bank
Deposits in reporting member banks
increased between the middle Of April
and time deposits increasing, but loans
by the same banks decreased, contrary
to custom at this time of the year, Mr..
Hoxton said. The volume Of both re-
serve bank and member bank credit
outstanding in the fifth district was
smaller at this season than at the
same time last year.
Savings Deposits Mount.
On the other hand, according to Mr..
Hoxton, bank deposits were higher than
those of May, 1880, increased time de-
posits more than offsetting a moderate
decline in demand deposits. Debts to
individual accounts figures for four
weeks ended May Is, showed moderate
decline in comparison with debts in the
four weeks ended April Is of this year,
but were materially lower than aggre-
gate debts in the four weeks ended
May IA last year. Mr. Hoxton said
lower price levels this year partly ac-
4 counted for the decline in 1881 debts
figures.
The commercial failure statistics for
= April In the Fifth District, the review
+ said, made about the worst showing for
any April on record. although the dis
trict record In liabilities involved in
April failures compared more favorably
with April, 1890, than the national IL
ability figures.
Employment Conditions Poor.
Employment conditions last month
showed less than seasonal improvement,
and the fact that the large number of
people who were out of employment,
or who were working only part time,
were unable to make their usual pur-
chases was an influence in the lower
level in all lines Of trade, the review
asserted.
Bituminous coal production in April
declined materially from March pro-
duction and was much below production
in April, 1880.
The textile industry in the United
States made further progress in April,
according to the review in its compari-
son with March reports, but the fifth
district mills did not keep pace with
nf Caro-
lima and Virginia mills reported increases
in their cotton consumption in April
ever March, but consumption last
month in North Carolina mills fell be-
hind that of the preceding month. Cot
ton prices in April and May ruled lower
than the preceding two months or the
same time last year, declining on May
IS to the lowest figure since the World
War, Mr.. Hoxton said in the review.
Trade Conditions Reviewed.
Department store sales in April aver
aged 80 per cent less in dollar amount
than sales in April, 1880, but consid-
cradle part OF the decline was que, &C
cording to the review, to the Garner
Easter date this year. which threw a
large part of the special buying into
March. Total sales during the flrst
four months of 1881 averaged by the
report were 2.7 per cent less than the
sales in the first four months OF 1880.
Wholesale trade in five leading lines
was in considerably less volume: MI Mr:
Hoxton said. in his comparison OF TINS
years figures with those OF 1880, put
groceries and hardware showed in
creased sales in comparison with Marcn
sales. All five lines reported lower
sales for the first four months TINS
year than sales in the corresponding
period last year.
MI. Hoxton added that, although
the outlook for good prices for agri-
cultural products this year was not
good at the May Is date, weather and
soil conditions were favorable Tor large
yields and most of the crops grown IN
the fifth Reserve district were pro
crossing nicely. He said that gram am
prospects, on the whole, were good Tor
the district and that farmers appeared
to be planting more food and feed
crops this season. Farming expenses
were reported as being held to the
lowest possible levels this Spring.
Baltimore was the only city in Mary
hand not showing decline in building
permit figures, while Cumberland OF
those cities which did lose had the
a gain Of $343,320. Salisbury which has
ranked with the first cities and one
of the few which has held its own in
recent months, had a building decline
of Sl86,850, the largest in the State
and one of the largest in the district.
Today's Trading on Exchange.
June l trading on the Washington
Stock Exchange was rather quiet after
the double holiday. The first transac-
ton was in Washington Gas IS, series
B, small bond selling at 105.
Better trading in the bond list was
noted in Capital Traction SIS, 81 900 bond
selling at 82% and $4000 bond moving
at 8212.
Potomac Power 6 per cent preferred
stock came out at 1929 and closed at
l13 The corporations 5l2 per cent
preferred sold at ITO, quarterly divi-
dends ON both these stocks have been
paid today.
Washington Railway & Electric pre-
ferred also appeared on the board, 10
shares changing hands at 98l4. The
final sale for the session was five shares
of Peoples Drug Stores preferred at 100.
No sales were recorded In Capital
Traction. the closing bid being 35 with
SO asked. Washington Gas Light Stock
was also inactive, lis being bid with
none offered.
Heard in Financial District.
Much interest was manifested by
local bankers in the new 100000, 900
31s per cent Treasury bond offering an
nounced today. They are to be dated
June !, 1881, due June l. 1949, interest
payable June Is and December is. AS
usual, the Federal Reserve Banks will
handle the subscriptions sent in by
local banks.
The dean Of the countrys savings
bankers arrived safely in Boston after
attending the annual convention of
the National Association of Mutual
Savings Banks. held at the Mayhower
here. He Is Edwin Reardon, "a years
old, and has been in the savings bank
business 54 years.