Evening star., 1931-12-06
TRADE REVIEWED
IN F|F I'll DISTRICT
Increase in Early November
Reported-Banks Lower
Outstanding Loans.

Complete details of business and agri-
cultural conditions in the fifth Federal
reserve district, received from the
Bank of Richmond yesterday, announce
that a considerable increase in nearly
all lines of business was indicated In
the first half of November. The in
| crease, however, was smaller than in
most like periods. The review adds:
In banking, October and early No
| Yember witnessed an increase of redis-
counts at the Federal Reserve Bank of
Rlchmond of larger than normal pro-
portions, and the circulation of Federal
Reserve notes also increased more than
! Is customary during the period. Report
ing member banks reduced their out
| standing loans during the past month
and their deposits declined more than
Is accounted for by the reduction in
loans, neceSsitating further borrowing
at the reserve bank. Savings bank de-
poSits in mutual savings banks increased
moderately In october. but time deposits
In regularly reporting member banks
declined materially. Debts to tndf
vidual accounts figures for four weeks
ended November II not only showed q
seasonal decrease in comparison with
figures for the four weeks ended Octo-
Der IA. but were 19 per cent less than
aggregate debts in the four weeks ended
November II, 1890
THE seasonal decline In debts last
month was larger than occurs in most
wears. In comparison with the United
States as whole, the fifth reserve
district made good record in business
failures In october, experiencing fewer
failures and lower liabilities than in
either Sn0tnfahor 1091
while the Nation reported 112 per cent
more insolvencies and 255 per cent
larger liabilities last month than in
october, 1880. There was no improve
ment in employment conditions in Octo-
Der and early November but on the
contrary the completion of outdoor
work undertaken during the Summer
months tended to add to the ranks of
the unemployed.
Coal Output Increases.
Goal production in October showed
some seasonal increase over the out
put in September, but was much lower
than production in October last wear.
West Virginia continued to lead in
bltumtnouS coal production in October,
and showed somewhat less than the
average decline in tonnage. The tex
tile industry in the fifth district in
creased consumption of cotton In Octo-
Der by 1872 per cent in comparison with
consumption in October, 1880, while
the United States as whole increased
only AZ per cent.
In fact, the increase in consunp-
ton Of cotton in october, 1881, over
October, 1880, was greater in the fifth
district than in the United States, New
England States having used less cotton
last month SnOt pnttnr,
middle Of November were slightly
higher than a month earlier, but were
about $40 per bale less than prices at |
mld-NoVember last year. The Depart |
ment of Agriculture forecasts the 1881
cotton crop at 16,903,000 bales, the sec
end largest production on record. and ,
yields in the fifth district are in line |
with the average. Cotton acreage was
reduced in the district this year, and
fertilizer was also used less extensively.
but prospective yield is higher than
last year on account of exceptionally
favorable weather and very small weevil |
damage.
"The manufacture Of tobacco has de-
clined somewhat in recent months, but !
holds its own much better than most in. |
dustries. Marketing of leaf tobacco
is under way in the fifth district, and |
good yields have been made, but prices |
paid the growers are the lowest in |
many years and for low grades there |
is hardly any sale Large yields of |
nearly all crops are being harvested in |
the fifth district this year, and in spite |
OF dtsastrously low prices for nearly |
everything they have to sell the farmers |
are probably better off than they were
year ago, production of food and
feed crops in large amount @this year