Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-02
BANKS SHOW GAIN
IN TIME DEPOSITS
Fifth District Report Reveals
Many Institutions in Bet
/ ter Condition.
BIZ EDWARD c. STONE.

banks in the fifth Federal reserve dis
trict are in better. condition now than
a year ago, according to the February
review of credit, business and agricul-
tural conditions, presented by William
w. HoXton, agent of the Bank of Rich
mond. In speaking Of this stronger
position of the banks, Mr.. HoXton eX-
planned that demand deposits in mem
Der banks are lower than year ago, but
time deposits are higher, probably due
TO an accumulation of funds awaiting
an opportunity for profitable invest
ment.
"Debits to individual accounts figures
in clearing house banks in "a cities dur
ing the four weeks ending February IL
were 9 per cent less than debts during
the corresponding weeks in 1880, but
price changes during the year accounted
for a considerable part of the decline"
said Chairman HoXton.
Today's report said that 1881 began
with business on a distinctly lower level
than in 1880, and January and early
February showed no marked change in
either direction Some factors i'm
proved, while others lost ground. But
on the whole it is probable that aver
age developments were about on sea-
sonal levels, in comparison with trade of
recent months, Chairman HoXton an
nounced.
Employment Unchanged.
Employment was recorded as showing
no improvement during the first six
weeks Of 1881, and construction work for
which permits were issued or contracts
were awarded was in small volume.
Coal production was said to have de-
clined somewhat from the December
rate of output and was much below the
rate Of production in January, 1880.
tnva tho pfhor hand ~ EJnvtpY1
said, there were signs of improvement
in the textile field, and cotton prices
advanced moderately between the mid
die of January and the middle of Feb
ruary. Cotton consumption in the fifth
district in January, while much below
that of January, 1880, showed sea-
sonal increase over December consump-
ton"
Tobacco Prices Lower.
Tobacco marketing continued in large
volume, but the quality of tobacco sold
was so poor that average prices realized
by growers were much lower than last
year.
The review said that department
store sales for January were compare
lively good, averaging only 81 per cent
less than sales in January. $780, in con-
trast with national decrease in de-
partment store trade averaging approx
1IldIClJ pei NC4lls ALONEI
prices were given as the cause for at
least part Of the January decline in
sales.
Wholesale trade in January showed
seasonal gains over December trade,
but was below the volume Of business
done in January, 1880.
Farmers in Hard Position.
Mr.. Hoxton said that in studying vari-
GUS business indices for the fifth reserve
district the present position of the far
mer should be duly taken into account.
"As the result of last Summers drought
and lower prices received in the Fall for
the leading crops, large number Of
farmers are not in the market for any
commodities except bare necessities of
life, and little Improvement can be ex-
pected in agricultural conditions before
the next harvest time; the impairment
of the credit standing of many farmers
viii handicap them in planting and
growing this years crops. and inability
to finance the usual acreage may tend
10 reduce production" Mr.. HoXton con-
Guided.
Potomac Power Bonds Called.
It is announced that the Potomac
Electric Power Co. plans to redeem on
April l. 1881. part of the general
and refunding mortgage gold bonds,
the following serial numbers respec-
lively:
s1,OO0 Coupon Bonds.
Ms. 1882. POSI-, 25o1. 327s. 1891, 242,
1922 2o17' SoiS, 1881, 1885; at, lIoi: 22o1,
$500 Coupon Bonds.
D-as. 80, 70, 90, 152, 1s5.
s1OO Coupon Bonds.
Gas, 50, 10. 123.
Fully REGISTERED Bonds.
Redeemed in partJ
No. x-38-tl0o0 thereof represented by
No. x-z2-sio06 thereof represented by
coupon tond No. M-Te9.
Mo Sa5 81 tsereof REPRESENTED by
NO. x-47-$I.0o0 thereof represented by
coupon bond 10. M-l4i7.
The bonds are to be redeemed at 1919
and must be presented at the office of
the City Bank Farmers Trust Co. in
New York
Ticker Club Election Today.
The annual meeting of the Washing
ton Ticker Club takes place this after
noon at 4:30 at the Metropolitan Club
when officers for the coming year will
be elected. The present officers are
George A Garrett, president A. Chester
Father, vice president, and Arthur
Foraker. secretary treasurer, with
Frank J. TheiI and Chester Lockwood
on the board of governors. The club is
rounding out its first year of existence,
the members being highly pleased with
the results accomplished. The aim Of
the organization is the better protection
of the houses here which have New
York Stock Exchange Affiliations. In
spite of the market depression the club
has experienced a busy year and taken
up many matters OF vital concern TO the
membership.
Today's Trading on Exchange.
The first transaction of the week on
the Washington Stock Exchange was a
sale of Columbia Sand 81 Gravel pre-
ferred at 80. In connection with the
acquisition Of this firm by the Arundel
Corporation, 1t is expected that the pre-
ferred stock will be called at a price
higher than the figure at which 1t Is
now selling so that small lots are IN
good demand.
Ianston Monotype figured in 90
share turnover at l04 and $50 shares
of National Mortgage & Investment
preferred sold at 47s. Peoples Drug
inquired in sales totaling so shares,
opening at SO ana closing at 99N
The directors Of Peoples Drug Stores,
Inc. have Just declared the regular
quarterly dividends Of % cents on the
common, payable April /, and 81 SO q
on the 6lz per cent preferred stock,
payable March 10 to stock Of record
March q
George o. Watson, president of the
exchange and OF the Liberty National
Bank. was back at the exchange today
after a severe attack of grippe. He got
q hearty reception.
Financial District Notes.
An increase Of nearly 10 per cent in
the volume OF business during the week
ended February Il, as measured by
laarnk dnniis was rpinnrted nv the CtnYn L