Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-01
TRADE GAIN NOTED
IN FIFTH DISTRICT
Banks in Good Condition,
Hoxton Indicates in Reserve
Branch-MonthIy Review.
BY the Associated Press.

BY the Associated Press.
RICHMOND, Va, January civil
liam w. Hoxton, chairman and Federal
Reserve agent of the Federal Reserve
Bank of Richmond, in his February re-
port today said there was a natural
increase in retail trade throughout the
Fifth Federal Reserve district during
December and early January, over earli-
er months of the Fall and Winter.
"On the whole" he said, "the holiday
business was probably up to expecta-
tions." In Mr.. Hoxtons opinion the
trade in the district during the period
was about on seasonal level, in COM
pariSon with the volume of business
during the preceding few months.
The report said that sales in Decem-
Der, 1890, in "a fifth district depart
ment stores were Al per cent less than
sales in December, 1929, but at least
part of the decline was due to price
changes.
Banks in Better Position.
Mr.. Hoxton said the tension affect
ing banking in certain localities easel
considerably after the end of the year,
and bank statements at the end OF De-
cember indicated that an unusually
large number OF banks are in more
LIQUID condition than Is normally the
case. Member banks had reduced their
rediscounts at the reserve bank between
the middle of December and the mid
die of January, and the circulation OF
Federal Reserve notes declined season.
ally after the Christmas demands Tor
currency had passed.
Member banks reduced their out
standing loans, which Mr. HoXton said,
was normal development OF the season
when LIQUIDATION Of agricultural ana
commercial indebtedness is underway.
The report said that reporting banks
continue to carry more cash in their
vaults than they usually keep on hand.
Debts in Seasonal Increase.
Debts to individual accounts figures
during the five weeks that ended jan
uary IA, 1891, show seasonal increase
of % per cent over debts for the fve
weeks that ended December 10, 1880,
but lacked 62 per cent of equaling the
total of debts in the five weeks that
ended January Is, 1880, when the gen.
eral price level was distinctly hlgner
than at present.
Savings deposits in the Baltimore
mutual savings banks, according to the
report, showed some increase in Decem-
Der, but time deposits in reporting
member banks declined.
Commercial failures, the report said,
in the fifth district in December
showed an increase over those OF NO
vember in both number and liabilities
involved, and also exceeded the failures
reported in December, 1929.
Weather Hurts Employment.
Employment conditions were reported
to have made no improvement in De-
cember and early January, but on the
contrary the number OF people unable
to obtain work was probably increased
by unfavorable weather for outside
work.
Coal production was reported to have
shown a decline in daily tonnage in
comparison with November tonnage and
was also considerably below the output
of December, 1929.
Textile mills reported no further
progress in December, but continued to
operate at about the rate OF the two
preceding months, when some increase
in running time was noted.
Cotton Prices Firmer.
The report said that cotton prices
"irmed" up nearly a half a cent
pound during the first half of January
after touching the lowest level IN 10
years at the middle of December.
Tobacco markets reported large sales
for December, but prices were lar pe4oW
those of the preceding year.
Building permits issued for the pc
Rod in the leading cities of the district
dropped to the lowest level in several
years, both in number and estimated
valuation, but, on the other hand, con-
struction contracts actually awarded in
the district, including rural as well as
city projects, were considerably higher
than those of either November, 1880,
or December, 1929. Wholesale trade
in December compared unfavorably
with the business done in December a
year ago.