Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-02
FEW CHANGES SEEN
IN FIFTH DISTRICT
Monthly Review Shows Trade
and Agriculture Still
Awaiting Upturn.
BY the Associated Press.

RICHMOND. Va, April 2.-Willian
w. Hoxton, chairman and Federal Re-
serve agent at the Bank Of Richmond,
in his April review of credit, business
and agricultural conditions today said
that some seasonal developments were
noted and that there were few signs
Of better adjustment to existing condi-
tions.
With the exception of the few adj
tustment signs, lAr. HoXton said that
February witnessed no material change
in the trend of business in the fifth
Federal Reserve district in comparison
with other recent months. The month,
the review said, ig~Rasually relatively
poor period for trade and this year was
said to be no exception.
At the Reserve Bank rediscountS for
member banks remained at about the
same level between February Is and
March Is, and on the latter date were
practically the same as on March 10,
1880. The circulation of Federal Re
serve notes declined seasonally during
the month, but the volume Of notes
outstanding continued larger than a
year ago Outstanding loans by re-
porting member banks declined moder-
atcIy between the middle of February
and the middle of March, and the de-
mand deposits Grapped in similar
proportions, but time deposits in mem
Der banks and savings deposits in Bal
timore savings banks rose.
Debts to Individual Accounts.
Debts to individual accounts for four
weeks ended March IL, 1881, totaled 3.3
per cent less than the debts In the
preceding four weeks ended February
IL, 1881, and 11.S per cent less than
in four weeks ended March IL last year.
Business failures in the nth district
In February this year showed sea-
sonal decline in comparison with jan
uary. but were more numerous than
for any other February since 1922.
However. liabilities involved in last
months failures were lower than those
fer all other Februarys except 1929 and
1926 since 1920.
Labc: conditions showed no material
change during February. Bltumlnous
coal production in February was less
than in either January this year or
February, 1880, the latter comparison
rejecting decreased demand this year
from industrial consumers.
Textile Situation Better.
The textile situation improved some
what. cotton goods sales having been
reported as exceeding production, and
the danger of overproduction was
greatly lessened by the abandonment
of night work in most Southern mills.
Cotton consumption in the fifth district
in February was less than consumption
in January this year, or February, 1880,
in total bales, but on a daily basis the
February record was better than that
of January.
Retail trade in department stores last
month averaged about per cent less
than the volume of business done IN
February, 1880, but a considerable part
of the decrease was due to price de-
clines during the year. Wholesale
trade also compared unfavorably with
February, 1880, trade in most lines, but
again price changes played. an I'M
portant part in the decline, the review
said.
washington Heads 80 Cities.
Building permits issued in February
in most of the leading cities CT the
district were fewer in number and
lower in estimated valuation than IN
the corresponding month last year, but
a large volume of work provided Tor
in washington brought the total vallla-
ton figure for February, 1881, in the
az reporting cities considerably above
that OF last years February total.
Tobacco markets closed In February
and March after selling total crop
above that of last year, but this years
prices were low and the quality OF to-
bacco sold also compared unfavorably
with the average quality in most years.
Winter crops in the fifth district we're
reported as probably not up to last
years average condition, due to lack
of sufficient moisture in the soil
this season, and farmers were said, on
the whole, to be in a much weaker
financial position to undertake 1881
farming operations. Poor yields and
low prices for most agricultural prod
ucts last Fall resulted in making 1880
one of the worst years on record for
agricultural interests in the fifth dis
trict the report said.