Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-03

season Nnen Hqul~ Eek
dAtion OF agricul-
4ural Indebtedness 2s8t4AE
normally exceeds L. Tyler Msaaows.
mercantile borrow
ine the reason for the borrowing thu
member banks desire 20 keep more
liquid funds on hand
During the past month the Rich
mond bank also increased It's portions
Of open market paper hy $50, $4,000
but reduced its holdings OF Govern
n1ent securities by Sl0.0UO0 600 These
changes Increased the banks total earn
inc assets by s29, 1853 600 between Sep
fember IS and October is. The volume
OF Federal Reserve notes In actual cir
culatlon increases moderately at this
season In most years. but rise during
the past month totalina $50 zoe 600 Is
much larger than is accounted for by
seasonal influences The large Increase
in note circulation is due In large part
20 the desire of banks to strengthen
their cash position and TO Withdrawals
from commercial banks.
Member bank reserve deposits dropped
e5T4 900 last month. The several
changes mentioned, says the Richmond
bank, with others of less Importance,
reduced the cash reserves OF the Fed
eral Reserve Bank OF Richmond by
es.743 900 between September Is and
cash reserves to note and deposit
liabilities combined by l440 points.
Effective October 20, 1881, the discount
rate on all classes of paper was raised
from TO 4 per cent.
Marked Changes During Year.
A comparison Of the figures on the
statement for October IS, 1881, with
corresponding figures reported on Octo-
Der rs, 1880 shows marked changes In
most items Rediscounts for member
banks rose $l4.l55,000 during the year,
an increase OF 1873 per cent. the rise
occurring during the past two months.
The bank also increased its portfolio Of
open market paper by s24 ,664 900 dur
ing the year. and It's holdings OF Gov
eminent securities by s4,575, 900. These
transactions raised the total earning as
sets Of the Federal Reserve Bank OF
Richmond BIZ s4l ,0e4 900 between Octo-
Der Is, 1880. and October is, 1891. most
OF which occurred between September
is and october 10 this year.
The circulat ton of Federal Reserve
notes at the middle of october this year
showed an increase of $26,310,000 in
comparison with the circulation on the
corresponding date year ago; likewise
most OF this Increase occurred within
the month ending October IS, 1891.
NACIllDGI Udklk IGHGANt QGUOoAbct OCEAtaGCQ
by 81, 1878, 600 during the year, partly due
to lower deposits in member banks and
partly to a reduction in the number Of
member banks.
The large increase in holdings of
open-market paper and Government Sc
curities lowered the cash reserves of the
Federal Reserve Bank of Richmond by
$i4 1888, 900 during the year. and the
ratio Of reserves to note and deposit
liabilities Nhiaal F1npliYNnA Inv
points.
Fifth District Trade Pictured.
During the five weeks ended october
II. 1891, aggregate debts to individual
accounts showed a seasonal increase of
92o5 ,067 900. or 10 per cent over debts
during the preceding like period this
year, ended September 8. the increase
being due 70 quarterly settlements on
october l and to the opening of early
Fall trade during the later period
Twenty-Five of the "a reporting cities
showed higher figures for the more
recent period, Charleston, S. c., and
Raleigh, N. C.. being the only cities
which failed to make the seasonal gain
In comparison with figures reported
Tor flve weeks last year. ended October
10, 1880, corresponding figures for the
five weeks ended october IA, 1881, show
total decrease OF 0,75S 900, or 1875
per cent. All of the reporting cities
showed lower figures for the 1891 period
except Durham, N. c. and Portsmouth,
Va, the bank reports.
Meadows on Loan Committee.
J, Tyler Meadows member of the
Virginia unit of the National Credit
Corporation, Is well known among
washington bankers. He is chairman
Of the board of the First National EX-
change Bank of Roanoke, Va, and is
considered one OF the ablest f1nanciers
in the Old Dominion State. This year
he is serving as president Of the Stock
holders Association of the Federal Re-
serve Bank of Richmond. having been
elected to this position at the last an
nual meeting, partly through the bal
lots of local members Of the association.
Washington Clearing House figures
&cr today: $4,3s7, 33s.70.
Heard in Financial District.
The Federal-American Club. an or
gAntzation of employees of the Federal
American National Bank a. Trust Co.,
gave Halloween party at the Carlton
Saturday night, which was attended by
$50 members and guests r. Winston
Elliott was chairman of the committee,
John M, Miller, jr of Richmond will
address the convention OF the Invest
ment Bankers Association Of America.
which meets at White Sulphur Springs,
W. Va, November Z to IL. He will
talk on the National Credit Corpora
ton, Of which he is a director.
Assistant Secretary OF Commerce,
Julius Klein characteriZeS the rising
wheat and oil prices as the most en-
eouraging indicators of returning pros
perity that now show on the horizon.
The National Fertilizer Association
wholesale price index advanced frac-
tionally last week During October
prices for cotton corn, wheat, rye,
cattle. silver and gasoline showed a
steady upward trend. Butter and lard
Rcmf No ~ ~ thhir carly advances