Evening star., 1932-10-01
REAL GAINS SCORED
IN FIFTH DISTRICT
Wholesale Trade, Cotton and
! Tobacco Improve Most,
Monthly Review Says.
BY EDWARD C. STONE.

IL Ill wv hAsD ~ - oA$A'
Fifth Federal Reserve district trade
barometers rveealed more than
'mere seasonal rise" in August. accord
ing to the Bank of Richmond report
today on credit. business and agricul-
tural conditions Retail trade as re-
fected in department stores was up to
the seasonal level in spite of unfavor-
able weather for early Fall business,
and wholesale trade showed gains in all
lines from which reports were received.
Taking the district as whole" the
report said the outlook for Fall and
Winter trade appears definitely better
than it was year ago, and for the hrst
time since the beginning OF the depreS-
sion there is spirit of optimism In
trade circles"
Definite improvement in nearly all
classes of business was reported from
the Carolinas, where cotton and tobacco
play a more important part than Ill
other sections of the district.
Textile business improved more than
any other industry. higher cotton prices
as a result of much smaller crop than
in recent years having stimulated buy
Ing of textiles quite materially.
Cotton consumption increased more
than SeaSonaly in August. mills took on
some additional employees and orders
were received in Sufticien: volume to
run the mills several weeks
Better Farm Prices Noted
In agriculture the outstanding de-
velopments in August were rises in to-
bacco and cotton prices The crops Of
both are much smaller this year than
last. but the chief factor in the decline
of production is acreage reductino. and
therefore the years crop promises
larger net returns to faxmers.
Some unfavorable factors. however,
Also were present in the months pic
ture The district during August made
q very poor record, the bank reported,
in number Of insolvencies, but was in
line with other districts in liabilities in
volved. The employment situation con-
tinued unsatisfactory, although con-
siderable number of industrial plants
took on additional workers and others
heightened the time of employment for
persons already working. Building per-
mitS issued in the district continued at
a low level, and contract award figures
were also relatively low, but higher
than in August, 1881.
Rediscount at the Richmond Reserve
Band decreased between August Is and
September Is, an unseasonal develop
ment, but the volume of Federal Re-
serve notes in actual circulation rose,
reporting member banks lowered their
total loans slightly and also reduced
their investments in bonds and stocks,
but deposits increased, the review stated.
GEORGETOWN Gas Net Higher.
According to the financial statement
filed by the Georgetown Gas Light Co.
with the Public Utilities Commission,
net earnings for the first eight months
of the present year, before dividends,
totaled S90,427 against $86,492 in the
first eight months of 1881, an increase
of 1885.
Operating revenues for the eight
months amounted to 1921 1884, against
s794 ,484 Operating expenses called for
$3.50 965 compared with S656,e24 last
year, leaving net operating revenues of
$141,0l9, against s137,560 in the like
1881 period Taxes required s22,661 in
the eight months compared with S23.-
1856 Uncollectable bills totaled S3,905,
in comparison with s3054 last year.
incorporating income reached the
sum of $12.454, against $12,694. leaving
a gross corporate income of Sl26,907.
while the same item last year totaled
Sl23,445. Interest and other charges
took S36, ,480. against $36953 in the same
period in 1881.
August Revenues Lower.
Total net operating revenues of the
Georgetown company for August
amounted to S148. against s8.559
in August, 1881, revealing a falling
off of S8411 Operating expenses for
the month totaled S62,781, against S54,-
692 in the like period year ago. While
expenses were higher, operating reve-
nues were lower, amounting to s62,929
in comparison with operating revenues
in August, last year, OF S63,25l.
Uncollectable bills were larger leav-
ing an operating loss of s512, against an
operating revenue of S6,264 Non-oper-
ating income decreased from S1637
year ago to $1,526, leaving total gross
corporate income in August of $1.014,
compared with $7901 in the like month
q year ago.
After interest and other charges,
the gas company reported total net
loss for the month, before dividends,
of $3527, in comparison with a net
corporate income of S4,l00 in August,
1881.
There was loss in the number of
meters in use in August and in the
eight months compared with the similar
periods a year ago. Business condi-
tions and rate reductions during the
present year are the chief causes of
this showing.
Railroad Earnings Compared.