Evening star., 1932-02-01
1881 BUSINESS OFF
IN FIFTH DISTRICT
Reserve Banks Review of
Year Present Many I'M
portant Facts.
BY EDWARD c. STONE.

Reserve DdIlh Ol tI1CLulAO4IG o04A NNNN"J
most of the figures for the year COM
pare unfavorably with both 1880 ana
1929 most of the 1929 figures, Of course,
being recorded before the Wall Street
break.
Debts to individual accounts figures
for last year totaled 1872 per cent less
than debts in 1880 and 1877 per cent
below those of 1929 Commercial fall
ures, although practically the same IN
number last year as in 1880, ana only
lO8 per cent more numerous than IN
1929, involved aggregate liabilities 6.S
per cent greater than in 1880 ana 4A.Z
per cent greater than In 1929.
Cotton consumption IN NTH dlStrlct
mills increased S 6 per cent last year over
that Of the preceding year, out was 4''o
per cent below 1929 consumption.
Fewer Building Permits.
Building permits issued in the nth
district last year decreased in both num-
ber and in estimated valuation IN COM
rsrison with the figures OF the two
preceding wears, and contracts actually
awarded for construction work IN the
district declined even more, mdlcatlng
that the depression in building eXtenoeo
to suburban and rural work as well as
to city projects.
Retail and wholesale trade was shown
n be materially smaller than in both
1890 and 1929 Unemployment IN
creased in 1881 and there were more
wage reductions than in $780,
Agricultural Yields were excellent IN
the district in 1881, and on an acreage
basis exceeded production OF any re-
cent year in most crops, but prices lot
crops were the lowest in many years
and total income derived by farmers
was much lower than in 1880 or 1929.
This decrease in the cash return on
the years farming, following the dlsas.
trouS drought year and low prices o.
1880, made it impossible for very
large percentage Of the farmers 10
liuuidate their Indebtedness in the Fall,
the survey said.
Reserve Bank Most Helpful.
AS q result of this frozen credit many
banks found themselves unable to meet
their obligations and were forced to
close. At the end of the year financial
conditions were strained, especially In
the lower half Of the district, and mem
Der banks were leaning much more on
the Federal Reserve bank than they
were at the end of 1880.
Trade in December, 1881, was up
to seasonal level, in comparison with
the Fall months of 1890, but was IN
smaller volume than in December, 1881.
Department store sales last month were
97 per cent less than in December,
1880, and four or five wholesale lines
for which data was available showed
smaller sales in the 1881 month.
Unsettled conditions among the
banks in the CarolinaS greatly increas-
ed the demand for Reserve Bank credit,
and consequently redisCounting hold
ings and note circulation of the Rich
mond Federal Reserve Bank increased
greatly, which. under normal conditions
would have tended to decline.
Deposits in member banks decreased
materially from December Is to Janu--
airy IS. Commercial failures showed
somewhat less than the seasonal in
crease in December over November, and
were practically the same as in Decem-
ber, 1890 but liabilities involved COM
pared unfavorably.
Employment showed no improvement
in December Coal production In De-
cember was below the November daily
rate, and building permits increased IN
number, but estimated valuation de-
creased % per cent.
Years Banking Statistics.
The banks statistical summary fol-
Debts to individual accounts ga
cities, 1881, SI3,536,067 900; 1880, sl5,-
588 979 900; 1929, Sl6,85l ,269 900.
Number Of commercial failures, fifth
district; 1881, 1874; 1880, l,572; 1929,
1920.
Liabilities involved in failures, fifth
district: 1881, $34,880,659; 1880, S32,-
8O67l9; 1929, S24,7O5.65
Cotton consumption, fifth district
mills, bales 1881. 2507,332; 1880, D.
375, ,299; 1929, 3O39,884
Cotton grown in fifth district, bales:
1881, 1888 900; 1880, 1,818,000; 1929,
1925 600
Tobacco grown in fifth district
pounds 1881. 681 .734 900; 1880, 8l7,-
651 900; 1929, 725.lO9OOO.
Farm value, all crops in fifth district;
1881, S252,113,OoO; 1880, S483, ,O5l 900;
1929, S649 ,48O 900.
Building permits for all work (32
cities 1881, 34484; 1880, 35,091; 1929,
42l22
Value of permits for all work C32
cities. 1881, $50 73980l; 1880, $97,-
992 .273; 1929, $l3l ,888967.
Value Of contracts awarded, fifth dis
riot: 1881, $243,595 1856; 1880, s352,-
9I2,O92; 1929, $685. ,963O47
Total sales, "a department stores,
fifth district: 1881, S107726854; 1880,
S115,Ol39 800; 1929, S117636O1O.
Total sales, SO wholesale firms in five
lines: $41,321 ,O45; 1880, $49,353 ,307;
1929, S54,l76273.
BituminOus coal production, United
States (tonS): 1881, 378, l10 900; 1880,
467526o0O; 1929, 534,989,000.
Today's d. c. Exchange Trading.
Trading opened the week very quietly
on the Washington Stock Exchange to-
day, the first transaction being in Cap
ital Traction SIS, in which $500 sold at
581a
Mergenthaler Linotype appeared on
the board in small lot sale at ~, of
fractionally from last weeks sales.
Potomac Electric Power 5l2 per cent
preferred opened the week with a small
sale at 1882, followed by two more
small sales at 103&.
Much interest is being manifested by
the members of the Exchange in the
hearings relative to merging the two
local street railway companies Hold
ers of Capital Traction stock are
naturally the most concerned in the
outcome.
Another matter that drew attention
today was the annual meeting of the
washington Gas Light Co. 1t was ex-
DeCted that the annual earnings report
would be out this afternoon, after be-
ing withheld from the Public Utilities
Commission until after the meeting.
Washington Gas Light stock is now
quoted on the Exchange at 85 bid and
95 asked, no recent sales having been
recorded.
U. S. TREASURY BALANCE.
The Unite1 States Treasury balance
announced tC[~v as Of close of buSi-
ness Januarv % vas $34l, ,461 3148O.
Customs receipts TO- the month to date
were S26,l3l, ,8640 Total ordinary eX-
.,nr,IitIrrn- -r-c-n rOE