Evening star., 1933-11-06
BANK LOANS H|GHER|
IN FIFTH DISTRICT
Agent Hoxton Also Reports
Gain in Reserves in His
Latest Monthly Review.
BY EDWARD c. STONE.

BY EDWARD C. STONE.
According to the comprehensive
monthly review by w. w. Hoxton, agen
OF the Federal Reserve Bank of Rich.
rnond, just received here covering bank
ing, business and agricultural condi-
tions, loans by the 20 reporting mem
Der banks increased slightly during the
four weeks period ending october IL
loans on stocks and bonds rising by
s2,l7l 900 and all other loans rising
by s248,0o0, a total Of s2,4le,oo0.
Investments n securities declined
during the month by $275,O0o. The
reporting banks increased their reserves
at the Federal Reserve Bank Of Rich
mond by s3,6s6,0o between September
13 and October IL. and 'heir cash in
vaults rose by $l5s,ooo. y,eposits rose
by "A. e94 900. demand deposits gaining
Sd. 797 900 and time deposits increasing
sIe7 600. The 90 banks further re-
duced their borrowing at the reserve
bank. and on october IL only one ol
them was rediscounting at the Rich
mond bank.
between october H., 1882, and Oc.
tober H., 1888, total loans In the y
reporting banks declined by $8,774,000
of which $1,642,000 was in loans on
securities and $7,132,000 was IN all otnel
loans. On the other hand, the report
ing institutions increased their invest
ments in securities, chiefly In govern
ments, by 1895, 900 during the year
and also increased their reserve pal
ances at the Federal Reserve Bank o.
Richmond by $l2,628,000, much o.
which is in excess of requirements.
Cash in the vaults of the 29 banks
rose by $l,61o,000 between October IL
1882, and october IL, 1888, and reds
counts at the Federal Reserve Bank
declined by 1891 900 during the same
period. Aggregate deposits rose our
ing the year, an increase OF S2s ,ou'
ting a decline of S5,O2O,0o0 in time de-
posits, Agent Hoxtcn reports.
Debts to Individual Accounts.
During the four weeks ended October
IL, 1888, aggregate debts to individua
accounts showed a seasonal increase Of
s155. .S97. 900. or 24.6 per cent over debts
during the preceding like period this
wear ended September l3, the increase
being due in part to quarterly settle
ments on October / and in part to the
opening of early Fall trade during the
later period. All of the % reporting
cities showed higher figures for the more
recent period
In comparison with figures reported
for four weeks last year, ended October
IL, 1882, corresponding figures for the
four weeks ended october IL, 1888, show
a total decrease of $22 ,778,o 900, or 2.e
per cent, but this decrease is due en-
tirely to lower figures this year in Bal
timore, Greensboro and Washington. IT
these cities a large percentage Of the
banks did not open after the March
banking holiday and, as a result oi
frozen deposits, debts in the three cities
have been much lower than debts 9
year ago, Mr.. Hoxton says.
Eighteen of the % cities reported
higher figures for the 1888 period, anc
if figures for Baltimore, Greensboro ano
Washington were omitted the remain
ing 20 cities would show an average
increase of 1877 per cent in debts. Pari
of the increase IN the 20 cities Is NJ
doubt due to somewhat higher pric,
levels this year, but part of it is prob
ably due to q real increase in th'
volume of business.
Employment Conditions Better,
Conditions in employment did moi
change materially, but at present they
are better than they were during the
first half of this year or in the Fall OF
1882. The largest group Of unemployed
persons now is In the building trades
field. Much has been planned in the
way of construction, especially in public
works, but relatively little of it has
actually been started.
Since the N. r. A. began to function,
most large firms and corporations have
added workers to their forces, and many
of the smaller concerns have also taken
on one or more additional workers. Re-
employment has been more marked In
industrial, clerical and retail sales
forces, and less in building and unskilled
labor groups. There does not appear
to have been any appreciable increase
in the demand for domestic help, the
Richmond report states.
The record of business failures in
both the fifth reserve district and the
United States was quite favorable In
September, in comparison with the
years. Insolvencies in the United State;
numbered 1,116, compared with 2.l82
tnsolvencies reported for September
1882, a decrease of 48.9 per cent, and
in the fifth district there were 72 fail
ures in September, compared with l5C
In September last year, decrease OF
81 per cent.
Building Permits and Contracts.
Building permits issued by buildinl
inspectors in 81 cities in the fifth re
serve district in September totaled 2,047
with estimated valuation amounting Il
Sl,536,925, a decrease Of IA per cent II
number In comparison with 2,377 per
mits issued in September, 1882, and I
decrease of SO per cent under Septem-
ber, 1892, valuation figures totalint
S3,081, ,66l. Sixteen Of the 81 cities re
ported higher figures for the 1885,
month, but all Of the five largest cite
except Richmond showed materially
lower figures.
Contracts awarded in September fo
construction work in the fifth district
including both rural and urban projects
totaled $9,839, 100, compared with So,
156 ,5O3 in August, 1888, and $40 .684 ,72'
in September 1892 OF the awards IL
September this year, $l,783, ,485, or ID.
per cent, was for residential work, Will
last year residential contracts in Sep
tember totaled S2,076,918, or 1914 pc
cent of all awards.
Activity in fifth district textile mill
declined further in September, ant
actually dropped below the level Of Sep
tember, 1882, but this was largely du'
to an exceptional rise in operations las
year. The September, 1888, output o
textile products was still relatively high
Fifth district mills consumed 234. 80
bales of cotton in September, compare'
with $50, ,402 bales used in August thi
year and 235,734 bales consumed in tn
district in September, 1882, Agent Hox
ton reports.
Retail sales as reflected in department
store reports and wholesale trade in fiv
leading lines were both better than
year ago.
ID. C. Exchange Closes Tomorrow.
Governors of the Washington Stocl
4aA tn he oY