Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-08-02
RECESSION SMALL
. IN FIFTH DISTRICT
Jobs Still Increase Despite
Seasonal LuIl-SaleS
Lag in Capital.
BY HAROLD ROGERS.

The normal business recession In
June and the first half of July was
smaller in the Fifth Federal Reserve
District this year than in most years,
while employment conditions continued
to show improvement, the Reserve Bank
of Richmond reported today in its
monthly review of conditions.
In Washington. department store
sales showed a falling of IN June
as compared with June last year
and also during the first half of 1888
as compared with the first six months
of 1882, AS matter of figures, Wash
ington was below the average for the
district, both in June and for the hrSt
six months.
Sales here declined 9.8 per cent in
June compared to June, 1882, while
there was an average of 73 for the
whole district; 81 per cent at Rich
mond; SO per cent at Baltimore. anc
% per cent for other cities OF the
district.
Total sales for the first half of 1888
fell off in Washington Is per cent as
compared with the first half Of 1882,
which was above declines OF II per
cent lUI lIlt ulSllIIl, 1S'O PSl NSAiN AO-
Richmond: "a per cent for Baltimore,
and 1913 per cent for other cities.
ID. c. Building Permits Gain.
Building permits here in Washing
ton were somewhat out Of line with
the rest of the Reserve district. in
creaSing in number from 528 in June,
1882, to 57S in June, 1888. while per-
mits for the whole district dropped
from 2,540 in number to 2,419 during
the same period. The total valuation
of permits issued here fell from 81 ,4O3,-
500 in June, 1882, to S583,770 in June
mits for the district as whole dropped
from s3,419,5oO to s2,457,46s during
the same period.
Twenty of the 80 reporting cities
showed higher valuation figures for
June. 1888. but decreases of nearly ST.
600 900 in Washington and 100000 in
Lynchburg more than offset the gains.
In proportion to population, Durham
made the best record for June. valuation
in that city being exceeded only by Bal
timore. Washington, Richmond and
Norfolk, all much larger cities
Most of the trade barometers, the
Reserve bank said, indicate that the re-
vival in business which began in April
the first half of July.
Commercial failures in the fifth dis
trict in June were less numerous than
in any other June since 1921 and the
district record was considerably better
than the national average.
Improvement in employment condi-
tions was shown by the demand for ad
ditional workers in textile mills, tobacco
factories coal mines and scattered small
industries. There was even slight i'm
provement. the report said, in demand
for workers in the construction field.
Textile mills of the district operated
full time and consumed more cotton
than in any previous month, production
having been stimulated to some extent
at least by orders placed ahead of re-
quirements to escape the payment OF
the new process tax.
Construction Increased.
Construction work planned IN June
showed some increase over the figures
for the past few months, but continued
very small in aggregate volume.
Retail trade in June. while less in
dollar amount than trade in June, 1882
compared favorably with other recent
months and in actual units of mer-
chandise sold probably equaled, If it
did not exceed, the trade in June last
year.
Wholesale trade, the report said. has
improved notably during the last three
months, especially in dry goods, shoes
and hardware.
The agricultural situation at present
was said to be the best for several
years, crops promising satisfactory
yields on the whole and the price sit
uation being much better than a year
ago
In banking, the report said, Govern
ment security holdings increased suffl-
GENTLY to raise the total earning assets
of the Fifth District Reserve Bank to
a point above that of June Is, although
earning assets on July Is were still
below those of July IS, 1882
Circulation of Federal Reserve notes
declined seasonally between June Is
and July IS, and regularly reporting
member banks in the districts leading
cities increased their loans, and in
creased investments in bonds and other
securities. Demand deposits rose ap-
probably, and time deposits also showed
an increase.
Heard in Financial District.
H. G. Hoskinson. vice president OF
Riggs National Bank. has returned from
vacation at Ocean City, N. j.
j. r Mcmillan, assistant vice presi-
dent of Riggs National Bank, has left
on vacation.
l. J. Roberts, assistant cashier OF
Riggs National Bank. has returned from
vacation at Ocean City, Md
Irving Zirpel secretary of the Union
Trust Co., has gone to Tall Cedars. Md,
on vacation, and later will motor to
New York State.