Evening star., 1934-11-03
BANK DEBTS GAIN
IN FIFTH DISTRICT
Hoxton Also Notes Other Ad-
vanCeS in Monthly Bust.
ness Review.
BY EDWARD C. STONE.

LII Ills lCNICW VI SlCoAV,
business and agricultural conditions
in the fifth Federal Reserve district,
Agent William w. Hoxton of the
Richmond Reserve Bank, reports a
substantial increase in debts to in
dividual accounts, that failures made
the most favorable record in the past
IA years. and that the condition OF
the farmers in this territory is the
best it has been in years.
Details from Mr.. HoXton'S report
for September and early october, re-
ceived here today, state that during
the four weeks ended october 10, 1884,
aggregate debts to individual &C
counts showed a seasonal increase OF
Sl76,283,00O. or 22.9 per cent, over
debts during the preceding like period
this year, ended September II, the
increase being due in part to quarterly
settlements on October l and in part
to the opening of early Fall trade
during the later period. All OF the
% reporting cities except Greensboro
showed higher figures for the more
recent period.
In comparison with figures reported
for four weeks last year, ended Oc-
tober II, 1888, corresponding figures
for the four weeks ended october 10,
1884, show an increase of Sl56,O69,-
600, or 1913 per cent. Twenty of the
twenty-three cities reported higher
figures for the 1884 period, the three
cities which failed to gain being
Asheville, Greenville and Lynchburg.
All of the three decreases were very
small, and Greenville would have eX-
ceeded the 1888 figures II the textlle
strike had not run into the 1884
period under review.
Increase in Deposits.
Time deposits in % reporting men,
ber banks and aggregate deposits IN
II mutual savings banks in Baltimore
totaled 1927, ,O52, 500 at the end of Sep
tember 1884, a slightly lower figure
than S327,095,16l reported at the END
of August this year, but higher than
1913, ,s44,813 at the end of September,
1888. Mutual savings bank deposits
increased in September, while time
deposits in the reporting member
banks decreased. but both groups OF
banks showed increases in time ana
savings deposits for the year, Agent
Hoxton announced.
The record of business failures in
both the fifth reserve district and
the United States was quite favor
able in September, in comparison
with the records for September IN
other recent years. 1nsolvencles IN
the United States last month num-
bered 100, compared with l,116 in
solvencies reported for September,
1888, a decrease of 29.2 per cent, and
in the fifth district there were only
27 failures in September, compared
with 70 in September last year.
decrease of 62.5 per cent.
In aggregate liabilities involved in
last months insolvencieS, the dis
trict also compared favorably with
the national improvement, the United
States decreasing 247 per cent and
the fifth district 1877 per cent in COM
parison with liabilities in September,
1888. Aggregate liabilities in the
United States last month totaled $l6,-
440,l47, compared with S2l,846,9 sos In
September last year, while liabilities
in the district totaled S431. .992 in Sep
tember, 1884, and Sl,644,076 in Sep
tember, 1898. The number of fall
ures in the fifth district was the
smallest for any month since April,
1920, and liabilities were the lowest
since June, 1920, the report said.
Farmers Have More Cash.
The farmers of the district had
generally good year for production
and harvesting of their crops, and
this years money returns from cash
crops far exceed total returns from
last years crops. Cotton growers are
better off than they we're year ago,
and tobacco farmers are in the
strongest position they have expert
enced for several years. Reports on
retail sales from cotton and tobacco
growing sections of the fifth district
show very marked improvement over
sales year ago.
The outstanding development in
employment since the middle of Sep
tember was the settlement of the
textile strike, which for about three
weeks seriously affected all lines of
business in the Carolinas. Some OF
the mills have not yet reopened, due
to lack of orders. but on the whole
the industry began operations
promptly after the strike was aban-
doned. and nearly all old employees re-
turned to work.
In other fields of employment, little
change occurred during the month.
There was some seasonal increase in
coal mining in September and the
Governments modernization plans in
housing also provided a relatively
small amount of additional work, but
these gains were Offset by completion
of numerous P. w. A. projects.
Building Outlook Better.
Building permits issued by building
inspectors in 81 cities in the fifth Re-
serve district in September, 1884, to-
tailed 1000, with estimated valuation
amounting to S2,828,696, an increase
of 83 per cent in number of permits
in comparison with 1865 permits is
sued in September, 1888, and a gain
of 609 per cent over September, 1888,
valuation figures totaling s1,758,392.
Twenty of the 81 cities reported
higher valuation figures for the 1884
month, but of the five largest cities
only Baltimore and Washington
gained. Richmond, Norfolk and
Charlotte reported lower totals for
September, 1884, than for September,
1888, Agent HoXton said.
Contracts awarded in September for
construction work in the fifth district,
including both rural and urban prof.
ects, totaled s12,O56,889, compared
with $l2,l10,714 in August, 1884, and
$9,839.l30 in September. 1893. Of the
awards in September this year, ST.
668,894, or 1873 per cent, was for resi-
dental work, while last year residen-
tial contracts in September totaled
Sl,783,485, or 1871 per cent of all
awards, the report states.
The prospective yield of cotton de-
clined 10000 bales in fifth district
States in September. The tobacco
crop in the fifth district improved
during September, and prices being
received for this years crop are about
twice as high as 1888 prices. The 1884
yield of tobacco is materially less than
last years crop, due to acreage re-
rjucfioy, hut he y,ricoc ,,,,,ol,