Evening star., 1934-04-04
DEBTS co HIGHER
IN FIFTH DISTRICT
Details From March Report
of Richmond Bank
Agent Given.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
Aggregate debts to individual. firm
and corporation accounts in the banks
Of % fifth district cities during the
four weeks ended March IA, 1884,
amounted to SITS, 900, an increase
Of $35, ,436. 900. or 4.s per cent over the
previous four weeks. the Federal Re
serve Bank Of Richmond announced
today.
Details from the monthly report Of
william w. Hoxton. agent of the
Richmond Bank, just received here,
also reveal that Us Of the % cities
show higher figures for the more re-
cent period. and several Of the eight
decreases were due to closing OF to-
bacco markets in the latter part of
February. All Of the five largest cities
reported higher figures for the period
ended March IA, Baltimore increasing
11.6 per cent, Washington, 60 per
cent; Richmond, 03 per cent; Norfolk.
0.8 per cent, and Charlotte, 1913 per
cent.
Charlestown, w. Va, with an in
crease of 37.8 per cent. made the best
record for the four weeks ended March
IA, the marked increase in that city
being due in large part to State
financing around March /.
Bank Deposits Compared.
Agent Hoxton, in his complete re-
states
that time deposits in % reporting
member banks and aggregate deposits
in II mutual savings banks in Balti-
more totaled 1920, ,697, 1855 at the end
of February. 1884, a higher figure than
$317,206,433 reported at the end OF
January this year, but a lower tgure
than $326,849,566 at the end OF Feb
ruary last year. Both the reporting
member banks and the savings banks
gained in deposits during the past
month, but the savings banks report
a lower total than at the end OF Feb
ruary. 1888.
In comparison with the same period
in 1898, the contrasts are most strlk-
ing. Last month rediscounts for mem
Der banks fell to less than $4,000 600,
as against a sudden rise to nearly
$50000,000 in late February and early
March of last year. At the middle
of March this year, Mr.. Horton ADDS,
the volume of Federal Reserve notes
in circulation was nearly S67,OOO,000
less than outstanding circulation a
year ago.
Member bank reserve deposits rose
$33,000,000 during the year. Report
ing member banks increased their
loans, investments in securities, and
deposits between the middle OF Feb
ruary and the middle of March this
year, and on March IA their invest
ments, reserve balances. and deposits
were materially higher than on March
Is, 1888. while their cash in vaults
and their borrowing at the Reserve
Bank was much lower. Debts to in
dividual accounts figures in the four
weeks ended March IA showed an
average increase of nearly per cent
over aggregate debts in the four
weeks ended February IA, Is Of the
% reporting cities showing higher
figures.
Farmers I'm Better State.
Intentions to plant reports issued
by the Department of Agriculture
show that fifth district farmers expect
to reduce acreage in money crops this
year, especially in tobacco. Extremely
severe weather in February and March
damaged Winter crops in the district
and also hurt many fruit trees. Re-
ports indicate that many truck crops
on the coast were so badly damaged
that they had to be abandoned or re-
planted.
Farmers on the whole are stronger
financially this year than they were
q year ago and are consequently bet
ter able to equip their farms with
needed live stock and machinery and
to buy commercial fertilizer
Contracts actually awarded for con-
struction work in the fifth reserve
district in February this year totaled
$19,341 ,529. including both rural and
urban projects, compared with $685.
270 in contracts awarded in February,
1888, according to figures collected by
the F. w. Dodge Corporation. OF the
February, 1884. contracts, $2,311.55
or IL per cent, was for residential
structures, compared with $1,339, $50,
or 161 per cent of the total, for resi-
dence work in February, 1888, Mr..
Hoxton reports.
Capital Traction IS Active.
Capital Traction SIS were the whole
show on the Washington Stock Ex-
change today. Seven consecutive
$1,000 sales were reported. all at 80,
the same price at which these bonds
changed hands yesterday. They closed
with 80 bid and 80 asked.
There were no other transactions in
bonds or stocks. The bid on Ana
costa & Potomac Railroad SIS was
raised to 66 from 641a, with an ad-
vance in the asked price to 81. Other
quotations were unchanged.
Secretary of the Treasury Morgen-
thau has announced an offering of
10-12-year 3A per cent Treasury
bonds in exchange for fourth Liberty
loan bonds, which have been called
for redemption on April Is, and for
Treasury notes maturing May 2.
Clark, Childs & Keech have opened
q branch Office at the Homestead. Hot
Springs, Va, in charge of George
Matthews.
Henry F. Westheimer of the firm of
Westheimer & Co. was a visitor at
the local Office of the firm in the
Woodward Building yesterday. The
broker expressed decidedly optimistic
sentiments regarding the general busi-
ness outlook. pointing to continued
reports Of better business in practi-
cally all lines.
The House Banking and Currency
Committee has reported favorably
bill, which has passed the Senate,
which repeals the section of the bank
ing act of 1888 dealing with stock
ownership by directors in Reserve
member banks.