Evening star., 1934-02-04
Reserve Bank BareS Year
Of Progress in Summary
of Trade Reports.
HOTEL GROUP NAMED
FOR A. B. A. SESSION
Future Of Banking Declared Much
Brighter as Insurance Brings
Money Out of Vaults.
BY EDWARD c. STONE.

Several important gains in credit.
business and agricultural conditions
IN the Fifth Federal Reserve district,
which includes Washington, are clear
" brought to light in the annual re-
view of the Richmond Reserve Bank
which reached here yesterday In
some instances the first real gains
since 1929 are reported. The printed
report also notes continued favorable
conditions up to January Is of the
present year.
Cotton consumption in the fifth re-
serve district rose by 81 per cent in
1888 in comparison with 1882. textile
mills having been especially active
during the Summer months. Whole
sale trade in five lines showed an in
crease in total sales amounting to IA
per cent over last year. four of the
five lines reporting increases. Dry
goods sales rose 326 per cent in 1888,
shoes rose 208 per cent and hard
ware gained 311 per cent. Coal pro-
duction last year exceeded produc-
ton IN 1882 by per cent, increased
industrial activity in many lines re-
quiring larger supplies of fuel.
In both number of failures and in
liabilities involved, the fifth district
insolvency record for 1888 showed
marked Improvement over the record
Tor the preceding year In agriculture.
1888 was a much better year than
1882 in every way. Favorable weather
during most of the year produced
larger yields per acre in most crops.
and higher prices brought the farmers
many millions Of dollars more than
they received IN 1882 Many of the
indices for 1888 which failed to reach
1892 levels made better comparisons
than figures alone Indicate Debts
to individual accounts figures. which
reflect the volume of business passing
through banks, lacked 13 per cent of
equaling 1882 figures, but this was
due in large part to the bank holi-
day last March and to the large sums
which were frozen in closed banks
after that date
Debts Show Good Gains.
Debts last year in nearly all cities
IN which no important banks closed
came relatively near the 1882 figures,
and in eight cities debts last year
were higher than in the earlier year.
Total department store sales for 1888
failed by As per cent to equal 1882
sales, but sales in the last half Of
the year exceeded sales in the second
half of 1892 by nearly per cent.
The indlceS which showed the worst
comparisons between 1888 and 1882
were those covering the construction
industry. Building permits declined
% per cent in number and AZ per
cent in valuation in 1888 in compari-
son with the low figures reported in
1882, and contracts actually awarded
last year fell approximately 35 per
cent below those for 1882.
In December, business continued to
show Improvement in nearly all lines
over the corresponding month Of 1882
Department store sales in 81 stores
averaged "A per cent above sales in
December, 1892, and wholesale trade
In four of five reporting lines also was
better than trade a year earlier.
Most Of the changes between De-
cember Is and January Is in the
statements Of the Federal Reserve
Bank Of Richmond and regularly re-
porting member banks were seasonal.
but material increase in deposits in
member banks was an interesting de-
relopment. Debts to individual ac-
counts figures in four weeks ended
January 10, 1884, showed a seasonal
increase over debts in the four pre-
eeding weeks, the Richmond bank
states.
George O. Vass, president of the
District Bankers Association. named
another committee yesterday in con-
hection with the annual convention of
the American Bankers Association,
30 be held here later in the year. The
Hotel Committee is the latest ap-
pointed. with the following personnel:
Lanier P McLaGhlen, chairman,
president, McLachlin Banking Cor
poration; T. Stanley Holland, vice
chairman, trust officer, American Sc
mon, assistant vice president, Hamil-
ton National Bank; J. Frank White.
Vice president and cashier, National
Bank of Washington; NJ. F. Calnan,
vice president, Liberty National Bank:
T. L. Hillyer, vice president and trust
officer, Union Trust Co.; Frank R.
'Ullmer, trust officer, National Savings
Il Trust Co.; Thomas J. Groom, vice
president and cashier, Bank of Gem
merce e. Savings.
Mr.. McIachlen, the new chairman.
Il former president Of the District
Bankers Association The Other
members of the committee have all
rendered valued service to the local
association on various important COM
mittee assignments. The Hotel Com
mittee is one of the most important
In arranging fer the national A. B. A.
conclave
Banking Future Brighter.
Banking figures for 1888 show def
mite improvement, according to the
Rand McNally Bankers Monthly. The
Bankers Directory, published by the
same firm, has received reports from
17,114 banks open for business on
December 80, 1888, as compared to
1928 at the close of 1882. This is
q decrease of only 1.ll9-the smallest
decrease since 1928. when the figure
was 926. Figures for other years are
Is follows: 1929, 1873 decrease; 1880,
1,918; 1881, 3,269: 1882. 1,495.
With the Government supplying
new capital funds to 4100 banks and
with SO per cent of the State and
national banks now in existence bene-
hting from the temporary insurance
fund Of the Federal Deposit Insurance
Corporation. there is, the magazine
says. every reason to believe that
banking will be stabilized during The
present year and that much of the
emergency legislation will have served
Its purpose and be subject to revision. ,
Depositors. having their faith in all |
banks renewed, have taken thousands !
Of dollars out of safe deposit vaults |
i.,An