Evening star., 1935-02-04
BIG GAINS SEEN
FOR RESERVE AREA
Fifth District 1884 Review
Compiled by William W.
Hoxton, Chairman.
BY EDWARD C. STONE.

dc
the annual review of William W..
Hoxton, chairman and agent of the
Richmond Reserve Bank, details Of
which were received here today.
Debts to individual accounts were
higher, there was marked decrease
in commercial failures, the value of
building permits improved greatly
wholesale and retail sales mounted
and farm income showed a great
increase.
Chairman Hoxton's percentage COM
parsons are especially interesting.
While the figures show general i'm
provement in 1884 over 1888, cotton
consumption figures for last year were
lower than the 1888 figures, partly on
account of the general strike in the
textile industry in the past Summer.
Debts to individual accounts fig
ures, which reflect the volume of busi-
ness passing through the banks, eX-
ceeded 1888 debts by 1876 per cent, all
of the reporting cities showing higher
figures in 1884.
The number of commercial failures
in the fifth district last year declined
46 per cent below the number of fail
ureS in 1888, and aggregate liabilities
dropped 63 per cent.
Cotton and tobacco grown in the
fifth district in 1884 were 5 per cent
and 81 per cent, respectively, below
production in 1893, but the farm value
of the cotton crop increased % per
cent and the tobacco crop rose AZ per
cent.
Construction Still Lags.
Construction continued in relatively
small volume, but the 1884 record was
better than that of the preceding
year. Building permits issued last
year increased per cent in number
and 40 per cent in estimated valua-
ton, and contracts actually awarded
rose 81 per cent in amount.
Department store sales as reflected
in 81 leading stores increased II per
cent in 1884 over sales in 1888, and
total sales by SO wholesalers and job
bers in five selected lines increased II
per cent.
In agriculture, 1884 was much
better year than 1888 in every way
FdNOTdDl0 WGdlllSI VI
the growing season in the fifth dis
trict contrasted sharply with the dis
astrouS drought in the Middle West
and the Southwest. Except for some
lower yields as a result of acreage re-
duction, crops produced well in the
district in 1884, and higher prices
brought much larger money returns.
Debts Gain During 1884.
In addition to percentage changes
Mr.. Hoxton presents figure totals in
the annual summary which shows
debts to individual accounts in %
cities in this district of $l0,963, 900
in 1884, S9,163 $4,000 in 1888 and
16,673, $4,000 in 1929, the year i'm
mediately preceding the depression
The number of commercial failures
in the fifth district in 1884 totaled
$50, against 1905 in the previous year
and 1,42o in 1929. Liabilities involved
in failures in this territory amounted
to $11,025,607 in 1884, $30,049,977 in
1888 and s24,7o5,654 in 1929.
Cotton consumption in the fifth dis
trict totaled 2,451,2 bales, 2,914,-
oS7 in 1888 and 3,039.884, while cot
ton grown in this territory totaled
1,3S4,00o N 1884, 1,456, 900 in 1888 and
1926 900.
Tobacco grown in the fifth reserve
district totaled 594,830,000 pounds in
1884, 749,2O70OO in 1888 and 725,-
100000 back in 1929.
Building permits for all work in 81
cities numbered 21,539 in 1884, 81 $3.50
in the previous year and 42l22 in
1929 The value of these permits
totaled $30,848,263 in 1884, $40, ,728,-
673 in 1888 and s13l ,888,967 in the
year before the depression.
The value of contracts awarded
during the last year figured up to
S185. 5.791, ,734, as compared with $l02,-
465,338 a year ago and $685., ,963, ,047
in 1929.
Value of Retail Sales Up.
The dollar volume of retail sales in
81 department stores in the fifth dis
trict amounted to $94, 1880, ,604 in 1884,
Mr.. Hoxton reports, while in 1888
this figure stood at 80,438,560 and
o total of $117,111,916 in 1929.
Total sales of So wholesale firms in
five leading lines in 1884 reached the
VI 9O1JoOO,GOI, 0SdAloG 3fOJIuO,-
ala in 1888 and $63, ,287, ,820 in 1929.
The report also presents complete
figures revealing the gains in the dis
trict in December. The report shows
that between December Is and jan
uary Is most of the changes in the
statement of the Federal Reserve
Bank Of Richmond were seasonal, but
material increase occurred in the
investments of the member banks.
Time deposits in % reporting men,
Der banks and aggregate deposits in
II mutual savings banks in Balti-
more totaled $3.50, ,739, ,162 at the end
Of December, 1884, a higher figure
than either $328,105,89 reported at
the end of November, 1884, or $315,-
035,74 at the end of December, 1888.
Time and savings deposits in both
member banks and mutual savings
banks increased during December,
and at the end of the year were
higher In both member and savings
banks than year earlier.
Today's Trading on Exchange.
On the Washington Stock Exchange
today Peoples Drug Stores preferred
stock again sold at 112, the highest
price the stock has recorded in many
moons, while a single share moved
at Ill. Potomac Electric Power
per cent preferred stock appeared or
the board at its high for the year
Ill. The only bond sale was in Capt.
tai Traction IS, which maintained
strength at 90 on the transfer of g
$500 bond. Bids on other bonds an6
stocks were practically unchanged.
The annual Eastern Regional Saw
tngs Conference, sponsored by the
Savings Division, American Bankers
Association, will be held at the Wal.
dorf- Astoria, New York City, March
z and 8. 1885. it was announced to.
day. On the evening of the first da!
the annual banquet will be held.
The conference area comprises thu
States of Connecticut, Delaware, Dis.
trict Of Columbia, Maine, Maryland
Massachusetts, New Hampshire, New
Jersey, New York, Pennsylvania