Evening star., 1936-07-08
CROPS IMPROVED
BY RECENT RAINS
Richmond Reserve Reveals
Progress Still Behind
Same 1885 Period.
BY EDWARD c. STONE.


the farm outlook is decidedly less ia
vorable than was the case year ago."
There is no comparison, however, be-
tween the situation here and the dis
tress conditions faced in sections OF
the West. The latest Reserve Bank
summary says:
The early Spring months were too
vet and cold for proper preparation of
land and planting of crops, and when
the rains ceased in the first half OF
April a drought followed, with no rain
of importance from about the middle
of April to the first or second week in
June. As result of the unfavorable
weather, crops were all planted from
two weeks to a month later than usual,
and the ground was so dry in May
that many seeds did not sprout after
being planted. Truck crops were Sc
verely reduced in yield, Winter grains
had short straw and relatively light
heads, and corn, cotton and tobacco
crops started under severe handlcaps.
Favorable weather later in the season
could overcome much of the lateneSs
of staple crops. but the outlook at
present is doubtful to say the least"
While this review was being printed
rain helped out the situation and I'M
proved conditions are now reported.
Higher prices are expected partially to
offset the predicted smaller yields. To-
bacco growers were the first to report
that their crops will be far better
than was anticipated three weeks ago.
With normal rains in July and August,
the same improvement will be felt by
other late crops.
MARYLAND crop conditions figures
early in June we're below the l0-year
average. Virginia crop prospects in
the first part of June were unusually
poor on account of the long drought.
Conditions in West Virginia were
much the same, while the Carollnas
suffered in the same way, the Rich
mond Bank review says. How much
good the recent rains have done will
be indicated in the next monthly sum-
mary.
Potomac 6s Being Paid Of.
II was reported in the financial
district today that the S3,264,900 Po-
tomac Electric Power general and
refunding B IS have been called for
payment on October /. 1886, at los
and accrued interest.
Investment houses are sending no
tices to clients stating that holders Of
these bonds may present them for pay
ment at any time between now and the
redemption date and receive the full
payment of 105 and also the interest
to october l.
This announcement is Of wide in
terest and Importance to holders OF
the Potomac Power bonds. as they can
turn them over for collection at once
and receive as much in return in the
way of principal and interest as they
would if they held them until October.
With the full payment the present
holders will then have the money
available for reinvestment.
The redemption of this Potomac
Power bond issue was provided for
in connection with the S15,000,000
new bond issue which the Potomac
Electric Power Co. placed on the mar
ket a few days ago. The new issue
also took care of the old issue of
Potomac Electric Power consolidated
mortgage IS. which we're called for
payment on July of this year.
The fact that the Potomac Power
per cent bonds due in october can
be turned into cash Immediately will
no doubt be taken advantage of by
host of holders of these securities
in Washington.
The bonds have been listed on the
Washington Stock Exchange ever
since they we're first placed on the
market and have sold recently at
107l2.
Many Financiers on Vacations.
Francis G. Addison, jr., president
of the Security Savings & CONNER
cial Bank, is on tour of the Far West,
planning to visit many of the nation
al parks.
Howard Moran, vice president of the
American Security g. Trust Co., and
Frederick P. H. Siddons, secretary of
the same institution, are on their an
nual vacations.
Charles Carroll Morgan, one of the
managers of the Washington Office of
G. M. P. Murphy & Co., sailed from
New York last night on the Europa
for trip to Europe.
Edward M. Blaiklock of the Wash
ington Loan & Trust Co., has been
appointed chairman of the Publicity
Committee of Washington Chapter,
American Institute of Banking, by the
chapter president, Paul J. Seltzer of
the American Security e. Trust Co.
The officers of the chapter are looking
forward to very active year, starting
early in the Fall.
O'Connor Plans Long Tour.
Controller of the Currency j. F. T.
O'Connor is planning a short trip to
Hawaii during the remainder of July.
Deputy Controller William Prentiss,
jr.. will be in charge of the office here
The Federal Reserve Bank of Rich
mond reports that time deposits in Al
reporting member banks and aggre-
gate deposits in II mutual savings
banks totaled $401 ,278,841 at the
end of May, 1885, a lower figure than
S401, ,562,953 at the end of April, 1886,
but a higher figure than 1896, POT ,o63
at the end of May. 1885. Reporting
member banks showed declines in
time deposits in both the month and
the past year, while deposits in mu-
tual savings banks fell during the
month but rose during the year.
New State and municipal bond is
sues reported approved by the voters
Of 81 communities located in 80 States
during June total s6,248,390 as COM
pared with s10.140, 800 in May, accord
ing to the Daily Bond Buyer. The
total for June, 1885, was $4,558.000
June totals for previous years were
S5,50s.30o in 1884 and $21, ,o91 200 in
1888.
Capital Transit Again Strong.
Capital Transit stock was strong on
the Washington Stock Exchange again
IL -