davidaulloa/AmericanStories huggingface dataset:
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-04-26
DIED

CASEY-On Tuesday. April -. 1922. at
400 O'Clock p. NJ. At the North Wheel
ing hospital. JOHN ". CASEY. III his
18TH year.
The body has been removed 70 .Nt-
meyer & Mccoy Funeral larior. nos
Chapiine street.
Funeral notice hereafter.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-04-26

MAGER-On Monday. April -. 1872. At
$40 o'clock Y. ". at her home. Glen
wood, MISS CAROLINE MAGER.
Funeral from the residences Of Fred T.
Cowl, Gleuwood. Thursday morning at
$50. REQUIEM mass at ST. JoSenhs
Cathedral At O'Clock. Friends re-
spectfully invited. lutermcnt in Mt.
Calvary cemetery.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-04-26

JOfINSON-Ou Thursday. April % 1922
at ais o'clock =. NJ. at his late home
In Columbus, Ohio. J. r JOHNSON
Burial will take place at WSStly Chapel
Cemetery. Colu nbus, Ohio.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-04-26
FOR RENT

FOR RE:NT-Teautiful T-room home on.
South Front street. Apply 408 S.
Front. ap 2o-m
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-04-26

enthusiastically. on Monday. APRIL -.
1922. at 10 O'Clock /. NJ. 1t the home
OF her daughter. Mrs. H. !. Wilson.
No. 50 South broadway street MRS.
PETIT. wife OF the late D-. Charles
L. Beard.
The body has been removed 70 the
Mendel Funeral home. No. lSuS Chap
limo street.
funeral services from the chapel Of the
Mendel Funeral Home. 1903 Chapiine
street. Wednesday morning - O'Clock.
Friends respectfully invited. later
ment Clarington cemetery. Ciarinston.
Ohio, at : o'clock.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-04-26
WAHEKD-HALH

MAKE BIG MONEY as Real Estate
Specialist Build independent business
OF your OWN. Free information te"s
how American business Builders
llSSG Broadway. New York AZ -'-s
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-04-26
NOTICE TO THE PUBLIC
MCTJ AL SAVINGS TRUST COMPANY
STHK

Until and ON May "6th, 1929
the Mutual Savings Trust Com
pany will receive written appt-
cations from depoSitnrs or the
Mutual Savings Bank for sub
scriptjon. In their own interest.
for limited amounts OF its stock
at the price OF one hundred and
nifty dollars per share. payable
in inStallments. Information
will he given at the office OF
the trust company upon request.
FREDERICK r. FRIED.
apo6-S Nice-preSident
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-04-26

FOR SALE-Anconas. Shepherd Strain.
Stock and eggs II. B. Hermann. Re-.
Wheeling. w. Va ma 25-28t
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-04-26

ELIFRITE--,n Sunday. April IS. l922
At Wheeling Hospital at l:I5 O'Clock
Pm, GLADYS GLENDpRA. daugh-
ter OF Dennis and Bessie Eiiifritz. in
her 18th year.
The remains have been taken 10 the
family homo at Stop 81, Beech Bot
tom
Funeral notice hereafter.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-04-26
1oR sALE-1dScELLAyEoUs

FOR SAl.E-Two young cows. Inquire
sol Whitley street bridgeport ONO.
ap 26-j
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-04-26
ZOE SALH-AUTOS.

FOR SALE~-Ncw touring. Fully guar
anteed. on payments. I am not a
dea Ter. Phone l07 or 296. ap 24-l
FOR sALt;-I.ocomobile Speedstsr. Six
good Hres. viii sell or trade Inquire
1900 Water St. ap al
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-04-26

FOR SALE-- H""Sier Kitchen Cabinet
and Chamber, nreleSs gas range
Quick action necessary. Call lOS-latn
St. hrs, floor. ap2 Sh
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-04-26

apr.tS-p
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-04-26

FOR SALE Living room suite (tumed
uak) tab,r. rocker. straight chair. daV-
export and Sectinra. bookcase. Complete
$500 Dining suite golden oak bullet.
table and ) chairs. Complete $1,000.
tvor,' bed and dresser. Complete $3.50?
| 9xl2 rug $500. These articles can
be seen between = and ~ Friday morn
Ing vii. VI. BARD +35 5. Penn street.
second floor. south side. ap 26-h
FOR SALE - Kitchen range. Kitchen
cabinet. dining room table. davenport
suit. library table and chairs. All new.
Call uhone 210S-R ap e5-h
FOR SALE - Locust fence posts and
any size locust timber. Harry REGGIE.
+. - 5 Elm Grove ap 24-i
New-York tribune., 1922-06-30

Nnded in on the open market A u out.
standing issues OF Liberty bonds hnu
Victory notes were quoted ~ or above
par on the Stock Exchange during the
greater part OF June.
"The general lowering of interest
rates was not due 10 any new factors
apparent in the situation. other than
the temporary effect Of Treasury op-
eraiions around the quarterly tax day
IL has become usual NJ such times Tor
the money markets TO yield somewhat
during the period between the date
when maturing certificates of in
debtedncss are redeemed and the time
when tax checks are collected. A more
fundamental factor was tho continued
liquidation Of commercial loans Of the
banks. n process which has been accel-
Grated by the issuance OF new cor
porate securities. The sale Of the lat
ter has permitted corporations 10 pay
Oft bank loans. and tho volume Of COM
mercial loans reported by member
banks has declined in consequence.
Liquidation Of this sort has in part
been Offset by increased loans on
stocks and bonds, which are now higher
than az any time since 1919. This in
crease has resulted partly from tho
issue Of new securities. which has re-
CURED a larger amount Of credit for
the dealers and the investing public.
and partly from the activity Of the
stock market"
New-York tribune., 1922-06-30
n. Y. Reserve Bank
Explains Why Ii
Cut Discount Rate
Reduction Reflection of Ex-
isting Credit Conditions;
Investments Of Banks Be-
low the Average of 1920

Particular interest attaches 70 the
current issue Of tho New lork feaerAi
Reserve Banks monthly review o,
credit and business conditions, issued
Yesterday. because IL furnishes the htst
ofse3al explanation OF the reduction IN
the hanks rate from an TO per cent
Dircctors Of the bank are accustomed
20 alter the rate without stating their
reasons, and IL is through the meoium
~ the bulletin that these reasons are
generally made known. -,
"As in previous changes in the dis
count rate" says the review, TINS re-
duc.ion was a reflection Of existing
credit conditions Of which market
ra,es Of interest are themselves an IN
dication. Interest rates register the
return which the investor, whether a
hank or other lender, Is willing 70 nc
cent for the use OF his funds Ihey
yeaeet not only the relation between
the demand for money and the supply
bp. The element Of risk also. AZ this
.iroe tho total loans and investments
~ New York City banks nre about ,
nor cent below the average for lV2O'
,rhereas their deposits are about 3 per
cen. above the average for that year
and the CGtlll lNoiNtNH W
js reported 10 show continued improve
ment. as is illustrated in the reduction
both in the number Of business re-.
verses during May and the volume OF
liabilities involved.
"lt will be seen from the following
summary that many of the rates borne
b. the various forms Of short-time
loans were lower in June than FOR sew
eral years past.
Bankers acceptance. 20 days. onered
~ pes cent the lowest since ltl
Treasury certificates. IS months. open
market. ala per cent. the lowest fA'e
stock Exchange call money. renewal
rate. ~ per cent. the lowest since octo-
Commercial paper. - months. open
market. per cent. the lowest since
April 1917. ....n
INK commercial bank discount fate 70
customers. per cent. tho lowest since
,his bank began recording these rates In
August. 1913
"Supplcmcnting the foregoing, Il IS
70 be noted also that the June Is ofer-
ing Of about S250,000O00 Of Treasury
certificates running for one year car
ried a rate Of 81. per cent, as com
pared with ~ per cent on similar
maturity issue last March. This issue.
Ike its predecessors, was quoted az a
slight premium as soon as 1t was
New-York tribune., 1922-06-30
MAY Sales Reported to
Chicago Reserve u a n X
Al Per Gent Ahead OF
1921; Wholesale Activity

CHICAGO, June %. The gain in re-
tail trade in April over the previous
year reported to the Federal Reserve
Bank here continued last month ae-
cording to the review Of business con-
ditions in the 7th Federal Reserve
District, issued to-day. For the nls-
trict sixty-two department stores 70,
port May 81 per cent IN advance OF
last wear. Individually. however tot-
~ firms show sales less than yeaI
ago. those located In the coal regions
showing the largest difference.
or ninety-hvo wholesalers reporting
10 the bank sales OF all except sixteen
were larger in Nay than IN Aprll, ano
FOR nearly 20 per cent OF the nrihs
were ahead Of last year. Grouped ~
commodities, shoe dealers snow ths
most general decreases The grehtes'
gain In sales over last year "eIS
made by hardware wholesalers anu
dealers In automobile accessories.
Nav production Of agricultural
noehIrcry PM in the district increased
over April. rs revealed In pay roll and
production reports. In most cases Pr.
duct.on was about on n par win @ lnst
wear. Sales during May were i"lse'
than In April and larger than lhst year.
although farmers are still buying ne"
machinery conseryatiycly.
Passenger automobile production III
the district in May was ~ per cent cent
heavier than in April Truck produe-
tion had smaller increase o. per
New-York tribune., 1922-06-30
Higham Tells U. S.
Advertising Men
They Lead World
Sir Charles, Speaking Be-.
fore New York CIuh
Urges Extension of WorI
to Molding Public View.

Nowhere has TIE profession a, =,
ycrtising reached such higk -,
Of usefulness as in tho United c,.'si
according % Sir Charles p. Hoss
VI. r.. OF London, Briiain's fs,s-.nl,'
Advertising man, wao WAS the 49,. ,.'.
Of honor, with Louis =. hol!an1 =, ~ y
luncheon given yesterday BIZ tha ".
York City Advertising Club wv
Sir Charles urged tho America, =,
verti8ing men % apply the iarrs.et
ing powers n advertising 70 tks r.iS
ing Of public opinion rather ~.
merely 20 the making of doll.,,
said II should be used FOR e. -ing - III
public disturbance, such ~ The ,,,i,.
threatened By the railway 1sos-..
Furthermore, he said, adyeriis.-g ~.
should devote their energies 70 49,.
people think and act cJllec,iyel,
Previous 20 Sir Char.ess sp..a
Mr. Holland, tho regiy elec.s! s,.,s
dent Of tho Associated Ady,r,i,,'-
Clubs Of the World, mads hi, ~,
public appearance Hncs his eler,i,. :.
the Milwaukee convention June "a \,
q short address he made clear k.a A.
sire 20 help % maze - work n =.
association more effective.
The guest of honor Vas ln,ro1s,.1
By Louis Wiley, bus.refs manage, -
The New YORK Time7.' vho aeelair.t
him as being one ~ tse s,ronge,, f,,'
tors IN the world for better asgsr,.
INK. 10 recalled tfat Sir Cka,.,
came here 90 invite tlo members n n.
Associated Advertising Clubs os n.
World % attend The sssoc.ator's as.
nusl convention in London, 1924
During t0c luncheon teiogrsms w.,.
received from Lord -orhcliYs and W
s. Crawford. president ~ The % clsb
Great Bg.fa.ns largest advertl,ls1
club, extending Invitations % 'p.
American members ot assoc alton :.
attend the anHll. convention IN lo,.
don.
Sir Charles wii' sail for EnzlasS
tomorrow On t0e E.mere.
New-York tribune., 1922-06-30
Bushes New 8
Retail Trade i'm Midwest
Continues Gain Over Year Ago
Building ahead
OF Trade ReUirai,
Says Platten

Generally improving conditions In
business and Industry are revealed
in a survey Just completed by the
United States Mortgage and Trust
Company.
"There seems 10 be reason Tor
optimisn tempered by caution in
general business and erof eondi-
tion,." ssys John w. Platten. presi-
dent Of tho trust company. In con-
ncetion with tho survey. indus
tries are clearly tending toward
moro helathy situation. The short
a0e Of bus ess space reported until
recent mon IS appears 70 have been
provided for, and further business
construction at this time will have n
tendency TO decrease rents.
"rn housing, while tho shortage
created during past years perhaps
warrants additional construction.
the pronounced activity In this field,
IL would seem from this report u in
advance Of business conditions.
Should this movement slow down
adjustment in labor might result
meanwhile. building costs should be
seru,inlzed with great care and in
many instances discounted"
New-York tribune., 1922-06-30
Business Troubles
Petitions I'm Bankruptcy

The following petitions n bantrur'cy
were fled yesterday IN the United States
District Court.
JOSEPH .. ToBIA-Invoiuniary. Printer.
900 W f7th ~
EssENER DRESS cO-Invoiuntary. Is
LOUIS LBoHM-voiuntsry go
Hewitt pi Bronx. Liabilities. Na.2ii. no
PREvIN PROS Voluntary. Merchants.
iie W. 33d 81. and 1909 Market ct. Phila-
deiphia. Lisbiiitles 80 s1s assets. i@.ibo
JOSEPH GoLpsMfTH-Nolu $50
Fort Washington av Liabilities. 1891
IsiDoR Freeman involuntary.
Grocer. 40 Amsterdam az.
Receivers In bankruptcy
The following receivers IN bankruptcy
were appointed yesterday IN tho United
states District Court
william @ Hecht sr >or Prcvln Bros.
merchants 40 ". 3sd si.. with bond Of
J. Montenore Levy for slmmons q Hon
man. dress manufacturer. i5f ~. Stat st..
with bond Of 81 800.
charles shonrood for French Leather
Goods Co. u W. lsth st. with bond q
800
Emil Frsnkel for Isiaor Freeman.
grocer. 40 Amsterdam av., with bond Of
Schedules in Bankruptcy
The following schedules IN bankrup'cy
were nled yefterday IN tho United states
District Court.
MORRIS sENs-Liabiit!es. i5.s72. no
assets.
LOUIS sEGELBOHM-sN Hewitt pl.
Bronx Liabilitles f4e.eiI. no assets
PRBVIN s-Mefchants. lis West
57d ~ Liabilities. ff4.f2S. assets g. $50.
JOSEPH GOLDsMlTH-ss0 Fort wash
ington av Liabilities t1.2i7 10 asaefs
POWELL. ENPHESS Co. lNc.-ff0
Washington ct, trucking. Liabilities. &c.
C5t. assets. $3.50
WILLIAM STICKEL a coo Leonard
st. cotton goods Liabilities i27.330.
assets tii4O3t.
ARTHUR svFRiN-e5s B'way. Liabii-
ties. iif6s7, assets. 10000.
Assignments
FRANK STEIN dealer IN sutou.ob BILE
supplies. iii Southern Rouicvard. tho
BTonx 10 Isidoro Ginsberg, 70. Nassau st
New-York tribune., 1922-06-30
National Bank Branches
Opposed by Crissingcr
Takes View. However, That Ad'
di.ional Offices Might he
Established

WASHINGTON. June 29.-Comp-
troller Of the Currency Crissingcr is
understood to have virtually decided
upon n policy toward the moot ques-
tion Of the right Of national banks 70
establish branches. lie Is said TO take TAX.
The view that additional Offices migh'
be established by national bank
under proper circumstanees, but ,hA'
"branehes' might not be maintained.
Belief was expressed at the, treasury
that the Comptroller would ISSUE a
formal ruling covering the question IN
general. but that applications OF ma
tional banks for the privilege OF open,
ING additional Offices would be handIeo
on The merits Of each individual case
Mr.. Crissingcr was represen'ed a.
boid,nr 10 the view that he nationai
hsnting act gives his Office the right 70
nern,it the establishment ~ additional
efiees by national banks where due
consjderation Is given tho question OF
compctition and the condition OF the
annlying bank. but that n braneh
bank operating with separate oInees
and capital cannot be operated oy n
national bank.
New-York tribune., 1922-06-30
Trade Buying Gains
Better Than Last Week and
Last Year, Report

Despite the usual seasonal slaeken-
ing in wholesale trade at this period Of
the year. purchases from manufactur-
ers in four out OF the six sections Of
.bo eountry were larger than last week
and brought the average up i,2 per
cent. according 20 tho weekly report on
merchandising activities by the Credit
Clearing House. Buying gained in the
mountain, North and middle agrieul-
tural sections and declined on the Pa
cinc Coast and in the Eastern section.
For the country as whole buying
was 4 per cent ahead Of last year but
90 per cent behind the same period
two years ago.
Indebtedness also increased and was
largcr than last year and the year be-
fore. Payment activity was 2 per cent
greater than last week, but 50 per cent
behind last year and 90 per cent less
than IN 1920.
New-York tribune., 1922-06-30
To Slon Silk Speculation

YOKOHAMA, June % lnitial s'sps
- ston the wild fluctuations IN @ @,ne
Yokohnma raw silk market when mas s.'
hon, lo",' ,bc basis Of bitter complaints ey
American buyers, have been taken oy
~, ~ Rsnk Of Japan. The bank an
'ou,r"s rnv ~ That hereafter it will refuse
io"n, "a specu,ators in coeoons. Co
80 ION ~ other banking institutions
: ps been requested. It is well known own
tb.t one Of the main reasons ior vac ,ne
Xix fluctuations has been the gambling
and opportunities for gambling nave ave
b@en many this spring, owing 70 the the
sho-, cocoon crop. The efee, OF the
pank of Japan's action already Is being
feI, in Yokohama. but in the interior
cocoon prices still are soaring.
New-York tribune., 1922-06-30
Commercial Credit

The caution that is being eHerelsea
by credit men is holding eack pusl'
ness expansion 10 some extent. frie,
,ion between the selling forces % %ano
credit Offices Of mercantile concern i
still exists. but credit mcn IN the nam as.
are no, inclined TO raise the limits ,na'
they have placed upon many accounts .s
While the worst Of the hnanelai s'r"'n
Is believed to have passed ere ~ men ,n
do not want 20 see a rapid eNpa'si,o'
In accounts receivable on thelr OoVas, OO'o,
Commercial money continued continued W.. lo,o
mereial papcr ranged from ! TO 4t
per cent. - co,-cil
ono,cd tho following discount rates
on prime bankers aeeeptane,e' eliglo.e e.I,, Oh
for purchase by Federal Reserve
hanks: -, -
New-York tribune., 1922-06-30
Business Items

Frank z. Gallagher. well known IN the
wornen's ready 20 wear wholesale trade
in this city has become sales manager for
Blb~rman Brothers Inc. manutaciurers
Of L'Aigion wash dresses, etc, and VIII
make his headquarters AZ the company :
factory and general Offices IN Phladrl-
phla.
The management - the Natlon'l Mer-
chandise Fair has decided 20 sward love
Ing cup 20 ,ha state association bringing
the largest number Of visiting buyers 20
New York for the big event which takes
place IN Grand Central Palace and The
lin Regiment ArmOry August 20 IS.
According 10 Lew Hahn. general director
ot the enterprise. this trophy viii. In all
proba billty. be given on a mileage basis
Details Will be announced later.
other awards will be offered. ore for
tho buyer who comes from the farthest
distance and one 90 the buyer who takes
the most consistent interest In the fair.
as witnessed by his daily attend nee.
Up 20 Wednesday afternoon m pre than
200 representative manufacturers and
wholesalers. dealing IN varied lines of
manufactured goods had obtained space IN
the Palace. where the general exhibits
will b. staged
New-York tribune., 1922-06-30
Country Produce

Buttcr-Reeeipis were so.2s3 packages.
Creamery higher than extras ID, asa q
i7lie. seconds. 35a3ic: lower grades. ai 3
save. centralized cars. 80 score, SEC. 50
score. 35h 35isc; IS score. atAa 2 SSc; s5
% 81 score. $50 SIC. unsaltcd higher man
oNtras. t01f0hc. extras. - score. 5eT
i9nc. frs;s 3sa 5sisc. seconds. $40 35c
lower gradrs. $40 a3cs state dairy tubs,
nrssf. g1U5fi.c. good n prime. s5ra6i3
common 10 fair. 500 Jtc. ladies. cure n,
-. condr 20 i, n &c, lower grades. 20 .se
packing stock. current make. 30. J. ztc'
30. 2. .5i- q 26c. lower grades. 2su 23c
che~--Reeeipts were s.i,i boxes. New
York state fats. fresh specials. sot g
ilisc. average run. 20A l0lsc. twins
frfsh specials. 20i. n 2lc. average run. zoe
Wisconsin. fresh double Daisies. 2ois u
21Ae, single Daisies, -ois Y.le' founs
Eegs'@Reesipts were 1855 cases Fresh
gathered. extras. dozen. 29is n sic. regu-
lar packed. extra nrsts. as y y 2sc, regu-
lar packed. nrsts. 2ia % &c. seconds. 2i
regular packed. 80. :. 2i'. 22he; No. ?
and poorer. i7a2ic, checks. fair 20
choice. dry. 20d2ic. New Jersey. hen
rery whites candled. extras sc; un-
esndisd locally BY receivers. .cQi2c
nearby and nearby western hennerJ
whites. average eNtrss. 3lu 3oc. extra
nr,t. a14asc. arsts. .sH3ic: nearby
gathered whites frsis 70 extra hrsts, 2Sm
s5c. unferEraces s5u2Tc. Pacinc Cosat
whites. extras. sjc. extra rrsts, 50 u - &c.
frsts. a3le4c. undsrrradeS. 2sn2sisc
other Western and southern. gathered
whites. sj1sici nearby and nearby West
efn hennsry browns. extra. 3-u 3lc
nearby brown and mixed coiors. gathered
extras .9's Gale, nrs,s to extra nrsts. 20
o zoe
Potaioes.--south Carolina. bbl. t3ooa
$50. North Carolina, ta.o013.7S; North
Carolina No 4 bbl 81 .b0fS0. Virginia
bbl. t3.o0Qs,5. undergrades. u.Soa17b.
Jersey i26 lbs. ,a0o6iEo, Long Island.
bbi, ti.to; sweets. jersey. basket. t2oo8
aSo; Florida, bbL 3ioo9looo.
New-York tribune., 1922-06-30
German Radio Slump

BERLIN, June pa heavy slump
has hit the radiophone manufacturing
industry as the result OF sudden ees.
sation in demand from the United
States. Many German manufacturer
had been working full shifts on the
production Of headgear and prices had
advanced in consequence OF large or
ders placed by American jobbers. Sew
eral American agents now are even at
tempting to cancel orders and are
Offering bonuses TO relieve themselves
Of their commitments. Prices are
dropping rapidly.
New-York tribune., 1922-06-30
LOw Prices Lose
Public Appeal, Vielg

WASHINGTON. June 29.--Alvin =.
Dodd. director Of the Domestic Dis
tribution Department Of the United
States Chamber of Commerce. COM
mcnting to-day on the ";rade-up"
campaign in the mems clothing in
dustry, declared that In general, re-
tailcrs are realizing that the price
features Of Advertising have been
overemphasizcd to the dctrimen, Of
quality and service. "Thc time to
emphasize chcapness Of price is long
past" he said "Ncrchants now
should feature quality and good
service at a fair price. The public
has realized that cheap goods are
not true economy"
New-York tribune., 1922-06-30
Federal Reserve
SYSTEMS Ratio
Turns Downward
Drops From 79.l TO !I:5
Per Cent; Increase in Bill
Holdings Ar2ears To BE
Chief Reason for Decline

Reversing the tendency recently IN
Tore. the ratio Of the Federal Reserve
syytsua, as disclesed by the weekly
Abatement OF condition yesterday
moved OF from 7e.i 20 77.5 per cent
AnalySis OF the statement ino--s'es
,hat an increase in bill holdings can
he held accountable in large meaure
To- the decline. The rise in bill hold
inrS Of the New York bank was almost
iden,ieal with that for the system, sug-
Ve.ting the possibility that the lower
tng % the rate here from ~ 10 per
cent va. influential In causing heavier
horrowlngs by member institutions.
'oer,on stration Of this theory, however
4. not practicable without a further
test because OF the special require
r,ent.- here In connection with July l
disbursements. which might also ex-
plain the increase.
Gold reserves Of the system were
virtually stationary, the slight change
heinV inward. The expansion OF Dill
holdPngs amounted 20 Ss0.OO0,OO COM
rerciai rediscounts shrinking about
81 600 900. but other elassifcations ris.
ing sharply. The larger holdings OF
hiiis purchased In the open market are
believed 20 reflect the resort by &C.
eeptsnee dealers 10 the facilities OF
the reserve banks as frmer call loan
rates increased carrying charges. Mem
Der banks deposits rose approximate. .
ly $4,000. 900. while circulation fell
So 900 900
The drop in the ratio Of the New
york hank was more abrupt - from
$40 "a s3.3 per cent The decline was
accomplished in the face OF augmented
cold holdings. as the credit in the gold
settlement fund advanced moro than
500 600 600. Bill holdings climbed from
s57.iiO.OO0 20 ii34.066,000. member IN
stitutions borrowing mainly on bills
secured by government obligations
The reserve account Of member banks
increased from s7ls,l0600O 70 $500
i6s COO. Circulation expanded, but only
about 81 100000.