The Washington herald., 1922-08-03
RICHMOND BANK y
REVIEWS BUSINESS
OFLOCALDlSTRICfS
Developments Not Unfa-
vorable, Despite Clouds
By Labor Troubles.

The month OF July. usually q
slack one in business circles. was
ciouded by labor troubles in basic
or necessary industries IN the Fifth
Federal Reserve district. according
to the Federal Reserve Bank of
Richmond. but in spite Of these con-
ditions Developments have not been
unfavorabie Regularly reporting
member banks show increased de-
posits and decreased rediscounts,
with only seasonal expansion
their outstanding loans 70 Gus
toners.
Liquidation OF frozen loans is be-
ing secured throughout the Distri,i
in considerable volume. this being
stimulated BY higher prices for
agricultural products. The Federal
Reserve Bank OF Richmond's -e-
serve ratio on July IL. 1924. was
7s.os per cent. compared with 1851
per cent on June IL. isfi. and tiss
per cent on July iS. 1871.
Debts 70 individual account show
lower totals than a year ago for
the first time in several months. but
the decrease Is comparatively small.
and is confined chiefly to debts in
two or three OF the larger cities.
Business failures reported for June
by Dun's Review show a distinct
decline both IN number OF insolven-
cies and in total liabilities involved
/ in comparison with earlier months
of the year. the June figures being
the lowest reported since october
1921.
In labor circles. involuntary un-
employment has practically ceased
to exist. and actual shortages ~
\ labor are reported IN some skilled
trades. Building operations on az
extensive scale are catching up on
the housing shortage that developed
during the war. wholesale trade is
reported as being about normal for
the season. and retsfl trade is fairly
good. though the retail business has
been retarded by unfavorsble
weather during the entire spring
] and early summer. Collections are
distinctly better than they were in
the winter and early spring.
Local securities.
Potomac Electric Power general
mortgage and refunding 7s reaches
a new high on the local exchange
! yesterday. $500. face value. selling
st1cs. The general mortgage &c OF the
company again sold at par. while
Railway SIS sold at ssE. Potomac
Electric debentures sold 20 the ex-
tent OF $1,000 at ssE. with Capital
Traction holding firm At s7x.
In the stock list. relatively heavy
trading was witnessed in the utility
group. Capital Traction selling az
1908. with Railway common hold
ing firm at IS In sales aggreg.tins
thirty-one shares. Railway pre-
ferred sold at 7sh. Sixty shares
Of Lanston Monotype also changed
hands at 7eh.
Clarence F. Norment president Of
the National Bank OF Washington.
will return TO the city this after
noon after spending a months va
cation at Atlantic City.
W. T. Galliher. president OF the
American National Bank. is due TO
return on Monday next
/ New GimbeI Offering.
II is understood that Goldman.
Sachs and Company and Lehman
Brothers have acquired an interest
in the preferred and common shares
Of Gimbel Brothers and that same
will he offered for public subscrfr-
tion in the near future. Gimbel
Brothers conduct department stores
in three OF the principal cities in
the United States. New York. Phila-
delphia and Milwaukee. The bust
ness will continue TO be managed by
the Gimbers who retain control