Evening star., 1924-07-02
BUSINESS LETSU UP
IN THIS DISTRICT
Reserve Board Calls Slump
More Seasona-Farm
Loans, $76,637,515.
BY CHAS. p. sHAEFEER

distinct slowing down in hpsipess
activity of the fifth federal reserva
uiS'rlct Is reported in the current re-
view Of conditions by the Federal Re-
serve Bank of Richmond. Part of this
dechne, however. is held as only sea-
sonaI.
ihe oecifne was somewhat greater
Vigil can De accounted for by sea-
sonai influences, however. the renort
nhos, and was due also to unfavor-
apIe weather for crop planting and
growing, to depressed conditions in
the textile and coal industries. and to
the nervousness which seems to exist
throughout the country during a
presidential year. In spite of the re
cent recession in the volume of busi-
ness done. however, the available evi-
oence seems to show that fundamental
conditions are sound
In review of certain important bust
ness indicators, reports from seventy
SIX regularly reporting member banks
snow educed loans to their customers at
the middle of June in comparison with
the preceding months this year al
though loans this year are somewhat
greater than a year ago. The reporting
banks are in much easier position ar
present than in June of last year this
TACT being evidenced by increased de-
posits, reserves and cash in vaults, and
py greatly reduced rediscounts with the
reserve banks
The strength of the bank credit stu
atlon Is further shown by AN increase
IN tne federal reserve banks cash re-
serves IN comparison with June, 1925
aid marked decline in rediscounts for
HleInper banks, the report concluded
1907 Failures in June.
Insolvencies in the United States
al TO he
OF X. G. Dun & Co., number ,6O7
which, as usual is considerab bly, less
than for the earlier months this year,
but but, &c contrasts with 1,S5S defaults re
the second quarter of this year the
number, 5,130, contrast with 5.655 for
the first three months this year and
4,406 for the second quarter Of 1928
For the first six months of 1924
there We're 1875 business failures
against 9,724 a year ago. As to the
inde 6tedness this year to date. s3o4,-
the first half of 1928, and of the total
OF liabilities this year 81 per cent
applies TO the first three months,
leaving for the second quarter of this
year an Indebtedness of s11s,594.3Ss.
and for June ss4,Oss,0s1, the last
mentioned figures contrasting with
s2s'67S,276 for June. 1923.
Trading on Local Exchange.
Selling of the per cent debenture
bonds of the Washington Railway
and Electric Company featured trad
ing on the local stock exchange this
morning: A total of s4s,000. face
value of this security changed hands,
recording a rise OF one-eighth point
Capital Traction stock was in good
demand at unchanged prices, seventy
rour shares selling at unchanged
prices. Railway common was again
active at 78. with Lanston selling at
1212. National Mortgage and Invest
ment preferred brought 82s, and
Riggs National Bank, 290.
New Savings Device.
A new savings device. known as
the calendar bank. has made it's debut
in Washington. Savings with it is
compulsory with the holder if a cor
rect calendar is to be kept, a coin
being necessary to record the passage
of days.
The device is being distributed by
the National Savings and Trust Com
pany.
Matters Before I. c. c.
The Seaboard Air Line Company
today received authority from the
Interstate Commerce Commission to
authenticate and deliver s4,750, 900 of
per cent refunding mortgage bonds,
and to pledge them under the first
and consolidated mortgage.
The Missouri Pacific railroad ap-
ity te issue S23;S10,000 of first and re-
funding mortgage 6 per cent gold
bonds with which to reimburse it's
treasury for expenditures made in
paying off sSs0.000 of Pine Bluff and
Western Railroad bonds, and S22930,-
3Ss spent for additions and better
ments.
Over s.6.OOO.O 900 Loaned Farmers.
The federal intermediate credit
banks have made loans aggre eating
s76,6 31,515 to the farmers of the coun-
try in slightly less than one year
since the new credit system was or
ganiZed. 1t was announced today by
the Federal Farm Loan Board at the
conclusion of the semi-annual confer
ence of the board and officials of the
farm loan and intermediate credit
banks. Up to May 1, last, s27.693.757
of the loans had been repaid. showing
that s4S,943,75S of government money
is being used by the farmers to finance
current crops or live stock produc-
tion and marketing.
formal statement issued by the
board said = was highly gra titled"
with the record made by the banks.
and regarded the system as having
established itself as a useful and nee
essary American institution.