Evening star., 1925-08-03
BANK BORROWING
SHOWS SLIGHT DROP
Federal Reserve Institution
of Richmond Reports Rise
in Cash Deposits.
BY CHAS. r. SHAEFFER.


Volume of member bank borrowing
at the Federal Reserve Bank of Rich
mond declined slightly during the
month between June Is and July 10.
this year. falling from a total of $52.
10000 to $475 ,439 900, and member
bank reserve deposits rose from $64,-
040,0 to $66. $50, 900 between the same
dates, the institution stated today in
an official review of the period. The
changes in the items mentioned
caused the cash reserves of the Rich
mond Bank to rise from $78,20S, ,000~to
$83.283,000 within the month. and
brought a corresponding increase in
the ratio of cash reserves to combined
note and deposit Liabilities from 57.4O
per cent on June Is to 60.97 per cent
on July Is.
Comparison of July's figures with
those for the corresponding period of
last year presents an interesting study.
On July Is. 1924, member bank bor-
rowing at their regional member to-
tailed S44, 1874 ,0D0; member bank re-
serves on deposit totaled $50 ,425 600.
Federal Reserve notes of the Federal
Bank in actual circulation totaled SILL
305 900 on July Is last year and only
$50 ,637 900 on the corresponding date
this year. The cash reserves last year
amounted to SIS, ,917 900 and the cash
reserve ratio TO 66.61 per cent.
Business Relatively Better.
Business throughout the district is
| found to be relatively better. and
| correspondents in practically all lines
are optimistic on prospects for the
second half of 1925. The three out
| standing unfavorable factors hover
| ing over the business horizon a year
ago, while not erased entirely, show
| decided improvement. Depression in
| textiles continues, but is distinctly
| less marked than last year. Bitumi-
| nous coal mines in West Virginia are
! producing more coal than at this
! time last year, and the State appears
! to occupy a stronger position in the
| coal mining industry than any other
State. The agricultural outlook is
| better than last year, when an eXcep-
| tionally late Spring and excessive
rain had delayed planting and cult
vation of the growing crops. June
| weather was too dry this year in
! most of the fifth district, and GER
| tain sections, especially Virginia, will
suffer serious losses in yield unless
general rains fall, but on the whole
| the dry weather has probably been
more helpful than otherwise this
year, providing d powerful weapon
to combat boil weevil.
Bank deposits are higher than ever
before, testifying to the purchasing
| power of the district, and labor con
| tinues well employed al good wages.
Washington Exchange Trading.
An inauspicious session marked the
weeks initial meeting of the Wash
ington Stock Exchange. Trading was
restricted TO the minimum in favorite
issues, but prices were a. their peaks.
Washington Railway and Electrice
hn
but only 26 shares changed hands. at
"a. Lanston was unchanged in an
| odd lot sale at S47s, and 20 shares
of Yellow Taxi bought 22R Capital
Traction brought par and an eighth.
Bonds were strong. Traction SIS
sold at 9S4 and City and Suburban
5s at 50. Railway fours. which ma
ture in 1851, sold at 791.
The National Savings & sTrust
Company is now using the additional
space made possible by utilization of
| the property formerly adjoining the
| Institution on New York avenue,
which has been in process of recon-
struction for the last year. The reno
vation gives to the trust company
the largest floor area of any bank in
/ Washington.
While the change is not yet com
pleted, nor will il be for an indie
terminate period, the cramped con-
dltlons formerly existing have been
relieved, and spacious. we'll ven
tilated and lighted quarters are seen
instead
The trust department of the institu-
ton has been removed to the north
side of the extended lobby and a new
| business department will be installed
| at the old location. Private offices of
the vice president, treasurer and sec
retary and the note, savings and
| bookkeeping departments will all
have their quarters in the new addi-
ton.
Bond Club Adds to Membership.
The Bond Club of Washington. re-
Gently formed. has been augmented
by three new memberships. which
brings the total to IA. Those joining
recently include G. J. Morgan, jr.. of
C. F. Childs & Co. Frank Hall of
Graham, Parsons & Co, and l.. NJ.
Proctor of Alexander Brown & Sons.
The first business meeting of the
new organization will be held in Sep
tember, Charles Carroll Morgan,
president, states.
Directors of Chapin-Sacks Ice Cream
Co. are today paying the regular
quarterly dividend of 81 a share on
the s per cent preferred stock of the
company. The business of the com
pany continues at its greatest peak.
an official stated this morning.
Albert p. Madeira of John l.. Ed
wards & Co. returned to business
this morning after a week with his
family in Maine. Earle NJ. Amick. as
sistant cashier of Riggs, also returned
after a month spent on adjacent golf
links. while Raymond G. Marx, audi
tor of the bank, departed on an auto