Evening star., 1925-09-03
TRADE FOLLOWS
SEASONAL TREND
Fifth Reserve Business
Slightly in Excess of 1924. -
Galley Returns.
BY CHAS. p. SIIAEFFER

Business followed seasonal trends =
in the fifth Federal reserve district.
which includes the District of Co
lumbia, during July and early August :.
the total volume OF trade somewhat
exceeding that of July. 1924. accord
ing to monthly statement issued y
the Richmond Reserve Bank this
morning. Correspondents Of the in
Stitution profess to believe that the Z
prospects for 9, moderately active Fail
trade are good, and the outlook prob, :
ably improved during the past month
None Of the important business in :
dlcatorS show any fundamental
changes since the middle of July.
Member bank borrowing increased
slightly during the past month, rising
from S47.439,0O0 on July Is 10 $50
$4,000 on August .. and the circula -
ton Of Federal reserve notes also,
increased, rising from $69, 637 900 10
S7O,S19, 900. on the other hand, mem
| Der bank reserve deposits declined
! from $G6 .150 900 to SOS ,37s 900 during
! the period under review. The cash
| reserves of the bank rose from SS3,-
3S2 900 on July 10 to SS5.559 900 on
August Is. As a result Of the several
changes in reserves, deposits and note
circulation, the ratio Of cash to com
bined note and deposit liabilities rose
from 60-97 per cent on July j. TO 61-f
per cent on August Is.
Reserve Banks Report.
On August Is last year the Federal
Reserve Bank OF Richmond had re
serve percentage of 1859, compared
with 6l.fS per cent this year. Cash n.
reserves amounted to S104 ,63S 900 on
August Is, 1924, in comparison with :
$85.55S 900 on the same date this year. C.
Member bank reserve deposits totaled
! $50. .S67 900 in comparison with $50
34G 000 mo 6ate
and Federal Reserve notes in actual
circulation amounted 10 $40. .0j0 600. in
comparison with $70.Si9 600 this year
Last year al this time the Federal
Reserve Bank of Richmond was lend
ing only s33 sos 900 10 member banks.
but this year the total Is SJOST2 900.
Representative department stores Of %
| this city sold lis per cent more goods
/ in July this year than in the same
month of 1924, the report shows. this
figure comparing with an increase OF
10 per cent for the entire fifth dis
trict. The local percentage gain in the
month over the average during July.
l920-24. inclusive, was 2O.7, comparing
with 9 per cent for the entire dis
trict. Cumulative sales from January,
j through July were 6 per cent larger
locally than during the corresponding
seven months of last year. while the
entire districts gain for the period was
only 5-6 per cent. -
/ Stocks on the shelves a the end OF
! July were 81 per cent less than the,
end of July last year, while the local
| percentage Of outsta nding orders on
! July 81 TO total purchases of merchau.
! disc in 1924 was 1I.6,
/ Railway Preferred OF. "
A decline of full point in prefer
| red stock of the Washington RAILWAY
! and Electric Co. was the outstand
( ing point OF interest on the local ex
/ change today. While Railway com
/ mon also eased OFF. TO i79. little con
/ Germ was manifest due 10 this issues
! voluminous ascent. But. on the other
! hand Railway preferred rise has
( been quiet and orderly, auguring for -
] a permanent higher level Only 20
| shares changed hands, opening al.
/ SSH, subsequently casing off TO IS
! and later reSainiug its initial price
I Common stock WAS traded in 10 the
/ extent of As shares. netting no change
] on the day.
! Lanston Monotype stock was easy
! at SAX and S41s. but Gas continued q
/ firm at 63. Capital Traction stock
sold at par and a quarter. and two
| shares of Riggs National Bank
! brought $50. -
On the investment side of the mar
I ket Potomac Electric consolidated 5s
/ sold at par, Capital Traction 5s al
| ss& and Railway general 6s at 1924.
Local Bankers Get Home. r
| The District banking fraternity was
wearing a broad smile on its tigura
! tive face this morning, the occasion.
! being the return TO the city. and to
! health, Of Albert S. Galley, one of its
! most prominent members.
| Mr.. Galley. who is vice nresidenr
/ Of the Lincoln National Bank and
! treasurer of the District Bankers As.
sociation, was stricken early in June
and has spent the interim in hos
pitals and at Atlantic City. lie now
| walks unaided. except for a cane. buL
viii not return to his duties for somS,
| time. -
The. fraternity has also been aus
| mented by the return of c. j. COCK
/ eler, vice president of the District Na,
| tional from Atlantic City, and Joshua
Evans. jr.. vice president of the same
institution, from -Rehoboth Beach: =.
| Victor b. Deyber. president of the
Second National, has returned from
| Asbury Park. n. j., and Alexander.
Wolf. counsel for the Bank of Com
| merce and Savings. from Atlantic
| City.