Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-07-22
ID. c. AREA CREDIT
SITUATION EASY
Trading Is Quiet on the
Local Exchange-Bank
Addition Work Rushed.
BY EDWARD c. STONE.

The weekly report of the Federal
Reserve Bank of Richmond, covering
the third week in July. pictures a
strikingly easy credit situation in this
district.
Bills rcdiscounted in the local dis
trict were at their lowest levels in
wears and at less than half the vol
ume of year ago. They totaled only
$I9429 900, compared with $40 ,403,OOJ
at this time in 1926. Note circulation
indicating slower business, dropped to
S59,O43.000 from $70,267,00e, and the
reserve ratio rose to 68.75 from 62.9J
per cent in a year.
Use of Federal Reserve credit also
was substantially lower in the system
as a whole. Rediscounts of all Il
hanks stood at S4O3, 1929 900 and were
approximately Sill ,O00, 900 lower than
at this time last year.
Local Market Trading Quiet.
Washington Gas Light stock opened
ut TAN on the local board today and
closed at 747s. There was one small
ale in I4anston at 992s Three shares
Of CAPITAL Traction moved at l04 "a
while five shares of Potomac Electric
So per cent preferred came out at
1919. Barber e. Ross common sold
at 81.
The usual Friday calling Of the I'M
listed stocks showed that the recent
winning streak of the Washington
Base Ball Club has caused an adj
vance in the bid price Of the stock
from 50 to SIS and the asked price
from 80 to 85. The asked price on
he Chaplin Sacks S per cent preferred
advanced point during the week
and the bid on Connecticut Pie Co.
moved up to 140. The par bid on
Raleigh Hotel Co. advanced to 1O3h
and the bid price on Washington saw
ings Bank moved up to 12h.
Silver Piece for j. G. Moore.
John Gales Moore, auditor of the
National Metropolitan Bank, is today
celebrating his sixtieth year OF CON
tinuous service with the same 1nstl'
tuition. Mr.. Moore was on the JOB as
usual and looks good for many more
wears service, although he will observe
his seventy-seventh birthday tomor-
row, President George II. White ana
Mr. Moore's other associates at the
bank today sent a handsome silver
niece to the auditors home, the ac-
companying card expressing the pest
wishes of every Metropolitan emplove:
Mr. Moore first became ldentlned
with the bank in 1867. advancing
through various positions until he was
made cashier. In 1909 he was elected
to his present position as AUDITOR.
Thus for six decades he has had the
interests of the Metropolitan at heart
and has greatly enjoyed helping the
institution grow in financial strength
and importance. 1t is believed that
Mr. Moore is the only banker in Wash
ineton who has been with the same
hank well into the second half CEN
fury. and it is quite probable that his
record is national as we'll as local.
Bank Project Being Pushed.
The two buildings on the site where
the large addition to the Union Trust
Co. will stand on H street, are COM
ing down rapidly. The new construc-
ton. which is to more than double
the trust company's floor space, VIII
soon be under way. AS already an
nounced, the new building is to be
the same height as the present bank
and will harmonize with it in every
particular.
Completion of the addition will be-
another memorial to the energy OF
the banks president, Edward j. Stel!'
wagon. The veteran banker was the
leading spirit in construction of the
CAPITAL Park Hotel and of the Raleigh
Hotel. He was on the board that built
the Willard, and as member OF the
Capital Traction board of directors
gave valuable advice in connection
with important power-house construc'
ton work carried out by that COM