The Washington times., 1927-06-29
BANK CREDIT IS
UNCHANGED
BY RICHARD HATTON

BY RICHARD HATTON
In summary of the genera
financial conditions in the severa
Federal Reserve districts, based OF
statistics for the months of MAJ
and June the forthcoming issue Of
the Federal Reserve Bulletin vii
say:
Demand for bank credit to ii
nance trade and industry remained
at a constant level between the
middle of May and the middle Of
June, and the growth in the vol
ume of credit extended by member
banks in leading cities during the
period was in holdings of securities
and in loans on stocks and bonds.
Loans to brokers and dealers III
securities, by reporting member
banks in New York City increased
rapidly and on June IL were in
larger volume than at any previous
time covered by the reports.
At the Federal reserve banks
there was little net change i'm the
volume of bills and securities he.
tween May p and June %. the
fluctuations during the period re
flecting largely the effects of Treas.
ury operations. Discounts for mem.
Der banks toward the end of June
were in about the same volume as
a month earlier while there was a
decline in the reserve hanks hold.
ings of acceptanceS and an increase
in their portfolio of United States
securities.
Conditions in the money market
were fairly stable throughout the
period, with slight advances in the
rates on commercial paper and
more recently on bankers accept
ances.
According to observers of busl-
ness conditions in Washington, the
city is passing through a period of
business readjustment and there is
reason for confidence rather than
pessimism in the fact that activity
is not quite so great as it was at
this time last year, or during the
first half of the present year.
The same observers consider the
present outlook points to mod
erately expanding rate of business
activity during the remainder of
1927.
Notice has been given by the
Riker Realty Company, owners Of
the Wakefield Hall Apartments,
that the per cent first mort gage
bonds now outstanding on this
property will be called for payment
on the next interest payment date,
August Is next, at 102 and ac-
crued interest.
This first mortgage bond issue
was underwater by the F. H.
Smith Company. The original is
sue was for $450,000. dated Feb
ruary IS, 1925, with serial ma.
turtles Of from two to five years,
Members of the District of Co
lumbia Bankers Association were
today evincing much interest in
the special meeting called for aate
this afternoon at the rooms of the
association at which the commit
tee recently named to look into the
question of Flood Credit Corpora
ton and to recommend action re-
garding participation in the $685.
900 debenture bonds which have
been allotted to District of Colun-
bia Banks. The committee has
made an exhaustive study of The
proposition and, it is expected, that
there will be a large attendance at
the special meeting at o'clock
this afternoon.
ce-President Frank P Stone of
the National Savings and Trust
Company " is planning to leave
Washington on July1 for an
extended vacation trip which will
take him by motor and by boat to
Buffalo. Duluth, Chicago. Detroit,
Montreal and Toronto, returning
via Lake Champlaine. The trip
will occupy about 80 days.
Last night was Bank Night" at
the Quota Club at which Miss
M J. Winfree of the Continental
Trust Company had as her guests
the following bank women of
washington: Louise Mitchell, Mrs.
Mariory Tucker. Loretta Ennis,
Lois A. White and Mabel V. Royce.
Miss Winfree, who is a director of
the Quota Club will address the
meeting on the subject of Women
and Banking"
Among the Washington bankers
who have returned from attending
the convention of the Virginia
Bankers Association at Virginia
Beach are Charles W. Warden.
Walter J. Harrison, George A,
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