The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1927-07-28
DROP SHOWN IN
BANK LOANS
e I,ICHARn HATTON

Iho demand Tor member bank
erelit decreased from the latter
part Of June to the middle OF July,
according to summary Of general
financial conditions made public by
the Federal Reserve Board today.
On July 20 the loans and invest,
meIltA Of member banks in leading
cities were more than $200,000,000
lower than month before. The
decline was principally in the
banks investment holdings and in
loans secured by stocks and bonds,
according to the summary. Loans
Tor commercial, agricultural and
Industrial purposes decreased by
s4s 900. goo.
Demand Tor, reserve bank credit
"a connection with settlements at
ne end OF the fiscal year and In.
creased currency requirements over
the holiday period carried total dis.
counts for member banks on July
to the highest level since the first
q the year. Thereafter, largely In
consequences of the return flow Of
currency from circulation, there
was 3 decreased demand for mem.
Der bank accommodation and on
July 20 total discounts were In
somewhat smaller volume than
four weeks earlier Holdings Of
United States securities showed q
SLIGHT increase during July.
Conditions in, the money market,
after seasonal firmness at the end
q June were easier In July.
general guide for selecting
investment securities which are
legal for National bank purchase
under the McFadden act. as nut
Into effect BY recent regulations 81
& the Comptroller Oh the Currency,
IS contained In 4 copyright legal
opinion which has been received
u ~ some local banks from Kip
ilnKer. Babson and Jacobs, bank
representatives, washington, for
whom It was prepared by counsel.
The opinion does not attempt to
list specifically those securities
which are legal for National bank
investment. but explains in detail
the Saslc principles established by
the Comptroller Of the Currency.
The regulations themselves are so
brief that many banks and invest.
lftent houses have felt It necessary
20 Eet opinions and Interpretation
- to their meaning
w. w. spald, of william B. Hibbs
q Co, president 0f the District Of
COlumbia Bank era Association,
returned Wednesday evening from
= short vacation 1T Atlantic city
end Sas III his desk in the Hibbs
offices today.
President Joseph Schiavone, OF
the International Exchange Bank,
Is busy these days experimenting
the erection OF the handsome new
building next to his bank which win
house the offices Of the foreign ser.
vice department and other interests
presided over BY Mr.. Schiayone.
President Wade H. Cooper, Of the
Continental Trust Company, who is
now on an extended tour of the
Tar West, recently delivered an
address in Seattle. Wash.
Miss Julia Kraus, assistant cash
Ter OF the international Exchange
Bank, has returned to the city
from q vacation trip. She is
expected back at her desk In the
bank on August 2.
g. W. Shoemaker, assistant cash.
Ter Of the Potomac Savings Bank,
is spending q vacation on Long
Island. He viii return IN about 10
days.
John D. Howard, vice president
Of the Seventh Street Savings
Bank, has returned from q three
weeks vacation spent with rela.
tiveg In wisconsin.
II. L. Selby, cashier of the Farm.
ers and Mechanics National Bank,
IS spending his vacation on the
West River near Annapolis.
Clarence r. Normant, chairman
Of the board OF the National Bank
OF Washington. who is spending q
few days in Washington, will re-.
turn to continue his vacation Mt
Atlantic City at the end Of the
week.
Charles p. Light, Of the National
I City Company, has returned to
Washington after an extended trip
through the West.