Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-08-01

WIN AGStING UbEhfSliS CtQOHG
from s6T,05S ,00n tn S64.37l 900 curin
the same period. The several change
enumerated. with others of less impor
lance. lowered the cash reserves of tn
Federal Reserve Bank of Richmon
from ST4.644, 600 on June Is to $50. 0SS.
600 on July Is. and reduced the rati
OF cash reserves TO note and deposit
liabilities combined from 60.S2 per cen
70 40 per cent. The Richmond ban
raised the discount rate on all classes q
paper from ~ per cent to per cent
effective July IL.
Credit Demand Much Larger.
large increase in the demand 10
reserve bank credit this year is show,
by the comparison of the figures in tn
Richmond Reserve Banks statemen
for July Is, 1928, with those rsporte,
for July IS. 1927. Rediscounts total
ing $56.67S.000 on July Is this yea
SHOW an increase of 1871 per cent owe
the total of S23.41i 900 in discounts,
paper held on July Is last year, an,
total earning assets amounting to SCI.
$4,000 this year are 38.6 per cent abov
S4S,554,000 held at the middle of Jul
last year. in spite of reduction of ap
proximately SlS.000.000 in the bank
holdings Of Government securities an,
bankers acceptances.
On the other hand the circulation q
Federal reserve notes this year is les
than year ago. $50. 626. 900 outstand
ing on July Is. 1928. comparing Will
SbO,lT6.000 in circulation on july Is
1877 Member bank reserve deposit
also declined during the wear. fallin,
from S6S-266.000 at the middle of july
1897, to s64.87l 900 on July Is, 1928.
Educational Committee Named.
A. E. Hence of w. B. Hibbs e. Co
chairman OF the educational COMMITTEE
or washington Chapter. American In
stisute OF Banking. has appointed III
Following members to serve with hin
during the coming year.
Frank M. Perley. American Securit,
! q Trust Co. vice chairman: Miss Ros,
/ Royce. Washington Loan AZ Trust Co
secretary: Miss Mildred C. Woodcock
American Security a. Trust Co.; II
w. Burnside, Farmers e. Mechanics
National: A. o. Dooley. Commercial
National; r.. H. Lacey. Columbia Ne
tionai: r.. z. Lee. Lincoln National
T. Hunton Leitl1. Security Savings: r
/ "A. Norris, Lincoln National: /. j. Rob
erts. Riggs National; E. C. Steffe. Fed
eral-American National and r. @
/ Whitton. First National of Alexandria
Committee to Study Taxation.
Howard Moran. recently appointed
/ chairman of the District Bankers Asso
! citation committee on taxation, has beer
| assigned To one of President Fleming
most important assignments. One o
I the most vital issues before any NJ tn
/ associations committees In years is nov
, In the coiIrts--that pertaining to tn
/ taxing Of local banks on gross incom
/ received from 4ax-eXempt Liberty ant
other Government bonds While tn
associations counsel is attending to tn
| court action in the case. considerable
| extra work must naturally fan upoi
| the taxation committee.
Mr.. Moran. as former PRESIDENT 9
/ the District Bankers Association, |
particularly well fitted to carry the re
| sponsibiiities as committee chairman
! Associated with him are H. H. Mckee
r. @. Addison. ir.: Joshua Evans, 1r.
| Harry v. Haynes and w. w. Spaid,
Lively Trading on Exchange.
The tape" moved fast on tn
Washington Stock Exchange today
/ with the bank stocks among the leader.
! During the session 81 shares OF Fec
eral-American National changed hano
at 337. East Washington Savings Ban
stock. which rarely appears, solo 10 IN
extent of 100 shares at 80. and .
shares If Security Savings IL CONNER
| cial sold again at 480. holding the re
markable rise scored in the past yea
| Potomac Electric So per cent pre-
ferred sold at i07. Chestnut Farm
Dairy preferred moved at 104 an
e. T.royaf Of o. fnyn
n1eYctaI National Co preferred closed
104ia and IS shares OF Federal
American Co. common came out at A.
Mergenthaler closed AT i007s, People
Drug at i08L and Sanitary Grocer
preferred At 1T.
Washington Gas closed al 97Hi
| Bonds were active and strong, recen
prices being we'll maintained.
Banks 10 Purchase Liberty Bonds.
The Federal Reserve banks have bee
authorized by the Treasury to purchas
Third Liberty Loan Az per cent bond
for account of the sinking fund. Sue
purchases will be made at 100 i-32 {
August Is. and thereafter at par wit
| accrued interest to the date OF sue
optional purchase. Coupon bonds pre-
sented for such purchase must have tn
September Is coupons attached and tn
registered bonds must be assigned I
the Secretary Of the Treasury 70
purchase. These bonds are due Sep
tenber Is. and interest ceases afte
that date,
Cleaned In Financial District.
Charles f. Howe treasurer OF tn
American Security ~ Trust Co. leave
here tomorrow for his old home Il
Miffiintown. Pa. where he will spen
a months vacation.
T. Gales Moore. connected with III
National Metropolitan Bank for MOI
than six decades. has retired AS The af
tive auditor OF the bank His remark
able banking career is not ended how
ever. as he VIII still keep In touch wit
affairs al the bank,
Francis M Savage, formerly presider
Of the Central Savings Bank. Is no
visiting in Venice. which he declare
10 he more fascinating than ever Swii
zeriand and the Italian lakes are ne,
on his itinerary
Frank w. Stone, vice president 0f th
National Savings a. Trust Co. has re-
turned 10 hist desk from tWo-Week va
Vati0n
| Joshua Evans, ir, vice president {
the District kotionsi Bank, is anoths
financier who Is back at work after
short vacation.
| George r. Flather, assistant treai
| urer of the Union Trust Co. has n
turned 10 the bank following a reeei
illness
The Chesapeake A. Potomac Telepli0f
directors, yesterday voted an outlay |
500 900 on improvements In Washing
| ton
| The Interstate Commerce Commit
sion hes authorized the Peuneyiyan
Railroad 10 issue sl7.S00 900 new stat
| st $50 psr 10 be offered TO ofiicers ar