The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1928-06-28
RESERVE LOANS
SHOW DROP
IN JUNE
BY RICHARD HATTON


banks OF the Federal Reserve sys-
tenn in leading cities on June 20
showed q decline from the high
point which was reached on May
Is, according to announcement Of
the Federal Reserve Board today in
d summary OF general business and
financial conditions throughout the
United States.
Loans on securities, the statement
continues which had increased by
more than 81 200 ,0O0, 900 since May,
1927, declined 100000, 900, while all
either loans. including loans for COM
rnercial and agricultural purposes,
increased somewhat. There was d
small increase in total investments.
Gold Withdrawals
During the four weeks ending
1une 10 there were withdrawals Of
nearly 75.O00,O0O from the cOun.
try's stock Of gold, and the volume
of Reserve bank credit outstanding
increased somewhat. nOtWithstand-
irlg q decline in member bank re-
serve requirements. Member banks
sN0
tinued TO increase and early in June
exceeded 81 900, 900 900 for the first
time in more than six years. Ac-
ceptance holdings of the Reserve
banks declined considerably, while
there was little change in their
holdings OF United States securities.
After the middle Of May firmer
conditions in the money market
were reflected in advances in the
open money market rates TO the
highest levels since tbs early part
Of 1924.
The Oldest investment trust In the
United States operating today is
United Electric Securities Company,
formed in 1890. This was the only
investment trust In existence In this
country until 1898. when the Boston
Personal Property Trust was organ.
tzed. These were followed by the
Electrical Securities Corporation and
Railway and Light securities Com
many. which were organized in 1904.
IN 1908 and 1910. one company was
formed In each year, with two in
1914 In each Of the years 1916, 1918
and 1919. one new company was
formed, In 1922. two companies were
formed: in 1928, four: in 1924, 10; in
1895. II: in 1926. ! s, and in 1927. III.
There are now more than $50 Of these
organizations in operation.
Local Dividends
The Southern Maryland Trust Com.
pany, with banks lit seat Pleasant
and Upper Marlboro. Md. has de-
clarsd salnlannual dividend Of ~
per cent. payable to stockholders
July /, 1925, according to samuel ].
Harry, president oe the bank.
Directors or the Second National
Bank yesterday declared the regular
quarterly dividend OF 3 per cent and
an extra dividend Of IL per cent,
payable on July !.
Directors Of the Seventh Street
Savings Bank have declared the
regular semiannual dividend Of IS
per share, payable June 30, to stock |
holders OF record June q.
Directors OF the Norfolk and
Western railway have declared the
regular disbursement OF So on COM
mon stock and 81 on the adjust
ment preferred stock. The first is
payable September 10 and the
second August -.
OSEpAAS H&EAEIin& UtOiAEN FAtESs
local ticker services indicated yes.
terday that the New York stock
market had moved up
Additions and improvements
which have been under way for
some months at the Security saw
ings and Commercial Bank, corner
of Ninth and @ Streets, are about
completed. With its new branch
on X Street and the remodeling OF
its main office the institution has
two OF the handsomest interior
banking offices in the city.
The directors Of the National
Bank of washington, at their reg.
llIar meeting yesterday, declared the
usual semiannual dividend Of 6
per cent. payable July 2, 1928. to
The shareholders Of record, June 30, |
1923.
I'm addition to the regular divi |
dend. the National Bank of Wash |
ington added a sufficient sum TO
its undivided profits account to
meet any ordinary contingency |
The surplus fund was recently In
creased to an amount equal TO the |
capital 81 050, 10000.
The officers report very satis-
factory increase Of business during
ffls pa st six months.