Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-30

Bank Credit Reveals Decrease.
The Federal Reserve Board reported
today that the volume of Federal Re
serve member credit revealed a de-
crease during the 1929 fiscal year for
the first time in seven years. During
the past year. comparing averages for
the month of June" the board said,
there has been a decrease of $2l4,-
100000 in the volume of Reserve Bank
credit" The report added that the prin-
cipal factor, as usual in the past decade,
had been change in the monetary gold
stock which shows an increase of $192,-
100000 for the year.
This increase" the board continued,
(which followed upon an outflow of
gold of about S500000,000 during the
preceding IL months has reflected in
part the effect of high money rates in
this country. The incoming gold, by in
creasing the reserve funds at the dis
posal of member banks, diminished the
demand for Reserve Bank credit.
There was, in addition, decrease
Of $4,000 900 in money in circulation,
and of SAL 100000 in member banks
reserve balances, both Of which tended
correspondingly to decrease the demand
for Reserve Bank credit.
THE only considerable factor tend
ing to increase the volume of Reserve
Bank credit was growth of $54 ZOO. 900
in unexpected capital of the reserve
banks This factor is not usually of so
great importance as changes in money
in circulation for member bank reserve
bank balances. During the past year,
however. it has been larger than the
reduction in member bank reserve bal
ances on the decrease of money in
circulation
These figures were compiled from re-
ports of 25,341 member and non-mem-
Der banks, including national banks,
State commercial banks, trust COM
panies, mutual and stock savings banks
and private banks under State super
vision.
Prices Steady on Exchange.
Prices were steady on the local Stock
Exchange today in moderate trading.
The first transaction in Lanston Mono
type for some time took place at 1891,
Capital Traction sold at 95 and GAS,
Potomac Electric per cent preferred
sold up to 1924, and the 5 per cent
issue was strong at 1882.
Federal-American Co. preferred sold
at 101 and the common at ASH. Mer-
genthaler Linotype came out at los,
Real Estate Mortgage 81 Guarantee
preferred moved at 7ss and 200 shares
of Washington Mechanics Mortgage
common sold at II.
Bond trading was confined wholly to
Washington Gas issues and Railway &
Electric As, the latter figuring in
$4,000 sale at 86l4. A $4,000 sale in
Gas A bonds was recorded at 1929.
Smaller denominations in these and the
Gas A bonds took place at recent levels.
Acacia Having Excellent Year.
William Montgomery. president of the
Acacia Mutual Life Association. report
ed an unusually good six months at the
regular quarterly meeting of the di-
rectors, held yesterday at the home Of
flee. The associations net gain during
the period showed an increase of 81
per cent.
The directors were told that within
the next few weeks Acacia will pass the
1925, 100000 mark in insurance in force.
The association now ranks thirty fifth
in size among all the companies doing
business in this country, and only Is
companies gained more insurance last
year.
Commodity Prices Higher.
Prices of commodities during the
week ended July 81 advanced less than
one-tenth of l per cent, according to
the wholesale price index Of the Nation
al Fertilizer Association. While six
groups advanced and only three de-
duVdLiCsS %,
against Is declines.
The largest declines occurred in gaso-
line and cotton. The largest advances
took place in the groups of fats, other
foods, grains, feeds and live stock and
mixed fertilizer.
Heard in Financial District.
G. Bowie Chapman. resident partner
of Hartman & Co., who is passing July
and August at his new Summer home
at Castine. Me, was in the city today
after spending yesterday on business II
New York. Mr.. Chapman has found Il
almost too cool on the Maine coast, bu
has had no criticism on that score since
he reached Washington.
Frank B. Pryor, partner in Waggamar
e. Brawner. has been absent from thu
business district for several days be-
cause of illness, but is now much i'm
proved in health. He was recently thu
recipient of handsome basket Of flow
ers from the Washington Stock Elk
change, where he is very regular In hi
attendance.
George o. Watson, president Of thu
Liberty National Bank and Of thu
washington Stock Exchange, will re-
turn from his vacation at his Summer
home on South River, near Annapolis
in few days.