Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-06-06

',onds and securities showed singh
increase of S222,000 during the mohti
under review. ,,.
Aggregate deposits naturally declined
in Keeping with the reduction in out
standing loans, net demand depoSit'
,alling S7,112,000 and time deposits
g4.143,00O during the month. the re-
serve deposits OF the reporting 1at nh
It the Federal Reserve Bank OF Rlch'
nond dropped 81 ABS, 900 between Aprl
"a and Nav Is. and their cash in vault:
declined S788. 900. These several changes
'urther increased the reporting banks
leOendence on the reserve banR anc
hey increased their rediScounts at the
federal Reserve Bank of Richmond by
;4.894,000 during the month under re-
view.
In comparison with the figures re-
ported on May Is, 1928, those OF MAY
IS. 1929. show some interesting changes
Total loans outstanding changed ve-I
little. declining S187, 900. or less than
400 of / per cent during the year
out loans on stocks and BONDS rose
ss.i75,OOo while commercial and agr1-
cultural loans declined S8,362,O00. Tota
Investments in bonds and securities de-
clined $13.s78000 between May Is
1928. and May Is, 1929, reduction
which probably reflects a decrease In
crease in loans.
The reserve balance of the reporting
banks at the Richmond reserve bank
showed only daily change, being
S4O7 600 lower at the middle of May
this year than year earlier, and cash
in vaults dropped $4,000 during the
wear. The reserve deposits OF all mem
Der banks. however, are materially be-
low last year.
in l.
Der banks declined $1S.733, 900 between
MAY Is last year and May IS this year,
net demand deposits dropping S8,477,-
600 and time deposits 1926, 900. AS
previously mentioned, part OF this de-
cline in deposits was taken care OF by
reducing investments in bonds and
securities, but further recourse to re-
serve bank credit was also necessary,
and the reporting banks increased their
Bank of Richmond by $5,277,000 on
May Is, 1929, in comparison with May
16, 1928.
Bonds Lead Exchange Trading.
Bonds were in quite broad demand
on the Washington Stock Exchange to-
day, gas issues, Potomac Electric Power
consolidated S. Georgetown Gas IS and
Washington Railway & Electric As sell
single sale was $4,000 Georgetown Gas
SIS at SO.
The largest stock sale of the day was
in Capital Traction, l00-share block
changing hands at 9312. up p point
from yesterdays close. LanSton Mono
type moved at 128%, Mergenthaler
Linotype sold ex dividend at 1047s and
1o4A. Potomac Electric Power So per
cent preferred came out at los, and
closed II point higher, while the 6 per
cent issue moved at III "a.
Washington Gas, the markets recent
sensation, was quiet today. no transac-
tions being recorded. 1t closed 124 bid
and 125 asked. While the last sale on
the exchange was made yesterday at
12l12, outsiders have recently been buy
ing large blocks of the stock lover the
counter" at prices In excess of that
figure.
Clayton on Important Committee.
Charles W. Clayton, secretary of the
r. P. May Hardware Co. of this city
and president of the adjustment bu-
reau and director Of the Washington
Credit Mems Association, Inc. has been
nations committee for the National
Association of Credit Men at the an
nuAl convention of the association
which convenes at Minneapolis or
june "a.
This appointment is announced by
Frank D. Rock Of Denver, present heao
Of the National Association. 1t is the
hrst time in the history of the Wash
inRton association that one of its mem
bers has been thus honored.
Mr.. Clayton has long been identified
with the workings of the Washington
association. John A. Reilly, secretary
nj the local organization, announced
today that a large delegation from
Washington is expected TO attend the
convention. This delegation will b.
headed by Lister T. Watts, president o.
The local association.
New Building Association Here.
The organization of a new building
and loan association in the Distr1c
Of Columbia is announced by Luther
C. Steward. president of the Federation
of Federal Employees and who will heat
the new organization.
The company, incorporated under tn
name of the Prudential Building Asso
citation, with Offices at 1881 G stree
northwest, is capitalized for 200,O0'
snares of $50 par value, full participant
ing, and is under the supervision OF TIT
Controller Of the Currency Of thu
Treasury Department. Frank A. Brig
field chief clerk of the United States
treasury, Is vice president.
Directors include John B. Colpoys
labor leader; Hugh Reid, director PEG
pies Bank Of Cherrydale; Thoma
Grant, formerly secretary Washington
Chamber of Commerce; T. Howar'
Duckett chairman Washington Su
burban Sanitary Commission; Curti
Walker, treasurer North Washington
Realty Co.: Daniel S. Ring. attorney
Luther C. Steward and Frank A. Brig
field.
Bank Names New Trustee.
At the annual meeting of share
holders of the East Washington Saving
Bank held yesterday, Francis J. Kan
was elected a trustee, succeeding tn
late Francis r. Weller The followin
trustees were reelected:
John C. w. Beall James A. Donoho'
Gratz E. Dunkum, Lewis Flemer, JON
Ford, w. P. c. Hazen, Michael A. Lynch
Charles A. Mccarthy. Henry H. Mckee
Morris E. NARROW. William N. Payne
jr.: Samuel H. Walker, John c. Weeder
John C. Yost. The meeting of organi
zation will be held June IL.
Building Association Elects.
The following directors were re-electe
yesterday at the annual meeting of tf
Metropolis Building Association, at tt
associations Office. Second street an
Pennsylvania avenue southeast: Harl
G. Wilson, John Scrivener, Edward !
Trip, Peter C. Schaefer, George
Siebert, James H. Keller, William !
Simpson, Henry M. Wiegard. Henry '
Jaeger, Martin T. Wiegand, Arthur Sc;
gren and Harry H. Wilson.
The Bank Women's Club will Wis
Mount Vernon on June 20 and hold
dinner meeting at the Little Tea Hou
en- the Alexandria road on the retul
iris.