Evening star., 1929-07-01

un1e than In May,
1928, but wholesale
trade was ,.T,;sa not sat at RAYMOND G. Marx.
low both April, 1929, and May, 1928, ir
volume.
A seasonal decrease in rediscountS
for member banks held by the Federal
Reserve Bank of Richmond occurred
last month, the total amount held ce-
clining from 6,531 900 on May Is to
$54, ,753, 900 on June 15
The review said that the total earn
ing assets of the Richmond Reserve
bank declined during the same period
from S63, ,6O8, 900 to $63, ,451 900, the de-
crease in earning assets being less than
the drop in rediscounts because OF
larger holdings of Government securf-
ties at the middle Of June than
month earlier.
Reserve Notes Increase.
Contrary to the season trend, the
report continued, the circulation OF
Federal Reserve notes slightly increased
between May Is and June is, rising
from $65 $4,000 in May, to $50, ,67s 600
in June. Member banks built up their
reserve deposits at the Reserve Bank
from SOS. .765, 600 on May is, to $7o,-
693 900 on June Is.
These changes, together with others
of less importance, raised the casn
reserves Of the Federal Reserve Bank OF
Richmond from $79, ,423, 900 on May is.
to $82, ,721 900 on June Is, and increased
the ratio of cash reserves to note ano
deposit liabilities combined from 5s:95
per cent to 59.83 per cent between the
same dates.
Less Money Loaned on Stocks.
In comparing the figures for June is
with the corresponding figures on June
is last year, an increased use OF Reserve
Bank credit by member banks is shown
this year, said the review. Rediscounts
held by the Richmond bank on June
Is this year totaled $54, 1000, COM
pared with $44 $4,000 on June ID last
year.
Between May Is and June IL there
was decrease of 81 $685. in loans on
stocks and bonds and an unusual de-
cline for this season In all other loans,
which are largely commercial and agri-
review said. Total investments in bonds
and securities held by the reporting
banks declined $l76,000 during the
month under review, but their reserves
at the Reserve bank rose $79l 900 and
their cash in vaults increased $233, 600
between May Is and June IL.
Decline in Building Permits.
Employment conditions, the review
continues, are .abDut up to seasonal
levels and much better than in May a
year ago. Coal production in May was
larger than in either April this year
or Nav, 1928, and West Virginia took
the lead in bituminous coal production
from Pennsylvania.
Textile mills operated full time in
May and early June, but forward orders
l~rx ll~ 1aa kaaa
to curtail operations to some extent.
Building permits and contracts award
ed in May in the nth district declined
from the levels Of May, 1928, but the
work provided for was still in moder-
ately large volume.
Crops are late in development this
year, but, except in some parts Of South
Carolina, agricultural prospects appear
to be fairly good.
Heard in Financial District.
Local bankers will be greatly shock
ed and grieved to learn Of the death
of William T. Galliher, chairman Of
the board of directors of the Federal
American National Bank. Although he
was taken i'll at the recent Montauk
convention, his friends did not con-
slider his condition at all serious. An
outstanding figure in the banking dis
trict for many years, Mr.. Galliher will
be missed by q host Of friends and
business associates.
Raymond G.. Marx, auditor Of the
Riggs National Bank, has assumed his
new duties as chairman Of the audi
tors section of the District Bankers
Association, succeeding j. Damn Faber,
auditor of the American Security &
Trust Co, who has headed the section
since its organization. Ralph Endicott,
auditor of the Washington Loan &
Trust Co., is vice chairman.
Redmond d Co. announce the ap-
pointment Of l.. e. Crandall as re-
sident representative in washington,
with headquarters at 2o3 Southern
Building.
Y. Z. Booker, head Of the investment
banking firm of Y. Z. Booker g. Co.,
has returned from weeks vacation
passed at Virginia Beach.
Railway Preferred Active Today.
Washington Railway & Electric pre-
ferred was the market leader on the 10
cal Stock Exchange today. figuring in
a 31o-share turnover In i've transac-
tions at 90.
other issues sold about where they
left of Friday. Capital Traction moving
at 92ia and 9234, Potomac Electric
per cent preferred at 111k. the 5ta per
cent preferred at lot and 1074 and
Merchants Transfer g. Storage COM
mon at 120. Federal-American Co. pre-
ferred sold at 100% and SO shares of
National Mortgage & Investment pre-
ferred came out at An.
Trading In the bond division was
quite broad. with prices maintaining re-
cent levels. The ex-dividend list among
the stocks was almost wiped OF the
board by the payment today Of q host
NJ TtIIv dividends