Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-24
The statement for June and six
months compares as follows:
Reserve Policy Aids Low Money.

Reserve Policy Aids Low Money.
In the absence of important gold
movements or change in demand for
currency, the principal factor in further
decline in money rates in the United
States in recent weeks was the con-
ttnued policy of ease on the part of the
Federal Reserve Banks, represented dur
ing June by the purchase of 1000, 900
of Government securities in open mar
ket, further reduction of discount rates
for bankers acceptances, and further
reduction of discount rates at Clepe-
land, New York and Chicago, Federal
Reserve Board reports in its midyear
review OF banking developments
The more important of these changes
have been accession of funds to the
money market during the period says
the board. through ID purchase bv
the Reserve banks of SAC, 600 600 in
United States Government securities:
90 inflow of money from circulation
fpartly seasonaD in the amount of
S325, 200, 900: 80 an increase of S145,-
100000 through gold imports from
abroad, in the monetary gold stock of
the country
Stock Market Views Explained.
NJ j. Meehan g. Co has issued a cir
cular explaining why the Wall street
brokerage firm is urging the purchase Of
sound stocks at this time. In 10 months
the gains in stock prices recorded in a
period of over six years have been
wiped out and the brokers say that
from the very severity of this decline it
would seem obvious that it had gone too
far--that the forces of reaction should
by this time have spent themselves.
Today at about the worst OF the de-
preston lasting for nearly year, the
steel industry is running not far from so
per cent capacitya and the leading steel
companies are earning their dividends.
1.-THE records of depression and de-
fiation in American industry so far as
they are available-and that go back for
many years-show that the average du-
ration of a depression is in the neigh
borhood of one year, seldom has 1t ex-
ceeded 10 months.
THE ratio of loans of members OF
the Stock Exchange to the market Value
of all listed stocks az the end OF June Is
only SD per cent against 9.82 per cent
on October !, 1929. Obviously there Is
no danger that an excessive use OF
stock market funds is now being maze.
Just as tight money throttles INDUS
try. so easy money, sooner or later, en-
courages it. Money conditions TO-DAY
are unquestionably easier than they
have been in many years
The above view is decidedly INTEREST
ing. no matter what view is taken OF
the near future Of the market.
Pcnnsy Stockholders Increase.
Another new high record in the num-
Der OF Pennsylvania Railroad stockhold-
ers has been reached for the present
month, 207,869 owners being registered
on the books, according to a complla-
ton made public today. The July. 1880,
registration shows an increase OF 49,4l3
as compared with the same month
year ago, and an advance OF 1,OlO over
the preceding month.
The increase in recent months has
been due primarily to the allotment 81
par of new stock to stockholders IN 1873
and In 1928 to both stockholders and
employees. There has been also con-
tinuance of the general tendency to-
ward a wider distribution OF stock
among permanent investors.
The new figures show that the aver
age holding of all stockholders is 1888
a decrease of a72 shares as compared
with a year ago. A total Of 12,955.44t
shares at par value of $50 each wa:
outstanding on July j. Especially note
worthy has been the increase in the
number of New England stockholders
Almost 10000 New Englanders own ap
proximately IL per cent OF the rail-
roads outstanding stock and represen
Ia DIET Etilt Va btAN ANoaNNNA~~N
holders.
The current figures also reveal tn
fact that women own almost SO pc
cent of the Pennsylvania stock and
a group make up more than AZ per cen
of the stockholders A total of 99.45
women own total Of 1852 1913 shares
This is an average holding OF 43 shareS
Heard in Financial District.
Charles r. Grant. vice president an.
treasurer of the Washington Loan {
Trust Co, is spending the remainder Q
the month of July at Atlantic City.
The National Dairy Products Cor
poration has acquired the Chapma
Dairy Co. of Kansas City, Mo. This
the biz concern which owns the Chest
nut Farms Dairy Co. of this city. tn
corporation is expanding steadily.
H. NJ. Bvllesby g. Co, Inc, and MOI
his Mather a. Co, Inc, are offertn
$4,000 Arlington County Va, ~ p6
sent school bonds, que from 1886
1860. to yield 4.30 per cent.
The Interstate Commerce Commissio
has reopened for further hearings til
proceedings involving rates on dciduoI
from California producing territory
Eastern and tfanScontinental markethl
points.