Evening star., 1932-07-05
FEDERAL RESERVE
+ CREDIT USE GROWS
Richmond Bank Reports In
crease in RediSCountS
During Past Year.
BY EDWARD c. STONE.

Bank credit is being employed in the
fifth district now than at the same time
q year ago. according to Bank of Rich
mond's detailed report received here
today.
In comparison with condition figures
reported for Jupe Is, 1881, those for
June Is, 1882. show materially larger
Use of reserve bank credlt TINS year.
Rediscounts for member banks at the
Federal Reserve Bank of Richmond rose
S6.264 900 during the year. There was
a decline of S527000 in holdings OF
omen market paper, but Government
securities held rose S17,l500O0 between
June Is last year and June 10 THIS
year. -
crease of $22, ,887 900 in total earning
assets during the year. The crculauon
of Federal Reserve notes continues
much higher than at this time last
wear. the amount outstanding on June
is 1882. being S15,241 900 larger than
the amount outstanding year earller
Member bank reserve deposits rose oy
S21e7. 600 between the middle OF June
last year and this.
Cash reserves of the Federal Reserve
Bank of Richmond declined S2,O97OOO
in the year between the dates given,
relatively small change, but because Oh
the increased circulation OF Federal
Reserve notes this year the ratio OF
cash reserves to note and oepoSiS
liabilities combined decreased 9S8
points. a comparatively large decline.
Check Payments Compared.
Aggregate payments by checks drawn
nm Clearing house banks in "a cities of
the fifth Federal Reserve district are
shown for three equal periods OF flve
weeks ended June IS, 1892, May IL,
1882. and June II, 1881. In compare
ing 1882 with 1881 figures, 1t should be
remembered that lower price levels IN
many lines this year AFFECT the COM
parsons. ,s
this wear. five cities reported higher
figures than for the preceding flve
weeks. ended May IL, but no city re-
ported higher figures than for the cor
responding five weeks of 1881. The
cities which showed higher figures than
for the preceding month we're Winston
Salem. with an increase OF 40 per cent,
Greensboro with an increase OF SO per
cent and Charleston. w. Va Durham
and Newport News, all with increases
Of 90 per cent.
Building Permits in 80 Cities.
Building permits issued in 80 leading
fifth district cities in May, 1882, num-
bered 1885, compared with 3,432 per-
mits in May, 1881, a decrease OF ia
per cent. Estimated valuation figures
for all classes of permits issued last
month totaled only S3,984,336, compared
with S10,192,488 valuation for permits
issued in May, 1881, decrease this
year of 500 per cent. A much larger
part of this years permits was for small
Jobs, chiefly of repair work, than was
the case last year Among the larger
cities, Richmond and Charleston, w. Va,
reported increased valuation figures for
NAV this year. but Baltimore, Norfolk,
Charlotte, Winston Salem and Washing
ton reported lower figures. Only CT
the 81 cities shower higher figures for
NAV 1882, than for May, 1881, these
being in addition to Richmond and
Charleston, w. Va, previously men
toned. Bluefeld, Danville, Durham and
Raleigh.
CAPITAL Makes Contract Record.
Contracts actually awarded for con-
struction work in the fifth district in
MAY. 1882, totaIed $50, SAC, ,265, accord
ing to figures collected by the F. w.
Dodge Corporation. This figure is the
largest total reported for any OF the
IL Reserve districts for which Dodge
figures are collected, the twelfth, or
San Francisco district figures not being
available. The large total for the Rich
mond district is due entirely to exten-
sive Government projects in the District
of Columbia.
The months contracts in the fifth
district we're As per cent greater IN
amount than $20.97l ,802 in awards in
May last year. Contracts for reSiden-
tial types of construction last month
totaled s3,l74,805 or only 10.4 per cent
of the whole. compared with about 30
per cent in May, 1881, when residential
contracts totaled $6,68l 1897, the Rich
mond bank says.
Accountants Elect New Officers.
The annual meeting Of the District
of Columbia Institute of Certified Pub
lie Accountants was held at the Racquet
Club The round table discussion on
current topics Of accounting and finance
was held in the afternoon and was pre-
sided over by Goodwin P. Graham, fell
low of the institute.
{ The business session was held in the
evening and the retiring president,
James B. Grice during this session, re-
viewed the activities of the Institute
for the past year.
The new officers for the year begin
ming July ! elected at meeting Of the
board of governors held after the annual
meeting are Oscar j. Bernstein, c. P. A,
president; Wayne Kendrick, c. P. A.,
vice president, and Goodwin P. Gra-
ham, c. P. A, secretary-treasurer.
Trading Light on Exchange.
Trading was light on the Washing
ton Stock Exchange today after the
three-day holiday. The market opened
with two 100-share blocks of National
Mortgage & Investment preferred SELL
ing at g.. the same as the last previous
sale. Washington Gas Light 6s, series
A, figured in two $500 sales at 9S34
Over the week end large number of
local corporations paid recently declared
dividends. Only three stocks are now
quoted eX-diyiCend. American Tele-
phone, American Security g. Trust Co.
and Union Trust Co.
Bank Has Airplane Exhibition.
Much attention is being attracted
among patrons of the Federal American
National Bank & Trust Co to the ex-
hibit of airplane models in the lobby of
the main Office These models were
taken from the recent scale-model con-
test held in the aircraft building of the
National Museum. The planes exhibited
at the bank are of all types and are the
prooucts Of Washington boys and others
living near the Capital. c. Harris Tay-
lor OF Clarendon, Va, has one Of the
beautiful models in the show. Special
awards are to be made to the exhibitors
before the show closes
Bank Stocks Slightly Lower.
New York City bank stocks again re-
acted slightly during the week The
aggregate value of Is leading bank
stocks at July closing prices amounted
to SLOT 966, 600, against 81, ,054 659 600
on June 25 and total of 1929. .895. 600
reported on May 81, the lowest total
recorded since the decline started in
1929.