Evening star., 1934-08-03
CHANGES MARKED
IN FIFTH DISTRICT
Richmond Reserve Report
Outlines Comparisons
With Last Year.
NY EDWARD c. STONE.

some most marked Changes auRuik Az
year. The figures are included u
the banks latest review Of credit
business and agricultural conditions
Rediscounts for member banks
which were Iow a year ago. declined
by a13,I5s, 600 during the period un-
der review, amounting 20 only $685.
600 at the middle Of July this year
Open market paper decreased $4,000
on the other hand. the bank increased
It's holdlnzs OF Government securities
by a45 455 900 between the middle CT
July last year and this, q change
which resulted IN a net rise IN total
earning assets OF t32.2la.0o0 during
the year.
Circulation OF Federal Reserve notes
showed a rise Of $2.332. 900 between
July IS. 1888. and the corresponding
date this year. Member banks with
funds on hand which they were un-
able 10 invest profitably and safely
increased their reserve deposits at
che Federal Reserve bank by $46,-
$4,000 during the past year.
ccsh reserves OF the Federal Re-
serve Bank of Richmond dropped by
s3.g37 900 between the middle Of July
last year and the same time this year.
and the ratio Of cash reserves TO note
and deposit liabilities combined de-
clined by 1884 points.
Member Banks Reduce Loans.
Between July IL, 1898, and July IL,
1884, the 2S member banks reduced
their loans on securities by 81, 2,7l5,000,
and all other loans, which are largely
agricultural or commercial, dropped by
&6.B67 900, a total decrease in loans
and discounts amounting to $a,562 600.
Investment In bonds and stocks rose
by s2e, ,63i 900 during the year under
review, chiefly In short-time Govern
ment obligations on which the yield
Is low. The aggregate reserve ball
ance OF the reporting banks at the
Federal Reserve bank rose by ST.
835,000 during the past year. and On
July IL, 1894, cash in vaults totaled
tl.2o7, 900 more than on July IL,
1888.
Deposits showed q marked increase
between July last year and this. de-
mand deposits rising by $33,943, 900
and time deposits gaining $2,732. 600.
Two Of the % reporting banks were
borrowing S32i, 900 from the Federal
Reserve Bank of Richmond a year
ago, but none OF them we're borrow
ing on the corresponding 1884 date
The latest report from Richmond
also states that time deposits in 20
regularly reporting member banks
and aggregate deposits In ii mutual
savings banks In Baltimore totaled
S327, ,654, ,854 at the end Of June, 1894,
q higher figure than either 1926. $751;
sos Ia time and savings deposits at
the end Of May this year or $685.
6lT,2i4 ct the end Of June last year.
Reporting member banks showed in
creases IN time deposits during both
the past month and the past year.
Business Gains Rejected.
Agent William w. Hoxton adds that
total debts in the first half of 1884
amounted to s5,246, ,o84 900 In the re-
porting cities In the fifth district.
compared with debts aggregating $4,-
286, ,OO4, 900 in the first half of 1888,
an increase this year Of $3.50 $50 900,
or 22.4 per cent. Every city reported
higher figures for 1884. Part of the
increase this year was due to the
bank holiday last year, but most of 1t
reflects both an increased volume Of
business this year and higher COM
modify prices in many line.
MIR. Hoxton makes some equally in
teresting comments on building per-
mits. He says building permits is
sued In June In 81 leading cities of
the fifth reserve district numbered
1875, compared with 2,409 permits
issued in June, 1888, decrease of Is
per cent, but estimated valuation fig
ures for last month totaled $2.657.-
Gas, an increase Of SO per cent over
valuation of 2,446, AGA In June, 1888.
Sixteen of the thirty-one reporting
cities showed higher valuation figures
for June. 1884.
Among the five largest cities, In
creased valuation figures were re-
ported for Washington and Charlotte,
but Baltimore, Richmond and Nor
folk fell below their June. 1888, totals.
Lynchburg. Charlotte, Greensboro and
Raleigh made the most favorable
records last month.
Contracts awarded for construction
work in the fifth reserve district in
June this year totaled $1S,627, ,345,
including both urban and rural con-
struction, compared with $40, AIS, ,409
In contracts awarded in June, 1898.
Bank Claims Should Be Filed.
The Office of the controller of the
currency has again called attention
to the fact that all persons having
claims against the Chevy Chase Saw
ings Bank should file them by Au-
gust "a, adding that otherwise such
claims might be disallowed. All
claims should be presented to Cary
A. Hardee, receiver. The Chevy Chase
bank is now being operated as a
branch of the Riggs National Bank,
with Harold w. Burnside as branch
manager.
Announcement is made by Clark,
Childs 81 Keech, at the Washington
office, that Arthur S. Kittle will man
age q new bond department at the
head Offices, so Broadway. New York.
He will keep in especially close touch
with the bond units in the Offices
here and In various other cities.
The best moving picture report In
q long time was being commented on
in the financial district today. Loews,
Inc. reported for 40 weeks SS4s per
share on the common stock. against
$l1l year ago.
washington brokers have received
word from Wall Street that the New
York Stock Exchange Is not at pres
ent planning any changes in COM
missions or in salaries paid executive
officers.
Traction Stock Sells Higher.
Capital Traction stock was stronger
today, two small sales being recorded
at 22As, up half point from yester'
day and a full point from sales earlier
in the week The continued favorable
earnings reports were assigned as tbs
reason for the higher bids.
Washington Railway & Electric 4
were again In demand. two $l,ooi
transfers taking place at e7l2. Of !.
from yesterdays sales,
On the New York Stock Exchang'
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