Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-07-19
DISCOUNT RATES
ANNOUNCED HERE
Federal Reserve Bank Sends
Full information From
Richmond.

Announcement of changes in dis
count rates was made by the Federal
Reserve Bank of Richmond to all
member banks of the District of Co.
lumbia today.
The new discount, which is cal
culated on a basis of sos days to the
year. becomes effective at once and is
as follows: Member banks collateral
notes. secured by United States GER
tificates of Indebtedness (1fteen days
and under), ~ to per cent. That
is per cent when United States GER
ti1cates of Indebtedness bear that
rate: 5A per cent on certificates
bearing that rate; SIG per cent on
certificates bearing u rate or less
Collateral notes of member banks,
secured by liberty bonds or victory
4 loan notes (fifteen days and under)
are discounted at per cent. and
cured by eligible paper are subject
also to the same rate of discount.
observation-disclosures notes, Sc
q cured by United States certificates of
Indebtedness (fifteen days and under)
are discounted at from 5 II to per
cent. subject to the same conditions
as member banks collateral notes
This same rate is applicable for re-
observation-disclosures notes from six
teen to ninety days.
The rate on rediscounts-cous-
toners notes-secured by liberty
bonds or victory loan notes is per
cent, both for fifteen days and under,
and sixteen to ninety days
The rate for rediscounts, trade &C
ceptances. commercial paper and
agriculture or live stock paper is s
per cent, both for fifteen days and
under, and sixteen to ninety days,
while in the latter case the same
rate of discount is for ninety-one
days to six months.
1t is pointed out that loans secured
by collateral on which different rates
sapply should be represented by sep
arate notes.
Revenue stamps are not required on
notes secured by United States gov
eminent obligations.
ID. c. Bankers to Meet.
As a result of a special meeting of
the District of Columbia Bankers
Association, held on the 18th instant.
i, when the communication from the
board of personal tax appraisers of
the District of Columbia with refer
ence to filing a special return of
gross earnings. including interest on
United States securities was dis
cussed and referred to Frank ].
Hogan, counsel for the association.
notices of a meeting to be held by
the association on Friday in the Grid
iron room of the New Willard Hotel
were sent to all members today. At
; this meeting Mr.. Hogan will make
his report and full attendance is
desired.
1t is also suggested by the asso-
citation that pending the meeting on
Friday no action be taken by mem
bers on the letter from the board of
personal tax appraisers, as due notice
will be given after the meeting as to
the concerted action to be taken.
Banks Aid Customers.
low
filling out intangible and personal
tax returns for their customers. All
returns must be- sworn to before
notary public
Plan for Bankers' Meeting.
A meeting of all chairmen of the
various committees forming the ex-
ecutive committee in charge of the
forthcoming bankers convention to
be held in this city October 40 will
meet in the gridiron room of the New
Willard Hotel this afternoon.
Most optimistic reports are daily
being filed by these different chair
men, and. according to Revert N. Har-
per, president of the District National
Bank. hotel reservations for the con-
vention are almost at premium now.
Mr.. Harper said today that every
thing pointed to one of the most sue
cessful conventions ever attempted by
- the Bankers Association in it's his
tory.
Figures on Cotton.
The cotton seed and cotton seed
products report for the eleven month
q period, August 1 to June 80, an
nounced today by the census bureau.
shows: Cotton seed crushed, 1896, $50
tons.
Trade in Rail Odd Lots.
Trading in odd lots of railroads, gas
and Mergenthaler Linotype stock and
the sale of three Potomac Electric
General s per cent bonds featured the
activities on the local stock exchange
today. The latter sold at 81.
Two twenty-five-share lots of WASH
ington Railway and Electric preferred
!, sold at 41A and AZ, respectively,
while twenty-five shares of Wash
ington and Virginia Railway common
was disposed of at IN
Four lots of 10. 2, and "a shares
Washington Gas sold at "A Y, and two
lots of Mergenthaler Linotype were
sold, one of 10 shares at 126, and one
of shares at 1861.
After call twelve shares of Capital
Traction brought So.