The Washington herald., 1921-12-13
FEDERAL RESERVE
DISCOUNT RATE IS
CUT TO5PER CENT
New Rate Supersedes Pre-
vious $40 of No
vember 3.
ID. c. BONDS ACTIVE
City and Suburban IS Lead.
Commerce & Savings Bank
Declares Dividend.

Effective December 10. according TO
announcement received yesterday from
the Federal Reserve Rank Of Rich
mond. all discount rates wenc reduced
to per cent This change supersedes
the previous rate OF SO per cent an
pounced on November 3. 1921.
Under this new ruling. member
banks collateral notes secured by
U. s. certificates OF Indebtedness and
Treasury notes, collateral notes Sc
cured by Liberty bondx-and Victory
notes. and collateral notes secured by
eligible paper will be allowed 5 per
cent for fifteen days and under.
Customers rediscount notes secured
by u. s. certificates Of Indebtedness
and Treasury notes. those secured by
Liberty bonds and Victory loan notes,
trade acceptances and commercial
paper will draw per cent for fifteen
days and under and for sixteen to
ninety days.
Agricultural rediscounts or livestock
paper will draw 5 per cent for fifteen
days or under. for sixteen to ninety
days. and for ninety days to six
months.
Bonds occupied the big part OF the
attention Of the traders on the Wash
ington Stock Exchange yesterday. City
and Suburban SIS leading off in the
trading with $4,000 in the security
changing hands at so.
Potomac Electric General Mortgage
and Refunding rs followed with sales
OF three 81 900 bonds, they going at
lO4is. 104lt and 1913.
After call two $500 and one 1000
Washington Railway As changed
hands. a $500 bond going at 63ss and
the other two being traded at 81.
ffeven shares OF Capital Traction
sold during the session at 914. while
$1,000 Washington Gas 5 brought
sos.
= Call loans were offered at per cent
wrh per cent bid.
Dividend Declared.
I, The Bank Of Commerce and Savings
HAS declared its regular semi annual
dividend OF 3 per cent together with
an extra disbursement OF l per cent,
both payable January l to stock
FOLDERS Of record December 90. The
books will remain closed between
VIE dates specified.
Under the fine management of
John Riordon. this savings institu-
.tion has been able to make the
above disbursement equivalent to a
yearly per cent rate for the past
year and a half.
Mornn's Committee to Meet.
Howard Moran. chairman Of the
school savings comittee of the Dis
trict Bankers Association, has
called a meeting of his committee
TO be held Thursday afternoon at
AIS p. m. at the central branch
of the American Security and Trust
Company, Seventh and Massachu-
setts avenue northwest
Bankers Receive Tonight.
= The District OF Columbia Bank
crs Association will tender a re-
ception to the visiting members OF
the executive council Of the Amer
ican Bankers Association at the
Racquet Club at . p. m. tonIgnr
The reception will be followed by a
buffet supper.
American Finance corporation.
The American Finance Corpora
tion, Leroy Mark, president. ha.
taken possession Of it's new Offices
on the mezzanine floor, Commercial
National Bank Building, where the
accommodations are much better
suited for the fast-increasing bust
ness OF the company.
washington Chapter.
Ferdinand Petit, cashier Of the
Citizens Savings Bank, is sched-
uIed to speak before the elementary
class of the Washington chapter
tonight on the Duties of a Re
ceiving Teller
Monetary Conference.
The monetary conference will be,
gin Thursday morning. December
Is, at the Continental Hotel at II
o'clock. and will continue for two
days. Every hour of the time will
be Of more than ordinary interest
The conference will be preceded
bv a very informal dinner at the
Continental Hotel on the evening
of December II Over 100 accept.
ances have been received to date.