Evening star., 1921-06-16
MONEY RATES ARE
WORKING LOWER
Bankers Employ Government
Funds in Acceptances.
Banks Elect New Officials.
BY 1. A. FLEMING.

Money was again offered on WALL
street on call at S y per cent in New
York. Bankers are again turning to
government funds. which they are
holding until called for by the Sec
retary of the Treasury. They have
heretofore used these funds on the
call loan market, and some in Treas
ury certificates which are readily
sa1able when desired and are excel
lent security for loans made with
federal reserve regional banks.
There is small question that the sur
plus funds might be used commercially
but for the unsettled conditions.
The present condition Of the money
market following so speedily after
the movements Of funds incident to
the second installment OF taxes and
the sale of more than half . billion
certificates, is positive confirmation
of the theory advanced In this COL
umn from time to time that money
is not direct factor in the prevail
ing uneasiness and depressing indus
money and they also have the thrift
habit.
The federal reserve bank Of New
York. yesterday cut its rate OF dis.
count to 6 per cent on all classes OF
May i. 1921. This is the lowest rate
that has prevailed at any reserve
bank since June 1. 1920.
It is likely that other federal re-
serve regional banks will soon an
nounce cuts in rates to meet the
New York cut.
with a 6 per cent general discount
rate for the reserve regional banks:
accommodations at the banks should
be obtainable more reasonably tnan
they have been.
HOehling ResiSns-Ogtlby Elected
At a meeting of the board OF d.
rectors of the National metropolitan
Bank, held Wednesday. June 10. A:
A. HoehIing, jr., recently appointed
an associate justice of the Supreme
Court of the District OF Columbia.
resigned his position as trust omcer
and directors in the bank.
ner, was Immediately elected by the
board to succeed Mr.. Hoehling both
as trust officer and director OF the in
Mr.. Ogilby is we'll and favorably
known among the members @ o, In. .ne
ciated with Mr.. Hoehling. Peelle
Oeilby for many years past. and re-
Gently having held the position az
assistant trust officer in the National
Metropolitan Bank.
Bank Elects Omcers.
The first meeting of the trustees
elected at the annual meeting OF
shareholders Of the East Washington
Savings Bank was held Tuesday, when
the following officers were elected:
John c. Yost, president; Samuel H
Walker, vice president; Lewis Flemer,
second vice president; Charles A. Nc
Carthy, secretary-treasurer. These
officers, with John C. w. Beall. Albert
Carry. G. E. Dunkum. John Ford. w.
P. c. HaZen, NJ A. Lynch, w. A Lynch,
H. H. Mckee. Morris p. NARROW. VIII
liam N Payne, jr- and L. D. Wilson
constitute the board
Local Securities Slow.
Today's session Of the local ex-
change was not productive Of much
business. Railway preferred was
slightly off at 61A while Washing
ton Gas was firm at 44A.
Union Trust shares brought 10 and
Second National Bank stock $50
share.
The only bond sale was Of Capital
Traction IS at 81.
Dividends Declared.
Union Savings Bank directors have
declared the regular Ia per cent
quarterly dividend, payable July /.
United States Savings Bank directors
have declared the usual per cent
The Real Estate Title Company will
pay per cent semi-annual dividend
June 80, the books being closed from
the Goth to 30th, inclusive.
The Columbia Title Company will
pay per cent semi-annual distribution
June 80, books closing goth to S0th, in
elusive.