Evening star., 1922-04-14
DISCOUNT RATE IS IS
NOW W4172 PER CENT
Richmond Regional Bank Evil
dences Ease of Money.
!. Association Matters.
BY /. A. FLEMING.


The Bank of Richmond of the fed
eral reserve system, announced re-
duction in its discount rate this
morning to Az per cent from the 5
per cent rate which has been current
during the entire year and the clos
ing months of 1921.
This rate is effective on everything
on fifteen to ninety days paper. and
also on agricultural and live stock
paper for much longer periods.
This is one added evidence of the
ease in money. accentuating the re-
cent fiotation by the Treasury. De-
partment of 3is per cent six-month
notes
The banks in the federal reserve sys-
TEN. still show 77.7 per cent reserve
to liabilities, and the combined state
ment of the twelve regional institu-
tions and their branches shows re-
hand. a reduction of $30,ooo.0oo on
bills secured by government obiisa-
tions discounted. and $22.o0n.o00 in
all other bills, while the reduction In;
bills on hand. $667.151 900. now COM
pares with SAGA 10000 year ago.
The total earning assets of the system
of date. 1906, 2,2Se.000, compared with
s5,652.525.000 year ago.
Seek More Business.
The cut in the Richmond bank dis
count rate from to Az per cent IS
an Advertisement for more business.
IT was not wholly unexpected at this
time. and yet there were few wfo
looked for it to follow SO quickly on
the low rate f1otation of the Treasury.
Facts cannot be gainsaid. The great
accumulation of money in the banks
of the country. the percentage of re-
serves of 777, as compared with 5S.7
year ago. in the federal reserve sys-
tenn. the rate reduction OF the Rich-
mond bank. all would seem to oner
a fine opportunity for real business
activity. for the return OF prosperity
in it's fullness.
1t must be remembered. however.
that money has been easy for more
than q year; that money has IN no
wise caused tie slackening OF busi,
ness; that the borrower unentangled
with swollen inventories in 1921 was
n welcome caller and usually received
his with thanks.
II business were back to normal. or
within speaking distance of that
would not be piltng up in the banks
and in reserve centers or seeking EN-.
ploymeEt in ~ per cent government
securities.
Bankers Convention.
As previously indicated in this col
umn. the fourth annual convention OF
the District Bankers Association will
be held at Hot Springs. Va. June To-
12-13;s the special train with the bank
erS and their guests leaving the
Union station for a night ride Friday
evening. June 9. ,
guests four full days at the Hot
Springs. and three days on which
daily session or sessions OF the asSo-
citation may be held. =.
If the success Of the last conven-
tion is any criterion. the 1922 con-
vention will draw a larger attendance
of members and guests than any
previoas gathering: the location Is
ideal, theA. accommodations perfect
and the committee, headed by Mr..
Deyber. will see to it that the very
few inconveniences of the last con-
vention are side-tracked.
Approve Housing Proposition.
The District Bankers Association
gave general approval to the housing.
plans for the Washington chapter
and FOR the association itself, As 9
worked out by the Reside commit
tee and John B. Larner, president OF,
the association. -.
The site is ideal. the hail commodi-
Gus and ample for the rapidly grow
ing chapter of the American Institute
of Banking, and for the needs OF the
association. =
Neither will be obliged meet
other than at home. and in the event
of buffet suppers. etc, being under-
taken. the facilities are easily aVan-
able.
The association has long considered
the adSisiblilty of having central
office where a paid omcial could
operate a credit bureau and from
disseminated, in case of necessity,
for the protection of the. fraternity;
bulletins on actual or attempted
fraudss thefts. forgeries. etc. that
would be a danger signal to other
bankers to be on guard.
Mr.. Larner has appointed John
Poole, president Aof the Federal Ma
tional Bank to head committee, the
members of which the chairman Will
select to investigate the needs OF
the proposed new home. second hoor
of the New Masonic Temple. in the
matter of renting and furnishing.
The amount that will be. needed
will be small when tho fact Is con-
sidered that there are forty eanks
voting on any question the votes Of
members are not based on resources,
etc, but all are on an equal basis,
big and little alike.
washinxton Mechanics' Election.
AtEa meeting of the stockhold-
srs of the Washington Mechanics
savings Bank held YESTERDAY tho
ed as follows: r. H: Basby. Jo-'
seph Goldenberg, Ezra Could. Mahlon
Groo, George Haynes. Jessie B. K.
Lee, DR.. r. r. Pickford. DR.. j. c.
Pyles, G. Bryan Pitts. E.. Hume Tai
bert, John p. F. White. F. p. Williams
and e. S. Wolfe.
The directors Immediately organic
ed by the election of Ezra Gould.
president; r. H. Bagby, vice president
and cashier: James A. Dorrittee. as
sistafit cashier, and F. P. Williams,
secretary and treasurer.
Holiday ON Exchanges.
Good Friday was very generally OBJ
served. on all American and foreign
exchanges today.
Replogle steel.
Shareholders of the RepIoEle Steel
Company have been given the right to
stock, at. $50 9 share, to the extent of
so per cent OF their present holdings.
Tho proceeds of the sale will be
,.sed to purchase the common and
preferred shares of the Empire State
Iron and Steel Company.
New stock has been underwfitten, 10
purchasable by shareholders Of rec
scribe expiring May 10. Ample time to
get aboard.
stock Exchange Seat.
A seat on tho New York Stock Ex-.
change sold a day.or two ago at $ss.-
600, an advance Of 81 1000 over the last
previous sale.
FofeiSness Not Affected:
The Greek government has decided
made : effective against foreigners
ownera Of naDer money of GrAecA