Evening star., 1922-06-22
HAS SET THE PACE
FOR CUT IN RATES
New York Reserve Bank Ac-
tion May Lead Others in
Rediscount.

The New York Reserve Bank Is the
only one. so far. to- have advised the
federal reserve board Of a reduction
in It's rediscount rate, 1t was said
today at the Treasury. However. 1t
was indicated other reserve banks
might be expected to follow the ex-
ample of New York.
San Francisco has been reported
to be considering rate reduction,
but thus far. it was said. no definite
advices have been received from the
California bank.
Whether borrowings would be
stimulated by lowering of the fed
eral reserve rediscount rate officials
asserted could not be predicted. but
the action Of the New York bank. fol-
lowing upon the recent rate-cut by
the Bank of England, would make
it appear, it was said, reductions
were in the air.
The rate of the bank Of Richmond.
which includes the District of CO.
lumbia, Is AN per cent. and 1t has
piled up reserves to such an extent
and cut down It's redscounts SO
heavily that il is finding Its opera
not be surprising II its rate was re-
duced also within a short time.
The reduction of the New York
bank was from Az to 4 per cent.
Dividend Declared.
At a meeting of the board of direc-
tors of the Security. Savings and
commercial Bank yesterday the reg
ular quarterly dividend of 8 per cent
ard an extra dividend of 1 per cent
was declared, payable June 80. 1929. to
stockholders of record June rs.
It was further voted to transfer
$4,000 to the surplus of the bank.
Victor Compnny's Report.
A most satisfactory balance sheet
was submitted at the annual meeting
of stockholders of the Victor Talking
Machine Company, just held.
The statement, is of December 81.
1921. shows total assets and total La
bilities of S43.426.755. The total sur
plus of $31. 1.35l.024 was an increase of
s2.19O.sS1. Current assets decreased
Se09.331 and are now s29,031,456, and
current liabilities decreased $2.1S4.272.
and are now s7,0I4.s30.
1t Is interesting to note the progress
made by the company during the post
war readjustment period. and the hg-
ures show that the volume OF output
maintained during 1921 was almost
identical with that of 1920, which was
the best previous year.
W.. h. & a. Dividend.
more and Annapolis Electric Railroad
Company yesterday declared the reg
ular quarterly dividend of l per cent
on the common stock and II per cent
on the preferred. both payable July l
to stockholders of record June "a.
Preparing for Convention.
Preparations are being made by the
Washington delegates to the annual
convention of the American Institute
Of Banking at Portland. Ore, next
month for the transcontinental trip.
Those who will attend the meeting g
from this city are Mr.. and Mrs. Ed
ward ]. McQuade, Mr.. and Mrs. Ross
E. Pollock, w. A. Dexter. P. NJ. Gar
nett and George Herman. The party
will leave Washington July s. return =
ing about three weeks later.
Discuss Millspaugh BILL
Meeting to discuss the merits of
the Millspaugh banking bill. the Dis
trict Of Columbia Bankers Associa-
tion in the Masonic Temple last night
appointed a committee to gather data
on the objections to the measure. The
consensus, however, seemed to favor
the bill. The Committee will report
back to the council of administration.
Joins Dollings Company.
The R. L. Dollings Company, invest
nent bankers, 72S 18th street north
wese, announces the appointment OF
e. P. Page to their Washington dis
trict organization. Mr.. Page for some
time past has represented a well
known local brokerage concern.