Evening star., 1922-02-27
RED|SC0UNTS MAKE
MARKED SHR|NKAGE
Total Federal and CONNER.
cia! Paper Contract to
s721,2s3,000.

Total srediscounts Of both govern
ment'and war paper within the entire
federal reserve system today are
about one-half what they were in the
New York district alone at the high
point.
Rediscounts of government and
commercial paper. as of February 20.
within the system, totaled $721,2S3,-
Ooo At the high point such loans in
the New York district alone were
$1.317,6s5. 900.
The high point of government paper
rediscounts within the federal re-
serve system showed a total Of ST.
S63.476.000. Today such loans are
$2sl ;ss4, 900, a contraction of $1,5S1,-
The peak point for commercial
paper rediscounts was $1,616.116.0 600
contraction of $I,176,s27, 900.
New ferk's government paper re-
discounts at the high point were
$195,,212.O00. Now they are only $54,-
lsS,ooo. a shrinkage Of s741,O44.ooo.
commercial paper rediscounts in
New s7n ooa York at the peak were s522,-
$4,000. Today they are only $46.-
| $475.66S. 900:
While New York has government
paper rediscounts now of $54,16S, 900
It's borrowings are exceeded by the
Ihiladelphia reserve district. where
such loans total $55,1S2,00O.
New York's commercial paper re-
discounts OF $46,s05.000. are exceeded
py those for the Chicago Reserve
Bank. which total s63.207. 900.
Dudley Is Promoted.
Albert H. Dudley, for some time
past assistant federal reserve agent
or the Federal Reserve Bank al
fticnmond, has been appointed mana :
ger OF the Baltimore branch of the
system to succeed Morton, II. Prentiss
resigned to accept the vice presidency
OF the Merchants National Bank OF
Baltimore.
Mr.. Prentiss leaves the Baltimore
reserve branch tomorrow, and his
successor Will assume his duties the
following day.
RAYMOND II. Lee of the federal
reserve reserve agents department will
agent at Richmond.
MT. dudley is a native of Roanoke
va, and has many friends in local
nnancfai circles. among whom he
makes frequent visits.
A. i. II. Dinner n Success.
w. A. Dexter. chairman of the
committee In charge of the eighteenth
Washington chapter. American In.
stitute of Banking. at the New Will
iard Hotel Saturday night, was the
recipfent of congratulations from
his fellow members in the organiza-
tion today for the splendid success
or the entertainment.
1t was freely admitted that the
analr was the most pretentious OF
its Kind ever. attempted by the
chapter. and nothing but praise
could be heard for the committee tha
arranged the details.
Ihe manner in which Roe Fulker-
son presided as toastmaster also
remarks, and there were not a few
VINO were still humming the catchy
air that Mr.. Fulkerson introduced
the words of which touched on the
had upon his chest"
That the forum dinners. inaueurated
recently by the chapter have sue
ceeded .far beyond what their orfgf.
majors had expected was brought oul
In the address of w. J. Waller, presi-
dinner.
Mr.. Waller said that while such af-
fairs have been common in other
cities 1t was only an experiment here
and that local bankers should take
to them SO readily was highly graft
flying to those in charge Of the ar
rangementS. Mr.. Waller compli
mented Francis G. Addison, jr., vice
president of the Security Savings and
commercial Bank. for his untiring eff
forts to get the meetings started.
! An amusing incident occurred in the
rear OF the hall. when Mr.. F'ulkerson
was playing his part in the prepared
hoax that eliminated in Ed. Callow
and George o. Watson having a
spirited argument over whether the
toastmaster should be allowed to con-
tinue with his rather pessimistic ad-
dress.
The speaker had just finished his
outline of the many bugaboos that
threatened the prosperity Of the coun-
try. and was about to read a prepared
list 81 same, when a lady. who had
evidently gone to the dinner to enjoy
herself, remarked aloud to her es-
cort. Good Lord, is that man going
to stand there and lecture to US all
night. Who wants to know what he
thinks" 1t is needless to add that