Evening star., 1923-10-23
DISCOUNT RATES
TO REMAIN SAME
Richmond Reserve Bank Not
Asking Increase-Tradinn
on Local Exchange.

The Federal Reserve Bank OF Ric..-
mond has not proposed a change ii
discount rates and none will be made.
according to Gov. George J. Sea-,
president Of the institution This
denial sets at rest rumors that the
federal reserve board was consider
ing such n request from the Ricl,
mond institution.
Tho trend Of reserve ratios in the
last few weeks Is sufficient to refute
any question OF a higher rediscount
rate. In the four weeks ended Oc-
tober II. Richmond's ratio increased
from 50.1 per cent to 57.5 per cent
During the same period total loans
were reduced more than $4,000. 600
With contraction Of loans to men,
Der banks on the part of the Rich
mond Reserve Bank there would ap-
pear 10 be more warrant for a report
that a reduction in the discount rato
was under consideration. However.
there are no indications that d chang"
In rates at any OF the federal reserve
banks is contemplated at the moment.
Allied Debt Plan Denied.
F. y. Shepherd, executive manager
Of the American Bankers Associa-
tion, has written to President Cool
idge refuting reports that the associa-
tion. d tits recent convention in At
lantic City, had reComm ended the
cancellation OF the inter-allied debts.
An interview. attributed 70 the
president of the asSoriat tion, Walter
". Head, stated that he was so COM
mitted. The letter, it is stated. Is
prompted by reason of intimatior
that the White House took exception
to the alleged action Of the assOcia
IL
far as the association goes there were
only two definite recommendations b5~
1t pertinent to the matter of inter
allied debts. One was that an official
standing be given our representative
on the TeDarationS commission, in or
der that he might express his opinion
with his vote. and the other was that
the United States Debt-funding Com
mission Immediately enter into nego-
tiations with Great Britain anu
of the reparations question as may be
included in the interallied indebted
ness, in order that the commission
may be in position to make such
may consider desirable and to the in
terests of the United States.
Benefit Society Purchased.
The National Benefit Life Insurance
Company of this city has absorbed
the Standard Benefit Society. Inc. Of
Maryland. paying $4,000 in cash for
the business of the Maryland concern.
A banquet is to be given to the stock
holders OF the Maryland company
Wednesday night next at the 18TH
street branch of the Y. NJ. c. A, when
they will be introduced to the new
owners OF their company.
The National Benefit Life Insurance
Company was organized twenty-five
years ago by S. r. Rutherford. who
has been secretary and manager since
that time. Its original capital was
Sc, and this has been increased TO
it's present holdings of $750.h00 as
sets. 100000 surplus. S461 1892 reserve.
$20.000.000 of insurance in force and
$3.50. 900 on deposit for the protection
of policy holders.
The company owns nine office build
ings and apartment houses all paid
for and producing revenue.
officers OF the National Benefit Life
include r. H. Rutherford, president;
DR.. W. A. Wariield, vice president; s.
p. Rutherford, secretary-manage and
the following directors: J. II. Braxton.
I. S: Burke, c. B. Lee. S. E. Cooper ana
N. Z. Lowery.
The home office of the company is az
COS street northwest.
Local Stock Trading.
Fayorite issues. which monopoIizeG
today's trading on the local exchange,
| held firmly at unchanged prices. Mer-
genthaler sold in small lots at 15S, as
did Railway preferred at 70l- Gas
of Munsey Trust sold on the unlisted
department at 102.
Capital Traction per cent bonds
brought 931a, while Potomac Electric
general and refunding 6s sold at 101
| Gas 6s of 1888 brought 100&.