Evening star., 1923-05-23
RED|SCOUNT RATES
REMA|NUNCHANGED
Reserve Board Decision
PleaSeS BankerS-LocaI
Financial Notes.

That federal reserve rediscount
rates will not be raised at the pres
ent time is the assurance coming
from members OF the Federal Reserve
Advisory Council in conference here.
The bank rate question is only being
touched upon lightly, but opinion is
general among the members OF the
nations banking system that condi-
tions are not such that rediscount
rates should be moved upward.
While it is freely admitted that
member bank loans have expanded
within the past year or more as a.
result of improved business, in off,
cial quarters 1t is stated that the
federal reserve banks have felt the
results of this expansion in a small
way only and that as the federal
reserve banks are in such a sound
position there is no real reason for
raising central bank rates.
Big Tax Increase.
Treasury receipts from income and
profit taxes from January 1 to MAY
IL totaled s566,524,19O. an increase OF
slightly more than SI00.000.OOO over
the corresponding period a year ago.
Custom receipts TO May II were about
s1S9,000,000. or SS9 10000 more than
Tor the corresponding period a year
ago.
Treasury surplus is s6s.7s8.nc
The net result of the present fiscal
year Will, 1T is believed. be at least
up to the present surplus, if NOT
larger.
Postal deficiency for the current
fiscal year to date totals S325269l4
While this is not so large as the de-
flclency of corresponding period in
the previous fiscal year, it is some
what larger than forecast a few
months ago.
Shipping Board expenditures for the
current fiscal year aggregate $57.9O4,-
442, compared with $S6,514,320 for the
corresponding period of the previous
year.
In current fiscal year the Treasury
has bought or redeemed Sl,467 900, 900
of liberty bonds and victory notes.
This VIII probably be increased to
more than s2,000.000.000 before the
end OF the present month by matur-
ing victory notes. The Treasury is in
a strong position. and will be able to
take care of heavy payments with
ease. Cash balance on May IT stood
at $608.217,526.
Call on depositary banks Monday
for repayment of $200,000,000 was one
of the heaviest ever sent out. and that
banks responded without causing a
furry in money rates is indicative OF
the strength of the money and bank
ing situation.
Luncheon Meetings Successful.
The weekly luncheon meetings OF
junior banking officials, inaugurated
recently. continue most popular, and
today at the City Club. where the
gatherings assemble, a good attend
ance was present
The business discussed at these
meetings is pertinent entirely to
bankers. and much business of a pri-
vate nature is discussed during the
meal.
Cashier Exnicios Changes Base.
Marshall o. Exnicios. cashier of the
Departmental Bank, yesterday sew
cred his connection with that insti-
tuition TO join the Washington Office
OF the National City Company as a
bond salesman.
Mr.. Exnicios was graduated from
Dartmouth College, and later from
the students class of the National
City Bank. New York. His successor
at the Departmental Bank has not
yet been appointed.
Reception for U. 9. OEicials.
A reception will be rendered Gov
ernor Crissinger of the Federal Re
serve Board and Controller of the
Currency Dawes by the District OF
Columbia Bankers Association to-
morrow night at the Racquet Club.
utilization of Credit Information"
Notices Received.
Washington holders of Piggly Wiggly
stock are receiving the required legal
notices regarding the proposed sales
of large number of stores in Chicago
The proposed sale is to obtain sash
with which to meet outstanding leans.