Evening star., 1924-03-25
LOWER RED|SCOUNT
RATES POSSIBILITY
Recent Break in Market
Money Rates Topic of
Local Financiers.

The recent break in the open mar
ket money rates has presented a new
angle to the credit situation and has
revived conJectures as to a possible
lowering of the rediscount rate, now
fiat percentage of AZ, maintained
by the twelve regional members of
the federal reserve system. Indica-
tons are that this question will be
the subject of serious consideration
oy reserve board officials.
Ihe system at one time held redis-
80 unteu paper totaling approximately
sE,oOo,O0O.OO0 but the total of s,Ici,
S""95I,ooWiings S"9I wings has now shrunk to about
age the reserve board elected ~ hui,
up It's Investment lines, ignoring the
IeSSened holdings as an argument for
lonsr reoiscount rate. The rate. il
Ia r~ai,. oe explained, is governed
iarse oy open market quotations
Authoritative money students hava
aiunlt!ed Tor some time that the credit
siIuatlon was such that the redis-
ouht rate could well be lowered without
any necessity for speculative actjyisr-
Following the decision.
Saw No Need OF Change.
Officials of the system a sbor. ,f,.o
ago indicated there was no enecisI
need OF changing the rate. in view of
open market money quotations. ~
mat time. However, now that rates
tba lailen all along the line. it is
I tne consensus OF leading fjnarcfers
thaf the rediscount rate question viii
oe he aIl-absorbing topic in fcder.I
reserve circles in the next few weeks
me general convention committee
OF the District Bankers Association
at the Masonic Temple for the nm
pose OF discussing plans for the 1929
cpnciaVe OF the organization.
1t is understood minute details nor
einent to the forthcoming gathering
! at White Sulphur Springs will he
gone over and approved in so far as is
possible at this time. A definite date
VIII also be selected, with indications
pointing to some time within the first
ten days of June.
Would Check Branch Ranking.
Francis NJ. Savage. president of the
Northwest Savings Bank and Wash
L,ng5ons oitterest opponent of branch
banking, today stated that the United
states Association of Bankers on
posed to Branch Banking will opn-ose
the McFadden bill and advocate Other
teagistaei9n aast2 which, they, believe. will
cities as well as outside. Mr.. Saw
age was in conference with officials
or the opposition last week durinc
ms trip through the west.
Set earnings of the Chapin-sacks
$l90.154 before the payment of fed
eral taxes, IL was stated in the fourth
annual report OF the company. Me-
ADDITIONS to surplus totaled s17o,IS4.
with net sales aggregating SCOTS
| 657 during the period
An increase in the cost of raw ma
teriais during the year reduced the
usual earning capacity of the com
pany. it was said, but previous proft
/ levels are expected to be maintained
during the current year, officials
opine.
Total assets Of the company. less an
allowance for depreciation. are listed
at S6,167,221. OF which $5,564,4O5 ara
permanent"
Series OF Lectures
7 r. Gordon Finney will address th-
ementary class of Washington Chap
ter. American Institute of Banking. to-
night. The subject Of his talk will be
Foreign Exchange" Tomorrow night
Raymond B. Dickey will lecture 10
the law class on "Presentment f"-
Payment" and F. Joseph Donohue
will talk on Agricultural Loans"to the
standard banking class, Thursday.
On Friday Carl V. starkloff viii
discuss Handling Embarrassed ard
Bankrupt Concerns before the cred
it's class.
Directors of the Commercial Na
tional Bank have declared their usua
| quarterly dividend of IL per cent.
payable on April 1 to stockholders
! of record March 81.
Weak prices prevailed on the
! Washington Stock Exchange this
morning. Riggs National Bank at 295
being the only issue to show rising
| tendency.
The so-called favorite issues alone
attracted trading in the main being
! confined to small and odd lot sales.