Evening star., 1924-02-20
LOWER RED|SCOUNT
RATE EXPECTED
Local Bankers Declare Such
Step misunderstanding in
Washington Market.


Local bankers close to Treasury A.
fairs voice the belief that the fed
, eral reserve rediscount rate will b.
/ reduced shortly from the Nat figure
OF " per cent. This opinion is like
! wise shared by those only recent.
pessimists, who now agree that fun
damental financial conditions real
Justify reduction.
me Federal Reserve Board and I'll.
government are generally accredited
with being major instruments if
keeping money rates at unusual.
high levels. The rediscount rate Q.
4 Il per cent is naturally a stabilize
and the fotation by the government
OF short-term paper at attractiv~
rates also bears on the situation.
One of the strongest arguments fo,
a lower charge is the situation with
respect TO the northwest, which would
be materially aided by a rate reduc-
ton. The Minneapolis Reserve Bank
which serves this community, has Il
reserve ratio of tS.6 per cent, while
in Boston, New York, Philadelphia
Chicago. San Francisco and ST. Louis
the ratio is above SO per cent-ala
high figures
1t is pointed out the federal reserv-
treme caution. However. if it i
found that Il reduction of the rate
would benefit business and lighter
the burden in the northwest and else
where, it is felt the rate should /"
lowered, local bankers aver.
Different Bank Organizations.
The American Bankers Associates.
n dN-ic a1 1J,n- ho,, t.Ir
the American Bankers League, with
headquarters here in the Munse,
building, has no affiliation with il
The explanation is offered to avoid
confusion.
The bulletin explains that The
American Bankers Association was
organized in 1875 and now has .
membership of % 600. 1t serves as =
means of advancing and PROTECTING
the interests of banks in all proper
ways. and of rendering broad and
diSintereSted service to their welfare.
The American Bankers League wa
organized in 1928, and has no mem
bership in the generally accepted
sense of the word. and banks afiiliat-
ing can only do 50 by signing a reso
luton or statement submitted to them
by the executive committee OF III"
league. 1t has as its purpose activit
in favor of or against specific queS
tions OF government financial polic&.
such as the tariff and tax revision.
Banquet Guests Announced.
The women'S committee of WASH
in Eton Chapter. American institute
of Banking, will have as its guest
for the twentieth annual banquet Of
the chapter. at the Willard Sa turday
woman bankers: Ruth Wheeler.
chairman Of the women's committee
OF the New York Chapter; Heller
Hewisil. head of the Philadelphia
800 Il. H. Il
the Richmond committee; Mary Muir
phy Of the Federal Reserve Bank Of
Cleveland and Adeline l.. Icister cf
a financial advertising agency ii.
Cleveland.
These guests will be entertained al
Sightseeing trip. On the following
morning the local wonens commit
tee will hold a short conference IL.
the Willard. followed by brcak
Mrs. Helena .. Reed is chairmGr
Of the Washington committee.
McrgenthaIer Dividend.
Directors Of the MerEenthaicr Limo
type Company yesterday declared Ill
usual quarterly dividend of 81. per
cent on the $12.8o0000 capital stock
outstanding. The disbursement Mil
be made on March 81 to StoCkholdcrS
of record March J.
Earning statistics were not made
public at yesterdays meeting.
Made Chapin-Sacks Director.
c. !. Gorkclcr, vice president of ihe
District National Bank, was yeSter-
day elected to the directorate of tn"
Chaplin Sacks Corporation, at tho reg
ular meeting of stockholders, held il
Richmond.
This makes MIR. Gockeler's second
honor of the week. he having been
admitted to the Washington StcC.
Exchange last Monday.
Insurance Company Reports.
Tho annual statement of the Na
tional Life Insurance Company mad.
public here today, shows cash in
conc of $IS.43I d9O.5s. in rontr4sr
with disbursements of $l4,092.l91.6
for tho year ending December 81 last.
The company, the Statemon mt shows.
has total assets of sS9.212225, with =
general surplus Of $j,49",I11.
Trading on Locat Exchange.
Activity in both issues of Railway
stock featured on the local board
this morning. Common sold to, the
extent of I70 shares, from 20 upward
to 70$i. at which price it closed.
while the preferred changed hands
at 74as to tho extent of 130 shares.
Gas gained fractionally to 50 oil
sales of - shares, and TractioI.
closed unchanged at 94%4. Merchants
Bank and Trust Company sold at l29.
and Washington Loan and Trust
brought $40.
Bnnds were quiet and unchanged.