Evening star., 1924-01-16
RED|SCOUNT RATE
CUT |SPRED|CTED
Local Credit Analysts Look
tor Change--Bank Mercer
Near-More Elections,

Close observers of the money mar
ket, including local credit ANALYSTS.
believe that should the federal re-
serve ratio continue around its pres
ent high level there will be whole
sale reduction in rediscount rates
probably in the late winter months
or in early spring.
The rate now prevailing at the
twelve federal reserve banks is Al
per cent fiat. If credit conditions,
later on, warrant a reduction, the
lead will probably be taken by the
New York member as that institu-
tion now boasts a reserve ratio con-
siderably in excess of other members.
having enjoyed an eleven point ad-
vance only last week
whether this abrupt increase was
caused by seasonal accumulation OF
FUNDS, as many are inclined to be-
Iieve. will be known the latter part OF
the tts.,vga' week when new federal reserve ese
lent opinion, though. sees the in
crease as only temporary and not
forerunner of continued loan liqufda
tlon at the federal reserve
IL directors of the various reserve
institutions do deem it advisable to
cut their rates 1t is more than likely
that the local district, Richmond, will
be among the last to adopt such
move, inasmuch that institution
reserve ratio is among the lowest O.
the entire system.
Bank Merger Probable.
Directors of the Merchants Bank
and Trust Company were expected to
approve a plan late this afternoon
whereby the Exchange Bank Of
Washington, located at goth street
and Pennsylvania avenue, will be
merged with the Merchants and
operated as a branch.
Stockholders of the Exchange, meet
ing yesterday, consented to Iiquidate
their holdings in that institution,
looking toward a consolidation with
the Merchants.
A majority of the capital stock o.
the Exchange Bank (more than s25,-
000) was purchased by Peter a. Dru-
ry, president of the Merchants Bank
and Trust Company about a month
ago. The purchased capital repre-
sented the holdings of the banks
former president, H. II. Hevenor.
Deposits of the Exchange aggregate
approximately $4,000. with total re
sources of about sS50.000.
Trust Company's Omcers.
Directors of the American Security
and Trust Company reelected late
yesterday afternoon the following of
}
Charles j. Bell, president; Corcoran
Thorn, 3. F. Saul, Howard S. Reeside,
Howard Moran, vice presidents;
James F. Hood. secretary; Charles
Z. Howe, treasurer: Alfred B. Leet,
trust officer: William L. Beale, real
estate officer: David n. Houston. T.
Stanley Holland, Kenneth F. Brooks,
j. Elliot Moran and Arthur G. Mich
OILS, assistant trust officers; Martin
r. West, William w: Keck, John L.
'
| Ireland, Percy C. Brady. Harry T.
| White and James C.. Duln. jr., as
sistant treasurers. and John Z. Ben
! ton, assistant auditor; Fred L. Hanks.
1 note teller, promoted to assistant
| treasurer, and J. Damn Faber, elect
! ed auditor, were new names added TO
| the official roster.
| Mount Vernon Bank Elects.
G. NJ. Bugniazet, vice president of
| the International Brotherhood of
Electrical Workers. has been added
ito the directorate of the Mount Ver-
inon Bank. Other directors were re-
elected.
oficers reelected for the year fol-
R. Golden Donaldson. chairman of
the board: William Muehleisen. pres
iident; William II. Johnston and E. c.
Dawson. vice presidents; William r.
Baum. vice president and cashier; +
IT. Highfeld, assistant cashier, and
Hayden Johnson. counsel.
Munsey Trusts Perronnel.
The existing directorate of the
Munsey Trust Company will continue
in force another year, stockholders
elected yesterday. Nor were there
any changes in officers. the following
being reelected: Frank A. Munsey.
president; Wilton ]. Lambert, vice
president and general counsel; C. H
Pope, vice president and treasurer;
c. ID. Radcliffe, vice president and as
sistant treasurer; T. G. Willis, secre-
tary and assistant treasurer. and p.
]. Mcmahon. assistant treasurer.
Trading on the Washington Stock
Exchange today was well diversified
with the price level of fayorite is
sues unchanged. Transactions were,
for the most part. confined to utilities
and banking institutions.
! Railway common gave evidence OF
returning activity, $50 shares selling
at 10 and 70A. while 277 shares OF
preferred sold at 75& and fractional
iy above. Gas was easy at 4S1a and
4s9s. and Merchants Bank and Trust
Company in good demand at 129 and
! a fraction. Capital Traction was
slightly stronger at 94S and 94&.
-e----