Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-07-13

: ana - al Iva All
other utility stock.
Washington Rail- Andrew w Ns,,on
/ way & Electric
preferred, also was active today. 10
shares in eight different transaction
changing hands at 99is
Peoples Drug Stores preferred led til
! miscellaneous list. 70 shares moving a
| 1917 ~. Chestnut Farms Dairy common
! came out at IS. Security Storage at 10
| and Woodward & Lothrop preferred a
! 40. The Potomac Electric Power 81
/ per cent stock moved at I065s and tn,
| per cent issue at ll1i4.
Among the bank stocks. Federal
American National sold at $780,. UnioI
/ Trust at 32l. and Second National a
! 27o. In the unlisted department, g.
| shares of Chapin-Sacks 8 per cent pre-
ferred sold at 107a4.
Richmond Bank Rate Raised.
Interest in financial circles here to.
day centered in the Federal Reserve
! Bank OF Richmonds action In raising
the rediscount rate from az to 5 pei
cent and similar action in New York
1t is expected in Washington that the
other reserve banks will take the same
action in the near future.
fle ltCtAt iuEtBEl &IACtRSb aus on
being reflected in the local securities
During the past two months local bond
issues have been selling fractionally
lower at the daily sessions. While the
decline has been only an eighth of a
point a day. so that it was little noticed
vet many of these bonds are now selling
about 3 points lower than they were
six or eight weeks ago.
Bank stocks have remained strong.
but some of the other miscellaneous
stocks have also been changing hands
at slight price concessions. While there
have been no sharp recessions, such as
have occurred in Wall Street. vet the
higher money rates are being clearly
felt.
Fifth District Rediscounts Up.
The consolidated statement of condi-
ton of the Federal Reserve banks +on
July II. made public by the Federal
Reserve Board, shows decreases for the
week Of SOL TOO. 900 in holdings of dis
counted bills. of S22 100000 In bills
bought in open market, of $1,000, 900 in
Government securities. Of S37, 500, 900 in
member bank reserve deposits. and of
$40. 900. 900 in Federal Reserve note
circulation. and an increase of S54,600.-
600 in cash reserves. Total bills and
securities were SIPS 6o0,0oo below the
amount held on July g.
In the fifth Federal Reserve district
rediscounts moved up during the week
totaling S5S.4I1 900. against $50, 570,0 600
the week before and $23,929, 900 year
ago The local districts ratio was
5374 per cent A week ago the local
ratio was 5516 and year ago II was
66.86 per cent.
All Of the Federal Reserve Banks, ex-
cept New York, Richmond and Atlanta,
report smaller holdings of discounted
bills than a week ago.
Melons Plans fer Present Trip.
Before leaving Washington Secretary
Mellon told friends that he planned 10
visit the little known by-ways on his
present six weeks tour in Europe. In
other words. he wants to avoid the big
cities and get as much rest as possible
while away from the Capital The
head of the Treasury expects to get a
complete rest while away He is look
ing forward to a visit with his son
Paul most keenly.
Semi-Annual Dividend Declared.
The board of directors of the Inter
national Exchange Bank Of which
Fernando Cunniberti is president de-
clared the usual sen1i-annual dividend
Of 3 per cent at yesterdays meeting
The dividend is payable on stock OF
record on June 80. The directors ex-
pressed much pleasure over the increase
in deposits between the last two bank
calls.
Explains Insurance Secrets.
/ At the luncheon m1he District I'm
derwriters' Association yesterday
/ Thomas NJ. Scott of Philadelphia gays
I the members some inside information
F.. on how TO write million year IN new
! business. Tactful suggestions, presenta-
! tons Of facts and the ability TO reaC
humans accurately are the strong points
! in the success Of all underwriters, ht
declared
/ Two new members we're added to tht
/ association Robert F. Hoff
man Of the Massachusetts Mutual anc
/ Mrs. Nettie Robertson Of the New YorF
/ Life.
Heard in Financial District.
r.. Golden Donaldson, president 81
/ the Commercial National Bank, who Il
confined to hts home with illness, IA re-
| ported much improved He will be- back
al the bank in few days.
Harry l.. Selby, cashier Of the Farm
ers Mechanics National Bank II
Georgetown. is taxing his vacation. HI
| is spending most Of his time making
some remarkable scores on nearby goi
! LINKS
Maurice Otterback, president Of TIL
| Anacostia Bank, has gone 10 Clifton
Springs. n. T.. where he will spend |
three week vacation
Charles r. Bright, Of the Nationa
Metropolitan and manager Of the Clear
ing House Association Is at Virginii
Beach recuperating from his recent Ill
ness.
Charles J Bell chairman Of the boart
u directors IF the American Securit.
g. Trust Co, has landed al Cobb
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