Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-15
Reserve Policy Held Unchanged.


The Federal Reserve banks have not
adopted a policy aimed to ease condi-
tions in the call money market. nor Is
there any indication such policy Will
be adopted Soon On the other hand,
saws the Wall Street Journal, 1t Is evil
dent the drastic policies adopted IN
early February have been dropped and
in their place waiting and hands son
policy has been used for the past sew
eral weeks.
This more passive attitude may be
attributed to three factors: First, be-
lief on the part of several members OF
the Federal Reserve Board that the ag-
gressive policies of early in the year
have been successful; second. actual
physical limitations against drastic
open market policy because OF the small
holdings of Government securities and
bankers acceptances by the Reserve
banks. and, third fears of the effects OF
a continued stiff money policy on busl-
ness and more particularly on agricul-
ture.
Since June 10 the II Reserve banks
combined have reduced their holdings
of Government securities and bankers
acceptances by only 24,370,000, bring
ing the total down to the extraordi-
narily low figure of 1902, 900 as of
July 10. While this reduction Is size
of midyear money requirements, 1t Is
small compared with reductions made
earlier this year.
Mckee Heads Taxation Committee.
According to the recent announce
ment of President W. j. Waller OF the
District Bankers Association, Henry H.
Mckee, president of the National Capt.
tai Bank, will again act as chairman
- 49,. a
of this committee, though not consid-
cred spectacular. is held highly i'm
portant to the association members, re-
curing a large amount of diplomacy and
thorough knowledge of all phases Of
banking. That is just what Mr.. Mckee
has in lavish quantities.
The committee chairman was one
Of the outstanding speakers at the last
annual convention at Montauk Point
and has done a great deal of work in
the past for the benefit of the asso-
citation.
All the members of the various stand
ing committees will be announced soon
so that the associations interests will
not be neglected during the Summer.
Heard in Financial District.
Francis c. Addison, jr., vice presi-
dent of the Security Savings & Com
mercial Bank. spent the week end at
Point Lookout, Md.
Eugene E. Thompson, head of Crane,
Paris e. Co., returned to his home
from Garfield Saturday and Is report
ing as steadily improving.
Walter S. Penfield, international
lawyer and director of the Washington
Loan e. Trust Co.. sailed last week for
an extended trip to the North Cape via
Norway and Sweden. He will be away
until September.
Western Union Telegraph first half
1929 earnings estimated at $733 a
share on 1,023.781 shares. against ST. 80
a share on 997,877 shares in like 1928
period.
American Telephone & Telegraph
earned $6.15 share in first half 1929
on 13,028.807 average number of shares
outstanding. against $6.17 a share on
1l,117,545 shares in like 1928 period.
Commercial Credit Co. of Baltimore
announce the renewal of an exclusive
contract with the holster Radio Cor
poration providing for the financing of
retail time-payment sales of holster
and BrandeS radio receivers, through
out the United States. This firm main
tains Washington Office and a good
deal of the stock is held here.