Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-02-12

|
level. CRates in two centers have
fallen to per cent since the article was
written.-Ed) With a reserve ratio OF
| rs per cent, it would require some very
special situation to move the banks to
| raise the rate. Business Is now in q
state of recession, and in that situation
\ it is the proper desire and function of a
| central bank to lower rediscount rates
and not raise them. 1t is reasonable
| to suppose that the reserve banks will
do just that.
1.-THE one development which might
lead to a retention of the present re-
discount rate or to an increase in 1t
would be the resumption Of gold ex-
ports on a large scale. No such move
ment appears likely.
"At the beginning of this year, for
| eign countries are less in need OF gold
than they were IL months ago. Ger
tainly the 100000, 900 Of new monetary
gold, which will be produced during
this year will be more than adequate
to meet any imaginable needs abroad.
1t is likely that We will get at least one
fourth of that new gold"
Commenting on the outlook for bond
prices, DR.. Friday points out that open
market Federal Reserve policy in re-
Spect to bond holdings has had large
influence on bond prices in the past,
notably prior to the stock market
break when the Reserve banks helped
depress bond prices by selling bonds
heavily.
w. w. Spaid Entertainment Chairman.
w. w. Spaid Of w. B. Hibbs g. Co.
and former president of the District
of Columbia Bankers Association, has
been named chairman of the enter
tainment committee for the annual
convention of the local bankers organ
ization which will be held at Ashevllle,
N. c., In June.
Announcement Of his selection for
the task of providing lighter features of
the yearly gathering was made yester-
day by President Wilmer j. Waller.
Mr.. Spaid is a graduate Of Washing
ton Chapter, American Institute Of
Banking. of which he later became
president; former president Of the Du-
pont National Bank, and for years an
outstanding figure in the financial life
of the city as a member OF the Hlbbs
firm. He consistently has devoted his
energies to the interests Of the bank
, ers' organization.
He is a member of the council of adj
ministration and has served on practic-
ally all important committees OF the
association, having already served once
as chairman of the entertainment COM
mittee.
Wide Interest in Meeting.
The dinner meeting Of the District
of Columbia Life Underwriters Associa-
ton tomorrow evening In the main
ball room Of the National Press Club,
promises to be one of the most largely
attended affairs ever given by the local
organization.
Walter E. Roberts, of the Equitable
Trust Co. Of New York, will speak on
the important subject, Life Insurance
Trusts
President Harold D. Kraft, Of the
association, will preside. There will be
over 100 members and guests present,
including many bankers.
Cleaned in Financial District.
The Washington Stock Exchange paid
tribute to the memory of Lincoln today
and remained closed. All the local
brokerage houses were also closed, as
the New York Stock Exchange was
also closed.
Frank T. Rooms has been appointed
general agent of the Berkshire Life
Insurance Co. in Washington, succeed
ing the late Thomas A. Weldon. He
has been associated with the local Of
fee for the past seven years.
LIE OLOTGS w., NIllCII HAS
a large number of stores in Washing
ton, has declared the regular quarterly
dividend of so cents, payable April
to stock of record March Is.
The fiduciaries section of the District
Bankers Association meets at $50 this
afternoon at the City Club, dinner
and general discussion Of fiduciary
matters to follow.
The board of governors of Washington
Chapter, American Institute of Bank
ing, met last night and disposed of
routine matters. Banquet plans are
progressing smoothly.
/ President w. j. Waller of the District
Bankers Association is turning his at
tention to deciding upon subject for
the essay contest in which the three
leading institute students are rewarded
with a trip to the bankers convention.
Norman E. Towson, assistant treas
urer and manager of the foreign de-
partment of the Washington Loan &
Trust Co., Is on a business trip to
Philadelphia
How Pennsy VIII Use Funds.
w. W. Atterbury, president of the
Pennsylvania Railroad Co., states that
| If the stockholders authorize increase
OF S170,000,000 in stock, the new stock
can be issued thereafter at such times
| In such amounts and at such prices
at not less than par, and for such i'm
| provements and extensions of road and
equipment and for such other capital
purposes as the board Of directors may