Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-02-07

She was formerly
secretary of the =
Continental Trust
Co, and since join Ez2azsEEzasN = :.
ing the staff of the David F. Houston.
Commercial Ma
tional through the merger has eStab-
lished a women'S department, which
gives advice on investments. She is
the only woman bank official in Wash
ington and has been accorded honorS
by the District Bankers Association
and the Bank Women's Club, III which
she is one of the leading spirits.
Wade H. Cooper, president of the
bank. told the directors that he was
greatly pleased with the manner in
Continental Trust Co. and the Com
lnercial National has worked out. He
made the further announcement that
since the merger deposits in the Com
mercisl National had increased 1881, 900.
The merger was completed about a
month ago.
Houston at Insurance Farley.
David F. Houston, part of the time
Secretary of Agriculture and later
Secretary of the Treasury in the Will
son administration, is calling on old
friends in Washington this week while
attending an insurance conference
being held at the Maydower. Mr..
Houston is now president of the Mu-
tual Life Insurance Co. of New York
and came here to attend meeting of
about 100 officials and agency mana
gers. The sessions continue through to-
morrow. Naturally the head of the
company is taking a very active part
in the meetings.
Speakers on the program include VIII
liam A. Hutchinson, second vice preSi-
dent and actuary; Frederick L. Allen,
second vice president and general coun-
sell and DR.. P. Maxwell Foshay, second
vice president all of New York.
The company reports fine progress in
the year 1929. During the year it eS-
tablished its highest yearly record in
volume of new business written, and
on December 81, 1929, the total of in
surance upon its books was $4,298,-
774,546.
Farm Wages Reported Lower.
The supply of farm labor was Is per
cent greater than demand on January
!, with a consequent lowering of farm
wage rates in all parts of the country,
Bureau Of Agricultural Economics re-
ported in its January statement on
farm labor and wages.
Farm wages increased during the first
10 months of 1929, but from October
" Od1lud4y 1 VI ILLS year lIle
ment in industrial activity resulted in
sharp increase in the supply of farm
labor and a greater than average sea-
Sonal decline in wage rates. Index of
general level of farm wages was 159
on January !, as compared with 1872
on January 1, 1929, the 1904 pre-war
period being used as the basis of 100.
Monthly wages were highest in the
Far Western States and lowest in the
South Atlantic States. Day wages were
highest in the North Atlantic and low
est IN the Southern States.
Richmond Cuts RediscOunt Rate.
The Federal Reserve Bank of Rich
mond yesterday cut the rediscount rate
from 5 to AZ per cent while the New
York Federal Reserve Bank was reduc-
ing the rate from Az per cent to
per cent. Both announcements came
after the close of the New York Stock
Market.
The action in New York is considered
highly important and brings the rate
down to what is considered "normalcy"
The move taken at Richmond is, of
course, of special interest to the local
Federal Reserve district. 1t means more
to the industrial cities in the district
than 1t does to Washington. Wash
1ngton does not have as much of the
kind of paper which the Richmond
OdIlh 1EQuHES LOT TGQlSCOuIIlQR COL
lateral as is offered by cities with big
manufacturing plants.
Local bankers, however, expressed
satisfaction over the lower rate and
said 1t would have a good effect, es-
pecially psychologically 1t is another
indication of easier money conditions,
always so desirable.
Sales Of the David Fender Grocery
Co. in January amounted to S1,287,75l,
al -
month last year, an increase Of lib
per cent.
McCrory Stores Corporation reports
sales of S2.694 ,403 for January, COM
pared with S269098 for January,
1929, an increase of u per cent.
January sales of the Childs Co. to-
tailed s2,368,618. as compared with
crease Of Sl28, 947, or So per cent. This
is the eleventh consecutive month for
increased business.
Mergenthaler Again Climbs.
Another advance in Mergenthaler
Linotype stock was the feature on the
Washington Exchange again today. The
stock opened up quarter of a point at
1892 and closed at 10834, new peak
price for the present move. Trading
totaled SIS shares
Potomac Electric Power per cent
stock sold at 112 and the 5l2 per cent
issue at 1917 and 108 in small lots.
Railway g. Electric preferred sold at
965s, 961z and 1864.
The only bank stock out was Mer-
chants Bank g. Trust Co, 10 shares
selling 1871 After being inactive several
days, 20 shares Of Capital Traction sold
at 80. The last previous sale was
recorded at 80.
TIEre was a pretty good demand for
bonJs. Seven transactions took place
in washington Gas IS, series A, around
1O3 and 1882. Potomac Electric Power
IS sold at LOG.
Heard in Financial District.
John B. Larner, president of the
Washington Loan & Trust Co, has re-
turned from short trip to Princeton
N. j.
John G. Herndon. chief clerk in the
office Of the controller Of the currency
retired yesterday after AZ years active
service. Controller John w. Pole, speak
ing Tor large group of his associates
presented MIR. Herndon with a gold
watch
A hundred students Of Washington
Chapter, American Institute of Bank
ing, made an educational tour Of tho
offices Of the Chesapeake & Potomac
Telephone Co. Wednesday night.
Reserve Boards Weekly Report.
The consolidated statement of the
condition Of the Federal Reserve Banks
on February l. made public by the Fed
eral Reserve Board, shows decrease
for the week of SIS, 900 900 in holdings
of discounted bills and increases of S37,
100000 in holdings of bills bought II
open market and 81 300,0 900 in United
States securities. Member bank reserve
deposits increased $50, 100000, Will,
Government deposits declined $4,000,
600. Federal Reserve note circulation