Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-06
MONEY RATES FIRM
IN LOCAL DISTRICT.
Survey Shows But Few
Changes Since Rediscount
Cut and Market Break.
BY EDWARD C. STONE.

signify less money tAadh d1 WIG ~AASS "a
the wear or before the stock market
crash for current requirements: Nu-
Tnerous reductions in Federal Reserve
rediscount rates recently nave mace no
change, at least as yet, In rates business
borrowers must pay, the Business Week
reports, in making public the results o.
a Nationwide money rates survey JUST
completed. 49,
mostly In call loans and other liquid
uses. the survey reveals, indicating also
that the stock market has had the
greatest advantage of easy money. NO
SPECULATION boom has resulted. Federal
Reserve officials continue to fear TINS
and hesitate to ease money tnrougn
open market operations.
Commercial rates, or charges 20 Dusio
loans are about u per cent lower than
at the first of the year. Rates range
about So to 6 per cent. Mortgage
money remains about 6 per cent;
BANKERS acceptance rates in the open
,,oorret have eased appreclably since
the crash and now are at 334 per cent
and az per cent. Call money mas
eased markedly to about per cent.
Collateral loans vary by dlstrlcts. AheS
NAV be said to be slightly lower.
Reviewing conditions IN tue ni IL
v,ond Reserve District since the last
n,,t T., the rediscount rate, the survey
says: . .,,,,,o little or no
nesact Three and four month COM
Snercial loans, generally run at PEI
can't bit, with some as low as ga PEI
cent There has been little cnange ia
these rates. There are no changes al
rates paid bank depositors. a . DISs
demand is reported for mortgage non ,S,s
with no change In rates: NO suLpi"o
of money Is reported IN the oiSSElc'S::
Rank Elects Woman Secretary.
MRS M. H. buckingham was elected
aecretary of the washington MecnanlCs
Ssvfn0s Rank at a meeting OF the BOARD
~ directors held late yesterday, &C.
cnrdinr to announcement by PreSioent
Ezra Gould. Mrs. Buckingham en-
tered the employ of the BANK as :
stenoVrapher and was made aSSista an,
secretary about seven years Egg Sle
Is also secretary OF tne Wasie ''A
Mechanics Mortgage Co.
Mrs. buckingham is one OF the very
few women bank officials in Wasning.
ton Miss Mary ]. Winfree. presioenI
~ the washington Bank Womens CluD,
Ss assistant cashier of the Commerclai
National Bank and Miss E. M. MlcneSl
hes been assistant cashier OF the NORTH
Canitol Savings Bank for a NUMBER Va
years. .s -,or, vice
president to succeed Thomas .. Ste G.
now with the Bank of Commerce q say
ines THE directors are planning 70
eIect a new cashier at an early oate.
Franklin National Employees Dine.
About 20 officers and employees OF the
Eranklin National Bank were guests OF
fl1e hank MANAGEMENT at dinner az the
Mayffower Hotel last night. FIesloen'
Jolin B. Cochran presided, oeme as
sisted by Vice President InomaS =
Motion pictures. including scenes IN
~,l,icn erty1loyes of the bank took part,
we're shown. A talk upon that section
~ tl1e Shenandoah Valley IN wnicn
PRESIDENT Hoover's camp is located, was
e,iven hv DIR. r. L. Sexton. Motion PIC
lures taken in the valley were shown
CIearings on in February.
According to Bradstreet's, bank clear
in0s In the Middle Atlantic States
showed q decline in February OF 2o.I
Der cent and q decline OF 1858 per cent
for the first months of the present year.
when the sun begins to shine on
both sides Of the street lot OF work
will be done which cannot be UNDER
taken now, and it will add to the vol
ume Of business" Is the way that Sec
rotary Lamont expresses his optimistic
views on the national outlook.
The statement OF operations OF the
washington Rapid Transit Co, MED
Yesterday with the Public Utilities Com
mission, showed under the item OF
balance transferred to profit and loss
deficit of $3,019.73 for January, 1880,
as against deficit Of $2,S96.96 for
January. 1929.
Fer last. year the American Stores
Co. ;orts net income of $6,594, 1922
after depreciation and Federal taxes,
equivalent to $4.25 share on 1,551, 728
no-par shares, against $5,570,66S, or
1882 q share on 1,678,677 shares, III
the preceding year.
BromO- Settler Dividend Voted.
The directors of Emerson's Bromo-
Settler Inc, of Baltimore have declared
the regular quarterly dividend of so per
share on the class A common stock,
payable to stockholders of record on
March IS. This is the issue brought out
last October by the Century Trust Co.
of Baltimore and Waggaman, Brawner
& Co. of Washington and is now listed
on the washington Stock Exchange.
Bankers Bulletin Out Today.
The February bulletin of the District
Bankers Association appeared today
and covers the associations activities.
Reference Is made to the importance OF
the three bills recently introduced in
the Senate. One would provide for
licensing and regulation of the real
estate business in Washington, another
for the control of the sale Of the Sc
curities here and the third would define
the method to be followed in foreclos-
ing MORTGAGES in the District OF Column
bia. The committee on law and legis-
lation, OF which Francis G. Addison, IT,,
is chairman, win attend the hearings
when the time comes.
The bulletin also rlakeS special refer
ence to the death of Samuel w. Henry,
who was a director in the Merchants
Bank 81 Trust Co.
Local Market More Active.
American Security g. Trust Co. stock
on the Washington Stock Exchange to-
day at 42912. Merchants Transfer d
Storage common came out at 1O9 and
preferred sold at 100Ha.
The Carpet Corporation registered a
25-share sale at 1884, Peoples Drug
Stores preferred changed hands ex-
dividend at 103, IS shares Of Potomac
Electric Power 512 per cent preferred
sold at 1073z and a single share OF
Mergenthaler changed hands at 1861
Bond trading was confined to Ana
costa & Potomac Railroad guaranteed
SIS at 911s and Washington Gas IS al
1007s.
Heard in Financial District.
@. Bowie Chapman, resident partner
of Hartman g. Co., is in New York on
business for the firm.
Frank p. Hartman, jr., vice president
of the Merchants Bank 81 Trust Co., Il
back at his desk after a very severe
cold.
r. Jesse CLANCY Of the Commercial
National Bank, who is chairman OF thu