The Washington times., 1913-04-16

The eighth lecture in the series on
the law of negotiable instruments by
Prof. Charles A Douglas win be delrV-
cred before the Washington Chapter,
American Institute of Banking. at the
5 chapter rooms, liza Z street northWest,
tonight At the meeting next Wednes-
,, day night delegates to the convention
Of the institute In Richmond in Sep
!. tenber will be chosen.
= The question of tax deposits in Dis
trict banks will be taken up with Assis-
tant Secretary John Skelton Williams at
the Treasury Department at o'clock
this afternoon by a committee Of the
( Washington Clearing House Association
consisting Of Milton E Allies. Of the
Riggs National Bank, chairman; A G.
y Clapham, Of the Commerc d. National
,, Bank, and Robert n. Harper, of the
District National Bank.
u. The committee has made formal re-
quest that the practice of depositing
be continued under certain varied con-
). ditions- Unless the practice that has
bean followed for the past seven years
, Of the Government making deposit OF
this money within few days after
taxpayers have made their withdraw
ais to pay taxes, is continued, it Is
pointed out that the banks will face a
serious situation. The amount of cash
involved Is about 100000.
:, 1t. is not anticipated that the de-
% partment contemplates any departure
from the usual custom, but IL has been
= thought wise by the Clearing House
Association to have definite under
standing about the matter well in ad-
vance.
$ From 1906 to 1909 the Government
made these deposits without interest
charge. Then a rate Of per cent was
charged and last year the rate was in
creased to per cent While the banks
: profit little under these conditions, they,
: are saved from serious money strtn-
gency caused by the heavy drafts for
: tax payments. 1t has been customary
for the banks to repay these deposits to
the Government 20 per cent in july 20
= per cent in August. and 10 per cent
monthly thereafter. The committee VIII
endeavor to have the department agree
TO straight 10 per cent per month re-
payment 1t will also take UP the ques-
:. don of securing the deposits with local
public service bonds instead of Govern
'ment issues. '.
In celebration of the first time that
the District National Bank mas shown
over 5000. 900 in deposits in statement
= TO the Comptroller of the Currency.
which was done in response to the
April call, w. s. Hoge( vice president
g of the bank. will entertain the other
= officers and directors at dinner at the
Shoreham Saturday night.
The banks statement shows total de-
posits of g ,eS1, SO as compared with
--S, IS, ,533.O5 at the February call. In
dividual deposits also Increased from
s1,211, 1902 TO 81, ,S29, ,S55S. United States
- deposits increased from s, 900 TO 81, 100.
The Southern railways gross earn
inSs for February Of s5,2s5.5D were
about $4,000 greater and the net earn
;, ings of ,aN were about So. coo less
than those of one year ago. Increased
Inaintt nance costs account for the dlf-
ference, and the necessity also Of MAX
Ing comparisons with a good showing
, last year.
The Bankers Association of the Dis.
trict Of Columbia will hold its next reg
ulsr meeting Monday night at the New
Willard. 4
The committee of securities of the
: New York Stock Exchange has directed
that all transactions in the Baltimore
and Ohio Railroad Company's subscrip-
ton for twenty-year ~ per cent con-
tvertible bonds. due in 1886 shall be,
until further notice, traded in SeconG
:nstallment paid fat
80 These Convertible oonds are now SELL
ing around g. and at this level they
yield over per cent. Convertible at
I1o, sld selling ST 80, the bonds will
show a. profit on the convertible privi-
i-ge Whenever Baltimore and Ohio
common stock sells above 1Gess. This
Is within aoCut three points of the
price al which the stock is now selling
D