The Washington times., 1913-05-08
TREASURY TO MAKE
FOUR TAX DEPOSITS
Assistant Secre,Srv Williams
Co-operates Further With
Washington Bankers.

The Washington national banks today
were Informed by the Treasury Depart
ment that Assistant Secretary John
Skeiton Williams had further amended
the practice of depositing tax receipts
So as TO obviate stringency causei by
withholding these deposits until June Is.
by agreeing to make four separate de-
po0its of two-thirds OF all the tax re-
ooipts, but not to exceed in all s4.0Gp0d0.
The first deposit will be made on May
Is, and the others on May &c. June 5,
and June l6. Each OF these will be
about 81, 10000 EACH
This was done after bankers had rx-
planned that the largest sums are with
drawn for the payment of taxes IN
May 2s-31. and that formerly this money
was not deposited by the Treasury until
June Is, thus taking out of trade and
commercial use a large volume OF funds
for about two weeks time
While formal announcement of the
arportionment of these deposits has not
yet been made, nor the list of bonds to
be accepted as security for the Govern
ment deposits, il is known that Wash
and other good standard local bonds
will be acceptable.
Cnly one bank in the United States
has protested to the Treasury Depart
nent against the recent order charging
= per cent interest for Government de-
pCsits. This .Iank Is a large financial
restitution not in New York. Although
New York raised a protest over the
order, not bank in the metropolis OBJ
jectee to the department. II was also
learned today that applications ficm
the national banks for xe,0O0,0o0 Of
Government deposits have been re-
ceived at the treasury, mus oyersu
scribing five times the $10,000,000 made
available for distribution at per cent
interest. and indicating tnat the Io,-
ernment's money Is desirable even
when per cent interest has to DE laid
for IL.
The Washington Chapter, American
,lnetitute of Banking, will hold its an
nual election of officers and directors
tonight. The polls open at O'Clock
this afternoon at the chapter rooms
LIZA F street northwest, and close at
s:l5. A business meeting will be held
during the counting Of the ballots.
Capital Traction did not recover mucn
In today's trading on the Washington
Stock Exchange. There were sales of
eigkty-five shares. ali at 120,f. Wash
ington Railway as touched the low
mark of the year. s., at which price
S3k. Twenty-four shares of American
National Bank sold at 10 and twenty
shares of National Savings and Trust
at go. Washington Gas sold at s. Tor
a single quotation lot.
The railroads brief asking for per
cent increase in freight rates will be
filed with the Interstate Commerce Com
mission on Monday, according to all an
nouncement of President Daniel Will
slar - he 20 nd Ohio ~ail
road, who Is chairman of the ad's s
committee having the increased rate
matter In charge.
Officers and directors of the Balti-
more and Virginia Railroad Company,
which is planning to build the long
projected Drum Point line. were elecled
at meeting OF the stockholders in Bal
umore yesterday. The following direc-
tors We're elected: Jacob W Hook, Hy-
land p. Stewart, ]. c. Leib, D. z. Stew
art, ali of Baltimore: Benjamin Wat
kins of Anne Arun6el county: = Cook
Webster. of Calvert county. and ". II.
Stewart. of New York. The board sub
seQuently met and elected Mr. Hook,
who is city collector. president: D. B
Stewart, vice president; J. c. Jeih. sec
retary: James Cheston, OF West Piyer.
treasurer. and Hyland P. Stewart, at
torney-
On total volume OF business durine
1912 Of Sl4,s95,S23, the annual report OF
the General Asphalt Company, mssle
public today, shows net earnir.s OF
81, 343. .69s. After deductions to cover
maintenance costs above the reserve fol
this purpose. there was left a net gain
10 surplus of 81, ,l20,924. as compared with
Ssls, 1s5 for 1911. The net gain to surplus
amounts to SIS per cent on the preferred
stock. After paying the full ) per cent
dividend on the s657.G00 of preferred
hl 10 -
cent on the common stock
Washington was the first city i'm the
United States in which sheet asphalt
pavements were used TO any extent. &C.
cording TO an appendix to the report
In 1876 an area of 1900 square yards
was laid. A. l.. Barber. the asphal,
industry pioneer. also made his home In
this city.