Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-01-11
LOYAL WORK DONE
FOR REGIONAL BANK
Reserve Institution Regarded
as Right of Capital of
the Nation.
MARYLAND TAKING PLAN
OUTLINED IN CIRCULAR
William H. Saunders Will Retire
From Presidency of Park
Savings Bank.
BY I. A. FLEMING,

ASSSAAASS 0d1lh.
BY I. A. FLEMING.
Financial and business interests of
Washington have never worked more
loyalty and faithfully as a unit than in
the present earnestly conducted cam
paign for the establishment of a regional
bank in the District of Columbia
That they are handicapped by the lack
Of commercial Importance of the city,
by comparison of our daily clearings with
those of other contenders for the honor,
and by the limited industrial activities.
Is admitted, but against all these is a
sentiment in favor of the establishment
of federal reserve bank here as the
right Of the capital of the nation.
1t is probable that this national pride
will have it's influence on the officials
who have the final say, the more so as
Washington will be the seat of the fed
eral board Of control, as it is Of all the
important government officials.
Washington's national banks and one
trust company have embraced the OPP
portunity to join the new system, and
Tuesday, when all Of the national banks
Of the city elect their officers for the
current year, the stockholders will be
asked to approve the action of the di-
rectors of each bank, or, in some cases,
to sign proxy authorizing a proxy
committee to vote for the transfer of the
institution into the fold of the federal
reserve system.
AS stated before, trust companies prob
ably will remain as they are, for the
reason that the provisions of the reserve
act call for Is per cent reserve on de-
mand deposits and 5 per cent on time
deposits, which would very largely cur
tail the earnings of these corporations,
which make large use Of their money
through keeping it on interest in nearby
national banks and trust companies.
The January circular of Nelson, Cook
& Co. Of Baltimore contains interesting
matter to capital business interests re-
garding the state of Maryland. The
legislature of 1912 passed an act ap-
pointing a commission for the revision of
the taxation system of the state OF
Maryland and the city of Baltimore. This
commission has reported and its recon-
mendations are noteworthy. 1t is sug-
gested that all holders of securities who
voluntarily report their securities for
taxation and pay tax thereon within the
limit of the law shall be entitled to a
discount of 50 per cent on state taxes
and 30 cents on local taxes.
All securities placed on the tax book
as the result of inquiries or Investigations
of taxing authorities shall be subjected
to state taxes and local taxes Of 30
cents, and in addition penalty of 80
per cent. All securities now on the as
sessment books shall be treated as voiun-
tarily returned and the owner shall be
entitled to 50 per cent discount II the
tax is paid within the time fixed by
law.
Upon the death of the owner of Sc
curities it shall be prima facie presumed
that all securities belonging to his estate
and not assessed against him in his life
time were owned by him for period
of five years prior to his death, and state
and local taxes with the penalty above
mentioned for each of such five years
shall be collected thereon for such five
year period or for a shorter period if 1t
be clearly shown that such security was
owned by the deceased for less than
five years. Any statute of limitations
which would conflict with this provision
should be to this extent repealed.
The committee holds that the present
method of taxing securities should not
be abolished. although admitting that it
places a premium upon fraud and per-
jury, and a penalty upon truth and
honesty.
The present system is to tax bonds at
their marked value at the rate of 30
cents per 500. This is supplemented by
the state tax of 81 cents per 500. The
tax commission doesn't believe that
S133, 100000 in any way represents the
total amount Oh DOnuS nelQ by TeSlueuts
of Baltimore.
Evidently this tax commission is going
to bring the securities of our Maryland
friends into the broad light of day. for
this tive-year penalty clause will surely
open the strong boxes should the com
missions report be accepted-Wnicn IL
probably will.
William H. Saunders, organizer and
president of the Park Savings Bank
since its Incorporation in October, 1903,
has refused to permit his name to be
used as a candidate for reelection to
the presidency Tuesday
Mr.. Saunders retires because Of pres
sure of business and inability to give to
the bank the necessary time. He has
| piloted it from it's infancy, and has
| placed 1t firmly in a new and credltaple
| bank building, and feels that he can now
! retire.
Thomas SomerviHe is slated for the
| presidency of the Park Savings Bank
| Mr.. Somerville is a business man OF
| this city and has been director OF the
| institution since its formation.
The Farmers and Mechanics National
Bank of Georgetown will be 100 years
| old February IA, 1914.
| The bank officials have decided TO ad-
vance the centennial celebration, and
will Tuesday keep open house IN honor
| of the unique event.
| The history of this INSTITUTION, like tndt
| of the two local banks that survived
during all the intervening years from
lS14-1S17 to date, the National Metro
| politan and the National Bank or WASH.
| ington, has been a history of the survival
| of the fittest through tribulatlon that has
strewn the wrecks of fiscal INSTITUTIONS
! along the highway Of finance.
; Through the trying years when II LOOK
| a counterfeit detective at ones elbow
| every minute to tell whether bill was
good or not, when men drew their pay
| in paper money and Immediately started
ont spending it in order to get the silver
| change: when 81 600 on Saturday night
wasn't worth 30 cents Monday morning;
| when shinplasters, postage stamps, tokens
issued by firms and other truck of sim
liar character furnished the money OF
the country, these banks have survived
| It's a record of which the Farmers AND
Mechanics may well be proud and more
than merits the becoming modesty with
which they invite their stockholders ano
denositors to a banquet Tuesday after
noon at the bank in Georgetown. The
officers of the bank are: President, vii
liam King: first vice president, r. d
Weaver: second vice president. ]. Henry
Small: cashier, c. W. Edmonston; as
/ sistant cashier, l.. S. Frey.
Directors. Joseph H. Bradley, Charles
II. Cragin. ]. E. Dyer. Henry w. Fisher
William King. G. L. Nicolson. ]. II
Small, jr r. d. Simms and Robert ID
| Weaver.