Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-04-21

him more and more, with resultant
safety and freedom from willy sharks.
There is safety in consulting your
banker. Hundreds of bank accounts
have been opened for the first time by
bond buyers who have learned the les
son of economy through the liberty
loans and the savings incident thereto.
1t has not been an expensive lesson
that the banks have given through
their part in handling the three liberty
loans. 1t has cost them considerable
for advertising purposes, clerk hire,
ETC., and this they have willingly as
sumed as a national duty. But they
have not been obliged to carry large
quantities Of the loans. The controller 9
report of March 5, shows that national
banks had but $433. 7ss.000 OF liberty
bonds Of the first two issues on hand.
Must Sustain Rights.
Under the provisions Of the income
tax laws gifts and contributions to
corporations organized and operated
exclusively for religious, charitable.
scientific and educational purposes are
not subject to income tax, provided
they do not exceed more than Is per
cent of the taxpayers income.
It is incumbent upon all such or
CARNATIONS to sustain their right TO
receive such tax-free contributions,
proper officials and placing 1t on ME
with the internal revenue collector or
the District.
some organizations have been wait
ing for blank forms from the commls-
sioner of internal revenue. 1t Is no"
stated that no prepared forms Will De
available.
n will be an easy matter for many
organizations to establish their right
and title to such contributions. There
are scores Of other organizations that
NAV find 1t difficult to show clear title
under the law.
New York Central Notes
The New York Central Railroad
Company has s10,0o0,000 notes ma
It NAV be taken for granted that
the case comes within the PROVISIONS
Of the railroad control act, ana mat
redemption will come from the nve-
hundred million-dollar FUND Tor the
The New York Central Is in po-
sition to offer unquestioned security
for the accommoda tion-in actual COL
lateral or in it's high credit position.
A Permanent Improvement.
Through the federal administration
of the railroads of the country as
,nents, so patent and SO profitable that
an the return of the roads to their
corporate management these oetter
ments will be retained permanently :,
OF these the union ticket once IN an
large cities is practically sure TO re-
main a fixture Tens of thousands OF
dollars have been paid in the larger
cities for the most desirable corners
for separate ticket offices. saving rom
this one source will, for great systems
like the Pennsylvania. Baltimore ana
Ohio or New York Central. save MIL
lions annually.
On schwab's Appointment.
The Wall Street Journal has this to
1T would be impossible to trace the
influence on the market OF the anpoi.l.-
ment of Charles NJ. Schwab as director
General of the Emergency Fleet Corpo-
1ation. Nevertheless. this appointment
is an influence and it will become more
marked when it Is reaiazea , I'M I he's
tween Washington authorities ana bis
business. 1t is happy thought 10
note that the nations leaders are ma
" getting recognition. and that me
the mower to act as we'll as suggest.
There is potent influence In the com
bination which includes Schwap: o!et-
tinius McAdoo. Baruch and Hurley.
Schwab. Stettinius ana sarucn .., W,,t
McAdoo will attend to financing, and
Chairman Hurley of the shipping ooard
will keep the relations between capltal
and labor pleasant. Hurley is the
greatest conciliator in washington
and gets things done"
Local Securities.
There have been no developments in
tho local security market during the
past week, other than distinctly
halter tone in bonds and in the shares
Of the Capital Traction Company.
Business is light and will unquestion-
ahly continue slow until some devel-
opments are announced In connection
with the proposed merger or mutual
agreement between the two street rail-
way systems.
sidering the affair are nearing an
agreement, but not a hint OF method or
plans has been dropped.
Quotations generally for local securi-
ties have not changed IN an important
way for the last two or three weeks.
save on Mergenthaler, which remains
weak, on what is believed to be per-
sistent selling of foreign holdings.
Franklin National Election.
Directors of the Franklin National
Bank have chosen George E. Stauffer.
formerly chief clerk in the Office of the
controller of the currency and more
recently a national bank examiner in
New York. to fill the vacancy in its
official staff caused by the resignation
of J. Fendall Cain as cashier.
Mr.. Stauffer will be welcome addi-
ton to the Junior banking officials of
the city. He is especially fitted by his
training for the duties of his office and
will bring to the bank a broad and val
liable experience.
Paul F. Cain. brother of the retiring
cashier. who has been identified with
the Franklin National Bank for some
time, has been promoted to the posi-