Evening star., 1918-07-30
CLEARING HOUSE BANKS
FAVOR EARLY CLOSING
BY r. A. FLEMING.

BY i. "A. ELEm1N6-
The o'clock closing hour for ma
tional banks and trust companies in
this city. suggested in this column
some weeks ago. stands a very gooa
chance of becoming effective in the
not distant future.
Practically every member of the
Clearing House Association, includ-
ing the fourteen national banks In
the city. favored the 2 O'Clock clos
ing hour, the Farmers and Mechanics
Bank of Georgetown being the only
national bank that was not willing
10 go on record for early closing, and
this because 4 local competitor re-
fused to change it's business hours
This institution is located in George
town, and is still accredited to George
town and not to Washington In the
records of the controller of the cur
rency. although a member OF the local
Clearing House Association.
The Riggs National Bank, advocat-
ing and urging the change, was COM
PEELED to postpone voting by reason
of necessary change in bylaws that
will require time
Delay in action was further attrib-
uted to uncertainty as to the action to
be taken by one or two trust COM
panies. but the final adoption of the
proposition seems ultimately assured.
Charles C. Glover. president of the
Riggs National Bank, in commenting
on the necessity of early closing,
said:
1T is essential that this measure
be adopted in the interest of bank
clerks who bear the burden OF detali
burden of war work. liberty loans.
etc. work longer hours than they
should be asked to. Many women are
in the business now. with eight-hour
restrictions. and this is also import
ant and must be considered
tional said:
we have lost three employees this
week, one to the draft and two be-
cause they would not work the late
hours necessary to complete the
records of the days work. Sooner or
later the o'clock closing will come
and the sooner the better"
No effort is being made to influence
savings banks to earlier closing, as
the volume of work incident to this
line of banking calls for materially
less detail.
Intangible Tax Returns.
August 1 is the latest date at
which returns may be made without
penalty under the intangible tax law.
Schedules may be obtained at any
bank or trust company. statements
must be under oath. Penalty is spe-
cific, 20 per cent
Coupons on Foreign Bonds.
The Treasury Department has is
sued a regulation sto coupons on
foreign bonds, requiring that the pay
ing bank shall stamp on the BACK
of each coupon the name OF the col
lecting bank and the further fact that
report of the collection of the coupon
has been made to the coiiector OF III IN
ternal revenue, reports of sucn col
lections being made per1odicaiiy 10
the latter. -.".
China to Get 100000.
A banking syndicate with the au-
thorization of the United States, but
with the latter assuming no RESPONSE
bility. is to float loan of not more
than $50,000.0OO for China. ]. P. Nor
gan is chairman of committee OF
five having the matter in hand.
Southern Pacific Investments.
Investments of the Southern Pacific
Railroad Company, now equal 90 per
cent of the capital stock of the cor
poration. This is invested surplus.
The pamphlet report for 1917 shows
net earnings for that year of $17.65 a
share, as compared with $12.6a for
1916.
Money Versus Acceptances.
Money all over the northern section
of the country is practically on s
per cent basis and not easy to obtain,
except for essentials.
There is a reason for the growing
popularity and use of the acceptance,
and this is that money may be had