The Washington times., 1919-09-09
THRIFT TO DECIDE
|. S. PLACE IN sun

The extent TO which the people OF
America have lesrped one or the inn
portant lessons of the war, the les
son of thrift, will indicate very large
ly the extent to which this country is
victorious.
This is the opinion Of william
Mather Lewis. director of the savings
division of the Treasury Department.
He believes the next two months will
tell whether America was truly vic
torious from every point OF view, or
whether America failed to realize on
her costly war investments.
The savings division Of the/TFeas-
uTy Department reports stock pro-
noting concerns and a certain type Of
MERCHANDISING houses are reaping a
harvest through. owners OF Liberty
Bonds sacrificing these securities at
prices. far below the market. in order
to satisfy the desire for luxuries or
to secure stock on which they are
promised an impossibly high rate Of
interest.
War Workers Save.
Local savings banks, however, re-
port that in addition to keeling up
payments on the Victory Bonds issue,
many war workers have opened up
savings accounts. Almost all in
stances Of the abandonment OF saw
ings accounts, It was said. were cases
n which patrons IeIt Washington per-
manently. Savings banks here look
to an Increase in accounts after
February 1, after the total amount on
the NTH issue of bonds will have
been paid in full.
New York banking houses have
been appealing to local firms to en-
courage the support Of bill recently
introduced into Congress by Senator
Calder Of New York, amending the
revenue act OF February "a. 1919, in
order to encourage bank deposits by
nonresident foreign corporation ana
nonresident alien individuals.
In letter to local banks, the New
York firms. point out that unless the
Calder amendment is passed, Ameri-
cas- opportunities to become a greal
banking center for foreign capital
will be greatly lessened.
Interest Not Income.
The amendment provides that Ia
the case of nonresident alien indivi.
ouals not engaged in trade or busi-
ness within the United States. and
interest not having any office or place
Of business therein. gross income
shall not include interest on deposits
in banks, banking associations or
trust companies. The act as Il now
exists puts a handicap, it Is claimed,
on the United States as an interna-
tiOnal money market.
Prepare Fer A. b. A. MeehnE.
The national bank section of the
A. R. A. is making preparations for
the coming convention in st. Louis,
September % to October 2. While it
is not yet certain how many OF the
local firms will be represented at
the meeting, II is felt the Washing
ton delegation viii be present in
strong numbers
One of the most important con-
ventions in the history OF the as
ISOLATION is planned, and many seri-
GUS financial problems arising from
the war will occupy a large part Of
the deliberations Of the members. This
will be the first convention meeting
since the, signing OF the Armistice.
Membership in the association now
totals 20,227 banks and affiliated in-
stitutions.
The local stock exchange was
rather quiet today. being a reaction
to the activity gained yesterday. The
attendance was not strong and there
was q general disposition against in
duIging in many transactions.
Shares of Lanston Monotype chang
ed hands, and Washington Railway