Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-05-17
RESERVE BOARD TO
HOLD CONFERENCE
Class A Directors and the
Advisory Council Will Dis
cuss DefIati0n.
HY 1. A. FLEMING.
,r.r.,,a of far more than usual

/ A conference of far more than uSua
i Importance will start tomorrow WIN
! a meeting of the Federal Reserve
:! Board, members of reserve banks ana
the advisory council or the reserve
| board. members of which arrived III
W shinSton this morning
At the conference the question on
the reduction Of imitation and IN" e.
Enlistment of 4 firm credit throh.h :
out the country will! be th"r""shia
canvaSSed.
once before class \ directors o. the
reserve banks met with the -h'. q
Reserve Board tha occasion hsi"+ We
expansion of the system to tht h'.'i
ri the nation Just going ih'" 'h'
world war.
Ded,.ion is ALWAYS harder to &C
complish than intiai ion. but progress
has been made and bankers are look
ing over their credits with NieM :"
putting the per cent rate INTO th
on slow pays in few daHs' H"'''.
bankers have made announ":neh
that they will use the top rate Wh"fe
nrop.r balances ara no; carried. B;ih $
" i! not wait long before pdShlh;
heir efforts to curtaii Obligations ana
viii See to il that essentials nave th'
FIRST cal on credit ACCOMMODATIONS
The conference Will discuss. among
other subjects. the application OF the
sliding scale on loans where dehatloh
* desired.
Reserve hanks Will. in all proba-
bility continue to Show preference on
paper secured by government obliga :
lions but il will be a restricted ad-
vantage and not the important former
d.fferential rates. 1t is expected that
future issues of Treasury certificates
will offer littl. indurement for pur :
chase on the ground OF preferential
treatment in discounting.
Fifty Million From brokers.
According to William Fl. Edwards.
collector of internal revenue Tor Man
attain. more than s50.00t geo year
is now collected from brokers tor
taxes other than income taxes.
There are 5000 stock brokers in
Manhattan and they pay license tax
Of $40 annually. for seats" valued at
s.. 600 or over: they pay special tax
of 5000 and an extra $50 when seats
are worth $4,000 and over. There
are 1000 commodity brokers. who
pay $50 tax. \ two-cent share tax
is collected on stock exchange trans
actions over S3.000.000 worth of
documentary stamps are sold daily.
The office is now receiving about
s10.JU00. 900 in luxury taxes. indicating
an expenditure for these goods OF
500 100000 a month. For amusement
alone S1.s399l0 was expended in Janu-
airy.
On the Local Market.
Business was greatly restricted on
the local sock market. being con-
fined to few lots Of Hallway pre-
fcrfed al ID and "A few shares OF Mer-
genthaier at l30. while the business
in bonds was restricted to Railway
As at 53S.
New Rank mt Clinton, Nd.
The stockholders of the proposed
bank at Clinton. Md. held their or
meeting Saturday The
stock is fully subscribed and a board
of directors was chosen and officers
elected for the ensuing year as fol-
lows: W. q. Dent. president. w. f..
Penn. vice president, and J. Frank Dent.
cashier.
The directors are: Thomas S.
Gwynn. Charles II. Gardiner. William
r. Thorne. J. Frank Dent. w. f. Penn,
6. O. ID. Townshend, w. G. Dent and
Guy 7. Helvering.