The Washington herald., 1920-10-27
MERCHANTS TO
ASK SOLONS' AID
Effort VIII Be Made to Defer Spe'
r cial Taxes Payments to Avert
Financial Embarrassment.
IMPORTANT MEETINGS TODAY
W.R. & E. Preferred Dividend Ac-
ton E1peeted-Bankrupt Brokers
To Submit to Examination.

Conditions in certain lines OF retall
trade and industry are so critical
that attempts will be made to rush
through emergency legislation as
soon as Congress convenes to per-
nit the manufacturers and retailers
Of the country to postpone the pay
ment of the quarterly instalments OF
, their excess profits and other taxes
, due in December.
Many business men are working
on this idea, declaring that 1t VIII
enable thousands of small merchants
and manufacturers to pull through
and avert financial embarrassment
during the coming winter. The pup
lie in the past few months mas
shown such a new temper of econ
omy and conservatism in its pur-
chases that many lines of business
have been exceedingly hard hit.
Republican leaders in the House
and Senate, it is reported, have been
approached with regard to the plan
and are said to regard 1t favora-
bly,, particularly in view of the rep
-esentations made to them with ref
erenCe to the conditions prevailing
ir the clothing industry. The exact
period of the postpOnement of the
payment Of taxes probably will be
placed by the advocates of the plan
at not more than six months.
That the legislation will be Op-
posed bitterly Is certain, particularly
by the agricultural interests, which
are now in a belligerent frame OF
mind over the refusal of the Fed
eral Reserve Board to allow them
the credit extensions requested som.
weeks ago.
J.. L Stock and Company, Inc.
734 Fifteenth street northwest, hav,
installed a private wire from New
York City. making it possible with
in a minute to get the latest quota
ticn on any security they may desire
A. Robert Elmore and Harry Dur
yee. of the bankrupt firm of Moor
head and Elmore, local stock brOk
ers, will submit to bankruptcy ex
animation this morning at the firm
Office, 1916 H street northwest
William Clabaugh. of the firm o
William CIab1ugh & Company. loca
public accountants, has been name,
receiver and also trustee.
The executive committee of tn
Washington Railway & EleCtri
Company will meet this afternoo
at the company's offices at whic
time the question of a preferre
dividend will be taken up.
George O. Watson. president {
the Liberty National Bank. address
rd the elementary class of tn
Washington Chapter. American In
stitute of Banking. at their initia
meeting last night.
Mr. Watson gave an interestin
and instructive lecture on Bank Or
ganfzation and Administration dis
Cussing at length different kinds c
hanks: relationship of each kind {
banking institutions to the gener;
community: how governed; how d
reetOrs and officers are Chosel
duties and spOnsibilities of eaC
and so forth.
II the decision handed down /
the active members of the Clearin
House Association can be amendt
to allow savings institutions to II
main open on Saturday nights, it
possible the present issue arisin
over the UniforH banking hour la
may be settled in a satisfactOl
manner to all members of the Di
trsCt Bankers Association withO
taking the issue INTO court, il d
veIoped yesterday.
Silver purchased yesterday by Il
Director Of the Mint aggregat
2OS.OOO ounces, making a total
l9.4525O7 ounces. The silver w