Evening star., 1921-07-20
COUNSEL ASKSUSE
OF REGULAR FORMS
.N0n-TaxabIe Tax Discussion.
Savings Bank Seeks Clear
ing House Membership.
BY I. A. FLEMING.

Accompanying the regular printed
schedule for the preparation of the
personal and intangible taxes for the
year ended June 80, furnished by the
board of assessors, there was a spe-
cial typed form inclosed for the
banks. upon which they were asked
10 make reports of gross earnings
from interest, exchange. discount and
stock dividends received. including
interest on United States. state and
municipal obligations and dividends
on shares of local stocks (these
amounts to be given without any de-
oucton or expenses whatever).
Frank J. Hogan, counsel for the
District Bankers Association, has ad-
Vised that bankers ignore this special
typed form and make their returns on
forms provided by the board of ap-
pralSerS, accompanied by affidavit
prepared by Mr.. Hogan and submit
ted in a letter dated July 5. in order
that uniform statements may be filed.
| The banks have made vigorous pro-
test at being called upon to pay taxes
| ON tax-free securities, including gov
erpment bonds, especially denomi-
mated in the bond as free from all
taxation. save for the normal and in
heritance taxes in some instances, and
absolutely free in others.
1t would seem as if the banks had
4 valid ground for protesting and
That there should be as little delay as
possible in bringing the matter to a
ruling that the cause may be ad-
vanced to final hearing.
Files Membership Application.
The Bank of Commerce and Savings.
of which NJ n. Rosenberg is presi-
dent and John NJ. Riordan, cashier.
has filed its application with the
Washington Clearing House Associa-
tion for membership in that body. Up
to date only national banks have
entered the association, but there is
no especial reason why an institution
complying with the provisions re-
Iuired should not be admitted.
The applicant is perfectly willing to
Submit to private and thorough ex-
|tminations of its affairs. to submit
the report of the bank examiner of
or on his latest examination and to
otherwise comply with all the provi-
sions of the by laws of the associa-
tion.
Convention Report in Order.
Secretary Deyber of the District
Bankers Association has all the
manuscript of the proceedings of the
last convention in hand and will sub
nit the manuscript to printers dur
ng the week for bids. He expects to
ave the book of the convention ready
for delivery in August.
The Second National Bank is urNer
going n thorough interior renovation.
Last year the exterior was renovated
and the job is now being completed.
kcniiworth II. & l.. Directors.
Election of directors of the newly
organized kenilworth Building and
.oan Association, held last night, re-
Bulted as follows: W. T. Henshaw. j.
Miller. J: W Baker. DR.; Mcleod Har-
srady, Robert Marshall and George
5aur.
The organization has 100000 capi-
al Its officers are: S. Joseph Clark.
president; F. v. Shipley. secretary.
md Joseph S. Driggers, treasurer.
Local Securities Slow.
Today's session of the local stock
Xchange was dull and uninterestins.
Is result of considerable effort one
ale of Washington Gas ~ per cent
|otes was recorded at 1031a.
The rest OF the story is told in the
id and asked quotations. The at
endancc of members was light and
he re seemed to be a paucity of or
ers, either selling or buying.
A Valuable Investment Study. :
The Wall Street Journal of even
ssue contains a very valua BILE compila-
ion Of thirty-four preferred stocks
nder the caption. Many Bargains
ffered in Preferred Stocks" includ-
ng in the list the par value of the
tocks. amount outstanding. cash and
Investment value as of December 81.
$50. the working capital, prior cap
al liabilities, SiX-years earnings to
ecember 81, 1920, amount of earn
.gs retained by corporation, price
ange, cash on hand. working capital
er share. prior capital per share.
arnings per share for six years to
december 81. 1920. and the earnings
er share retained by the corpora
on, after dividends.
The table is of the highest value to
INVESTORS, and the character of the
tatisticS decidedly enlightening.