The Washington herald., 1921-05-21
ISTRICT. BANKERS
I0ACCOMPANY TAX
WITH PROTEST FILE
Financiers So Decide At
ter II e airing Assn
Counsel Hogan.
WALLER is INJURED
49,
A. /. B. President Suffers
Broken Arm; Spaid Reports
On Entertainment.

Al a special meeting of the Dis
trict of Columbia Bankers Asso-
citation. held yesterday afternoon
in the washington stock Exchange,
IL was unanimously voted to carry
out Counsel Frank ]. Hogans
esrhisr advice as regards the pay
ment of taxes on securities pur-
chased in good faith by banks be
lieving same to be free from All
taxation. and local institutions Will
therefore file with their returns the
amount Of taxes they are remitting,
the amount they admit 10 be due
and the amount they honestly and
respectfully believe erroneous tax
alton
Mr. Hogan took the floor shortly
after the meeting had been called
To order and outlined a comprehen-
siye review Of the issue at stake
taking in every aspect since the
question was first brought up. or
about one year ago. Mr.. Hogan
further declared that in his opinion
the banks owed 1t to their stock
holders to seek judicial interpre-
tation Of any question tha involved
assets OF the institution.
Mr.. Hogan, in furthering his dec
laration that a judicial ruling was
the proper course of procedure, de-
clered that in the event decision
Is handed down in favor Of a saw
ings, bank whose case Is now await
ing action by the Supreme Court or
the United States. the association
would then have taken the neces-
sary steps to secure like awards.
Approximately fifty members Of
the association attended the meeting.
w. ,. waller Injured.
Wilmer ]. Waller. newIy-elected
president of the local chapter,
American Institute of Banking. and
cashier Of the American National
Bank, suffered a fracture of his
right arm above the elbow while
returning home from an institute
meeting on Thursday night, caused
bya gulley swerving the machine
In which he was riding into a ditcn.
and Is now confined in Alexandra
Hospital. Incidentally, Mr.. Waller
was serving in his first official ca
pscity as president on the night in
question
1t is said at the hospital hat ne
will be incapacitated for six or
eight weeks.
The District Of Columbia Bank
ers'- Association. upon hearing OF
Mr.. waller's sad plight. offered a
resolution of sympathy with the
wish Of speedy recovery.
To Clear by -Due Bills.7
BY reason of the Treasury being
closed today on account of the fu-
neral of Chief Justice White, Local
banking institutions will clear by
due bills" instead of the usual
-debits" and credits"
A. I. B. Convention
W. W. Spaid. chairman of the en-
tsrtainment committee of the local
Bankers Association, announces that
all recreational plans have prac-
tically been completed. Mr.. Spaid
has booked a concert for Sunday.
while the family dinner will be held
on Monday. On Monday night a
dance will be held, to be followed
on Tuesday afternoon by a base
BAH game and a swimming contest.
while a golf and tennis tournament
viii be run OF on the following day.
Card parties for the ladies are
scheduled for the afternoons.
Registrations for the trip will
begin on May 25. while those eager
to get in on the ground foor ar.
invited to forward subscriptions
now.
Local Securities
Trading on the Washington Stock
Exchange yesterday was interest
ing for the first time in more than
week. A steady tone prevailed.
withI prices unchanged from previ-
Gus quotations.
Forty shares OF Capital Traction
stock at s7% opened the session.
to be followed by fifty shares of
Mergenthaler Linotype at 121.
After call, $4,000 face value, or
Washington Railway and Electric
general IS found their way into the
sales column at 90. as did 81 900 Po-
tor1ac Electric Consol. 5s at IS.
Call money ruled at 6i1 per cent
bid. with per cent asked, the lat
ter representing Wall Streets quo
tAtion-
Cftfe. Service Dividends.
Cities Service Company has de-
elsred the regular monthly cash div
dends Of II of 1 per cent on the
preferred stock, the preference B
stock and the common stock, and the
regular monthly dividend Of X per
cent on the common stock payable
in common stock at par, all dfvi-
dends being payable July to stocks
of-record June Is.