The Washington herald., 1921-05-17
BANKERS DECIDE
AGAIN TO DISCUSS
TAXATION FRIDAY
Financiers Hear Hogan's
Report and Set Later
Date.
MORE DATA WANTED
Watson Reports Encouraging
Progress in Convention Mat
ters; Subscriptions Close.

Ala meeting Of the District OF
Columbia Bankers Association heF
yesterday afternoon in the rooms OF
the Washington Stock Exchange
for the purpose of discussing pay
ment Of taxes on tax-exempt securi-
ties, the members. after hearing the
report of Association Counsel Frank
J. Hogan, moved to adjourn until
Friday afternoon at 4:3o o'clock.
when a further discussion Of this
topic will be held
The delay of a few days was
brought about for the purpose of as
sembling certain information which,
while not entirely essential, VIII
play a prominent part in the course
of procedure which is Yet to be
mapped out
The association also went on rec
ora as unanimously accepting the
resignation of William F. GUIDE, who
was in the running for a class &C.
director of the Federal Reserve
Board. recently appointed to the
rent.commission. At the same time
the association indorsed the candi-
daey of Z. C. Graham. head of the
National Electric Supply Company
here, for the position.
George o. Watson, president of
the Liberty National Bank and
chairman of the convention COM
mittee of the association, reported
that all committees for the con-
vention are functioning and that all
details relating thereto have been
worked out.
The demand for reservations to
date has greatly exceeded expecta-
tions, said Mr.. Watson, and present
indications point to a heavy in
crease over last years contingent.
The special trains bearing the as
sociation. friends and families Will
leave Washington at II a m.' ar
irving at Greenbrier at $50 p. m.
Saturday, June IL. Returning, the
trains will leave Greenbrier at lo:45
Tuesday night. arriving in Wash
ington a. m. Wednesday morning.
Treasury Certificates.
Secretary of the Treasury Mellon
announced last night that subscrip-
tions for the 5Iz per cent certif-
icates dated May Is and maturing
February I6, 1922, closed at the close
Of business yesterday.
Preliminary reports received
from the twelve Federal Reserve
banks Indicate that the issue. which
was for $500, 900. 900 of thereabouts,
had been largely oversubscribed
and that the total subscriptions ag-
gresate more than s475, ,OOU. 900. Ten
Federal Reserve Districts have re-
ported oversubscriptions of their
quota
Further details as to the sub
scriptions will be announced when
final reports are received from the
Federal Reserve banks.
Market Opinion.
Speaking of the railroad bond
market and the railroad situation
in general. A. A. Housman and Com
pany say in their review:
Tho railroads need more good
news to convince outside buyers
that their outlook has changed.
Their poverty has been too well ad-
vertised to bring change of opin-
ion until more tangible signs of inn
provement appear. Railroad earn
ings are still betwixt and between.
March returns showed considerable
Improvement in net, which is really
Of more significance than gross rev.
enueS. as II lnOlcdIeS dDlllIy OIL the
roads to control expenses-the vital
battle-ground The decline in gross
revenues is accepted as one of the
Inevitable occurrences OF a business
depression.
THE Senate investigation into the
transportation situation is under
way. and we believe that the rail-
roads can present a strong case,
and. Incidentally. before the probe
Is at an end, we may hear some
thing more about the possibilities
Of consultations and mergers.
which is a factor that we believe
will yet furnish a peg on which to
hang considerable speculation"
Washington Railway per cent
bonds proved the market leader on
the Washington Stock Exchange
yesterday. a total Of $1,000 face
value being disposed of in eight
equal sales at 81, a slight easing
on from previous quotations for the
security.