Evening star., 1921-04-29
BANKS READY FOR
TAX WITHDRAWALS
Expect Over So, ZOO, 900 Pay:
ments in May-Treasury
Takes $24, 500, 900.
N by /. A. FLEMING.

-Sffrr
uotg.nBY i. A. FLEMING.
-NAShington bankers are preparing
fsfs1the heavy drafts that will be
nads against deposits with the ad-
wnty 9f- May. when the annual tax
fE1n1ent period will be at hand.
IT rs estimated that something over
S.oQ0.0o0 will be needed to square
the tax accounts this year. with not
one dollar of the amount deposited in
the banks until needed. as is the
practice in forty-eight states in the
Union.
Formerly it was the habit of the
Treasury to place four millions with
the banks here. repayable in INSTALL
menfs, but last year the needs of the
government were such that no rede-
post was made. Secretary Mellon has
followed the ruling of his prede-
cessor. although treating the nation
al banks in very generous manner
in permitting them TO retain pro-
'eeQS OF Treasury certificates sales
much longer than did his predecessor.
For this reason some banks did
not participate freely in the big
Northern Pacific and Great Northern
6t3 per cent sales.
Calls for Sc4.5OO.OOO.
Today the national banks holding
proceeds of the March 10 certificate
sale are paying into their regional
ranks. on call OF the Secretary of the
Treasury Is per cent of the balance
of such credits, or in round numbers
about $24 100000
After this payment there will still
remain on deposit to the credit of
that issue of certificates about $3.50,
100000. while the entire proceeds of
the April Is certificates are still on
deposit with the selling banks.
Complaint Against Steelmen.
Confidential reports from New York
stock market operators predict that
theS Federal Trade Commission will
fls formal complaint tomorrow
poration. and the independent steel
makers as well. over prices.
1t is said that the report will be
made public tomorrow morning. and
will be "bearish" on steels, if "the
commission is able to carry out its
viewpoint"
Crude Oil Production.
Production of crude oil in the Unit
March. when 40,S02.GO0 barrels were
produced. California led with TO-
100000 barrels: Texas. 9,672,0O0, and
Oklahoma, 100000.
March was 2,OS4, 900 barrels. in ad-
dition to IL .0O0. 900 barrels of Mexican
crude in reffnerieS in the United States.
States.
Earnings.
Pennsylvania ia railroad earnings for
March: Operating income. s2.so2.4sS,
an, increase of $4.753.6 $50. For the
first three months of the calendar
year. operating deficit amounts to ST.
2S2.321, decrease of $14.ss7.71S.
increased s316.5s0: balance after
taxes, increased $513.472. Net op-
Grating income increased SS5.340.
Warrington Chapter Activities.
At a largely attended meeting of
Association. last evening w. ]. Wal
Ter, cashier of the American National
Bank, was placed in nomination for
president As there is no opposition,
he will be elected At the May IL
meeting.
Ross E Pollock. W. A. Dexter and
Norman e. Towson are candidates for
Ithe vice presidency. representing the
American Security and Trust Com
pany. the Riggs National and the
Ppany. A hot fight is expected T.
Hunton Leith and c. B. Ney are the
candidates for secretary, J. +. Cox
and ]. p Mallery will contest for
the treasurership and J. D. Yearkes
Wi be elected chief counsel, having
no opposition
Twenty nominations have been
made, from which ffve governors will
BE- chosen
An amendment to the constitution
pointment BY the president of an ad-
visory council OF ten to be chosen
from members holding Offices above
that OF cashier in banks who are
barred from oficeholding in the
An amendmepf was nronosed and
wiIB probably be adopted later. which
wiz place the woman members of the
chapter on the same active footing as
the men; they are now associate mem
bars.
Delegates were elected to the an
nual convention. which this year will
be held in Minneapolis
Leeal Securities.
Business was a little slow on the
stock exchange this morning and
some slight concessions were made in
prices Traction 5s were firm at
ssH and Washington Gas s. strong
Macfion shares sold at s7H and So.
while Railway preferred eased Off a
point to 81 Lanston was easier at 77E
TO II.
bond issue Of the Northern Pacific
Great Northern: in rsfundins the
Joint g 10 the largest piece Of fnanc-
ing ever attempted in the United
States other than by governments.
Tho Chicago. Burlington aud Quincy
1ointl ls issue was the next largest,
12t5.Sz7, 900. put out twenty years ago.
'TaiTty welr' vas the report OF all bond
knuSss A. to the manner in which sub
scr1oeions were coming in. Closure is
expacted today.
RaSlroaA Earnings.
For the month OF March the New
YSSkz Central earnings. gross, were
recSS OF 1870 for the same month.
ffse balance after faxes. S2.257.0"7.
compared with sSsS.SSS in March. 1879.
snA(kbe net operating income. $685.
ia, ufth 3szc.E13 In 1870.
RQr the three months OF the calen-
AR Year the net operating Income.
tykf113. compares with A.14{,2S4 in
tTs Name months Of 1890.
6o6dbern railways net operating In
come for March. sS2s.000. compared
WITH S1,7ls,SsS IN March. 1890. Tho
thT7a month"; operation produced
nsf06fzttnS deficit Of s9s6,ssS, az
compared with an income OF S4.700.7lS
for the same months 1870.
Chicago and Northwestern for the
frDt three months Of this year showed
ro,1oerati1S deficit Of $t.zs1.53s.
IYkanlic Eoaat Line showed q net
uosestjng income OF t3.1s7,477 for the
three months, as compared with S2.-
11zz4S for the RAspe months last year.
YoREI0H H0HDS.
to,ststtsss fss.ishAl ~ ". y, fsfh6s 4 Co..