Evening star., 1921-03-13
WHAT NIGHT HAVE HAPPENED
u UNDER CERTAIN CONDITIONS
Speculation on Possibilities Had Federal
Reserve Act Been Killed-Bankers
Agree on Its Value.

the amount of $555.600 was retired
and Cancelled during the year through
operation of the sinking fund pro-
vision.
While there may be trying times
ahead for many classes of industry.
your officers hope that the most diff
ficult period of postwar readjust-
ment is passed"
Departmental Bank Opening.
Monday, March IA. will mark the
formal opening of the Departmental
Bank. at 1714 Pennsylvania avenue
northwest.
This institution was organized, with
a capital Of $500.000, authorized, to
provide greater resources than the
Society for Savings has brought to
the institution.
J. T. Exnicios. cashier of the De-
founders of the Society for Savings
and managed it during it's career be-
fore merging with the Departmental.
He declares that a lasting foundation
has been laid for the new institu-
ton, as it is being upbuilded on the
ment employees, furnished by means
OF their own bank. 1t now has 5000
shareholders and 10000 are expected
to be interested by the end of the
current year.
The bank will pay per cent in
tctcSS oH Savings Ol
employees. as the business Of the bank
will be largely. if not exclusively,
with it's own stockholders.
Two-thirdS of the banks loans are
secured by liberty bonds. Credit is
the basis of all business. but credit
plus character will count with the
Departmental. The official roster is
largely from the departments of the
government.
In twenty-five years the Society
for Savings loaned $3,250.000. with 4
loss of less than one-fourth of l
per cent.
Local Securities.
The surprise in local securities dur
ing the week was the increase in the
Company. Unexpected, but no doubt
warranted, and none the less well
come to the shareholders, it added
more than a dollar to the value of
the shares, advancing them to
strong Sc.
Other local stocks have acted rea-
sonably we'll. all things considered,
while bonds, too. have held their
own in good shape.
There is no good reason why there
should be any sympathetic move
ment here in common with the riot
market. Our utilities are in strong
positions.
Financial Warrington Pleased.
Financial Washington is decidedly
satisfied with the return of two well
known citizens to the District COM
They were also pleased
with the last appointeeS and their
regret at q change has been lessened
very materially by the appointment
of Cuno H. Rudolph and Capt. James
F. Oyster.
Both are well known. Mr.. Rudolph
is the president of the Second Ma
tional Bank Capt. Oyster is a direc-
tor OF the Richmond Regional Bank,
and Is in the habit of attending con-
ventions Of the District Bankers
If any two men in Washington un-
derstand local conditions. they do.
The Taking OF Losses.
When a man departs from his reg
ular line of business and takes
''nyer" in New York stocks, to the
r0ination of his income, should be be
allowed to take the loss from the gov
ernment's share of his income?
He is allowed to under recent rul-
ings, but 1t would be much more
conducive to smaller speculation if
this ruling was reversed and placed
on the uneouitable basis of paying a
tax on gains and standing your own
losses. 1t is presumed that all
T.,
therefore the loss of q speculative
trade may be deducted from income
Tor tax purposes.
1t Is Internationally square for the
man in business to take deductions
for his legitimate losses in business.
put there Is an ethical question in the
deduction OF speculative losses
II a business man wagers on a
horse race he may not take his losses
in figuring his income tax Why
should be be allowed to deduct losses
on Wall street made for speculative
purposes.
Taxes this year will be badly jolted
by the enormous losses taken OF for
the year 1920.
"Wake Waste" in Railroadinx.
We cited last week an instance
where one road is compelled to paw
$3.50 per man for half an hours
work. The Association of Railway
has published a statement
showing how six men are now re-
quirel for a one-man job They say:
Under present classification rules
Of the shop crafts-which the rail-
roads are now seeking to have termi-
labor waste as illus
trated in the following case is of
constant occurrence:
In order to change a nozzle top in
the front end of q locomotive it is
necessary:
81. To call boilermaker and his
helper to open the door. because that
Is boilermaker's work:
'2. To call q pipeman and his help
er to remove the blower pipe. because
that Is pipemen's work: and
"3. To call a machinist and his
helper to remove the tip. because that
Is machinists's work.
"The same three forces must be
employed to put in the new tip.
Before federal control a machin-
lists helper or any handy man put
In nozzle tips alone.
"Similarly. railroads are required
to employ members of three crafts
sheetmetal workers and
and their helpers--to
make a repair to a locomotive head
light which was formerly handled by
one or two men.
The proceedings instituted by the
railroads before the Railroad Labor
Board in Chicago are expected to put
an end to such practices as these"
NEW YORK BOND LIST.
NEW YORK. March 12-Closinx prices:
&. % rpGiSteYed tl0On