Evening star., 1921-09-02
TREASURY CALLS
FOR S15,o00,0(l)
Leaves Balance Available
Credits $172,00O,O 900.
Local Stocks Active.
BY 1. A. FLEMING.

secretary MellOn tniS ulOEAluS
called on national banks indebted to
the Treasury on purchases of Treas
ury certificates of August 2, to pay
in by Tuesday of next week per
cent of the balance of credits.
This will call for little less than
$15,0OO,O0O and will leave in the fund
available to see the Treasury through
to the 18th instant matter of $172,-
100000, which should cover ordinary
disbursements without much trouble.
Before the year is ended total OF
$1,319,392,00 CT certificates will ma
ture, the 18th of each month save
November marking a maturity. The
big block maturing September Is,
$685. ,296,OOO, will call for federal
financing, with the public on the buy
ing end.
OF the years maturities for the four
months, New York will have $751;
100000 to pay. the balance being
distributed.
Local Securities.
There was considerable activity in
local stocks today and most OF the
business was of the odd-lot variety,
indicating that investments were De-
ing made.
Most of the share business was in
Capital Traction. fifty-five shares in
all, at S51a. and Lanston Monotype,
forty-tive shares. all at ~ AT the
close IL was bid. Potomac Console
dated 5s We're lively at Sc and WASH
ington Gas 5s sold at rs.
Exchanges Close.
With the close of the stock and
grain exchanges today, there will be
no further sessions until Tuesday
morning. The local exchange will be
closed, and also the New York Stock
Exchange, Curb and Consolidated.
c. Louis Eckloff. assistant cashier
of the National Metropolitan Bank.
and his wife and daughter are spend
ing their vacation in the mountains
of West Virginia.
Protest Exemption.
1t is evident that the banking in
terests of the country are preparing
to make strong fight against the
provision of the revenue measure
now before the Senate which makes
exempt from income taxes up to $500
of the income on building and loan
investments, either stock dividends or
interest.
W. a. Sadd. president of the Saw
ings Bank section of the American
Bankers Association, discussing the
proposition, said: 1T is one of the
most vicious tax exemption measures
ever proposed and is merely an enter
Ing wedge Tor the creation of further
exempt securities, at a time when all
effort should be directed toward their
exclusion"
a. f. Adams of the Youngstown,
Ohio, First National Bank, character
ICES the measure as IAN attempt to
create class privilege. This is enough
to condemn it in the mind of any fair
minded person, but the really afro
cious part of it is it's stupidity. 1t
would not reach 8 per cent of the
class that it is aimed at. Ten times
as many people do business with
banks as with building and loan as
Socia
Further indication of the opposi-
ton to the measure is found in the
action of the Cincinnati Clearing
House Association, in the adoption of
the following resolution to Congress-:
'The Cincinnati Clearing House AS
socIation respectfully protests against
the provisions of House bill S245,
which provides for exemption from
income tax. $500 of dividends or in
terest received on building and loan
stock or deposits. The adoption of
this provision would discriminate
against other savings institutions and
banks. This association is opposed
to any tax exemption of this char
acter."
The American Bankers Association
has taken the matter up and is Civ
ing the opposition to the exemption
much publicity. 1t will probably act
on the matter at it's october conven-
tion in Los Angeles.