Evening star. [volume] (Washington, D.C.) 1854-1972, 1921-02-07
BANKS ASSESSED
.|;0NL|BERTY BONDS
Receive First Statements of
Personal Taxes, Including
Interest on Governments.
BY A. FLEMING.

Local banking institutions received
their personal tax assessments THIS
morning and found cause for grew
ance in the fact that for the first time
the income from their holdings OF
liberty bonds has been included IN
gross earnings and that they VIII
therefore be obliged to pay per
cent tax thereon, unless the Dlstricl
Bankers Association. through It's
counsel, finds a way of avoidance.
This matter was up for discussion
last fall and the matter was relerreu
to Frank Hogan. counsel Tor the LIS
trict Bankers Association
Bankers claim that they shoulo not
he assessed on their holdings OF
bonds; that the fact that no assess
ment was made in 1SlS-l9-Zo IS eEl-
dence of the justice of their claim.
The schedule of earnings lnciuoeo
the income from liberty ponas' pu'
this information was given under pro-
test and the tax, if paid. will also be
protested.
Washington Gas Annual.
The animal meeting of the snare
holders of the Washington Gas Lish
Company was held at the ONCE OIL
the corporation this afternoon, nov.
ard s. Reeside, president, calieu Inc
meeting to order and George
son OF BalCl more pleoiNN'
The presidents annual report ana
the reDort of the operations OF tue
year 1920 were read Salient lea.uiIS
of these reports appeared IN lhis eoi-
umn yesterday. e.,,,,
Howard s. Reeside, Joseph Letter
Ord Preston. John D. Mc!Ihelny;
lanes NJ Green, Guy F. Whiting ana
Daniel Fraser. .,aeu
The board will organize one "N
from today.
Local Securities.
BROKERS' went through the usual
making of bid and asked Quotations
on todays session or the ioCda SO 80
exchange, but they were without Gen
mite orders eitfer way, ana the trains
actions were therefore Limited 10 q
few odd shares of Lanstonoa at "a anu
Railway preferred at Oh
The strength in the latter 70 ,.r..ss ;n
aome comment, while the weakness III
the former, in view of the big earn.
ines and the limited offerings, IS also
the subject of discussion
Not a bond transaction was maoe.
The bids were about the same as lie
current prices of last week.
v,.t Warrington Gas Notes.
Governors of the Washington STOCK
rfchanee have approved TIE applica-
fion of the Washington Gas Light
Ccmuany and listed the recent issue
Of s1,2Oo.oOO III per cent hve-year
notes. -. ,.,st
the making of quotations thereon
will start with tomorrows session.
TIE entire issue has been successfully
distributed.
VIII Discuss Motor business.
Robert V. Fleming, cashier OF me
Riggs National Bank. will discuss the
motor trade and the best means OF re-
STIRRING normal conditions therein De-
fore the City Club this evening.
Four Banks Increase Rates.
ONLY four of the twelve regional re-
serve banks, including Richmond, IN
CREASED their discount rate on Ger.
tifcates and government paper 70 o
per cent a week ago. New York. chi
cago' and San Francisco followed
Richmond's lead.
The great demand for these short
term maturities. from investors VINO
do not care to test the stock or bono
market at the present time. but seek
safety first, enabled these banks TO
increase the discount rate to per
cent As the market uncertainties OF
the present continue the investors
seek longer-term government paper.
Hence the reserve banks want their
member banks to distribute the GER
tiAcates and not hold them.