The Washington herald., 1921-05-20
DISTRICT BANKERS
TOREACH DECISION
ON TAXATION issue
Continuation of Mondays
Deadlock Booked For
This Afternoon.
40
OTHER LOCAL NOTES
Local Securities Have Dull
Session-Savage Returns;
Firm Views Future.
OTHER LOCAL NOTES

The District Bankers ASsoclatloh
will continue Mondays discussion
on the question of paying taxes on
certain securities purchased IN good
faith with the understanding they
were free from all taxes. at spe-
cial meeting called for 4:S0 p. m
this Afternoon in the rooms OF the
washington Stock Exchange. As
sociation Counsel Frank j. Hogan
Is expected to be on hand TO lend
any legal advice in settling this is
sue Of more than a years standing.
Members confidently expect
some definite action to be the out
come Of this afternoons session.
inasmuch as certain data lacking
at the earlier meeting and which
caused the abrupt adjournment at
that time. will be available
Col Rober n. Harper. president Of
the association. has urged every
member bank to have official repre-
sentatives present, SO that the pres
ent deadlock may be removed and
. decision in favor Of the majority
concerned handed down.
Local Securities.
Yesterdays trading on the Wash
ington Stock Exchange marked the
quietest session in several months
Capital Traction securities proved
the only lot to demand purchasable
attention, 20 shares of the stock
selling in two equal sales at s7&
and s7S, while per cent bond
of the company changed ownership
at SIX.
Harper Invited to Pekiag.
Col. Robert n. Harper, president
Of the District National Bank, Is
in receipt Of an invitation from the
faculty and trustees of the Peking
Union Medical College to attend the
dedication of the building of the
PekinE Union Medical College. and
the conferences to be held in Pc
king, China. from September Is to
22.- 1921.
The colonel, at present, is un-
decided as to whether he will
attend.
savage Returns.
Francis NJ. Savage, president of
the Northwest Savings Bank, has
returned to his institution after
short vacation spent at Hot Springs,
Va
'es. Future Outlook.
In their weekly review, Knauth,
Nachod & Kuhne view the future as
follows:
Recent developments have been
for the most part of an encourag-
ing nature. The acceptance of the
allied terms by Germany with the
assurance they would be carried out
without reserve and without delay;
the lowering of the Federal Reserve
4 fr,n NJ
over $500, 200. 900 gold since the first
of the year; reduced pressure Of
liquidat ton in both commodities
and securities; the successful fiota-
tion of S23O,OeO.ooo Burlington 6ISs,
all have Influenced a better senti-
ment
The money market has develop
ed signs of greater ease during the
past month and there are symp-
toms of a return of competitive
condition among member banks.
Expectations Of better trade condi-
tions in the autumn have made
headway in recent weeks. the rea-
sons therefor. particularly as re-
CARDS developments in Europe. be-
ing tangible rather than senti-
mental. We appear to have start
ed on the long upgrade toward re-
storation of normal world condi-
tions-
New oil Companies In April.
BNew enterprises in the petroleum
industry, as measured by the
amount of capital involved in the
organization of new companies. was
on a larger scale during April than
during the preceding months of the
current year, according to the Jour
nal Of Commerce. One hundred and
ten concerns, with authorized capi-
tai in excess of s50.000 were or
gsnized in April, 1921. the aggre-
gate authorized capitalization being
s227,47o,o00, comparing with ninety
four companies in March with a
total capitalization of S14s,S50,o 900.
The average authorized capitaliza-
tion of each company incorporated
in April, 1921. was S2.o67,so9, COM
pairing with s1.5s3.500 for March,
s2,14o,ooo for February and S1,4s6,-
1s2 for January.