Evening star., 1921-04-04
PAY CERTIFICATES
DUE APRIL IS, 1921
Treasury, at Holders Option,
Is Ready to Settle
N0W-Notes.
BY 1. A. FLEMING.

bx i. n. FLEMlNG.
Income tax payments March Is were
so much in excess of expectations that
the Treasury now announces that Treas
ury certificates. series f. 1921. matur-
ing April Is, will be redeemed at any
the certificates.
March income tax receipts were
500. 100000. or $125,OO0.0OO in excess
of the March Is maturities.
It Is not likely that holders of the
certfncates will take advantage of this
certificates offers good employment for
the funds. Moreover. much Of the cash
going into certificates is replaced in
other issues after maturity.
Clearing House to Meet.
The Washington Clearing House AS
sociation will meet this afternoon for
the purpose Of resembling the action
taken last fall with regard to uniform
banking hours.
There is little or no opposition to
the resembling, members recognizing
the fact that it Is impossible to settle
on regular hours with the peculiar
conditions prevailing in Washington;
so many civic centers where a large
part OF the business of the day is
transacted after business hours and
where early closing seems to have so
few supporters.
Approve "Blue Sky Measure.
Bankers generally approve the draft
Of the Commissioner Blue sky bill,
which it Is hoped will become a law
At the coming session Of Congress-
The enactment Of a measure by the
Maryland legislature, after which the
Commissioners bill Ii patterned. has
driven many fake stock statesmen over
the border into the District.
1t Is expected that the District Bank
ers' Association at its next regular
meeting will get back Of the measure
with honest effort for it's enactment
1t was through the joint action Of
the association and the Washington
Stock Exchange that committees were
appointed to frame a measure, which
the District attorney has prepared and
the District Commissioners have ap-
proved.
Local Securities.
There wasn't enough doing on the
local stock market today to call for
much comment. Mergenthaler was
active in a small way from 100 to
i19A and little Railway preferred
brought 50.
The Sales Tax Agitation.
The exhaustive survey OF the Fidel-
| ity and Deposit Company of Baltimore
indicated very plainly that seeltime nj
| is largely in favor Of the so-called
Il
As a remedy from the admitted evils
Of the excess-profits taxes.
A league to advance the sales tax
has been formed with Hazen J. Bur-
ton of Minneapolis as president
In outlining its program H. j. Bur
ton says:
Although four billions of revenue
from taxes is now necessary each
year for government operations, this
in itself need not cripple business or
| scif1e initiative provided the method
Of levyfng and collecting this amount
is improved. At present we pay taxes
| under a process which il unneces-
sanly bungleeome, burdensome, in
| equitable and. since the war, made
Quate.
"Concretely. the advantages Of a
general sales tax are:
Il. It will undoubtedly produce all
| the revenue needed.
| "2. Under it the flow Of revenue will
be prompt. constant and dependable
"3. 1t will be paid by tho whole body
Of the people. but in infinitely small
| amounts by each individual.
| -. 1t 10 simple in operation and
| will be promptly, completely and eco
ing any one.
| IS. When supplemented by q mod.
! crate income tax it will rest equita.
bly, on all.
| %. 1t Will abolish the present
harmful method Of class taxation an6
business will promptly get back or
It's feet and prosperity return.
q. 1t will reduce the high cost OF
living without reducing the profits
! Of the producer"
Omcers of the league are: Hazen ]
Burton Of Minneapolis, president
John Williams Of New York, yfct
president: Maj. Henry G. Opdycke OF
New York. executive vice president
| Jules 8. Bache of New York, treas.
| urer: and Judge Lebbeus r. Wine,
| OF New York, former attorney gen.
eral OF the Philippines. chairman o,
! the executive committee.
An advisory committee has beer
formed, consisting Of about fort,
prominent business men from all sec.
! tons OF the country. all Of whom viii
out. o WI '1A'
Wall Street Notes.
| Western Union earnings for the Yea,
| 1920 showed a surplus for dividends oi
s'.:sa s a snare @ as compared with sos;
, Now 1t is denied that w. c. Duran,
has any desire to control Studebakei
Company. Banking interests are safd
10 favor A. R. ErSkine, the present ex-
ecutive. remaining in control
Lehigh Valley for February shows ar
operating deficit Of $512.895, a decrease
Of $50 per cent as compared with fine
deficit of February. 1919.
wholesale prices in February de-
! clined 6 per cent in the United States