Evening star., 1922-07-06
NO FEDERAL LOANS
During THIS MONTH
Evidences of Easy Monetary
C0nditions-Features Of
Intangible Tax Law.
BY I. A. FLEMING.

BY I. A. FLEMING.
The month of July is we'll advanced
and no reports regarding intended
financing with the public on the buying
end has been made by the Treasury
Department.
This leads to the belief that July
Will be passed and August reached be-
iore the government will again be In
the field as borrower
Ine government has no great ma
turitles this month. neither certificates
maturing nor interest on liberty bonds
! 70 pay: II still has a credit of nearly
oS:OOO,o00 with the national banks,
resulting from June financing.
1t Is evident that Secretary Mellon
has no worries as TO the continuation
| OF easy money and low rates. All in
dications seem to favor its continue
ton.
There is no better evidence OF this
IMAM the present rush to place money
In real estate mortgages, a source Of
employment that was practically
damned up when money was needed
IN business and industry but now al
| most surfeited. according to tbs
stories of the great projects now de-
veloping that will inure to the bet
terment of the capital.
j. P. Morgan & 60. go on record
this morning in their views on money
when they offer 51a per cent unse-
cured bond at 100. That the issue vii
sell goes without much question.
Branch Banking.
Harkins back to an interesting. but
gradually aging subject, branch bank
Ing oy national banks, today's Wall
Street journal contains an interesting
page of bank advertising. giving pub
licity to the branch banks of the
Chatham and Phoenix National Bank
AS the pioneer in branch banking
! the Chatham National Bank of tbs
city OF New York now renders from
Manhattan to the Bronx a communit.
service, comprehensive in detail and
complete in efficiency"
Locations of twelve branch banks
are shown on the map. with the main
office, making thirteen Chatham and
Phoen1x banks on Manhattan Island
verify national bank may hava
branches in the same city as the
parent bank.
| Capital Traction Firm.
The public evidently takes tbs
word of George <. Hamilton. pres
dent of the Capital Traction COMPANY
when he declares that economies ar,
overcoming loss in gross earnings
Capital Traction shares made
new high on this movement whea
i they sold at l01. after opening a:
| 1ool4 a1oOts
Railway common steady at AZ
Bonds were firm, but not very a.
tive at ss for Capital Traction IS.
and lo5 for Gas ~ notes.
On the Intangible Tax.
Eugene E. Thompson takes issue
! with this paragraph in the official
+: circular of the District assessor
anent taxable stocks. as follows:
! Stochs.-All stocks must be listed
except the stocks of national banks
and local bank and trust companies
! District of Columbia public utilities
and companies incorporated in the
| District"
Mr.. Thompson holds that the ex-
emption from intangible taxes covers
taxed by District authorities. which
would include the shares of the Bal
timore and Ohio. Southern Railway
and other corporations that pay tax
on capital stock in the District.
This is a matter of interest 10 in
veStors and a search might uncover
more eNempts in the list. so that il
might be well to consult authorities
before making the declaration thar
must be filed this month.
The intangible tax this year is 81
cents on each 500 market valuation
of securities listed. or $500 on each
1000 bond. market value. 1t is the
market and not the par value that
| counts.
| Bankers report that very heavy
Withdrawals made before the first OF
! the month are coming back. although
| they figure that the full amount OF
| Withdrawals to avoid taxation, never
| returns.
| on to A. I. B. Convention.
! On Saturday the delegates chosen
\ by the local chapter. American lnsti
| tute of Banking. TO attend the an
! nual convention of the organization
! AT Portland Ore. July 1913. will join
| delegates from Baltimore and other
| points on special train that will
! leave here Saturday next via Balti-
more and Ohio and run through TO
! Portland. via Chicago.
! Delegates chosen include w A.
! Dexter. Riggs National Bank: George
! E. Harman. bureau of engraving,
and Ross E. Pollock of the American
Security and Trust Company.
i E. ]. McQuade will go with the
party. a IS he is an official of the A. I. B.
The two last named will be accom-
panied by their wives.
Personal Mention.
w ". Kneessi. formerly with
Eldridge & Co. New York and Boston.
municipal bond dealers. has joined
the force of Crane. Paris & Co. and
bond section of their business.
Paying Out sIS.4:7.5OO.
National banks having proceeds
tificates dated June Is are paying into
the respective regional reserve banks
s1s.427.500 today.
There still remains on deposit with
the banks $l65.S41.500 to the credit of
the Treasury from that sale.