Evening star., 1922-11-04
RA|LWAYPFD.NOW
ACTIVE AND HIGHER
Advances to 78 1-8-Com-
mon Shares Held at So ga.
/ Savings Banks Protest.
BY 1. A. FLEMING.

For the first time in weeks Wash
Sngton Railway preferred came to
the front and displayed degree OF
strength entirely unusual of late. In
all $50 shares sold and the price ad-
Sanced from 771a to 7sh. The sales
also included two 100-share lots.
Railway common was nominal. but
tho bid and asked prices, SIN and
Soy, respectively, indicated special
strength.
Recently large lots have been liqui-
dated and absorbed around ssh to
IS, and the last previous sale on the
preferred was at 76la.
Other local stocks were nominal
but the bid price stiffened little.
In the bond section Wardman Park
IS moved up a point to 1O1 II. and
Chesapeake and Potomac 5s were sold
at 9sA to 9Sla. Potomac Consoli-
dated IS were fractionally higher,
selling at s6.
Does 1t Need a Bankf
Does Tenleytown need bank? This
question should be thoroughly con-
sidered before any of its citizens lis
ten to temptation and subscribe 10
stock in such an institution.
If il takes an outsider to give Ten
leytown the information that 1t needs
a bank then the chances are that
there is no possible excuse for the
establishment of bank In Tenley-
town.
Savings Bank Protest.
A very largely attended meeting of
oniials of Washington's savings in
stitutions met last evening in the
rooms of the District Bankers Asso-
ciation and discussed at length means
60 be taken to defeat the recent rul-
ing by the tax assessors, requiring
savings banks to pay s per cent on
gross earnings instead of per cent
on gross, less the amount paid out to
depositors as interest on deposits.
The language OF the law, act OF
1902, seems very plain. and speaker
after speaker upheld the right OF saw
ings banks to the lower rate OF tax
alton.
NJ. D. Rosenberg. George W. offutt.
Joseph W. Cox. WILDER NJ. Zepp and
f c. Addison, jr., were named com.
mittee to appear before the board or
tax appraisers to upheld the conten-
tion of the twenty -eight savings banks.
They hope to convince the assessors
Of their error of Interpretation. fail-
ing in which the case will be fought
TO a conclusion in the courts.
Joshua Evans. !r., president OF tne
District Bankers Association was
present to give what aid and COM
FORT he could to the contestants
NJ. d. RoSen berg, presluent OIL Inc
Bank Of Commerce and Savings. VINO
heads the contesting committee, is
one of the leading lawyers OF the
District, while the committee as a
whole is one of the strongest possible.
Personal Mention.
William B. Hibbs left for Atlantic
CITY today and will not return until
after election day.
". r. Gallher Is absent from the
city for a few days
Uphold Par Collections.
The United States circuit court
Of appeals at New Orleans has sus-
tanned the claims of the Atlanta Fed-
eral Reserve Bank In the matter or
payment Of checks presented for COL
lection at par.
Eminent counsel have fought. the
questions to a finish and the southern
Bankers, at least a goodly portion
Of tho carolinas Georgia and other
states, have put up losing nght 10
retain profits from exchange.
The federal reserve system wants
FULL face value on checks presented
Tor payment, has made finish fight
and won.