Evening star., 1922-10-12
LIBERTIES FAVORED
| IN TAXATION LEVY
Have Greater Advantages
Than New Bond Issue.
Stock Exchanges Closed.
BY I. A. FLEMING.

A yery large number of orders are
being placed through District bankers
tor small amounts of the new AZ per
cent bonds. with various methods of
payment. Some are paying part cash
and part victory notes. others making
payment in cash, notes and Treasury
certificates.
There are so many victory notes
being turned in that it looks as if the
issue might be $1.00O,o 100000.
Some of the buyers. according to
bank officials. are taking on quantities
of the bonds with intent to realize
on them If the 1oOe, when issued, is
maintained.
Payment must be made next Mon
day. and there will be an interval of
perhaps two weeks before delivery of
the bonds.
Local bankers hold that the present
issue of Az per cent is not as at
tractive to small investors as the va
rious liberty issues
They may seem more desirable, but
their tax-free features stand out as
especially attractive to the corpora
tionS paying a straight l2 per cent
tax and are against the personal
buyer. Second thought has evidently
developed this fact among investors,
as many old-time bonds have re-
covered sharply.
The present issue of Az s is tax ex-
empt only up to $4,000, and are sub
1ect to surtaXes.
Liberties to the amount of Sl25,000
are exempt for two years from July l.
1921, and up to $4,000 for five years
after July 1. 1891.
FederaI-Americaa National.
There was meeting of the directors
and officers of the Federal and Ameri-
,,ol- t,Y ierI ,,rnh int
change of ideas over the merger ar
rangements, official roster, stated
meetings of directors and commit
tees, and all needed matters settled,
in order to be in readiness for the
opening OF the Federal-American Ma
tional Bank with the coming of NO
vember. In the meantime the clerks
are making preparations for handling
business SO that no rehearsals Will be
needed after the merger is a fact
This morning d few of the diree-
tors and officers of the Federal Ma
tionaI gathered around Frank w.
Strikers desk and listened to very
appreciative little speech by John
Poole, accompanied by the presenta-
tiou from the directors or the Dank
of a beautiful watch, chain ana
charm.
Mr. Striker responded feelingly,
indeed he appeared to be on the point
of Withdrawing his resignation,
which takes effect on SATURDAY; 10
become vice president and cashier
of the Columbia National Bank on
Monday.
Personal Mention.
Il. A Bowles, cashier of the Poto-
mac Savings Bank, is away on a
vacation.
George L. Starkey, vice president
of the National Bank of Washington,
is in Massachusetts,. and will return
in ten days.
John w Brawner, a director of the
Lincoln National Bank, recently en-
tartained the directors of that insti-
t,tion at the Columbia Country Club
in honor of Howard r. Norton and
George c. Pumphrey. co-directors,
who are now en- route to Europe.
Francis NJ. Savage, president OF the
Northwest Savings Bank, is home
from and extended South American
European trip. Brazil. Chile. Spain,
france and England were visited
Mr.. Savage believes the South Amer
lean countries will have to introduce
some system of taxation to aid the
revenues obtained from exports of
exclusive products in meeting tndebt-
edness Heretofore production and
property have had but slight burdens
TO bear.
Institute AuspiciousIy Opened.
The new quarters of the District
Bankers Association were entirely
, too small for the crowd that attended
the inaugural meeting of the season
of Washington Chapter, A. I. B. The
most successful season Is predicted
Fraudulent Securities.
4 Eugene E. Thompson will address
|kHhe Board of Trade tonight on
vfFraudulent Securities"