Evening star., 1922-11-02
SAVINGS BANKS TO
co TO HIGH COURT
Plan Strong Fight on As.
SCISSORS Interpretation
of Law.
BY 1. A. FLEMING.

BY 1. A. FLEMING.
Savings banks of the District OF
Columbia will not be satisfied with
an appeal to the board of tax as
SCISSORS in the matter Of the interpre-
tation of the 1902 law relative to the
method Of assessing personal taxes
upon savings banks.
They may pay under protest to
avoid a penalty, but they will fight
the case until the Supreme Court OF
the District shall have rendered an
Interpretation of the law before they
will accept the view of the tax as
SCISSORS, that the law prainly citing
per cent personal property taxes on
gross earnings of savings banks In
the District. to be computed after the
deduction of the amount of interest
paid on deposits to depositors. Is
actually not what 1t appears to be,
but that gross earnings Of savings
banks are subject to personal taxes
of per cent and no deduction allow
Tomorrow evening the savings
banks will be represented at largely
attended meeting in New Masonic
Temple. Each bank has been requested
to have it's counsel present that the
action to be taken in their fight on
the assessors Interpretation OF the
law may be we'll directed.
Local Securities.
On call of unlisted securities on
exchange today the bid price on Mum
Sey Trust Company shares was raised
to 102, without bringing any offerings.
The nearest to transaction was
reached on the call Of Citizens Savings
Bank shares. when IL was bid ana l3
asked, on a par value Of $40 share.
There was a little larger volume
of business transacted on regular
call with considerable strength IN
Railway common, but without much
action in other stocks except in Lans-
action brought up the total sales 10
seventy-fve shares, all at 1914.
Mergenthaler was firm at IT'S to
1853.
Railway common sold at 56%: Capt.
tai Traction. at 1O1A to 1o1h.
95 to s4%: Potomac consolidated IS
eased to 95N and Wardman Park Is
were sold at 10l.
The Public Debt.
An increase of more than $26o.00O.-
600 in the public debt during October
is shown in figures made public today
by the Treasury.
On October 81 the gross public debt
stood at s23 900 900. as compared
with s22,sl2, 10000 on September 30
and with S23,459, 100000 on october
81. 1921.
Issuance of government securities
in excess of redemptionS during the
month. particularly the half-bllilon-
dollar-bond issue. Treasury officials
explained. was responsible for the in
crease, but this was not regarded as
interfering with the orderly reduction
of the national debt which is effected
quarterly
Ordinary receipts of the govern
ment during October aggregated
S3O1. .O0O.0 900. as compared with s23s.-
OO0, 900 in October a year ago, while
the total expenditures chargeable
against ordinary receipts for the
month amounted to s466O00, 900. as
ago.
Public debt receipts for the month
totaled s967.o00.000, as against $751;
100000 during the same month last
year, while public debt expenditures
aggregated S72.00O.000, against $685.
00O, 900 in October, 1921.
Customs Receipts.
Customs receipts during October
Increased as compared with year
ago. while internal revenue collec-
tions declined.
Receipts from customs duties for
the month aggregated $40.O0O,OOO,
compared with $26.00O.000 year ago.
tions totaled $27.000.O00. against s4s.-
O0O, 900 in October last year, and mis-
cellaneous internal revenue for the
month amounted to SIS 900 900. against
$113,000, 900 in October year ago.
Lanston Dividend Declared.
Directors of the Lanston Monotype
Company met in Philadelphia yester-
day afternoon and declared quar-
terly dividend of ] Y per cent, payable
November 80 to shareholders OF rec
ord November 20.
Extend. Its Service Facilities.
The Second National Bank has been
granted authority by the Federal
reserve Board to act in the capacity
Of trustee, executor administrator.
guardian of estates. registrar OF
stocks and bonds. assignee, receiver
and committee of estates.
Its charter has also been renewed
for ninety-nine years, which places
this ffty-year- old bank in a position
to render fiduciary services TO its pa
irons.
tors held Wednesday Alexander Wolf.
counsel for the bank. was unanimous
ly elected the trust officer and he
will inaugurate fully equipped uust
space being provided IN
the banking rooms to ACCOMMODATE
this added department of service
Over $3.0o0,0oO in Question.
(From Yesterdays $40 Edition.)
There Is now more than 100000
in the impounded fund of the Poto-
mac Electric Power Company. the
disposition of which will be decided
by the United Safes Supreme ourt.
This was revealed this afternoon,
when the Potomac Electric Power
Company filed it's monthly report with
the Public Utilities Commission for
September.
This report showed that during Sep
tember the company put ss0,797:49
into the impounded fund, which
brought the total Of that FUND up TO
s3o09. .03s.1o.
been referred to as being approxi-
Iase1y fsSoeS9oo 100000 each 1t month s
The setting aside of this money be-
gan in 1917, when the Utility Com |
sion ordered the electric light rate
cut from 10 to cents per kilowat
hour.
The company obtained an in3unc-
ton restraining the commission from
enforcing the Scent rate. but the
court directed the company to set
aside the difference between the two
rates, until a final decision is reached
If the Supreme Court sustains the
the 100000 will be re.
turned proportionately to all users OF
Pepco Earnings.
The company's statement filed with
income for September as $57 1882, as
compared with s62.S94.60 in Septem-
ber Of last year.
The Washington Railway and Elec-