Evening star., 1923-07-24
BANKERS ABANDON (
FILING PROTESTS
National Banks Plan for Tax
Returns-Gas Earn 't
ings Off.

The personal property tax return
for District banking institutions for
the fiscal year ended June 30, 1929
will not be accompanied by a, pro.
test, as in the past three years, IL
was learned this morning.
Under the existing regulations, ma
tional institutions, which includes
trust companies, must mako affidavit
on or before August / as to- the
amount of their gross earnings for
the year. which earnings are subject
ed to a per cent tax. On the Other
hand. savings institutions here are
taxed but 4 per cent on the amount
OF their earnings, less the amour,
paid as interest to their depositors.
During the past three years ma
tional banks have accompanied their
return with a notice protesting the
higher rate charged them, which has
been assessed before deduction Of in
terest-Quite. a huge sum-while the
savings institutions have escaped
with much lighter assessment.
Counsel for the District of Columbia
Bankers Association has made a
thorough investigation of the ques-
ton and, it is understood, some time
ago advised the national institutions
that 1t is useless to enter protest az
IH6 IcNy is maze under q proper IN
depreciation of the law.
Moreover, the new Federal Reserve
Board regulations. which construe the
term national banks" to include say
ings banks in the District of Coluni-
Dla, VIII play no part in the tax re
turn, as these regulations were passed
for the sole purpose of convenience in
matters pertaining strictly to th-
FEDERAL reserve system.
Gas Light Earnings Drop.
Washington Gas Light Company
earnings slumped to s36.043 in June
1928. compared with s54.405 for the
preceding month and with S54449 for
filed yesterday with the Public IT'LL,
ties Commission shows. CnusuaIly
heavy interest deductions. amountin-
to S4S.S10. were made on account a.
the new per cent bond issue fioated
recently.
Operating revenues totaled s351,226,
against $349,52S for the same month
of last year, while operating expenses
were s244.139 and S243.273. respec-t
lively.
Net corporate income OF the com
pany for the first six months OF th-
calendar year amounts to s430,933, AZ
compared with S414.107 for the CORE
spending period of last year. -
Convention Topics Announced.
The American Bankers Association .
will hold it's annual convention ~
Atlantic City. September 81 to q.
Its headquarters will be at Hotei
Traymore. and the general sessions
will be held on Young's million dollar
pier. Various committee meetings will
be held at the different hotels on the
boardwalk
The association has issued cir
cular outlining the matters that will
be discussed on the various days Of
the convention.
New Bank starts Out Well.
Deposits aggregating $4,000 for
the first days business were reported
last night by Prof. John r. Hawkins,
president of the Prudential Bank.
which opened its doors yesterday
morning.
ownership and management. and is
considered tower of strength in the
community It serves.
Hearing on DoIlings Failure.
,Testifying in the hearing before
Judge Dickinson in the United States.
district court in Philadelphia on APP
plication for appointment of a receiv-
er for the r. L. Dollings Company pf
Pennsylvania, Mont Leaky. vice presi
dent and general manager, admitted
current liabilities to be s594,000. with
cash assets $4,000 and certificate of
deposit for $61,000. Other current
assets are in the form of accounts and
notes receivable. practically all or
which were from subsidiary compa-
MES.
In reply to questions Mr.. Leaky said
in some instances checks of the Doll
ings Company had been sent to stock
holders in controlled companies 10
pay dividends These payments were
made. despite the fact that dividends
may not have been earned IN each
case. The witness said that dividend
payments advanced by the company
did not stand as liability on the
! books Of the company receiving same.
The Dollings Compny. he said. car
ried such dividend payments under
accounts receivable.
The hearing was postponed untH
| Thursday in order that proper notice
| be given TO the receiver appointed
| last week for the Ohio company and
officers and stockholders of companies
| controlled by the Pennsylvania com :.
pany. Judge Dickinson. pending the
hearing issued a preliminary injunc-
| tion restraining officers of the com
pany from removing any of the COM
pany's books or other properties.
| Trading on Local Exchange. 49,
I Riggs National Bank stock proved.
| the outstanding feature in today $
| trading. twenty-one shares changing
hands at ESQ. The rights, W. l..
slumped in bid price to so, with non"
offered. Capital Traction stock was
! also easier at par, and Mergenthaler
was firm at ISL,
| Gas SIS were firm at 93s4 and PePco.
| 6s strong at 1ol y.