Evening star., 1923-06-15
HUGE SUMS PASS Nv
THROUGH TREASURY
Income Tax Payment Due
Today-B. r. Saul Host to
Bankers-Dividends. e1., e51

More than quarters of a bill
lion dollars theoretically passed
through the Treasury today in the
governments mid-year fiscal opera
tion.
Taxpayers of the country will COM
plete their second quarterly remit
tance of the year and at the same
time the Treasury will receive a pay
ment from the British government of
more than seventy million dollars as
an 1nstallment on Great Britain
war debt to the United States. Tn
Treasury has to pay out 100000, 600 t.
retire an issue of certificates of in
debtedness, maturing today, but to
offset this outgo, it will receive more
than s150,000,000 from the sale OF
certificates under the recently an
nounced offer
Treasury officials predicted today
that the second tax installment will
net about 1875, ,000,0 900. The first pay
ment, March 10, brought more than
four hundred millions into the Treasury
but that included many smaller assess
ments which were paid in full.
The new issue Of certificates, which i
to bear per cent interest, and will
mature December Is, was announced -
for $3.50, 900, 900, but when subscriptia,,
books were closed, the total was aroun
$34o,OOO,0 900. Indications were given that
inasmuch as $4,000, 900 of the subscrfp-
tions were in the form of matured fed
eral securities. turned in for replace
ment. those would be accepted In add
ton to the original amount OF certff
Gates offered for cash.
Ihe belief was expressed at the Treas
ury in connection with the anticipated
TAX receipts that the governments fisca9
year ending June 80 would be completed
win surplus far in excess of the last
ofnciai estimate. The highest surplus
offlclally predicted in recent weeks was
sizo'ooO,OOO but there were those at tho
treasury who believed the surplu-
might exceed $40, 900 900 if the tax
revenue meets expectation.
The surplus that may be on ha,r-
When the fiscal year ends automai-
icaliy Will go to reduction OF the put
ilc debt. The British payment ar
under the terms Of the debt. al
though the decrease is accomplished
by the purchase of American wa
bonds by the British. They are tn
De turned in and thus are retired tn"
same as though bought back by tho
Treasury in the open market.
ID. F. Saul EntertaIns Bankers.
Favored by ideal weather mau--
distinguished government Officials
men prominent in the financial life Of
the city and out-of-town bankers.
were entertained at an old-fashioned
farm supper" by B. F. Saul, vice
president OF the American Security
and Trust Company and head of the
B. F. Saul Company, at his beautiful
summer home, Tempo Farm, Mont
gomery county, Md, yesterday
The guests began TO arrive at :
o'clock in the afternoon, and after a
social half hour spent on the spacious
lawns of the place. delicacies for
which Maryland is famous werc
served at long tables in front OF tht
Short tours of inspection were
made by the guests over the farm.
county, and it was not until after
nightfall that the last of the visitor,
turned their way homeward.
r Chief Justice Mccoy of the Dis
trict Supreme Court. together with
the District, the Commissioners,
Gov. .. r. Crissinger and other menp
bers of the Federal Reserve Board.
numbers Of Treasury officials and
banking and brokerage houses at
tended the supper"
Dividends Declared.
At recent meeting of the board
of directors of the Citizens Savings
Bank semi-annual dividend of :.
per cent WAS declared. payable to
stockholders Of record of June 30.
This places the stock of the bank
on Il 6 per cent basis and is the sec
ond dividend paid by the bank.
Under the bylaws of the institu-
tion the transfer of stock will be
suspended for period of ten days
prior to the. payment of dividends.
At meeting of the Farmers and
Mechanics Bank of Georgetown. held
yesterday. the regular semi-annual
dividend of 4 per cent was declared
payable July ., 1928. to stockholders
of record at the close of business
June %, 1928.
The directors of the Anacostia
Bank, at a meeting held yesterday
afternoon, declared the regular semi
annual dividend of per cent and
also an extra dividend of per cent
PAYABLE June 80 The bank has
half-year period. as evidenced by the
declaration of the extra dividend.
With capital of $4,000. surplus
and undivided profits of $4,000 a1eS
assets of little moro than $1.0Oo,o0of
as shown by the last call of the con
troller, the Anacostia Bank is a. grow
ing institution.
Maurice Otterback is president of
the institution. and the other officers
include j. Frank Campbell and Silas
A. Manuel, vice presidents: Charles V
Etzler. cashier, and W. L. Koontz.
assistant cashier.
New Bond Offering.
Through local offices OF the VA
tional City Company, announcement
was made yesterday of the Offering Of
$25.000.000 of bonds of Standard OF!
of California, the issue being one 10
ten year serial fives. This is TO re-
fund an outstanding issue The prico
to the public follows: First and sec
ond maturities. par; third maturity.
1915: fourth maturity. 99S; NTH.
sixth and seventh maturities, 99l::
eighth, 99A; ninth, 90, and tenth ma
turity, 9S24.
Dillon Read and the National CITY
Company are handling the issue.
nNJrn RI NrnaHN