Evening star., 1923-01-31
HOUSE TO DISCUSS
SECURITIES BILL
Measure Recommended by
Secretary Mellon Is Due to
:. Come Up Tomorrow.

''ehucu 10 congress DN SECRETARY u
the Treasury Mellon, to abolish pro-
vision for exchange of securities as
how provided in the revenue act, Will
he discussed on the floor of the House
tomorrow. 1t is understood that the
bin has already been favorably re-
ported by the ways and means com
'nittee of that body.
Under existing law securities may
be exchanged without profits of the
transaction being taxed until the
security received in exchange has
been disposed Of and then. il at a
loss, said security will not bear tax.
Counterfeit Savings Certificate.
\ counterfeit war savings certiti =
cate. series of 1918, has been detected
In Cleveland. according to announce
nlent of the Federal Reserve Bank of
Richmond. 1t apparently was pro
duced by the photo o-mechanlcal proc
ass and presents very good genera!
appearance. although upon close in
spection it readily may be detected.
The dark ackground is solid color
instead of cross lines as in the gen
uine, and the design generally pre-
&ents fiat appearance instead OF
standing out in relief. The lettering
ut the name washington under the
portrait Is very crude and consists OF
green letters on a white background
background. as in the genuine Inc
sense of touch will be of assistance
IN detecting this counterfeit. as II Is
perfectly smooth. while the genuine
stamp is slightly rough. due to the
impression of the die. on the spec
men presented the initials OF the
holder had been written in INK over
tho face of the portrait. apparently
with the object OF concealng Ihe ie"
,urrs. which are very defective.
their employees. who receive wal
savings certificates 10 be on theii
guard against this counterfeit. as -
5 good enough to pass casual IN
Spection.
Acacia Lifc's Report.
Tho annual report of the Acacia
Mutual Life Association. formerly the
Masonic Mutual Life Association
until the name was changed ny ton
greSs last September, shows approx J.
rnate1H Sl22.000.OO0 in force over the
country Headquarters Of this thriN'
ing concern are in Washington.
Officers Reelected.
At the regular meeting of the board
o. directors of the National Bank OF
Washington. held TO day, Levi Wood
bury presiding. the following oflcers
We're reelected for the ensuing year
clarence +. Nurmnt, president; George
l.. Starkey. vice president; George
y. Sacks. vice president; James Trim
bic. vice president; w. Wallace Nairn
cashier; J. Frank White, assistant
cashier: Edwin G. Brandenburg
sistant trust officer.
Cen. Lord speaks at Forum.
"Fcderal budget is like Of
foriuC proposals at international con
foreuces-Cveryh body IS for budget
N principle but wants to make nul-
Hfyiug reservations" declared Gen
IT, NJ. Lord. director Of the bureau OF
tho budget, to members of tho city
club forum Yesterday afternoon.
only the Steadfast position of the
President that he will not approve
any federal expenditures for which
the revenue is not in singht keeps US
cut of the plight Of practically every
other nation in the world Gen. Lord
said. And for the first time in our
40 years history the President has
become responsible, under the budget
system. for the financial standing OF
the government. He is resolved TO
keep it out of the unbalanced condi-
ton of every country in Europe.
on motion of Claude n. Bennett
who eulogized the work Gen. LORD
Is doing. the audience gave rising
vote of thanks to the speaker. James
T. Lloyd presided.
Phone Receipts. SJ.55c,933.
The Chesapeake and Potomac Tele-
phone Company yesterday transmit
ted to Congress IA revised report OF
its fiscal operations for 49,. pre-
liminary report made a fortnight ago
tuciuding only estimated receipts for
l'c,tinbcr.
Receipts on account of operations
within the District of Columbia dur
ing the year amounted to $5.552. 933
expenditures. s4.t47.29&. and balance
hcrure interest and dividends. Sl.1o5,-
90
Franklin Ernnch Rnak
Unless unforeseen obstacles arise,
the Connecticut avenue branch of the
Franklin National Bank. At III Con-
rcrticut avenue, will open for busi-
moss February Is. according to an
nounccmrnt made yesterday by
Thomas =. Hickman, vice president of
=. the institution.
\ handsome banking room, sixteen
by sixty feet. has been leased. the
front of which already has been
adorned with the necessary insignia
gold lettering. etc. while an electric
sign now is being erected.
Every phase of national banking G