Evening star., 1924-02-01
MELLON TAXPLAN
URGED BY BANKERS
League Head Seeks Support
for Measure-Active Day
on Local Exchange.

In a statement issued from the
headquarters of the American Bank
ers' League today, President Charles
de B. Claiborne calls upon both
borrowers and lenders of the nation,
the men who plan and the men who
toll" to support the Mellon rates in
the tax reduction legislation now be-
fore Congress.
1T is the man who borrows who
pays the surtax and every other tax
Of the lender. and it is the man who
tolls that suffers most from idle
capital" said Mr.. Claiborne. "An
idle dollar means an idle man, and
ner plan Is q bread-line plan and
the Mellon plan nation builder" he
said.
1T is fortunate for the nation that
Congress must squarely face the two
plans, and 1T Will test the capacity OF
the country for government"
continued the bank organization
head. referring to the press reports
that the House ways and means COM
mittee would bring out the Mellon
and Garner rates as a majority and
minority report. I'VE invite the bor-
rowers of the country and those who.
are employed in productive enter
prises to join with the bankers Of the,
nation through the American Bank
ers' League in making non-partisali
business fight for the Mellon plan"
AT bank conference held by thj
league here last month, in whi'A
tWenty-nine states were representeA
the Mellon plan was unanimously in
dorsed, and a committee Of sevent.
members from the league appeare'.
before the House ways and mean
committee. filing written approval o.
the Treasury Secretary's rates.
Note Circulation Declines.
Further declines in federal reserve
note circulation and in total earnings
assets, amounting to s27,300,000 and
$22, 800. 900, respectively, also decreases
| Of ss,700,000 in cash reserves and Of
$27,200,000 In deposit liabilities, are
weekly consolidated statement of con-
diuon OF the federal reserve banks
at the close of business January 80,
| 1924. The reserve ratio rose from
so;4 TO Sl.3 per cert during the week
Holdings Of bills discounted de
| clined by s1s,500.0oo during the
week. the New York member show
Ing reduction of s20.4oo.oo0, and
s4.seo,ooo and s4,soo,ooo, respee-
lively. An increase Of s11,100.000 in
discounted bills is shown for Bos-
ton; of s4,300.000 for San Francisco,
and of s3.7oo.o00 for Philadelphia.
cations declined during the week
from s272.9O0, 900 to s25s.300,ooo or
the latter total, S147,900,000 was Sc
cured by liberty and other United
| States bonds. -s1o1, 100000 by Treas
ury notes and s9,S00,000 by certifi-
| Gates Of indebtedness.
Steamboat Stock Advances.
| = Norfolk and Washington Steamboat
Company gained 2 points on the
Washington, Stock Exchange this
| morning, closing at 21s. Twenty
! shares were sold.
| Mergenthaler Linotype Company re-
| tatned all of its previous strength,
ten shares selling at 1851, and Capt.
| tai fractions high level of 96L was
maintained on a sale of three shares.
sold at IS.
a sale of $1,000 wardman Park IIo-
tel 6s at 1ol was the only bond ac-
tivity.
Banker Changes Positions.
James P. Casbarian, formerly CASH
Ter of the Potomac Trust Company, is
| now affiliated with the International
| Exchange Bank as paying teller.
Stockholders to Meet.
| A meeting of stockholders Of the
Washington Auditorium Corporation
| will be held at the New Willard Hotel
| on February 8, II was announced to-
| day by Col. Robert N. Harper, presi-
/ dent.
Treasury Notes to BE Redeemed.
, Immediate redemption of the two
! issues of. Treasury certificates Of in
| debtedness maturing March 10 next
| tary Mellon. The two issues, one
dated March IS. 1923, and the other
! September Is, 1928, aggregate ap-
+! proximately s400.O00,000.