Evening star., 1924-04-28
D. C. BANKS TO SHOW !
DECREASED DEPOSITS
approximately $15,000,000 Will
Be Utilized in Liquidation of
Taxes for Year.
FINANCIERS MEET TONIGHT
Dealings Today on Local Exchange
Somewhat Inactive.

Inc District banking fraternity will
lose approximately SIS, 900, OOo in demos
its this year on account Of bank taxes
the first half of which will be payable
next month. with the balance falling due
IN November 1t will be lost because the
government refuses to redeposit hank
taxes in local institutions. as is done in
every other community in the United
Sta tes. The funds therefore. will he
taken to the Treasury. there to be locked
up IN the country's Golfers. constitutin-
more or less dormant money.
The practice Of redepositing here
bank taxes paid by. local institutions.
which was in vogue for twenty wears
was discontinued about four years
ago, when the Treasury was running
on deficiency
Since that time Washington bank
nave made every effort, both ind
vldual and concerted, to have such
drastic procedures revoked. but al
TO no avail. :. Parker Gilbert for
merry undersecretary of the Treasury
rebufed the latest effort with terSs
No-the Treasury needs the money"
Banks Need the Funds.
Washington banks sorely need thes.-
funds t was pointed out this morn
ing that for every dollar Withdraw
worth OF credit, which in turn meanS
heavy borrowing by national bank
from their regional members, attended
by local stiffening Of interest rates
Thus, II is seen that the Treasury
Departments apparent unjust ediCt
IS borne not only By banks, but. in the
majority, by the public as well.
Savings banks here pay per cent
on earnings. less interest paid to de-
positors, while national institutions
are taxed per cent on their gross
earnings.
Bankers to Meet Tonight.
The District Bankers Association
will hold its annual spring meeting
in the Willard room. Willard Ho-
tel tonight at s O'Clock for the pur-
pose of hearing semi final reports Of
the various committees of the asso-
citation prior to the annual conven-
ton To be held in June 4 buffet
supper will follow the business meet
ing. 1t is expected that final plans
for this convention will be disclosed
at tonight's meeting.
While the real purpose of the con
yention is the discussion of BANKING
and economic topics OF interest to the
local banks, there will be ample time
for pleasure and recreation for those
who attend. The general convention
committee. of which Robert V. Elem
ing is chairman, has arranged for
day, Friday and Saturday. giving the
afternoons of these days and Sunday
for golf, tennis, motoring, swimming
card parties, etc Four musical pro
grams daily. Moving pictures in the
ballroom nightly. followed by dane
ing. Banquet and special features
Saturday night
1t is particularly desired that every
bank be represented at this conven
ton by goodly number OF its OF
ficers and directors with their wives
and daughters.
Special aI-PulIman train will leave
Wa ashington, Wednesday evening
June 4, at $50, arriving at Whit
sulphur Springs in time for break
fast Thursday morning. Returning
Sulphur Springs at 1880 sunday eve
ming. June s. arriving in Washington
| not later than I am. Monday, June ..
The cost per individual will be
S75. This will include Pullman fare
and railroad transportation both ways
and hotel accommodations Com
! partments both ways. accommodat-
| ing two, are 1880 extra. drawing
trocm, both ways, accommodating
| three, S2O25 extra, two only. $3.50
! extra. Accommodations are limited
to 200.
Reservations and remittance should
| be sent TO +. ]. McQuade, chairman
transportation committee. care Of
Liberty National Bank, 18th and !
streets northwest.
Today on Local Change.
Trading on the Washington Stock
| Exchange this morning proceeded
with a drop or the part of stock o.
the Continental Trust Company the
only feature. This issue eased off to
81 on the initial sale. thence 70 Sc
on subsequent transaction inyolv-
ing ten shares.
% 20
extent Of ten shares at 711s. while
the preferred sold in small lots al
T4I4 and II. Four shares of Mer
genthaler sold at 1881 y, and Capita
Traction brought 935s. Nationa.
Mortgage and Investment preferred
sold at SIS, and fifty shares of Stand
ard National Bank was purchased On
the unlisted department at II.
Bonds were firm but dull, RAILWAY
As selling upward to %.
a surplus for March after charges
of s1@2.S45, against $156,985 in March,
1929.
Personal Mention.
John B. Larner, president or the
Washington Loan and Trust Com
pany: George o. Watson. president or
the Liberty National Bank; B,
Security and Trust Company. and
Joshua Evans. jr., vice president Or
Riggs. are attending the annual
spring meeting of the executive coun-
Gil. American Bankers Association
held in Augusta Ga, this year All
are members of the council.
/. Milton L. Allies. president of Riggs.
leaves on Wednesday for a month a.
his farm in jefferson county, w. Va
Daylight savings began on the New
York Stock Exchange this morning
which has the local effect Of opening
WaShiD CT on offices at 9 am,