Evening star., 1924-03-20
D. c. BANK DEPOSITS
SEENAT H|GHLEVEL
No Diminution Despite Drains
for Income Tax Payments,
Is Report.

Quite a unique situation now pre-
walls in the District banking field, a
canvass Of leading institutions reveals
Deposits are more than holding their
own, it is generally reported. despite
the fact that relatively heavy drains
have been made on customers accounts
In the last month incident to the pay
ment of income taxes These payments.
in a majority of the cases, are for the
minimum amount or for the first quar-
ter covered by the return, but in hun
dreds Of instances the full amount Gov
cred by the returrb has been paid.
Also, Washington merchants complain
they are in the throes Of the usual sea-
sonal dullness. which would quite nat
urally hurt the deposit accounts at the
various institutions, inasmuch. as these
houses constitute large proportion Of
the banks deposits. But the looked-for
decline in deposits has failed to ma
terialize-and District bankers general
ly are more or less perplexed.
Radio Craze Grips City.
Then. too, the radio craze has grip
ped this city. as all other cities. and
purchases of this essential have
been enormous since the first of the
year. But the various institutions
statistics fail to reveal the ravages
of this heavy withdrawal of funds.
One authoritative banker this morn
ing voiced the opinion that local de
positors had perhaps exercised more
foresight this year than heretofore
in preparing for their income tai
payments and other disbursements in
wise general assembly of their
moneys, which, thus far, is the only
logical solution offered.
Mellon Calls for Payments.
Secretary of the Treasury Mellon
has called on banks of the country.
through their regional members, to
pay into the Treasury today 20 per
cent of the proceeds of the Decem-
ber Is sale of certificates remaining
with them on deposit. This will con-
s10,7f7, 400, leaving Is per cent, or
s43, ,109,400 still with the banks.
The December Is issue was foated
in two series. T. ]. 1924 and T. d.
1924, maturing in six months and
one year and bearing 4 and Az per
cent, respectively.
A convention on the water will be
the experience Of the Michigan Bank
ers' Association at its annual gath
ering this year, June II to 20. In
lowing the lead of the District Bank
ers' Association. which established a
precedent in 1920 by holding its an
nual outing on the steamer Midland,
cruising between here and Norfolk.
Local Railways Show Drop.
Both Capital Traction and Wash
ington Railway and Electric prefer
red continued to decline on the Wash
ington Stock Exchange this morning
the degree being lessened as com
pared with the previous session. The
former had an odd-lot sale at 9334
while the latter figured in rather
heavy volume, opening at 721s and
declining fractionally. Eighty shares
were sold.
Railway common was strong at
71R, forty-five shares changing
hands, and National Mortgage and
Investment preferred sold to the ex-
tent of los shares at 9. Twelve shares
of Lanston brought 1914
Bonds were active, though unchanG-
ed. Washington Gas 6s of 1888 SOLD
at 101, and Railway As brought -
Potomac Electric Consolidated o.
were unchanged at 81 and 971s, and
Capital fractions level remained at
.S7A. Pepco 6s OF 1853 sold at i0i.