Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-07-20

! Harry v. HAYNES. came out at 1873.
| This STOCK has fig
/ ured in small lot trading almost every
/ day for some time. Another bank stock
| sale was in National Bank of Wash
| ington, which registered 3l2. an adj
vance Of points since the last sale.
One share of Federal-American Ma
tional went at 337is In the miscel-
laneous list Federal-American Co. COM
mon sold at l03 and 90 shares of Chest
| nut Farms Dairy common moved at o5.
/ The c'osing stock trading WAS in Sani-
tary Grocery preferred. which opened
at lib and closed point higher.
Bond sales were confined To a single
issue. Capital Traction SIS sold in three
$1,000 bonds at 1925, 1924 and 1o2 q.
! Banks 10 Claim Tax Exemption.
Local banks are preparing to claim
exemption for the fiscal year ending
June 80, 1929, of taxes on Government
bonds included in their gross earnings.
Before August / the local banking in
situations are obliged to file with the
District government a return for the
/ fiscal year ending June so, 1929. based
on the gross receipts for the fiscal
year just closed Suggestions for max
ing this return have Just been for
warded to all member banks in the local
association, by Howard Moran, chair
man of the committee on taxation.
AS Liberty bonds are' taX-eXempt
1t is claimed that income from them
should not be taxed. The protest by
the local banks comes as a result of
the test case brought by the Riggs Ma
tional Bank, conducted by Frank j.
ftFar for. 1zfx lav, J,sr srn
Stafford, and now before the Court of
Appeals No decision viii be forth
coming for several weeks. In the mean
time the banks are acting on the as
sumption that the ruling by Justice
Stafford will be upheld.
Other items enumerated in the forms,
interest from which is declared non
taxable by the District of Columbia
Bankers Association, are the following
l. Interest on bonds, notes and GER
tihcates of Indebtedness issued by the
United States Government, non-taxable
as to principal and interest, with some
exceptions.
2 Interest on State. municipal and
county bonds issued by States and po-
litical subdivisions of the United States.
3. Dividends on stock of Federal Re-
serve banks.
4. Interest on Federal farm loan
bonds.
S. Interest on bonds of the War RI
nance Corporation.
S. Interest on United States Panama
bonds.
z. Interest on bonds issued by the
governments of the territorial or insular
possessions of the United States.
Again Protecting Local Banks.
Harry v. HAYNES, president of the
Farmers e. Mechanics National Bank
named recently by Robert v. Fleming
as chairman of the protective commit
tee Of the District Bankers Association,
already has served the association long
and we'll in this same capacity. AS
chairman of this important committee
Mr.. Haynes has accomplished great
deal in the interest of Washington
banks. For several years he has been
chairman of the Washington Clearing
House Association and his work for this
organization has kept him in close touch
with conditions which the bankers are
especially anxious to guard against. His
report at the recent convention was
brief, but showed marked progress by
the committee.
Mr.. Haynes is a former president of
the local association and a meraber of
the executive counsel of the American
Bankers Association.
Lauds Public Utility Investments.
Samuel insult. in a radio talk last
night. praised public utility securities as
a medium OF investment but not for
speculation. After mentioning the pos
sibility Of growth in the industry he
said there are four main questions TO
be asked in the choice of every invest
ment. These are:
"fi) Does the company whose Sc
curity you are considering operate in a
productive territory with reasonable
prospects Of growth?
! ~ Is the company's property
adequate in extent and physical condi-
ton for the demands upon it?
"f3) Is the management of the COM
pany alert. enterprising, competent and
honest?
20 Are the industrial and public
relations of the company satisfactory
does 1T get along harmoniously with
its employees and with the public7 For
If these relations are good the COM
pany is not likely to be politically
harassed."
Fifth District Changes Slight.
The Reserve Bank Of Richmond re-
! ports but slight changes during the past
| week. Fifth District rediscounts totaied
| $50. 800 900. against s53.4li 900 In the
/ previous week. which was the top figure
Of the year. The system as a whole re-
! ported a drop Of s43.2S4 600 in brokers'
( loans during the week
Kresge Earnings Reported.
The s. s. KreSge Co earned Sits per
share on common stock during the first
six months Of 1928 compared with Si.54
in the same period last year. In June
| the company earned 96 cents per share.
against 81 cents last year. Sales for the
period were t62 100. 1874, against S63,-
900 .9sT for the FIRST half Of 1927,
Mellon 10 Sign New Money.
Il For the FIRST time In history the name
Of the Secretary Of the Treasury will be
signed 10 the United States paper cur
rency when the FIRST issues Of the new
abbreviated money go into circulation
about July /. 1929. This announcement
Yas made TO-DAY by Acting Secretary
Ogden l.. Mills, who explained that the
signature Of the Secretary would sup
plant that Of the Register Of the
Treasurer, which, with the name of the
Treasurer, has appeared on all paper
currency since the Civil War The
Secretary's signature. however, already
appears on paper money issued by the
Federal Reserve system.
Mills said that IN studying the design
tor the new currency officials saw nc
reason for use Of the Registers name
but felt that the SecTetafy'g signature
should appear, this official being head
Of the Governments financial system.
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