Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-11


several years, is N$
banker, his bank 3d. 81 $#$sSE
ing nections -
being with the &
National Metro sss n
politan.
The directors
also elected DR.. r. a
L. Quigley first @
vice president and EXN
C, Edward Beckett SW
second vice preSi- AA2I N
dent. Luther w. william ]. Father.
eIected a director to fill the place made
vacant by the death OF his father.
The report of the association made
IN the controller of the currency as Of
June 30. this year. showed an increase
in assets to S595591.28.
Banker Of for Maine Resort.
William J. Father. vice president
Of the Riggs National Bank, leaves
here tomorrow fer Poland Springs, Me.
to spend another vacation at this well
known resort. He is one OF the hoteIS
most regular guests, having spent many
f. summers there before the far-tamed
Federal Reserve Board was even
talked Of.
Last January Mr.. Father rounded out
50 years continuous service with the
Riggs Bank, a record exceeded only py
Charles C. Glover, chairman OF the
hoard Of directors, who has been out OF
the financial district for MANY months
on account of illness. 1t was, on F'ebru-
arv 4, 1877, that Mr.. Father became
connected with Riggs & Co, as mes.
Sanger. remaining with the original
concern until its conversion into the
Riggs National Bank in 1886.
Mr.. Father has been one. OF the banks
&c for having
watched the institution expand until 1t
now has six branches in addition to the
main office. .....
Bank Presents. Business Outline.
The Lincoln National Bank is mailing
To its clients and friends booklet call
ed THE Outline of Business" when dis
clIsses the business gains OF the present
wear, freight volume, rail earnings, COT
ton consumption. reports on depart
ment store trade and reports on busl-
ness profits. ,,
canita bank deposits stated, while busl-
ness in the steel and other leaolng IN
dustries is given special attention. Farm
values are given their share OF STUDY:
Many of the standard barometers OF
business are applied to the various IN
dustries to make the booklet OF 80 pages
of greater value.
Several interesting charts picture the
changes in business so far TINS year
and present comparisons OF special IN
terest to both the banking ana business
worlds. The outline is to be issued
monthly.
Double Taxation Is Cut On.
The movement toward the elimination
of duplicate and multiple inheritance
taxation has continued to progress -
additional States having enacted laws
during the 1929 sessions OF their LeglS-
latures granting reciprocity IN m
heritance taxes on stocks in the estates
of non-residents There are now SO
states and the District of Columbia, In
addition to Yukon Territory and the
Province of Ontario, Canada. Wnlch
have entered into reciprocal relations
with New York State.
AS a result no inheritance or trans
fer tax will be imposed by the State
of New York in respect to stock OF
New York corporations included in the
estate of a decedent who was resi-
dent of a reciprocity State. the
effective dates of reciprocal relations
vary.
West Virginia came into this agree
ment on June 8. The District OF Co
lumbia, Maryland and Virginia have
The American Telephone Co. Is
greatly interested in this law, as 81
per cent of the stockholders live in
territory included in the agreement.
Storage Companies Merged.
Smiths Transfer & Storage Co. has
taken over the business OF the Central
Storage Co.. formerly located at First
and M streets northeast. and now
1ooo4aJ OF 1870 Ninth street northwest
The Smith Storage Co. is corporation
owned by Clarendon Smith and Arthur
Clarendon Smith, located at 1913 U
street northwest.
Bank Presented With Clock.
Mrs. e. Jane Pyles presented the
Anacostfa Bank with telechrom line
clock with Westminster chimes at the
monthly meeting of the board of d.
rectors late yesterday. The gift is in
memory of her husband, the late Rich
ard A. Pyles, who was one of the or
ganizers of the bank and for many
years vice president. For years he was
one of the best known physicians in
that part of the city. The gift was en-
Enthusiastically accepted by President
Maurice Otterback and will be placed
over the vault door, in the rear of the
bank.
Heard in Financial D1Strlct.
The Commercial National Bank has
placed an exhibit of Philippine money
in the lobby. This money is almost the
exact same size as the new United
States money and very much the same
in appearance, yet is worth only about
half as much. Anybody accepting a
SIS Philippine bill would really be get
ting only about $3.50. The bank ad-
yises patrons to become familiar with
the Philippine currency.
The Interstate Commerce Commission
has placed a so-called final valuation
on the owned and used properties of
the Chesapeake & Ohio Railway and
affiliated lines of $187, 935, 900 for owned
and used properties and $7,764,335 for
used but not owned properties as of
June 80, 1916.
The United States Treasury author
lied Federal Reserve system to buy
S75000,000 49, per cent Treasury notes,
series A, due 193O-1932, at SO and &C
crued interest. for account of Treas
ury sinking fund; notes quoted at
9724a98 at Wednesdays close.
The American Stores Co. reports sales
for June at $10,755, 1868, against $10,-
$4,000 a year ago, or gain Of Ala
per cent Over the last 26 weeks sales
have gained 1913 per cent over the cor
responding period year ago.
Bonds Lead ID. C. Exchange.
Probably the largest trading in
bonds in many weeks took place on the
Washington Stock Exchange today
Capital Traction SIS, Potomac Electric
consolidated SIS, Washington Gas IS
Gas 6s series A, and Gas IS series B
and Anacostia & Potomac Railroad D.