The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1929-06-05
To Honor Bankers

In recognition Of their services,
IN invitation was forwarded yester-
day to past presidents, of the Dis
tr1ct of Columbia Bankers Associa.
Hion to attend a luncheon of the as
asociation June IL at the Willard
1Iotel, at which they will be pre-.
scented gold badges of office.
This action of the bankers as
kociation is in conformity with the
american Bankers Association,
which distributes gold badges to its
officers, and the luncheon meeting
lis its expression of appreciation for
what these former leaders have done
for the organization, which desires
to retain their lifelong interest.
The past presidents badge of
office which the local association
has selected is a circular one of
gold inlaid with dark blue enamel,
about an inch-and.a-quarter in diam
eter. Its rim is of corded gold sur.
grounding a circular strip bearing
the title Of the association. The
latter incIoses field of blue enamel
dotted with gold stars and contain
ing the word President" in gold
letters forming an arc across the
top Of the field.
Superimposed on the lower half
of the badge is a shield, heraldic
eagle and the dome Of the Capitol in
has relief of dull gold. Inscribed
on the shield in blue numerals will
be the year Of the recipients in
cunnbency Of the presidential Of
flee.
Invitations to-, the luncheon are
being extended by President Robert
v. Fleming and arrangements for
it are being prepared by a COM
mittee headed by Wilmer J. Waller,
vice president, Federal American
National Bank and first vice presi-
dent of the District of Columbia
Bankers Association.
Large Surplus
The Government went into the
last month of the fiscal year today
with prospects of a surplus of over
100000, 900, Or the smallest. excess
of receipts over expenditures since
the war.
Figures available today left some
doubt as to the exact figure owing
to two uncertain points. There is
q possibility that a S45,000, 900. extra
expenditure will be made as a pay
nent to railroads resulting from a
Supreme Court decision on mail
carrying charges. There also Is
doubt as to the excess of June
income and corporation tax re-
ceipts over last year.
Not including the mail pay item.
and estimating tax payments at
$6O,0O0,O0O over last year, the sur
plus on the basis of May 81 figures
a,nJ1I5 In G1EE mn 0OO
Within a few days the Treasury
will announce it's June Is financing.
Tn, the neighborhood of a half
billion dollars in certificates prob
ably will be issued. The Treasury
will be called upon to retire certi-
ftcates amounting to $528,940,700.
June Is income tax payments are
estimated at we'll over $500, 600, 900.
which will bring payments for the
entire, fiscal wear to about $685.
100000, exceeding last year by more
than 100000, 900 despite the de-
crease in the corporation tax.
In addition to tax payments the
Treasury will receive about $90,000,.
600 from foreign countries on the
war debts June Is. Practically all
of that sum will go automatically to
debt reduction. 1t was anticipated
that from $500, 900 900 to 500 ,OO0, 900
would be wiped off the public debt
during the year.
The debt at the end o. May was
SIT ,167, 124,000, a reduction of $685.
100000 in month, 1888, 600, 900 in a
year and $9,429, 100000 since the
peak, August 81, 1919.
Figures today indicated that Gus!
toms collections for the year would
amount to $500, 100000, a gain of
$32, 900, 900. Miscellaneous internal
revenue collections. including the
tobacco tax, will be slightly under
the 621,01&000 figure of last year
Tobacco taxes increased heavily
owing to the enormous production
of cigarettes This gain, however,
was not sufficient to offset losses
resulting from the repeal of manu-
facturers' excise taxes and reduc-
ton in other miscellaneous rates.
Expenditures. for the first eleven
months of the year amounted to
$3,427 100000, an increase Of $3.50.
900, 900 over 1928. The increase for
the year probably will run about
$196.000,000. With the exception of
interest payments all important
items of expenditures were greater
than last year during the first IL