The Washington times., 1929-05-03
KARL ". G0RBY
ADMITTED To
EXCHANGE
BY HARRY GUSACK
Financial Editor


Karl w. Corby, a partner in the
firm of w. B. Higgs and Company,
was today admitted as member
Of the Washington Stock Ex-
change, following meeting of
the board of directors of the ex-
change.
Mr.. Corby, for many years
prominent in Washington financial
circles became connected with w.
b. Hihbs and Company on Oc-
tober /, 1928 when he and j. Thil-
man Hendrick, former District
Commissioner joined the Hibbs firm
as partners. MIR. Corby was former
head of the Corby Baking Company,
which in 1925 was sold to the
Continental Baking Corporation, at
which time he was elected vice
president by the new owners.
Reserve Deposits Gain
The consolidated statement Of con-
dition Of the Federal Reserve Banks
on May l, made public by the
Federal Reserve today, shows IN
creases for the week of $11, 300, 900
in holdings Of discounted bills, 29,-
100000 in bills bought in open
market and of 100000 in Govern
ment securities. Member bank e..
serve deposits increased $45.600 900.
Government deposits $4,000. 900, cash
reserves $12,300,000 and Federal
Reserve note circulation 11,10O,OO0
Total bills and securities were $4S,-
100000 above the amount held on
April "a.
Holdings of discounted bills de-
creased $15,300 900 at the Federal
Reserve Bank Of New York and
$11,S00,00O at Philadelphia and in
creased $16, 100000 at Cleveland,
$9,1OO,o00 at Atlanta, $s,4OO,OO0 at
Boston. $4,000, 900 at Kansas City
. and $2,s00,O0O at Richmond. The
systems holdings of bills bought
in open market increased $29, 200, 900,
and Treasury notes $4,000 900, while
holdings of II. s. bonds declined ST.
100000 and Treasury certificates
$4,000, 900.
Federal reserve note circulation
increased 81 100, 900 during the week,
increases of $1,000, 900 at New York,
$2,70O,OOO at Boston and $4,000, 600
each at Chicago and San Francisco
being partly offset by decrease of
$3,70O,0O0 at Cleveland.
Stock Tax Revenues
indicating the tremendous volume
Of stock market trading, Govern.
Snent receipts from the capital stock
sales tax nearly doubled during
the nine months ended April i, as
compared to the same period last
gear.
Receipts from that source
amounted to $27,O7S,0S4 for the cur.
rent fiscal year. compared to $751;
660,9S2 the year before. In New
York these receipts were $24,11S,2 ,288,
as compared to $14,177,S39. From
Illinois the Government obtained an
income of $1,276,7O5 from the same
source, also q large gain.
Tobacco taxes for the nine months
amounted to $315,S36,36l an in
crease of $21 ,202 ,1O2, indicating that
= new record will be set for this
source of revenue in the 1929 fiscal
year. Cigarette taxes amounted to
&247, ,160,9S0, q gain of $2S S,633, ,6S2
and representing the production of
approximately 10000, ,O00,0 ciga-
Eettes.
North Carolina led in cigarette
and manufactured tobacco taxes.
The cigarette tax collected in that
stats amounted to $159.941,S0S, a
heavy gain. while the manufactured
tobacco taxes yielded S16,395 ,604,
somewhat lower than last year.
Washington and Alaska ranked sec.
ond In cigarette taxes, with $44,545,.
p25. .-..a
Pennsylvania headed the cigar
tax list with a total of $5,133, 1898,
with Florida second at $2,264,29S.
Total tobacco taxes amounted to
ST., ,4S5, a considerable decline.
Taxes resulting from the pro-
dnction of playing cards amounted
i. to $4,156,80O. a substantial gain.
The principal playing card industry
was centered in Ohio, the collection
from that State having amounted to
$2,645.513. =.
New York led in the tax on bonds
OF indebtedness, capital stock issues,
and other security of that character
with $6,599,075, a small increase
over the preceding year. For the
nine months. the total tax was $12,.
S49,6S6, an increase of somewhat
less than 81 900 900