Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-29


the rank and file of taxpayers for many
years.
Corporations get their checks into the
mails on the afternoon of December 81.
There being no deliveries on January l,
or other holidays. checks or drafts
would not reach their destinations until
the morning of January 2, too late to be
reported.
When July falls on Sunday the situ-
alton will be just the same. January /
and July l are the big disbursement
remains unchanged at one-half of !
per cent, 5-10 in the language Of the
law.
Personal tax returns and payment
thereon should be made as Of July !,
with payments in September and
March. Payments must be made on
moneys in bank. with an exemption of
$500 If deposited in savings banks.
There will be many an extra dollar
paid on intangible tax account from
savings deposits. for many disguised in
vestors have taken their losses and are
waiting the time when there Is en-
couragement to buy again.
There was a time, some years ago,
when the bankers would wait on the
Secretary of the Treasury and plead for
redeposit of millions of tax money
with the city banks at a rate of interest
of per cent. The war stopped this
and the practice has not been renewed
On the contrary, the banks would
like to let the Government have few
millions at the same rate. Two per
cent is all they can get on call in New
York and banks outside of New York
have to pay placing banks one-half of
l per cent.
Reduced Interest Rates.
The New York Clearing House As
ISOLATION has reduced interest rates
paid to depositors, something that local
banks may have to undertake soon.
While the banks of the cities are not
enjoying prosperous year they are in
much stronger position, financially,
than they were a year ago. On the
recovery in the early months of the year
in the stock list they unloaded their
load of stocks held over from last Fall,
absorbing partial losses, in anticipation
Of increasing dizziness in trade and
heavier declines in values. Vaults are
loaded with customers funds and the
bond accounts of member banks with
their Federal Reserve Banks have been
heavily credited with Fourth Liberty
loan 4Hs. So urgent has been the
demand for Liberties that they are gen.
orally selling at premium.
The position of the larger banks of
the country, and this includes our own
institutions, is so strong that it is in
itself an insurance that no honestly
conducted bank of any importance is at
all likely to add the weight of danger
Gus collapse to the present pressure on
investments.
Patience Severely Tried.
Investors who own their securities,
in common with margin traders, are
having their patience severely tried day
after day as lower levels are reached
and the bears hammer away. Not only
on Well Street but on every stock ex-
change in the country
Washington investors have been hard
hit. Good old Capital Traction that
formerly sold high above par is down in
the dust of SO.
1t Is now about II years since w. B.
HibbS made friends of the Stock Ex-
change go wild with predictions that
Railway common would cross Capital
Traction in price. 1t was at O time
when there was nearly rs points diff
ference between the value of the two
stocks, Traction selling about 100, but
HibbS maintained his position and won
out eventually.
1t was at the time when the broker
POoHAAS bAAC
Co., planned to bring about the unfit
cation Of local utilities, but killed, very
young, by former Senator La Toilette.
Comparison Is Wrong.
1t Is entirely unjust to compare
earnings of industrial corporations, rail-
ways, etc., for present weeks and months
with corresponding earnings for the
same periods in 1929.
It is possible that many concerns
that flnd their net earnings off in COM
parison with '29, banner year, may
find that a 20 comparison would DEM
onstrate that business was fair after
all.
May Check Short Selling.
An effort will be made in Congress
before very long to check short selling.
If the lawmakers are successful, the
move will be hailed by tired, worried
and disguised tens of thousands, al
though it would seem to be only fair to
even matters by limiting the bulls when
they get too enthusiastic.
!. It is perhaps a pity that the gen.
eral public doesn't know anything about
the science of selling securities that
they do not own.