Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-14
BANKS RETAIN TAX
AIDS ANOTHER DAY
Experts to Remain on Duty
Monday-Reserve Credit
Up $34, OO0,0 900.
BY EDWARD c. STONE.

BY EDWARD C. STONE.
Income tax experts from the Internal
Revenue Bureau, who are now assisting
patrons of the local banks in the maxi
ing out of income tax returns, will re-
main on duty next Monday
Because March Is falls on Sunday
this year. an additional "a hours is
automatically allowed to income tax
payers for submitting their returns to
the collectors in the various districts,
the bureau. has announced.
March Is is the last day for Federal
income tax payments, but when that
date falls on Sunday or holiday an
additional day is granted, so that the
returns may be mailed up to midnight
on the sixteenth.
Revenue specialists have been located
IN Washington banks for the past week
and have rendered great assistance 20
the public in making out returns. They
have also been of tremendous help to
many bank officials OH whom much Of
this work falls every wear.
Reserve Credit Up s34,OOO,OOO.
The daily average volume of Federal
Reserve bank credit outstanding dur
ing the week ending March IL, as re-
ported by the Federal Reserve banks
was $9440 900, an increase of $23,-
Z 100000 compared with the preceding
week and decrease of $l33,000000
compared with the corresponding week
In 1880.
On March IL. total reserve bank
credit amounted to $942 900 900, an in
crease of $4,000 600 for the week. This
increase corresponds with an increase
of $7l,O00000 in member bank reserve
balances of S., 000, 900 in monetary gold
stock and 100000 in Treasury cur
rency
Holdings of discounted bills declined
100000 at the Federal Reserve Bank
of San Francisco and $18,000,000 at all
Federal Reserve banks during the week.
The systems holdings of bills bought
in open market increased 0,000, 900
and of Treasury notes $10,000,000, while
holdings of Treasury certificates and
bills declined 100000.
How the Mighty Have Fallen.
When stocks were reaching peak
prices in 1929, blue-chip stocks, selling
for 5000 a share or better, were COM
mon. Several made their appearance
on the tape hourly in five-hour ses-
sion.
March last only three blue-chip
stocks were traded in on the New York
Stock Exchange-People's Gas at 24t,
NOIIOlk a. western at EU0 y ana new
York & Harlem at 200.
The remaining blue-chip stocks not
traded in that day were: Alabama e.
Vicksburg, with the asked price 225;
American Express, 100 bid, 675 asked;
Central Railroad of New Jersey, 2l3
bid, $50 asked; Laclede Gas, 207 bid,
220 asked; New York & Harlem pre-
ferred, 165 bid, go asked, and the Phil
adelphia Co., lao bid, 200 asked. A sale
- % r., -fo NJ
less than 200 bid would eliminate it
from the blue-chip class.
Last year, 81 stocks sold between 200
and 800 a share, eight between 800 and
400 share, one between 500 and 900
and one between 100 and 5000. That,
comments the Wall Street Journal,
made total of 81 blue-chip stocks,
compared with "a in 1929 and 70 in
1923. In 1924, only IL stocks were in
the blue chip class.
Bank Elects Two Directors.
Directors of the International Ex-
change Bank added two members to
the board at meeting yesterday-Dr.
Salvatore Floria and Augustus, Zaha-
roudis-the president, Joseph Schiavone,
announces.
DR.. Floria, Washington physician,
was royal italian consul here during the
World War. He was one Of the original
directors of the International Exchange
Bank and vice president at that time.
Mr.. Zaharoudis is one of the city's
younger business men and is president
of the Sunrise Bakery Co.
Southern Declares Dividend.
Directors of che Southern Railway
have declared the regular quarterly
dividend OF 81 IS share on the pre-
ferred stock, payable April is to stock
of record March %.
Contract for coyetr1,ctio,, 0f an od
dition to the First National Bank of
Alexandria has been awarded to vii
liam p. Lipscomb Co. of this city, ac-
cording to announcement yesterday.
That for the vault work was given TO
the York Safe g. Lock Co.
Invitations have been received here
from J. A. w. Iglehart g. Co., invest
ment bankers, with Washington Offices,
for inspection Of their new Offices in the
Iglehart Building. 100 st. Paul street,
Baltimore, Md, which they will occupy
March Is.
The annual meeting Of the Acacia
Mutual Life Association will be held at
noon Tuesday, at the Acacia Home
ONE Building, First street and Indiana
avenue northwest.
other Financial Notes.
J. Thilman Hendrick, partner in the
firm Of w. B. Hibbs g. Co, and chair
man Of the Board of Lanston Monotype
Co, is spending short vacation at
Atlantic City.
Deposits Of the 1874 trust companies
and State banks Of Maryland increased
S29.000,000 last year to an aggregate of
$529, 900 900.
James @. Garrett president of the
Central Savings Bank Baltimore, has
been elected a director Of Mercantile
Trust Co.
Adequate laws to regulate maximum
and minimum rates charged by buses
TO prevent unbrfdled competition is
needed IL the railroads are to compete
successfully with the growing motor
bus traflc, @. w. Phillips, passenger
traffic manager Of the Seaboard Air
Line. yesterday told the Interstate Com