Evening star., 1932-12-27

had 90 years banking experience in
this city He started his career as
runner with the Commercial National
whca his father, the late Frank P. Har
mon, was its president. He advanced
to the position OF head bcokl.eeper and
in 1929 became cashier of the Mer-
chants Bank. later being made treas
urcr of the Merchants Bank g. Trust
Co. when it was organized in 1922.
He was elected vice president of the
Merchants IN 1923. served for several
years under the presidency of Peter A.
Drury and later with Mr. Boiling. The
Merchants was merged with the Fed
eral-American on November l, 1880,
and Mr.. Harmon was elected q vice
president in the consolidated bank at
that time.
With an unusually fine record behind
him. Mr.. Harmon starts his second year
under most favorable circumstances.
Thoroughly acquainted with the pa
irons of the branch at the time he took
charge of the bank, he has extended his
banking contacts rapidly since that
time. He is one of the most energetic
OF the younger bankers in the Capital
Rail Tax Burden Vividly Shown.
Railway taxes are now at the highest
relative point ever reached, according
to Railway Age consuming almost 10
cents out of every dollar of gross earn
ings received by the steam lines, and
81 per cent of their net earnings.
This situation" says the Railway
State and local policies of expenditure
and taxation, which ever since the start
of the present century, have laid rela-
lively heavier and heavier burdens on
the railroads. Railroad taxes in the
decade 1690-l899 totaled 1869, ,789, 900,
increased to 1884 900 in the decade
1900-1999, increased again to $1,563,-
$4,000 in the decade 1910-1919. and
jumped to $3,511 .363000 in the decade
l920-l929. In that last 10 years rail-
way taxes were almost ten times as
great as from 1890 to 1899. almost six
times as great as from 1900 to 1909, and
more than twice as large as the sum
paid from 1910 to 1919. In fact. rail-
way taxes in the 10 years 1920-1929 ex-
cseded by 1851 600, 900, or by SO per
cent, their total taxes for the preceding
30 years.
in the first nine months of 1882,
after paying their operating expenses
and rentals. the railroads had left a
balance of their gross revenues amount
ing to S423 $4,000.
Large Demand For Gold Coins
Local bankers report that there
was an active demand for gold CONS
during the pre-Christmas season ano
that a great many OF them appeared
as presents on Christmas morning. Tne
demand, however, was not as large as
in many previous years, according 10
bank cashiers.
The SIS gold pieces were much more
popular than the higher denominations;
In spite of the fact that the $3.50 gold
rninpd for some
time. there were many inquiries Tor
them at the paying tellers' window.
Both amazement and regret were ex-
pressed over the fact that these coins
were not available.
One local banker. in commenting on
the passing of the ESQ gold piece, said
the move had worked 10 his advantage.
During the yuletide season he had been
accustomed for many years OF making
a good many $3.50 gold piece Christmas
presents. This year he gave away two
fine new greenbacks in the place OF the
gold pieces.
TIE recipients seemed to be even
more pleased with the paper mony than
the gold pieces and I saved SO cents
on each present" the banker explained,
his high finance appearing to have been
q great depression success.
Capital Traction Bonds Soar.
Capital Tracticn first 5s absorbed
most attention on the washington
Stock Exchange today, presumably
coming into the spotlight because OF
the merger progress in Congress.
Capital Traction SIS opened the weeks
market with $1,000 and $500 selling at
Al. After call, $500 and 81 1000 more OF
these bonds moved at 4712. The next
sale was higher. $1,000 going at 4734,
the market closing with $1,000 chang
ing hands at 48, Jump OF 1U points
since the last previous sale.
CAPITAL Traction stock, which recent
" advanced from to 10 on the merger
steps in Congress, did not appear in
today's trading. The market was II
bid end 16 asked.
During today's session $500 Washing
ton Gas Light SIS appeared on the
board at 101s4. There was one stock
salc five shares of Potomac Electric
Power So per cent preferred COM
mc nding l07l2.
Washington Medical Building Cor
ex-diyidend list, following the recent
dividend declaration. Columbia Medical
Building Corporation stock also is SO
quoted.
Forecasts 1888 Bond Market.
Writing on present Trends in the
Bond Market" T. E. Hough, vice presi-
dent Of Halsey; Stuart q Co, says: .,,o
large reserves of liquid capital now
lying idle, or put to work at starvation
wages, may eventually be expected to
grow restless and seek more profitable
employment. Banks. for example. can
hardly be expected to retain so large a
part of their funds in cash, low interest
bearing Government securities, ana
commercial paper. Institutional, cor
porate and individual investors should
likewise eventually tire OF maintaining
themselves in an excessively liquid
condition. These liquid resources
should grow increasingly restless once
the atmosphere has become cleared OF
the disturbing factors which have
caused such widespread lack Of conf
dence with It's resultant struggle Tor
hquidity. -. 49,. .oo. . .nn..r.
likely that high-grade so-called gilt
edge" bonds will first feel the stimulus.
and that gradually the demand should
seep down and improve the position OF
other sound but less widely known is
sues For despite the unusual condi-
tions prevailing throughout the year
and the fact that soma bonds encoun-
tered difficulties. bonds as class clear
" demonstrated their strength and
suitability for conservative investors"
Washington banks never presented a
more attractive appearance at Christ
mas time than this year. The spirit
of Christmas was vividly pictured and
there was no outward indication that
this has not been a year Of record
breaking business.
Joseph Sanders, one of the vice presi-
dents of the Bank Of Commerce &
Savings will continue the banks series
Of radio addresses on Christmas Saw
ings" over Station WMAL at BIS this