Evening star., 1935-03-13
ADVICE IS SOUGHT
ON TAX RETURNS
Government Income Experts
Busy Helping Patrons of
Capital Banks.
BY EDWARD c. STONE

BY EDWARD C. STONE.
In Washington bank lobbies today
there were long lines of patrons wait
ing to consult with the Governments
income tax specialists who were as
signed to the local financial institu-
tions to render advice in puzzling tax
matters.
The number of people consulting
the tax authorities has been increas-
ing steadily as the time for filing re-
turns has neared the close. Today
was the busiest day to date. Many
bank customers had to wait long
time before they could explain their
problems to the consultantS.
The service being rendered is OF
great value and convenience to bank
depoSitors. In several instances the
same men who were assigned to the
banks last year were sent TO the same
institutions again this year. These
men already know many Of the pa
irons and are more or less acquainted
with their incomes. This situation
simplifies matters a good deal.
Banks which do not have the Gov
eminent experts, have assigned mem
bers of their staffS to help their
patrons. The returns must be filed
before midnight on Friday the 18th.
The unofficial list of deductions
which may be made in connection
with 10 closed banks in the city has
proved most helpful. There has been
an endless amount of discussion over
these deductions. Now taxpayers
have something definite on which to
base their figures.
Realty Loans Divide Bankers.
In a discussion of the proposed
banking act of 1885, now pending in
Congress, the Burroughs Clearing
House magazine asserts that perhaps
the most extensive argument in the
whole bill ranges around the wisdom
of the wholly unexpected section TO
permit Reserve member banks to make
loans on real estate up to 60 per cent
of value. if for three years, and up
to rs per cent if completely amortized
in 20 years. Many bankers welcome
this as an opportunity to expand
their lending to a profitable field, but
the suggestion is meeting opposition
on tn. ground that it will permit bank
assets to become frozen and may lead
to the condition which disrupted both
the banking situation and the real
estate market two and three years ago.
Speculation that the Federal Reserve
Boards activities will continue to in
crease was heightened by the an
nouncement that the board will build
S1,000000 Office building in Wash
ington. A site near the Lincoln
Memorial has been acquired and bids
asked for design of monumental
building which can be expanded if
necessary, a provision which suggests
that the board may hope eventually
to house the activities now conducted
by the controller of the currency and
the Federal Deposit Insurance Corp,
the magazine comments.
Leaves Washington Office.
Oliver Walker, assistant divisional
manager in the Washington Office of
International Business Machines Corp,
has been promoted to be divisional
manager of the Philadelphia Office 1t
was announced today.
Mr.. Walker has been with the COM
pany since 1929, having been con-
nected with its tabulating service bu-
reau in New York until a year ago,
when he was transferred to Washing
ton. During his connection with the
company he has several times distin-
guished himself by winning member
ship in its 100 per cent club of out
standing statesmen and executives, an
honor awarded for outstanding &C
complishment in the sales field.
Mr.. Walker is succeeded as assist
ant divisional manager here by Rob-
ert B. Smithers, salesman in the New
York Office.
Experts to Address Bankers.
Two members of the Housing Bu-
reau staff will address Washington
bankers at the weekly luncheon Fri
day at the Willard, taking up the
latest developments in the national
campaign for better housing facilities.
The District Bankers Association is
planning a special advertising drive
aimed at increasing loans for all sorts
of renovations and Improvements SO
most timely. President F. P. H. Sid
dons anticipates an unusually large
attendance at the weekly session.
President William Mcclellan of the
Potomac Electric Power Co. will be
one of the speakers at the March
meeting of the Washington Board of
Trade at the Mayfower Friday eve
ming at o'clock The other speaker
will be Henry 1. Hartman, president
of the United States Chamber of
Commerce.
Peoples Drug Stores common stock
has been active on the New York
Exchange since it was announced that
earnings in 1884 we're S448 per share,
against S427 in 1888 The stock now
is selling around 25 and 2512. The
low for this year is 80 and the high,
363s.
Capital Transit Stock Lower.
Capital Transit stock made new
low mark on the present move today
when a small lot changed ownership
at % The stock closed with 1924 bid
and 2314 asked. the lowest quotations
on the stock this year
Other issues on the exchange were
firm in quiet trading. Liberty Ma
tional Bank stock moved at IS on an
eight-share turnover. This was the
same price as the last previous sale.
Capital Traction bonds were again
strong, $500 maintaining the recent
high price of 97 City & Suburban
IS came out in $1,000 sale at 811a,
a notable gain over the last previous
transaction. at 1884
Washington Gas 5sr1960, which re-
Gently sold up to l15Is. were quiet