Evening star., 1935-08-26
CHAPTER TO GIVE
! i Al B. DIPLOMAS
Capital Group Will Hold An
nuaI Fall Open Meeting
r. September 9.
BY EDWARD C. STONE.


Hotel Monday evening, September g.,
when commencement exercises, in
cluding the awarding of diplomas, will
take place, it was announced today.
The certificates will be presented to
those students who completed their
pre-standard and standard courses
during the last year The honor STU
dents in each of these groups will
be presented with prizes also. These
prizes are made possible by the G. j.
Bell Fund and by donation of the
Washington Clearing House.
In addition, Miss Alice H. Whitton,
president of the Bank Women's Club
Of Washington, will, on behalf of
her organization, present a prize to
the girl student who received the
highest average irs the eight standard
courses. Robert A SisSon, last years
chairman of the Athletic Committee,
will present the w. w. Spaid Trophy
to Aubrey o. Dooley, winner OF the
years golf tournament.
The speakers will be Raymond B.
Dickey, dean of the faculty, and
Charles H Doing, Washington Loan
9& Trust Co., president of the District
of Columbia Bankers Association. j.
Earle McGeary, w. B. Hibbs g. &C.,
president of the local chapter, will
preside. The graduates who will re-
ceive Standard certificates:
Smith Blair. jr, Washington Loan
& Trust Co.; Eugene F. Case, Riggs
National Bank; G. Norman Cobb.
Vienna Trust Co, Vienna, Va; Brice
D. Duckett. Prince Georges Bank &
Trust Co.. HyattSville, Md; Ward W..
Fleharty, Second National Bank; John
Mathews Harris, AnacoStia Bank; c.
William Mccormick, Division of In
solvent -anks, Treasury Department:
George H. Myers. Riggs National
Bank: T. Grant Ridgely, City Bank;
Miss Mary Louise Sweeney, Hamilton
National Bank.
Radio Hook Ups Planned.
More than 200 chapters Of the
American Institute of Banking sec
ton of the American Bankers ASSo-
citation in towns and cities through
out the United States will hold their
annual commencement exercises at
the same hour and will be joined to-
gether by a Nationwide radio hook
up. it is announced by Maynard w.
E Park. president of the institute.
The arrangements are in charge of
Earl " Newton of the Cleveland Trust
Co. as chairman of the Radio Com
mencement Committee.
The exercises will be featured in the
various chapters by talks, the presen-
tation of diplomas to this years insti-
tute graduates. numbering about $500
in all, and by the reception Of Ma
tion-wide broadcast of an address by
DR.. Rufus B. Won KleinSmid. presi-
dent of the University of Southern
California, on "A Challenge to Adults"
Bankers Study Security Law.
Washington bankers are faced with
q new problem-that of meeting the
financial requirements placed upon
them by the social security act. While
the bill was pending in Congress men,
bers of the District Bankers Associa-
tion discussed the matter freely at the
weekly luncheons. Now that the bill
has been passed officials must soon
take steps to make the payments
called for from corporations and also
make certain deductions from pay
rolls. AS employers of eight persons
or more come under the new regime,
all the banks in the city are included.
AS is the case with other large en-
ployers, bank officials must collect a
stated percentage from the pay Of en-
ployes after December l, 1886, and
turn the funds over to the Govern
ment. While the percentages OF SAL
aries and wages are not large, yet they
involve a lot of additional bookkeep-
ing. Accuracy is also to be held of
great importance.
In 1887, 1888 and 1889 the banks
must collect | per cent of the wages
paid employees: in 1910, 1941 and 1912,
~ per cent; in 1943. 1914 and 1945
the rate is to be 2 per cent; in 1916,
1947 and 1948, 2l2 per cent, while
after December 81, 1948, the rate is
to be per cent.
Employers to Collect.
The social security act states that
the tax imposed on employees must oe
collected by the employer by deduct
ing the amount of the tax from the
wages as and when paid. If more or
less than the correct amount is de-
Quoted, proper adjustments are to be
made, without interest, in connection
with subsequent wage payments to
the same individual by the same en-
ployer.
1t is probable that auditors in the
banks here will get together and work
out the best method Of handling COL
1ections and keeping the records. This
was the way the Governments 2-cent
tax on bank checks was handled, the
plan being widely adopted by many
other banks all over the country.
The new security law is now being
closely studied by leading bankers in
this city, the text of which covers 80
pages of fine print To master the
technicalities of such an intricate law
Is no small TASK.
Trade Here Best in Area.
In detailed trade comparisons the
Federal Reserve Bank of Richmond
reported today that retail business in
Washington in July led the district
The gain of 27.2 per cent, compared
with 104 per cent in Richmond, 8.4
in Baltimore. 79 per cent in a group
of pther cities and 161 per cent as
the fifth district average.
For the first seven months of this
year trade in Washington was up 1879
per cent, 4.3 per cent in Richmond,
is per cent in Baltimore, 34 per
cent in a group of other cities and
IL per cent in the whole territory.
The summary includes retail sales in
81 department stores.
Stocks on hand at the end of July
averaged 8.8 per cent lower in the 81
stores than at the beginning of the
month. Stocks averaged 81 per cent
lower than we're held in the stores at
the end of July year ago. Stocks
in Washington stores were reduced 7.8
per cent during July.
The Richmond bank reported good
AN1Iarfinyoe he