Evening Star Newspaper, February 12, 1921, Page 14

“GREDIT MEN URGE " PLAN OF TAXATION Levy on Undistributed Earn- ings of Corporations Favor- ed by National Body. A graduated tax on personal comes and a tax on the undistributed earnings of corporations, sufficient to meet the needs of the budget, pre- suming that this sovernment will hereafter be on an annual budget basis, is strongly advocated by the National Association of Credit Men, through its committee on taxation. There are 33,100 members of the organization standirg united back of their committee, offering a solution for all income 'tax problems which they believe will be a complete and satisfactory substitute for the much condemned and restricti excess profits tax and for the proposed sale or_turn-over tax. The credit men's tax proposition is based on the principle that the in- dividual ultimately pays the tax. Cor- porations are owned by the individual shareholders. If the corpor:tion does not distribute its earai annualiy the shareholders lose just that mucl from their revenus, aitavugh it generally contemplated that o dis- tribution shall be made at seme fu- ture period Tax the undistributed earnings and when they are distributed cither in t in- stock dividends or cash the ‘nai- vidual owner would not have to ray theron. Individuals should pay in- come tax on all income not exempt. it is recommended. Dividends today are free of normal taxation. Committee’s Recommendations. Here are the recommendations of this committee: 1. Eliminate the excess profits tax. 2. Eliminate the corporation income tax. 3. Dividends from current earnings to be subject to the normal tax in the hands of individuals. 4. Substitution of a corporation un- distributed earnings tax at graduated rates. 5. Dividends which are pai@ from earnings of previous years on which the corporation has paid the undis- tributed earnings tax not to be con- sidered as income to the individual sharehoder. Dividends may not be paid from surplus until earnings for current year have first been used for that purpose. 6. Adjustment of rates on taxation on personal incomes, both normal and surtax, to meet the requirements of . -the budget. Prin s of Taxation. , A pamphlet has recently been pub- lished by the National Association of Credit Men, setting forth the various principles of taxation, as interpreted by its committee, criticising the ex- cess profits tax., now admittedly an evil. and featuring objections to other )‘l}lnu ‘while ably supporting its own plan. Private corporations are held to be an association of individuals, permit- ted by law to use a common name. During the past year millions of undistributed earnings were later dis- tributed in stock dividends and paid no income taxes, at least not until the intangible shares had been sold by the individual owner and turned into cash. ‘When a corporation Is taxed it is the individuals who own the stock of the corporation that pay the tax—indi- rectly. The committee believes that divi- dends should be taxed as part of in- come and that corporations should distribute their earnings. Should pru- dence - invite the accumulation of a surplus through undistributed earn- ings, the government should be given its share of taxation on the earnings, 80 that eventually when the earnings are distributed to the owners, they, the shareholders. would be free of tax. It holds that theé “principle of tax- ing in accordance with ability to pay can be applied successfully only by taxing directly each {individual on his earnings, whether actually re- ceived by him or held for him after ::ln‘ earned, and undistributed to The committee further enunciates some principles of taxation, as fol- lows: “Taxes should be certain, not arbi- trary. The taxpayer should know just ‘what taxes he has to pay and when and how he has to pay them. “Taxes should be collected as cheaply as possible, and should be 80 levied as to interfere as little as possible with the industrial activi- ties of the nation. “The people of the nation should contribute to the support of the gov+ ernment as nearly as possible in pro- portion to their respective ability to pey taxes. “The principle of progressive in- come taxation is recognized in the United States and other countries.” Excess Profits Tax Criticised. The committee urges inequalities in all proposed sales taxes, and holds that income taxes, direct on the in- come of individuals, in all lines of THE EVENING STAR, /IOne Hundred and Twelve Years Ago Today field, on January 27, 1837. - . trial of a thousand years. From the first patriotic speech delivered by Abraham Lincoln, at the age of twenty-eight, while a member of the legislature cf Illinois, before the Young Men’s Lyceum, at Spring- WASHINGTON, D. C., SATURDAY, FEBRUARY 12, 9 1921 — PART Abraham Lincoln Was Born . FINANCIAL. i “All the armies of Europe, Asia and Africa combined, with all the treasure of the earth (our own excepted) in their military chest, with a Bonaparte for a commander, could not by force take a drink from the Ohio or make a track on the Blue Ridge in a 1 In his first great patriotic speech, now too little known, Abraham Lin- coln forecast many of the present- day political and social conditions. The theme of this speech was the danger to American institutions that would come from within, and the need for a greater respect for law | and order. “In the great journal of things hap- pening under the sun,” said Mr. Lin- coln, “we, the American people, find our account running the date of the nineteenth century of the Christian era. We find ourselves in the peace- ful possession of the fairest portion of the earth as regards extent of ter- | ritory, fertility of soil, and salubrity of climate. We find ourselves under the government of a system of po- litical _institutions conducing more essentially to the ends of civil and religious liberty than any of which the history of former times tells us. IMPORTANT AGTION INAID OF TRADE Copper and Coffee Situation Saved—Money Is Working Easier—Holiday Today. BY L A. FLEMING. The process of readjustment in the business world is slowly working out the betterment of the situation in the | United States. Two very marked movements in the interest of trade and commerce were noted during the week, one of the | of our ancestors. “We, when mounting the stage of existence, found ourseives the legal inheritors of these fundamental bless- ings. We toiled not in the acquire- ment or cstablishment of them: they are a legacy bequeathed to us by once a hardy, brave and patriotic. but now lamented and departed, race Theirs was the task (and nobly they performed it) to possess themselves, and through themselves us, of this goodly land, and to uprear upon its hills and its valleys a_political edifice of liberty and. equal rights; ‘tis ours_only to transmit these—the former unpro- faned by the foot of an invader, the latter undecayed by the lapse of time and untorn by usurpation—to the lat- est generation that fate shall permit the world to know. This task gratitude to our fathers, justice to ourselves, duty to posterity and love for our species in general, all imper- atively require us faithfully to per- form, “How, then, shall we perform it? At what point shall we expect the o portant hearing before the Interstate Commerce Commission on Monday.. The company is practically controlled by the Hill roads, Great Northern and Northern Pacific. A large block of C., B. and Q. joint 4s mature in July, and the hearing is expected to relate to the financing plans of the company. It is expected that the plan to be presented to the commission will provide ample funds. John Burke’s Comment. John Burke, former treasurer of the United States, is connected with Kardos & Burke. Commenting on the situation, under the caption, “Opti- | mism Without Exuberance.” and over | his personal signature, John Burke) says: | “Sanity is the watchword. Sane methods, sound thought, constructive return for a fair effort or risk, is the keynote of the present, and the foundation upon which the outlook for the future is based. The neces- sary clipping of the ragged edges in the business structure is going on. Those industries whose paralyzation was carried too far through the fear business and individual effort, grad- |sale of $40,000,000 notes, secured by |of a general demoralization are re- uated as they are today, if budget demands require, with corporations forced to pay on all undistributed earnings, the individual to pay on the distributed earnings, would be the one satisfactory income taxing plan In equity and justice. It charges that the excess profits tax “discriminates against business of a hazardous character and in favor of |business of a stable character. “It discriminates against conserva- tively organized and capitalized busi- ness in favor of business loosely capi talized. T “It discriminates between corpora. tions on one hand and partnerships and individuals on the other. “It discriminates against the small shareholder whom it penalizen se- weroly in violation of the prin i tiiols principle of “It exercises a repressive effect on industry, curbs production and dis- |during the week was the decision of | not courages initiative; makes for infla- tion and extravagance and diminishes productivity.” FEAR FOR WINTER WHEAT STARTS PRICES UPWARD CHICAGO. February 12.—Appre- hension expressed regarding threat. ened fmpairment of the winter wheat <rop has been largely responsible for notable upturns in the wheat mar- ket this week. Compared with a ‘week ago, wheat prices today showed 9% to 13 advance. corn was up 2 to 3, and oats 2% to 2%a2%. On the other hand, provisions were down 85 to 1.50. Indications that an unusually wide- spread area in the southwest been more or less affected by the jnsect pest known as the green bug, formed the basis for misgivings about crop damages. Competent authorities said the progress of winter wheat would depend on weather conditions during the next six weeks, with max- imum injury probable if temperatures in the southwest were low—only a little above freezing. Much talk was likewise current that from this time onward the chief factor in establish- ing values would be domestic condi- tions instead of foreign. Unwilling- ness which growers displayed toward selling was the subject of particular had | 400,000,000 pounds of copper, which at once removes the strain of this great incubus on the copper market and gives time for the slow and healthful marketing of the great quantity of metal without strain. The second movement will help the coftee trade between Colombia and the port of New York. A syndicate of bankers, composed of the Equit- able Trust Company, Chemical Na- tional Bank, National Park Bank, the Battery Park National, the Bankers | Trust Company, the Bank of New | York and the Commercial Bank of | Spanish America, has decided to liquidate the debts of five great cof- fee importing houses, engaged in the “olombian coffee trade, a matter of $5,000,000. Marketing of Certificates. Another movement of importance the Secretary of the Treasury to market $100,000,000 Treasury certifi- cates at 5% per cent. 1t is a distinct recognition of the effect that money is easier and more plentiful, 8o that the government may confidently expect a sale of 5% per cent certificates against 5% per cent a month ago, and 6 per cent as the maximum rate on governthent borrowing last December. ©One very positive evidence of the casier trend of money is seen in the contraction _of $253.085,000 in _the loans of New York city clearing house banks since the 1st of January. Considering the _limited _charactés of the Wall street trading and in- Vestment movement, and the rela- tively small amount’of money going more money than they really | :::;—!n’a( is, most of them, though there are some banks that have been S0 generous in their loans that they are extended somewhat in this re- D emkers belleve that the Federal Reserve banks should lower their discount rates in the near future. The deflation movement has gone far,and may have to go further, but it will not be aided by high rates on dis- counts, and the profits of the reserve anks are enormous. e Richmond federal reserve dis- comment. Bears yesterday, however, made much of predictions of a larger crop maqvement coming, especially in North Dakota. Considerable notice Wwas taken also of proceedings to re- strain any more United States Treas- ury credits to foreign governments. Corn and oats sympathized with the wheat bulge. Big receipts of hogs weakened pro- wisions. B — ‘The rate of growth of mahogany is shown in southern Nigeria, where the mite of a town destroyed sixty years ago has been covered with a forest containing mahogany trees, some of t, including the banks of _this g‘:;, is expected to ¢take $3,460,000 of the latest issue of certificates. Will Protest Tax. Local bankers, at the meeting of the association held last evening, decided to protest the assessment of Eross profits tax on the Interest received from liberty bonds. After the filing of the protests, Frank J. Hogan, coun- sel of the association, will appear be- fore the asscssors and argue the in- justice of the tax. In the event of forced payment, suit will be brought in the District courts to settle the proposition. Important Hearing Monday. covering the overdeflated ground, and activities are seeking a level com- mensurate with their real position. Those industries extraordinarily overextended have taken the worst of their medicine, and are beginning to feel better already. A few that fought against the tide are realizing one by one that they are no excep- approach of danger? By what means shall we fortify against it? Shall we expect some transatlantic military glant to step the ocean and crush us at a blow? Never! “All the armies of Europe, Asia {and Africa combined, with all the treasure of the earth (our own ex- cepted) in their military chest, with a Bonaparte for a commander, could not by force take a drink from the Ohio coln continued: “I know the American people are much attached to their government; I know they would suffer much for its sake; I know they would endure evils long and patiently before they would ever think of exchanging it for another—yet, notwithstanding all this, if the Jaws be continually disre- garded and despised, If their rights to be secure in their persons and prop- erty are held by no better tenure than It d As r. a ! ake a track on the Blue Ridge in a trial of a thousand years. “At what point Is the a danger to be expected? #f it ever reaches us it must apring up amongst us; it ean: abroad. roach of answer, t come from ruction be our lot we must ourselves be its author and fin- fon of free me: munst live through all time, or die by suicide.” After giving some examples of the evil effects upon the innocent as well as the guilty. which occurred in the operation of mob violences, Mr. Lin- MARKET IN WAITING MOOD. the caprice of a mob, the alienation of their affections from the government i8 the natural consequence, and to that sooner or later it must come. “Here, then, is one point from which danger must be expected. “The question recurs, ‘How shall we fortify against it? “The answer is simple. Let every Aterican, every lover of liberty, every well-wisher to his posterity swear by the blood of the revolu- tion never to violate in the least par- ticular the laws of the country, and never to tolerate their violation by others; As the patriots of '76 did REFLECTING TRADE POSITION Trading Sinks to Minimum and Prices Swing in Extremely Narrow Range. Readjustment Is Still the Factor. BY STUART P. WEST. NEW YORK, February 12.—All that ideas, consclentious work with afair | has happened this week fitted in with the view that the country is passing through the familiar resting spell which follows a violent upheaval like that of last autumn. ditions are variable; in some lines like woolen and cotton goods a decided Business con- recovery is uder way; in other lines, notably fron and steel, prices still are falling and production, along with new orders, {8 on the decline. This unevenness, however, is quite normal under_circumstances like the present and has been forecast very gen- erally ever since the first of the year. ) Sopper Expgrt Association i the first great step dlong this line. There is no doubt of the succesg of this opera- tion. The 8 per cent rate is attractive- 1y high, and the security of 400,000,000 pounds’of copper metal valued at 10 cents a pound is unquestionable, sim- ply because no commodity can for long stay below cost of production, and 10 cents for copper is way below cost. Copper Financing. ‘When this copper. financing is out of the way a similar scheme will be worked out for coffee, where there is also a troublesome surplus waiting to be taken care of and it would not be | surprising if other commodities such as cotton, tobacco and perhaps sugar were taken in hand the game w. tion to the general readjustment | The earliest date which has even been| All this will lead up to and awaken rule, and are slowly but surely|sct for a new forward movement to|a more general public interest in the swinging into line. In short, the ship | begin is some time in the spring.|great $100,000,000 Foreign inance that pitched and rolled on dangerous | seas i8 slowly gaining its equilibrium as calmer waters are being reached. Not that the good ship business has stopped its swaying altogether. The sea. is still choppy and in some places | actually rough, but the worst of the storm seems over, and a safe jour- ney to port prosperity Seems assur- ed. Jolts and setbacks are natural and are expected, and while we do expect to travel at the danger- ous pace set during 1919 and the early part of 1920, the traveling Will be slower, but the destination reach- ed with less trouble and worry.” Market Holiday. All home grain and stock markets are closed today. The holiday is more generally observed in other cities than here. Our banks opened as usual, but the local Stock BEx- change closed. New York grain and produce exchanges and stogk mar- kets were closed. —_— DAIRY MARKET. BALTIMORE.—Arrivals by boat— Poultry—Young chickens, live, per b, 30a38; dreseed, 35240; old, live, 33a34; dressed, 34235; old roosters, live, 22; 38a. 46. . Geese, live, 26a33; dressed, 30a Turkeys, live, 40a55; dressed, 40a Pigeons, per pair, 45a50. Guinea , each, 40a75. Capons, dressed; per 1b., 40a50. Eggs (loss off)—Strictly fresh near- by, doz, £5; southern, 34; duck eggs, 56. Butter—Creamery fancy, per I 47; prints, 47a48; nearby, 43a44; prints, 20a24; rolls, per Ib, ladles, 28a30; process butter, store packed, 20. No grain quotations — chamber of commerce closed—legal holiday. CHICAGO, February 12.—Butter— Higher; creamery, extras, 44; stand- ards, 43%. Eggs—Higher; receipts, 10,447 cases; sleantime, readfustment, while it has been completed in most quarters, has not been finished in all, The Wall street market, reflecting the trade position outside, is also in a waiting mood. Trading has sunk to a minimum and prices have been swinging back and forth in an ex- tremely narrow range. It is precise- 1y the sort of market which was wit- nessed in the early part of 1904, fol- lowing the so-called ‘“rich men's panic,” and more or less acute trade depression of the preceding year. Likewise it is very much like the market which we had for a few months following the crisis of 1907. Not Very Responsfve. It is a market which is not respon- sive to developments, either favor- able or adverse. Still it is of more consequence that bad news has ceased to count than that good news has not yet begun to count. The performance of the oil shares in the face of the cutting of crude oil prices all the way from 25 to 60 per cent has certainly been remarkable. At no time during this price-cutting campaign_ have these stocks been weak, and they even had, during the recent trading, into real estate mortgages, ! aressed, 23a24. their moments of very decided sened - merchants’ et an0Y anks | Ducks—Per b, live, 30a40; dressed,|strength. ) The same is true of the steels. Open war has been declared between the independents and the Steel Corpora- tion. Some of the former companies have reduced prices sharply in an ef- fort to stimulate business.” It is cer- tain that they can make no money and will probably lose at these price levels. Yet the steel stocks gained Y| ground on the week. . Foreign Exchange. Renewal of the recovery in the for- elgn exchanges may be set down first of all to the improvement in interna- tional trade from the standpoint of most of these countries. Following the estimate of a $1,000,000,000 credit for Great Britain last year, taking Corporation with its charter providing for a_debenture bond issue of $1,000,- 000,000 to be used for long-term credits to buyers of American £00ds. The banks and the investing public have responded well to the note offering, which, in a way, is a unique experiment’ in American finance. They should be equally re- sponsive to the offer of securities by the new foreign trade financing com- pany because the loans of this concern Wwill be secured by collateral that must receive the approval of the Federal Reserve Board and will therefore be of the highest investment rank. Will Help Export Trade. The first aspect of these undertak- ings is, of course, the stimulus they will give the export trade. The s ond aspect is the relief they will af- ford the credit situation at home. The sale, for instance, of the $40,000,000 copper notes means just 50 much of a load taken off the banks and passed on to the investment community. It means the. change of so much credit from a temporary form, where it helps along inflation, to a more per- manent form where it ceases to be a strain upon bank resources. While this copper and all similar financing that may follow is of the first impor- tance for foreign commerce and for the banking position in this country, it is also bound to be a prominent factor in domestic business recovery. The copper transaction has lifted a vast surplus from the market which has long been overhanging, discour- againg fresh buying because of the threat of still lower prices. With the assurance. that this surplus is not to be pressed for sale, but will be held over a period of from one to four years, giving plenty of time for its 8sale abroad, the whole outlook in the copper trade is changed, and so it will be in every other industry which tries the same experiment. (Copyright, 1921.) firsts, 37a37%; ordinary firsts, 33a34; the invisible as well as the visible —— e! items into account, the January fig- atmark, cane I uded, 35036 e, 30;|uren showed British exports and im- DIVIDENDS DECLARED. springs, 30. | ports even closer together than for Stock of Pay- = any month of 1920. A BILL FOR GREAT LAKES. The Houso bill extending the pro- visions of the seamen’s act so that the passenger service season on the great lakes may open May 1, instead of May 15, and continue until Octo- ber 16, instead of September 16, was which are mege than, ten feet in| The Chicago. Burlington and Quinoy | favorably reported today by the Sen- Company will have an im- ate commerce committee, In part, too, the fresh upward turn in exchange rates is a reflection of confidence in the settlement of the German reparations question, and still again it is influenced by the pros- pect of easier money on this side. But there is undoubtedly an increas- ing connection between the recovery in_sterling, francs and lire and the plans under way for financing the American export trade. The. $40,000,000 nota. 1ssue_by-4he Refining Co., q, Electric Co., 'q, $2.. . Peeriess Motor & Truck Corp. Mar, 4 Apr, 3 copper | { TAXATION ISSUES PROBLEMINDEBATE Replacement of Excess Prof- ¢ , its Levy Is Decided No Solution. the replac ment of the excess X on sales is mot perplexing taxa- onfronts the gov- United States today two of the three uestion as on o problem that of th ed on t ite of Banking at last night ploves of Wash- % Allen W { Univers Ik | i f the |excess winners di- {rectea (tack against the sug- b i d = titution on grounds of its impracticat t only in th {matter of ¢ ns, but as a soure {of reven: th weertainty to th determir t of collocting ai of appli the oppor- sffered for endless claims of exemption: the unjus.ness in simple {application and ti condemna- Ition of proposa whe tested at the conclusion of the civil war., rsonnel of Teams. The New York feam was represent- ed by J. V. . Stryker of the : Reserve Bank of New York, W {L. J. Conway of the Guaranty Thurst Company, and N. M. McKernan, a for- mer W with the ) i Hirving 2 {¥rank 3. 31 and Trust Company The Pittsburgh deba rs _included Lewis Konyathy of Duguesne Trust Company, h of Cas-' satt & Co.. a Dunn of the Bank of Pittsburgh. The alternate was George Rankin, jr. of the Cen- tral National Bank of Wilkinsburgh, Pa Yach speaker was allowed ten min- utes for direct Wrgument and five minutes for rebuttal. The timers to the support of the Declaration of| were pillars of the temple of liberty;|Were John M. Riordan and F. J. Stef< Independence, and so to the support|and now that they have crumbled |fens. of the Constitution and laws, let|away that temple must fall unless we, Annunl Banguet March 26. every American pledge his life s | their descendants, supply their places| Charles D. Boyer, president of the) property and his sacred honor—let| with other pillars, hewn from the!ipcal chapter of the association, pre= every man remember that to violate | solid quarry of Sober reason. Passion |ejded and at the conclusion of the the law is to trample on the blood | helped ‘us, but can do %0 no more. |debate announced that the seven- of his father, and to tear the char-| it will in future be our ene Rea-|teenth annual dinner of the chapter ter of his own and children’s liberty. | son—cold, calculating unimpassioned|wouid be heid at the New Willard, | reason—must furnish all the mate-|Hotel on the evening of March 26 “Let reveremce for the laws be| rials for our future support and de-|Reyv. James F. Freeman, rector of breathed by every American mother| fense. Let those materials be molded | EEpiphany Chureh, will be the prin- to Hxping bab that pratties into general intelligence, gound mo- cipal s her lap; let it be taught in xchoolw, | rality, and, in particular, a reverence| Applic to the ban- in seminaries and i for the Constitution and laws; and Teques 1 to communicate, be written in primers, | that we improved to the last, that we Doolin, Boyer, Deyber,» books- und in almanacs | revered his name to the last, that w preached from the pulpit, proclnimed in legislative halls, and enforced in courts of justice. And, in whort, let! it become the political religion of the nation; and let the old and thé young, the rich and the poor, the gravennd the | y of all sexes and tongues and col- rs sacrifice unceasingly ujon its altars. 7/ *“They N. Y. RESERVES GROW Week’s Report Shows $19,347,550 | in Excess of Requirements. NEW YORK, February 12.—The (the revolutionary fathers) remained free to the last, that during his long sieep we permitted no hostile foot to pass over or desecrate his rest- ing place, learn, the last trumpet shall a our Washington. freedom rest, as the rock of its basis; and as truly as it has been said of the only greater institution, ‘the gates of hell shall not prevail against it " Money to Loan Secured by First Deed of Trust on Real Estate, Prevailing_interest and_commi shall be that which, to ken “Upon this let the proud fabric of Automobile Insurance Every kind you need for your T protection. _ Liability, Collision, GRAIN AND PROVISIONS. Property Damage, Fire, Theft BALTIMORE, February 12 (Special). and Transportation. —Potatoes, white, No. 1, per 100 Ibs., 25a1.35; cobblers, 1.25a1.33; MoCor- B. F. SAUL CO., ks, 1.00a1.15 2, 5 Sweets, | Franklin 5593 934 N. Y. Ave. N.W. r bbl, 3.50. both, 2.00a2.50. Beans, green, pearl and wax, 3.00a How to Secure a Monthly Income actual condition of clearing house [§.00. Beets, crate, 1 Cabbage. 2 2 3 o q erext pai thiy. 1 banks and trust companies for the per ton, ' 10.00al Siower. 1 DI S e e week shows that they hold lus box, Large and small amounts t reserve in excess of legal require- ments. This is an increase of $4,.250,- L50a Lettuce, basket, James Howell Gordon, Evans Bldg. 480 from last week. The statement |3.00. Onions, per 100 lbs. 1.00a follows: Oyster plants, bunch, 6 and 9. -d o ery, crate, 2.50a7.00. _Parsnips, v ey L“dls"“mammo go.|1L00. "Peppers, erate. 5.006.00. 'Rad- | ans, _discounts, etc., $5 ,000; de- | j<hes, per bunch, 4 avoy cabbaga, rease, $72,943,000. ! 9 Spis o 50a 5 " Cash in own vault, members federal reserve | DUz (0RO, Spinach, bu. 50a60. Peas, | MOLDING YOUR DESTINY. bank, $88,131,000; increase, $8,366,000. = s . Reserve in'federal reserve bank of member | Tomatoes. Turnips. banks, $504.838,000; decrease, $1,283,000. bu., 1.00a1.10. = Apples, bbl 00a6.00; You, alone. must { Reserve in own vaults, state banks and |[No 8 2.50a3.50; box appl 50a3.00; destiny. Molding on rust companles, $0,127,000; decrease, §276,- loose, per 100 1bs., 1.50a1.6: a work that gocs on and on. Young 000. Oranges, hox, 3.25a4.00. / Grapefruit, or old—a man’s progress depends Reserve in depositaries, state ban a4.50. = Tangerines, strap, 5.00a upon himself. Success today does trust companies, $8,901,000; decrease, -15.00. Cranberries, bbl, 14.00a18.00. O iy 8 Net demand’ deposits, $3,799,082, e R o o8- row. X crease, $47,442,000. i Sty | prevent . Timo deposits, $242,606,000; increase, $2.- 978.000. Our First Mo ze Notes, se. nited States deposits deducted, $31.4s0.000. | FRENCH BOURSE QUIET. curnd on jmproved Washington eal 1 Oirculation, $34.1 decrease, $163,000. | PARIS, February 12—Trading was estate, are an [ Aggregate reserve, 000. quiet on the bourse today. Three per about which inde; Excess reserve, $19,347 increase, $4.-| 3ot rent. Pt A and happiness gath 260.480. | London, 52 francs 68 cent. o snteguarded Summary of state banks and trust compa- | [ONCOT, ST TARES AU CEniimen. Five reinforee nies in Greater New York, not included in | BSF ¢, i SANSE 85 & ulunbs 1 5 equities. clearing house statement: | The doslar was guoted at 13 francs || Loans, discounts, etc., $381,904,700; increase, | ¥ centimes, | 0. ¥ old, $6,884.300; decrease, :.;{n.m.fin = | SWARIZELL, RHEEM & Curres nd bank notes, §17,075,800; in crease, $332,200. | | HENSEY CO. Deposits with Federal Reserve Bank, New EQUITABLE |‘ York, $30.551,000; increase, $1.986,000. !\ 727 Fifteenth et NW. “Total deposits, $608,609,900; decrease, $357. CO-OPE i teenth Stre LW, 200, RATIVE BUILDING |! ; Eliminating amount due from reserve de. il Washington, D. C positaries and st_com ASSOCIATION 1 2 panies in New York city and United States | i THE NATION'S HOME TOWN. d,}m.m, s Jnerease, 40 900. | Organized 1570 | V Banks—<ash in vault, $27.190,000. S = > | “Trust companies—Cash in vault, $38,351,100. 41st YEAR COMPL Ansets . Surplus . o ; Systematic Saving voluntary betition in bankrupt Brings Results filed in the federal court today ! SN ; 7 Z creditors of Christopher Hannevig Something each dar 1o 113 S dividually and as president on Hanne Tou s oach day in the Boultable. vig & Co., a banking firm, which also " Will accomplish more than ever. dealt in foreign exchange and Ship- Subscriptions for the sAVINGS BANK building. 4 The petition stated that the liabili- 80th Issue of Stock al ties of Hannevig and his company i Y, were more than $8,000,000 wx}} “[r1~)n:"§ Belng Recelved Comnerctl‘ assets of $500,000. Counsel for the, Accoun n{mflsnld the flnadnch\l embarrassment Slnres, 32.50 per Month . \ of Hanneviz and the company Wwas o i due to delay in collecting just com 4 Per Cent Inzerest Safe Deposit § pensation from the United States Boxes Bnipping Board for vesseis construct- || EQUITABL ILD ed during the war. Judge Knox ap- E BU ING; Monthly States 3 pointed Henry A. Wise and Thomas P. ment Serviee 2 Hanagan temporary receivers. HOLIDAY AT NEW ORLEANS. NEW ORLEANS, February 12.—Holi- | day in cotton market. % REAL ESTATE NOTES Conservative Valuations Secured by first deed ot truft on high-class properties. Responsible makers, GLOVER & FLATHER 737 15th St. N.W. No Intangible Tax. No Penalty on S:aall Halances. 49 Interest on Savings Accou 50, Cents Opens an Account. THE CLINTON BANK Clinton, Md. . @ilbert Dent Prank Dent w. ~ 3 PR T i 915 F St. N.W. JOHN JOY EDSON, President FRANK P.. REESIDE, Seey. 336 N. Y. Ave. o Interest on your Savings compound- cd twice a year. 0 The Building Association is the world’s safest and best method for systematic saving. Even government bonds are now selling far be- low par, while shares in this association can be with- drawn any time at full face value and interest added. One dollar will start your account. Columbia Building Association 620 F St. N.W. Under Governament Supervision