Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-09
LOCAL FINANCIAL NEWS.

An effort is being made in Boston to test
the validity OF the payment of the New
York state transfer tax on shares Of stock
sold in Boston and sent to New York for
transfer. A number of the leading Banking
houses have secured an opinion that when
New York stocks are sent to New York for
transfer and 1t is certified that the trans
actions took place outside of New York. no
tax will apply to the transfer.
1t is stated that the Boston Stock Elk
change will secure legal ruling upon this
subject for the benefit OF Its members.
In the case of all stock sent from this
city to New York for transfer since the
law went into effect on the I'd instant. the
money for the tax of two cents q share has
been transmitted. In the event the conten-
tion of the Boston brokers is maintained by
the courts there will be no further pay
ment OF the stock tax on stock transactions
that take place in this city.
Another question of interest has been
raised in this connection. and 1t is the same
as was brought up in the case of the
late government war tax Is whether the
issue OF new stock Is to be considered
transfer in the meaning Of the New York
law. As to the government tax, the de-
cision was that 1t applied to new shares of
stock issued as we'll as to transfers Of
stock.
1t Is not known whether the same con-
struction will be placed on the New York
law, but If 1t Is. then all those who SUBJ
scribe for the new 81 100000 issue Of Mer-
genthaler stock will be liable to this
extra expense. However, it Is announced
by the Mergenthaler company that in the
event it is held that the tax applies to the
new ISSUE then the company will pay the
tax for those subscribing for the stock.
An inquiry was made at todays meeting
of the stock exchange when telephone stock
was reached on the list If there was
twenty-five shares for sale. An offering
was made of such a lot at As. and several
brokers began to bid for it. Starting from
the bid of yesterday, which was 40-and
there has been but little change for some
time past-an advance was soon made to
41%.
Up to this time there seemed to be q pros
pect of some trading in one of the inactive
stocks on the list, but the inclination to
give more was not apparently very strong.
Perhaps the most discouragfng feature
was the withdrawal of the stock offered at
As. block of ten shares was offered at 43
end promptly taken. There was then no
stock for sale, but the bid remained the
same.
1t is understood that some inquiry is being
made for this stock, and especially at
prices at 80 and less. There is apparently
not much on the market on these terms,
and 1t Is stated that those who are holding
1t, as well as those who want 1t, believe
that owing to the large increase in the
business of the company, 1t will not be long
now before the payment of dividend will
be resumed.
The trading in the other securities on
the list was not marked with any more
spirit than has prevailed for some time
past. There was no special significance
either In the sales recorded or the quota
tons made.
In the street railroad securities. which
are usually the most active, there was
very little done. Twenty shares Of Capt.
tai Traction stock sold for 143N when Of
at 144, with 143A bid .
couple of ffty-share lots of the prefer
fed stock Of the Washington Railway and
Electric Company sold for so and 9OH. and
then S9a4 was bid and 30 was asked These.
figures were withdrawn and 1914 was bid
and 81 was asked.
Thirty-sx was bid for the common stock
and one hundred share lot was sold at
that price. The bid was renewed and then
advanced to 361s but without result. There
was no stock for sale less than 81,
Ten shares Of etropolitan-Citizens' Bank
were offered at 1913 and sold. The bid was
then 49, and $50 was asked
An Offering of ten shares of Riggs Bank
at eco was taken. The bid was then 651 and
700 was asked.
Any part Of 100 shares Of gas stock was
offered at 62. The bid for fifty shares was
6l1a. For twenty-five shares 61A was bid
and 81 was asked.
A sale of ten shares of Mergenthaler was
made at 1891. The stock was still for sale
at that figure and 1s9 was bid.
Todov,o Houarpp,opf paoai~&.