Evening star., 1916-08-15
BETTER DEMAND FOR
LOCAL BOND ISSUES
Potomac Consolidated IS and Rail
way As Favored by Investors.
Stocks Show Better Tone.
Washington Gas Firmer at 76-Bal-
timore to Be Par Point-Rail-
road Earnings Larger.
BY I. A. FLEMING.

. A little larger volume OF business was
3 transacted at the session of the
Stock Exchange this afternoon. four
I. issues of bonds and three of stocks
= showing on the sales record.
i, Changes in values were unimportant,
: Chesapeake and Potomac So at los
p showing a slight gain, while Riggs
. Realty 5s. long-term maturity. at 1o11s
were slightly lower.
: Potomac Electric consolidated 5s were
strong, selling at 102, and Railway As
were also firmer at S12,. The exemp-
tion of local bonds from the proposed
Intangible property tax is expected to
lead to some increase in investments
in these securities.
Washington Gas was decidedly hrmer,
selling to rs. Mergenthaler, with nsht
transactions at 161. was better than
point higher.
The best trading In shares was in
Railway preferred at 81.
Southern Railway Earnings.
The Southern Railway Company for
the first week of August made gross
earnings of s1,32s,751, an increase of
: $e6,.23 over the gross figures for the
same week in 1915. From July 1 to
August I. inclusive, the gross earn
ings were S6,712,355. an increase Of
s1S0.77O. as compared with the same
period last year.
Chesapeake and Ohio Earnings.
Freight earnings of the Chesapeake
and Ohio system for the calendar year
June 80, 1916, were sss.o79,os7. an In
crease of s7.7e0,55o; passenger earn
ings s5,99S.043 an increase Of S301,-
s55, as compared with the previous
calendar year. Net operating revenue
increased s4.292,913.
To Make Baltimore Par Point
A meeting of the Baltimore Clearing
House Association has been called for
today to take action in the interest Of
making Baltimore par point, this
meaning that the regional bank at
Richmond will give Immediate credit
for items drawn on Baltimore, and that
the city banks will use the collection
system New York Will then eliminate
the % cents per $1,000 charge on Balti-
more items.
Dividend Declared.
The Continental Trust Company d.
rectors have declared the usual quar-
terly dividend OF II per cent payable
September Is. to shareholders Of record
September 10.
Urging Reconsideration.
The committee of the District Bank
ers' Association Is continuing Its efforts
to present to the conferees on the Dis
trict appropriation bill the injustice of
the 4-10 Of 1 per cent intangible prop
erty tax.
In a letter handed to the chairman of
the conference committee today atten-
tion is called to the fact that $50, 600. 900
of bonds owned by the banks of tho
District would be subject to taxation
under the amendment; that, IN addition,
a 500 900 cash and about $67. 800 900 Of
promissory notes. much of the latter
secured by real estate. bearing the
usual real estate tax. would also be
assessed: that the aggregate loans. in
-yestments and cash taxable under the
would be about $91 500, 600,
and that they have on hand $S2. .00O, 900
of deposits of individuals. and that If
the proposed law was enacted there
would be double tax on a large part
of this money.
Bankers have as yet taken no action
on the Senate proposal of q tax of SO
cents on every $1,000 of banking capi-
tai. surplus and undivided profits