Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-02-09
LOCAL BOND ISSUES
WERE IN GOOD DEMAND
BY I, A. FLEMING.

business was again
on the local stock exchange To-Day.
cra,hophone IS and Potomac Consoiidat-
cd Is competed for precedence IN the
bond list, with the former issue little
more active and at the "a etereotypeo
price. %. Investors are taking these
bonds on reported large earnings OF the
cornoration. which are to be made pub
lie in a few days
Potomac Consolidated IS were strong
at $685.. The only other bond sale was
$500 Railway per cent at 81.
Several lots of Washington Railway
and Electric common stock SOLD at o.
while the nreferred was steady at So.
Washington Gas firm, with sale al
Csnital Traction was the only pubic
utilitv stock that did not show on the sales
Lis, other than Georgetown Gas. which is
rarely traded in. The asking price on
Capital Traction shares was ga anu
the bid price Sc p. ..,, .,.h
Mergenthaler was held at 100 2, WIN
1874 bid while IS was bid for Lanstoh anu
20 asked. e.u,ho.+
Norfolk and Washington steamboat
shares sold at 1856 and 10 .
Important Ruling.
A. tho request of the counsel for the
American Bankers Association the
Treasury Department has made rul-
ing that is especially important TO
bond buyers. to municipalities ana 10
commission houses in the bona ous'-
ness.
THE income tax law excludes from
taxation the interest from nv, r,i,,-
bonds, and partnerships handing mu-
nicipal bonds may exclude from CON
sideration in determining dlstrioutapIe
interests of its members all income dc-
cruing to partnership In FORM OF lhtei
est from municipal bohus uhuei 'iie
federal income tax law.
Investing banking partnerships have ire
uuently considered interest on lnunciPais
as part of their income. Municipal pohds
are free from income tax, and nave beeh
SO recognized by Individual ownerships.
With the probability of heavier income
taxation in the near future, municlpai
issues are likely to increase in favor
Bank Election.
The annual meeting OF the Farmers
and Mechanics Bank of Seat Pleasant,
Md, was held yesterday. Francis S.
Carmody was reelected president and
Tucker K Sands vice president
Hubert T. Plaster. formerly of the
Peoples Bank of Leesburg. Va. was
chosen cashier.
of E. S Wolfe, Tucker K. Sands, Fran
els S. Carmody. w. S. Collins and B. E.
Behrend-
During the past year the bank made
- per cent net on it's capital and paid
per cent dividends.
Cashier Elected.
At a meeting of the board of direc-
tors of the Union Savings Bank. held
last night. Luther E. Schreiner was
elected cashier. Mr.. Schreiner. who is
thirty three years old. was graduated
from the Mckinley Manual Training
banking career with the West End Ma
ionaI Bank. which was later CONSOLE
dated with the National Metropolitan
Bank. Mr.. Schreiner managed the
northeast branch of the Home Savings
Bank from the time il was opened until
1907, when he became paying teller of
the United States Trust Company.
Later he was elected assistant treas
Munsey Trust Company took over the
business of the United States Trust
Company in 1914, Mr.. Schreiner was
appoined assistant manager, which po-
sition he resigned to assume his new
duties.
Condition of the Treasury.
The condition Of the United States
Treasury yesterday was
Net balance in general fund. s112,-
T2e,943.
Total receipts, s1.740,62i.
Total payments. s2,s21,o39.
The deficit this fiscal year is $52,650,-
373. against a deficit of s69.247.616 last
year. exclusive of Panama canal and
public debt transactions.