Evening star., 1916-12-21
LOCAL STOCK MARKET
SHOWS EASIER TREND
Investors, Influenced by Conditions
in New York, Hold Aloof-Many
Dividends Declared.
Christmas Spirit Prevalent-Union
Pacific Pays 2 Per Cent Extra.
The Tax on Capital Value.
BY I. A. FLEMING.

BY I. A. FLEMING.
odd lots of stock featured the linn
1ted business transacted at today's ses-
sion of the Washington Stock En-
change Railway preferred, but little
better than nominal. was quoted al
s11s and this was the only public util-
ity sold. Low prices We're bid for al
other issues.
Lanston made a new low at 74i2 or
sales of twelve shares. with this price
the best bid. Ten shares of Mergen-
thaler brought l642,
With the smashing declines in Wal
street, the clean-out of the bulls and
the uncertainty regarding the future
IL is not to be expected that investors
would be anxious TO make investments
at this time.
A small Washington Gas per cent
bond sold at 106l.. q fractional i'm
provement; American Graphophone rs
were 81 off at 101l.. and Railway As
sold at S2s.
Dividends Declared
The Norfolk and Washington Steam
boat Company. will pay per cent Jan.
uary l, books closing the 23d instant.
The American National Bank divi-
dend for the quarter. . per cent. is due
December 80. books closing the 26tf
instant
Ffremen's Insurance Company, dividend
Of per cent for the semi-annual Pc
riod will be paid January ,, books
closing December "a.
Merchants Transfer and Storage Com
pany. semi-annual of 3 per cent is
payable January /. books closing De
cember %.
New Clearing House Rules.
further revision of inland exchange
charges has been made by the New
York clearing house committee. in car
rying out the policy of maintaining
equitable rates
On all items. whether collected
through the federal reserve bank or
otherwise, which the federal reserve
manager of the clearing house that it
will receive from its members, the col
1ecting banks shall charge.
For all items, available after one day
after receipt-pursuant TO such notifica-
tion-discretionary with the collecting g
bank.
Items on which collections are re-
ceived in time for exchanges at clear
The collecting bank.
Items on Jersey City and Hoboken
are also Discretionary.
The time limit for joining the collec-
ton system has been removed and
banks may apply for membership at
any time.
Paying Dividends.
Member banks in the Philadelphia
regional district will receive a full 6
per cent initial dividend, payable De-
cember 80. The regional bank of Min
neapoiis will pay it's initial dividend on
the basis of 6 per cent for the period
November Is. 1916. to July /, 1915. pay
able to shareholders of record the last
named date.
There are now eight banks in the
federal reserve system that have paid
dividends Richmond regional is a full
year back now.
Extra Dividends.
The Union Pacific Railroad Company
this morning announced a per cent
extra dividend Many banks and trust
companies in New York and elsewhere
are giving their shareholders presents
in the form of extra distribution.
In the Spirit of the Season.
The District National Bank, the Union
Trust Company, the Continental Trust
Company. the Columbia National Bank
and the Washington Loan and Trust
Company are making their employees
annual gifts of gold
Directors Of the Metropolitan Nation
al Bank yesterday voted to give all
employees 5 per cent bonuses on an
nual salaries.
Will Pay Under Protest.
At the last session of Congress a cor
poration special tax law was quietly
spread upon the records. attracting lit
tie attention at the time and enacted
without much debate.
The collector of internal revenue now
rules that this tax applies to banks as
well as other corporations and that un =
less promptly paid demand will be made
for its payment with the advent of
January, when the law becomes ef-
fective
It will be news to some bankers &c
find that there is yet another l pei
cent burden on them.
This tax does not apply to many OF
the smaller institutions, the capital val
uation exemption being $4,000. On all
other capital In excess of this amount
tax of so cents on each $1,000 Of ia II
capital valuation IL fxed, said fair val
uation TO be based on market value
the last business day of each month
divided by twelve TO give the fair val
uation.
Where stock is not listed and sales
have actually been made the officials oil
the bank, IL they know of the sales
shall disclose the value. the average
price for the last fiscal year being the
taxable value
In the event OF neither of the methods
being available. the book value OF the
stock as shown by capital, surplus ant
undivided profits is the taxable value.
The first return Of 20 cents per $l,00'
fair valua ton is payable January !, 1917
the second return is due July ]. and is fol
so cents on each 81 900 of fair capita
valuation and thereafter at that rate fol
each year. ending with June &c.
Penalty for failure to make returns 1.
8 per cent per month. and interest at / pei
cent u month will attach ten days aftel
receipt Of notice and demand, if tax re-
mains unpaid.
Returns Of United States corporation.
10 be hled on form 707. collector to for
ward blanks to taxable corporation
known to them, while failure TO receiy.
such forms does not relieve corporation,
from penalties.
Payment Of tax il due when assessed
or can be postponed until demand is pre-
uented and ten days notice given
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