Evening star., 1918-08-20
LOCAL STOCK EXCHANGE
LISTS NEW POTOMAC 6S
BY I. A. FLEMING.

Governors of the local stock ex-
.change considered the application OF
the officials of the Potomac Electric
Power Company for listing the w.
100000 new 8 per cents. part OF an
authorized issue Of 3s,ooo.ooo. recent
" put on the market at 80.
Favorable action was taken ana tno
bonds were called this afternoon on
the local exchange, the result being
sales at s3A, and closing bid OF sa]
and q closing offer to sell at 9Ah .
Investors are said to think well OF
the issue, especially in this cisy.
where the full opportunities OF tns
corporation are understood. togotner
with its earning power and the large
annual surplus over fxed chargsa
The bonds bear date July !. 1919
and have but ftve years to rum ma
turing in 1898.
normal federal income tax goes, only 70
the extent Of per cent
At s3 they yield IT'S Per can't.
Commercial Bank Building.
The new banking structure Of thu
Commercial National Bank, erected On
the old location, 18th and G streets north
p. west. is nearly ready for occupancy 10
fact, practically all Of the tenants nov
occupy their quarters. and the entire
space In rented.
The Commercial National Bank win
its new home between the close Of husi-
ness August 81 and the opening 1of
business September J.
' Government Withdrawing Deposits
The government 10 Withdrawing
. funds from banks with considerable
z freedom. with the result that there
I'D A Il fAo NJ ao nj
in New York city and elsewhere On
the 2eth instant the local banks viii
be called upon to return about $780,
600. being 20 per cent OF the e2x Dc.
posits and the second installnent OF
return funds.
These funds were placed with the
national banks of the city subject to
call, but the Treasury Department il
doing its best not to embarass banks
by hasty Withdrawals
Russian Bonds Strong.
The advance in Russian bonds on
the New York market was largely due
TO the formation of a committee Of
prominent bankers to protect Ameri-
= can investments abroad, and some
bankers claimed that the committee
would also look after American invest
ments in foreign issues, which would
'Eaean. among others, Russian obiiga-
tionS in this country.
1 Internal Russian SIS advanced to
127 for 1000 rubles, after an opening
1T 112.
Steel Common Earnings.
Dow. Jones Co. estimate that the
earnings of Steel common for the cur
rent year should be equal to about $40
"a share. after the deduction Of all war
tprofits and income taxes, as provided
for in the draft Of the measure now
before the ways and means committee
of the House.
Chino Oil Extra Dividend.
Chino Oil directors declared the reg
ular quarterly dividend of IL per
cent per share and the usual extra Of
s47s.
Asks Higher Normal Tax.
The Treasury Department suggested
IL per cent normal tax on earned
= and 10 per cent on uneArned incomes,
with one-haf Of the regular normal
tax On the first $4,000 Of taxable In
come.
On the Local Exchange.
Potomac Electric first Is furnished
the bulk of the trading on today's
session Of the local stock exchange,
5000 face value being traded in at
S3z, or X of a point above the asking
price Of the syndicate that marketed
the issue.
Very little other business was trans
acted. one sale Of Washington Gas be-
ing made at 52h and one Of Capital
Traction shares at 50.
Fresh buying met the decline, ana
the market made q fairly strong re-
covery, standing points up to 10
points lower. compared with yester-