Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-12-29
: BY L a. FILMING.

Frequent reference has been made
during the past week. in comment on
the New York stock market, to 'iiqni-
dation to establish loss"
Rather a queer expression. and yet
one that tells the story, and in the
fewest, possible words. Under the
provisions of the income tax law and
the rulings of the internal revenue
bureau a loss is not loss until it has
been, actually taken. That is. loss
on q contract that has not been
closed; on a transaction where a pa
per loss is in evidence, but where the
fortune of war and business may yet
permit full recuperation, is not loss
becomes an actually.
The calendar year constitutes the
period for which the income taxes.
excess profits, etc, are collected in
1919. Therefore, it was obligatory
that holdings of securities owned by
operators in which losses have been
sustained should. reach the actual
which attended the first three bust
ness days of the week was referred
to as, largely liquidation to establish
a loss"
Some "reminiscences.
During the year now rapidly draw
ing to a close there have been num-
Der Of important changes in the per-
sonnet of bank officials and one i'm
portant one in connection with our
public utilities.
March Fl. 1918. Clarence P. King.
president of the Washington Railway
F. Ham. vice president. succeeded to
the presidency. September 10.
Ashton G. Chaplain resigned as
president Of the Commercial Ma
tional Bank. Frank r. Hartman sue
ceeding. holding office until October
25. when he resigned, becoming chair
man of the board. and Rolf Z. Boiling
was chosen president.
]. Fendall Cain resigned the cashier
ship of the Franklin National Bank,
and was succeeded by George Stauffer,
who shortly resigned to take up his
Mr.. Cain later became assistant
cashier of the Commercial National
Bank.
James D. +. Schneider. late in the
year, retired as assistant cashier of
the District National Bank.
Tucker X. Sands resigned as vice
president and cashier of the Com
mercial National Bank. the latter
position being still vacant.
During the year the banks put over
two very successful liberty loan CAM
paigns, the third loan campaign start
ing April and closing May 4. and the
fourth loan starting september 70,
ending October 10.
The Washington Railway Company.
Potomac Electric Light Company and
the Washington Gas Company, all
put cut new issues of bonds in 1918.
The security Storage Company. the
Norfolk and Western Steamboat Com
pany, declared extra dividends and
the latter corporation decided to re-
tire It's 100000 outstanding bonds.
The banks rave enjoyed success
full year, nla.n.aining dividends with
cut much trouble, experienced con-
siderable difficulty from shorsness of
help early in the year. q condition
that mas been greatly remedied in the
last thirty days.
Splendid investments.
The very low prices to which. the
various issues of liberty bonds are
selling suggest that they offer about
the best investment. safety consider
ed and tax free features, as well, as
any bonds in the market.
It is even stated that savings banks
in various sections of the country
contemplate placing a large part of
their funds in these securities. the
yield on these issues is coming very
close to per cent. and a per cent
government bond is a very attractive
investment
1t is generally expected that the liqui-
dalton Of liberty bonds. will show a
positive let<up; after the advent of the
new year: that the holiday liquidation
will be over. and that thereafter there
will be but scattered selling.
1t is probable, too. nat some corpora
tions and others have been putting
themselves in shape to participate in
the fifth loan, have been selling fourth
loan bonds and other issues as we'll, al
though the advantages of holding liberty