Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-12-29
BIG BUSINESS IN
LOCAL SECURITIES
Some Loss-Taking Sales
Interesting Question Car
ries $4,000 to Surplus.

TOdayS session OF the w aSnInS Ton
Stock Exchange was attended by con-
siderable activity. and trading was
more diversified than usual. no less
than twelve different securities show
ing up on the sales sheet.
For the first time this year Wash
shares changed hands, the common at
u and the preferred at -.
Capital fraction sold sparingly
Ut 81 and S2k and closed with So !.
lid. Railway preferred was steady at
II. Washington Gas easier at 3SIa.
The only evidence of business result
ing from the taking of losses for in
come tax purposes was in the common
took of the Columbia Graphophone
company. where 500 shares. all told.
we're placed on the records at S1-S.
Bank shares were reasonably active
- 10y for Commercial National Bank.
Ito tor Continental Trust Company
ma 953 for Washington Loan and
Trust Company stock.
The t5peSetters were easier on very
light transactions. Mergenthaler sell
ing at 120 to 11SR and five shares OF
l4anston Monotype at !5H. There have
been no sales of the latter for some
weeks. the bid price being IS. and
he asking up to yesterday 30. with 80
asked today.
Marking Them Down.
several banking institutions are
MS thS uo"n the DOOk EaluatlOn OF
'Jeir investments into harmony with
. actual values of the securities in the
open market This action has been
taken several times this year by the
banks. but despite the shading of in
vestm ents- they have enjoyed the best
! ear in their records.
Quite recently members of the
rust company section of the Ameri-
IAN Bankers Association raised the
question whether or not the COM
pcnsation paid executors and admin
istrators of estates should be in
"iuded in income for tax purposes or
SHOULD be tax exempt.
They based the contention that such
fees and compensation should be tax
free on article lxxxv. regulations As,
of April Il. 1919, compensation paid
it's officers and employees by a state or
a political subdivision thereof. includ-
ing fees paid notaries public COM
rnissioned by state and the commits
sions of receivers appointed by state
courts. are not taxable
In reply counsel of the section
points to the fact that a decision was
made last year that a lawyer en-
p;oyed by a municipality as special
counsel TO act in connection wi tn the
regular city attorney could not be
regarded as An officer or employe of a
bubdivision of a state. and the fees re-
,-aived were, therefore, subject to tax
or course where a will is probated
letters testamentary are issued by
The court: in the absence of a will
letters of administration are issued.
but IL seems to me quite doubtful if
executors or administrators are to be
Considered in the light of state off,
Gals or employees"
Carries 100000 to Surplus.
Directors Of the District National
Bank held their regular meeting yes
terday afternoon. at which they de-
ciared the regular quarterly dividend
Il per cent and carried 500, 600
from undivided profits to the surplus
account
The bank closes the year with a
surplus of 100000. The dividend ia
payable January g.
The Secretary of the Treasury has
called upon banks having proceeds Of
The sale Of Treasury certificates Of
isSue December Is to pay into fed
-ral reserve banks by tomorrow per
cent of the balance Of such funds.
The call was entirely unexpected, as
u per cent was called day or two
ago, 50 t1r2f IL was probably the re-
suit OF q characterization Of the needs
Of the Treasury for tie month. De-
cember Is certificates have furnished
the government with $177, O0O, 600 cash
out Of $500. 0O0, 900 sold
There arc tWo issues of Treasury
certificates maturing in January, the
first on the 3rd and the second on or
before the 18th, 30 that the chances
Tor another issue by the 18th of Jan.
uary appear good