Evening star., 1920-04-06
TAX PUBLICATION
y CAUSES MUCH IRE
District Security Holders
i Names Taken From In
tangible List.
BY j. A. FLEMING.

by j. A. FLEMING.
Many investors of Washington have
rad knowledge during the last few
days of the existence of a puhlica-
fion of Z. list of local owners OF Sc
curitics. with the assessed valuation
Of each individuals holdings. as pre-
pared for the collection of the IN
tangible taxes of the calendar year
a91S.
That such n compilation has been
given general circulation, as large
<S could be expected for a work cost
SmS forty dollars copy. has been a
great surprise to bankers and TO tax
payers generally. Some individuals
have taken sufficient interest in the
.matter to have made complaint to
Assessor Richards and others have
Threatened to take the matter to Con-
sTess. , ~,
statement that after the intangible
tax lists have been completed and
sent over to the collectors Office they
fecome public property, and that the
,.Eftchie publication became possible
Through copying the records.
broadway publisher of the name re-
ferred to has prepared the compila-
fion.
II is of especial value to investm ent
bankers and others selling legitimate
) ISSUES of bonds and other securities
and has also been used by question
ehle mining, oil and other promoters.
The list has not been out long enough
TO have given time for full circularization
of the investors named, but local people
will receive much promotion publicity
through this channel before the year
ends
The printing press and engraving Of
G1ceS are turning out new securities very
/, speedily these days and in great volume ::
much of ii is legitimate financing needed
10 increase industrial production. but
q very large share of the new securities
now coming out carry with the issues
very large speculative chances and very
small probabilities for any return to the
Investors.
Stop Exchange Business.
Local banks have curtailed their for
tign business very greatly during the
past week or two. Conditions prevalent
in Germany have made them cease
operations in German marks, while trad
ing in the currency of Poland. Rumania
and Austria has either stopped or been
greatly curtailed.
In the meantime the pound sterling.
French francs and Italian lire are
moving with the usual freedom, al
though not quite as strong this morn
1ng as on Monday
Commercial Paper.
The market for high-grade CONNER
cial paper is quoted here at Z per
cent, while what little money Is lend
ing direct to customers is going at
the per cent rate. In New York city
commercial paper is quoted at Z per
cent, while time money is quoted at
curity.
call loan money was easier on Wall
street at per cent.
Amendment to Reserve Act.
The Wall Street Journal has this to
say on the recently enacted amend
ment to the federal reserve law desig-
mated to give greater control to the
board at the source:
This measure does not involve any
OF those momentous foreign con-
slderat tions which might subject ii to
executive suspense or to instant veto
Banking opinion is divided on its
merits 1t has been privately criticised
as well as publicly condemned But
Tor the most part. it is said If the re-
serve board believes it does not all
ready virtually possess the powers
Inc amendment confers. and desires
them, they should be given, without
cdvIl.
Everybody has been anxious for
oehation to begin. But, as good inten-
1lons have mounted. so, too, have bank
loans and investments. In the third
SIN months period since the armistice.
with over thirty days yet to go. thew
snow @ a countrywide increase of $751;
900, Notwithstanding a contraction
/ of so62, 600. 900 in New York disrri.f
loans. With the reserve rediscount
classified rate, bankers have become
more disposed to view that rate as the
master-key to both the money and
credit situation.
With the direct. individuaIized rate
OF the latest amendment, passed in a
week of sackcloth and ashes, rediscount
percentage certainly has not lost i'm
tstfateSlc Importance. Whether il is
vigorously or gently imposed, whether
exercised or merely held in reserve in
cannot but bring the SIG, 900. .0OO. 900 of
loans and investments of banks report-
ing TO the board nearer to moral pres
sure. if not to suggestions, advice and
correction.
But conservatism knows there is a
gulf between the new legal banking
power and it's indiscriminate exercise
9f fathomless depth. Faced with ac-
euai conditions, the reserve board per
haps did render real service in not
forthwith peremptorily forcing defia-
ton But it is under no legal obliea-
tion to lend money. 1t may, if il sees
fit. or ii may not.
In the abstract the new amend
ment does seem to give additional con-
troll. equitabiy more compatible with
"A branch bank banking system But
II must not De forgotten the reserve
board has thus far been sparing in
the employment of its powers-even
10 the point of engendering a delu-
SION that II may expand but cannot
contract credits outside OF New York -
On the stock Exchange.
Local securities were quite active to-
DAY. but there was small change in
prices. If any. A larger number of
80, Is were traded in. indicating a con-
tinUation Of the Investment demand that
started with the first of the month, on
the receipt of April disbursements
lanstOn Monotype sold rather freely
= slsI Railway preferred was the
leader ia the trading at 81 to SIX.
Washington Gas brought IS and Old
11utch Market. 1913. with the common
shares of the same company selling at s.
Continental Trust shares sold at
7tNI3 and Union Trust stock at ia, but
'lot in large amounts as to either COM
pany's shares.
Potomac Electric first 5s brought s41s
and the consolidated SIS of the same
corporation sold at s71a to 81. with the
latter price bid at the close of the ses-
Sion