Evening star., 1921-08-08
MODERATE TRADE
IN LOCAL MARKET
Prices Steady-Suggest a
Washington Candidate for
Lanston Directory.
BY I. A. FLEMING.

BUSINESS on the iocdi StotN ca
change was light. but on par with
the average these vacation days
when half of the business men are
away on their vacations and the other
half just recovering from theirs.
Prices seem very steady, more or
less Stabilized" or at least not nue.
Railway preferred was firm at S.
Washington Gas brought 43 and Cap
ital Traction sold at STE, all hnal
prices of last week.
A small lot of Mergenthaler brought
11sk
Bonds were slow. the one sale re-
ported. debenture IS of the Potomac
Electric Company at "a. =
Call money, 5E bid and per cent
asked. No transactions.
Vacancy ON Lanston Directory.
There is vacancy in the directory
of the Lanston Monotype Company.
LanSton stock is held very largely
in this city and the only transactions
in 1t are on the local stock exchange.
A listing in Philadelphia was made
a year or more ago, but with the ex-
ception of a few transactions, prob
ably for local people. there have been
no important sales.
Washington is represented on Co
lumbia Graphophone and Mergen-
thaler directories and. local brokers
believe, should be given considera-
tion in filling the vacancy on the
Lanston board. The presence of a
representative of local shareholders
would give assurance to the latter.
j. Maury Dove, the president of the
company. is Washingtonian. but the
amount of stock held here. in the
opinion of brokers. warrants a di-
rectorship also.
Personal Mention.
George E. Hamilton. president of
the Capital Traction Company. re-
truned to business this morning after
spending nearly three. weeks at
Moosehead Lake.
The fishing party of the officials
and directors of the Bank of Com
merce and Savings is over. 1t was a
success.
After Tax-Free Bonds.
1t is probable that leaders in Con-
eress, vainly seeking where they can
save a dollar of the tax burden, and
place to shift the second dollar.
will, before the end of the present
session, take up the matter of tax
free certificates.
This proposition is the natural re-
suit of frequent contact. when seek
ing for additional revenue, with the
taX-freeS.
The rich have been driven by the
surtax and excess profits laws to seek
more revenue in taX-free securities,
and some of them in doing this have
been great losers.
No promiS of relief is offered from
the great load of these securities is
sued. and it will also require a con-
stitutional amendment to take from
states. counties and municipalities
the right to further issue this char
acter of securities.
1t seems as if the times are ripe for
action. sentiment is largely in favor
of it, the farmers are for it, the Amer
lean Investment Bankers Association
is on record on this point: the chair
man OF the House committee on bank
ing and currency favors action.
NO retroactive measure can elimina te
the millions of tax-frees. Maturity
alone will get them out of the way.
Passage by Congress of a resolu-
ton to submit the matter to the ma
ton. through the states, after the US
uai manner. might bring success much
quicker, than some recent constitu-
tional amendments that have been ad-
ded thereto.
Investment bankers favor the pro-
posed change for the reason that the
tax-free has been a continual brake
On the issue of other securities.
An expert has figured that on an
investment of $4,000 it would require
an S.71 per cent return to equal the
yield on a . Y per cent tax-free bond
AS the amount invested becomes
larger the difference becomes greater,
thus 100000 placed in 5A per cent
tax exempt securities would give the
sane yield as would a like investment in
taxable securities paying 1902 per
cent. with the heavier ratio increase
as the amount of the investment in
creases.