Evening star., 1921-12-16
LOCAL SECURITIES
QUIET, But FIRM
Holders Show No Disposition
to Grant Concessions
Revenue Ruling-Notes.
BY I. A. FLEMING.

After the large business transacted
on the local stock exchange yester-
day 1t was but natural that there
should be most decided let-up today.
Perhaps the investment funds avail
able yesterday were all placed and it
will be a few days before the January
payments begin to show in the mar
ket.
1t is just possible that the steady
uptrend in values has caused some
let-up in the demand
Prices showed not the slightest
trend toward a lower range. but held
up at yesterdays limits.
Georgetown Gas 5s brought 81 and
Capital Traction 5s 95A, high price
for per cent bonds. indicating the
passing of the high money period and
the desire for good investments. Rail-
way As sold at 65.
Railway preferred brought "a, while
Mergenthaler rose a point to 129k.
No sales of Potomac General Mort
gage Is have been made for several
days. but the quotation remains the
same, 104 bid and 1041a asked.
Largely Oversubscribed.
AS indicated by the early announce
ment that local bankers had been
awarded less than one e-third of their
subscriptions to the latest issue of
Treasury certificates. the oversub-
scriptlon was decidedly heavy. Of
ficially. bids for $1,000.00O,000 were
booked.
Washington banks were unable to
fill orders from direct subscriptions
and calls We're made on New York
for large amounts. which in some in
Sf rfi 10 "A =
War Finance Lenns.
From December 10 to IA inclusive
the War Finance Corporation ex-
tural and live stock interests in the
form of 1872 loans for a total of $6,-
$4,000. Iowa being given the largest
loan. 1857 200. with Texas a poor
second, with $611.000. Twenty three
states were beneticaries.
New Revenus Ruling.
4 Treasury decision, effective today,
provides for the prompt adjustment
of claims for refund and abatement
of federal taxes. Heretofore when an
overpayment or Overassessment was
discovered by an audit of an income
tax return, the taxpayer was invited
to file claim for the abatement of
the overassessme or a return of the
overpayment. Adjustment of the claim
reau.
Henceforth the taxpayer will not
be informed of overpayment or over
assessment, with the privilege of fl
ing a claim for return, but will at
once receive certificate of over
assessment accompanied by check in
correction of the error, or if an ASSESS
ment is outstanding against the tax
payer. the overpayment will be ap-
pii>d against the assessment and the
balance Immediately refunded.
This decision will greatly facili-
tate the work of the bureau in the ad-
Justment of claims.
taxpayers may continue to file
claims tor abatement and adjustment,
but 1t is expected that the number
OF CLAIMS will be greatly reduced 1t il
understood that the bureau e poets 10
months.
The new rule will also greatly re-
duce the interest charges resulting
from unsettled claims.
Elmer Dover Chosen.
Elmer Dover, formerly private sec
retary TO the late Marx Hanna. has
oeen appointed assistant secretary of
the treasury. Ar. Dover will have
onarge ot customs. according to re-
ports.
appointment Pleasex.
very generally as giving enthusiastic
approval to the appointment of Fred
n shepherd of Washington as tho
exc itive manager OF the American
Banhers' Association. Since 1917 Mr..
Shepherd has been field manager of
the Chamber of Commerce Of the
United States and has won wide
recognition by his work
John b. Larner, president of the
Dl:triet Bankers association, at once
extended his congratulations TO the
A. b: A.. speaking for himself and
ior the association. on the appoint
ment of A.i. shepherd as per...an mt
cxet utire lnanaS.r. I'VE know" said
MIR. Larner, 'Mr. Shepherd 8 qualifica-
.iuns tol high-ciass WORK, and reaii...
what an advantage it VIII be 10 the
bankers Of the country"
Jos, .ph II. D.,rees. president of the
Chamber of Commerce of the United
States, said: The national chamber
has with reluctance accepted the
resignation of MIR. Shepherd. He is
eminently fitted. both by personality
and ability, for nationaI business or
ganization work. His wide knowl-
edge of the functions Of each will, no
doubt, result in the most helpful kind
of corporations between the A. B. A.