Evening star., 1922-04-27
MAY INDIRECTLY
5fHELP SECURITIES
Bankers and Trust Officials
Protest Tax Program-ln-
!. ,.vestment Shifting Likely.
by i. A. FLEMING.

Bankers were very much exercised
this morning over the action of the
conference committee on District tax
alton as reported this morning.
OF course. investments. in the event
of the action of the conferees being
I elfacted. would fare much better than
real estate and building interests.
Yet an added handicap of 2-1O of l
per cent on securities would make
them Just that much less valuable.
But security holders would really
fare. much better than the general
renting. house -owning, building and
realty interests.
Today's local market did not reflect
the effect of such legislation as pro-
posed, although trading was very ma
terially off.
Continental news was the chief fac
tor of the day in the New York mar
ket, and, while there was no retiec-
ton here, the weakness and uneasi-
ness on Wall street was unquestion-
ably reflected, to certain extent.
Sales were made at 100 for Po-
tomac Electric general Is. II y for
Railway As. 90 for Capital Traction
shares. 81 for Washington Gas and
9O1s for Real Estate Title shares.
There is just possibility that the
recommendations of the conference
committee are enacted, that much
money VIII be taken out OF rear eS-
tate investments as, soon as possible
and investment found in the less
burdened security Investments, where
the intangible tax will. in that event,
be one-half of ! per cent.
!. Opinions of financial interests on
Nhe proposed taxation scheme Will
be found elsewhere, sufficient to say
that the financial district is up in
arms, in protest loud and long-al-
though not strong in the faith. re-
garding the effectiveness or protest
or appeal.
Capital Traction Earnings.
A loss of s36,94O in net earnings is
reported by the Capital Traction Com
pany for the month of March, 1922, as
compared with the net for the same
month in 1921, and gain of S9.l13.
as compared with the net income Tor
the month of February of this year;
Just why the decrease as compared
with year ago is not known, al
though it is possible that there may
have been less travel, the busses may
be claiming larger percentage OF
patronage and the traction company
may have expended more money on
replacement of track and equipment.
Now n Law.
Efforts made to secure the passage
of the measure putting District banks
! under the control of the controller of
the currency, making his approval
necessary in order to start a state
bank within the District. has been
signed by the President and is now
g. law.
The Hamilton Bank, Dupont cir
Gle received permission to open for
business on Monday of next week, at
10th and p streets northwest.
More GraphOphOne.
Activity in Columbia Graphophone
was attributed to the fact that COM
pany plans to enter into manufacture
of radio apparatus. A new receiving
apparatus will probably be worked
out to fit Columbia cabinets. This
would provide excellent opportunity
! for company to lduidate part OF the
large cabinet inventory carried since
company overstocked in this line, an
ticipating heavy sales at close
of 1920. 1t would require small
expenditure for Columbia to divert
portion of it's plants for manu-
1acture of radio apparatus. Another
Sactor contributing to advance in
price of the shares is the fact that
at last a definite plan dealing with
company's indebtedness has been sub
mitted. There is every reason to be-
lieve that this plan will go through.
as over IS per cent of noteholders
have deposited their notes.-Wall
Street Journal.