Evening star., 1922-07-02
FIGH-GRADE INVESTMENT ..1 u
BONDS ARE HELD IN ESTATES
Capital Traction IS and Potomac Electric
Fiirsts Are Relatively Scarce-Intan-
eible Tax Returns Notes.

where the daily sales are small COM
pared with the large issue.
This issue Is by far the largest COW
ering Of any local public utility, to-
falling $11.e43,oo0. and yet but 1900
| 500. face value, were sold during the
first six months Of the year. They
have gone up practically 800 a bond
during the year. They return about
5.33 per cent income and are well
secured,
Personal and Intangible Taxes.
During the last few days some at
tention has been given to the matter
of Intangible and personal property
| former.
LAS of July l." Yesterday was the
date on which to base valuations of
securities, in preparation for the n
of l per cent intangible tax, this be-
ing an increase from the $40 of 1
per cent of year ago. Moneys in
bank. in pocket also. must be ac-
counted for. with the exceptions Of
sums of under $500 on deposit in
savings banks. -.
Stocks of local public utility cor
porations, of national banks, state
banks and trust companies in the
District of Columbia are exempt from
the intangible tax, and also shares of
all corporations incorporated in the
District of Columbia.
May, 1922. but the returns on forms
I obtainable at any bank must be
sworn to and filed before the end of
the current month.
Local Business in June.
Business locally in the month of
June was just fair. The big In
crease in the clearings, in large part.
may be accounted for by belated tax
payments in May which were cleared
in the first few days OF June.
However. one cannot ignore the
steadily increasing clearings here as
elscwher, the encouraging reports
from public and private sources. the
abundance of money and the low rates
for loans. -.
Unfortunately. two serious labor
disputes are on. but this situation
VIII yield to caustic treatment before
very long. .--..--.--..
The foreign situation is apparently
no better nor any worse.
1t Is Interesting to note that for
the second time the Pennsylvania has
settled strike threat among its EN-
ployes by the company union pIan,"
as did the packers when threatened
with tie-up. -
hanston Company Wins.
The New York Supreme Court has
rendered an unqualified decision III
the case wherein the Lanston Mono
type Company. sued the Pittsburgh
type Founders Company for IN
fringement of patents. 80.
The Pittsburgh company were op-
Grating machinery for casting rules
and leads, distinctive feature of the
earliest monotype machine. and the
court upheld the Lanston claim to the
limit of It's contention.
A Group Picture. -
Either on this page or elsewhere
in this edition Is reproduced the
group photo. taken at the Hot Springs
convention. Of FIVE graduates from
the National Capital Bank-Messrs.
Mckee, Otterback. Riordan. Watson
and Ernest E. HerrelL The work of
the photographer is excellent.
Comment by Experts.
Having built up our home industries
beyond home requirements, and hay
ing for decades sold our surplus in
the export markets. we now face the
prospect of turnover in our trade
balances through enormous imports
to be made in settlement of our ac-
cumulated export credits. Produc-