Evening star., 1923-03-26
TAX ON LIBERTIES
AFTER JULY Z, 1923
Trading in Loca! Securities
ReStriCted-PriCeS Barely
Steady.
BY i. A. FLEMING.

July next there will be a change
in liberty bond exemptions. Up to
that time the exemptions are as fol-
lows:
Five thousand dollars aggregate
principal of certificates of indebted
ness, Treasury savings certificates
twar). and and Az per cent bonds
A matter of $4,000 principal of first
or second and AZ per cent liberties
and S125,000 aggregate principal OF
and 4A per cent liberty bonds
Also any amount of AIS and any
amount issued prior to September /,
1917, the latter including only the
first 31as.
From July the exemptions will be
as follows until July 2. 1925: Five
thousand dollars aggregate principal
certificates Of Indebtedness, Treasury
certificates (war) and 4 and Az per
cent bonds. matter of $4,000 ag
Eregate principal of 4 and 4l4 per
cent liberties.
The s14s are free of normal and
surtax until maturity.
After July ?, 1926, $4,000 aggregate
of certificates of Indebtedness
Treasury savings certificates (war)
and and 4h per cent bonds.
According to present revenue law
all interest is exempt from taxes on
governments held by corporations
Local Securities.
Local securities were decidedly slow.
Traders are awaiting the action of
the Supreme Court with regard to
the Potomac impounded fund.
1t is a matter of refusing jurisdic-
ton, remanding to the lower court
n a
praisement actually hearing the
case. In the latter event it will be a
long time before the case is settled.
The Potomac Electric Company Is
compelled 10 impound per cent on
this big fund, pending the settlement
of the matter, the interest to go with
the main case and investment to
produce that interest is not readily
available. Much of the large sum is
held in liberty bonds and Treasury
certificates
Railway common was quoted at 65
bid and 6512 asked. The preferred is
73 bid and 73$4 asked. Capital Trac
tion was back at par.
Gas was soft at 497s to 4sA
American Security and Trust Com
pany stock sold at 305.
Norfolk and Washington Steam
boat, PA.
Washington Gas IS, 103
Investors Losing Cash.
Ell thousand QolldTS a DAY interest
is the loss to investors in victory
notes called for redemption last De-
cember, and still unredeemed.
In making this announcement today
the Treasury stated there still We're
about SS0,000,0O0 of called notes out
standing. Holders of these securities
were urged to present them for re-
demption. without any further delay.
to any federal reserve bank or branch
or TO the Treasury Department, utiliz-
ing so far as possible the services of
their own banks and trust COM
panieS."
The Treasury is also ready to re-
deem, it was announced. any uncalled
victory notes maturing next May at
par and accrued interest to the date
of optional redemption. These notes
are now outstanding in the amount of
about SS20.000.0O0 and bear the dis
tinguishing letters G. H, I. j. K and L,
prefXed to the serial numbers.
Debt Reduced $4,000, 200. 900.
Since August 81, 1919, the public
debt has been reduced $500, ,000, 600
from the high point of $26 $40, ,00O, 900
on the date named
Miller Train Control.
Word was received here today that
the Chicago and Eastern Illinois rail-
road has notified the Miller Train
Control Corporation to begin imme-
diately the equipping of all of its
locomotives with it's train control de-
vice. This is the first official an
nouncement of the railroad of its
adoption of the device,