Evening star. [volume] (Washington, D.C.) 1854-1972, 1923-07-05
INTANGIBLE TAX
DATE IS SCORED
June 80 Preferred to July 2
by D. C. Bankers-Tradine
on Exchange-Notes.

The District of Columbia intangibi"
tax will be computed as of July :.
1928, the tax-paying element has been
advised
In so far as the local financiat
community is concerned, the cnanE'
Is not looked upon with favor.
Bankers and investment men poin.
out that in the two-day INTERN
, between June 80 and the taxabl"
date security values have undergon"
changes. proportionately, OF courS'
with the amount of the holdtngs
which could result in matera
change in the final return. The
again, taxpayers generally have p
their accounts in best possible shap@
as of the close of the fiscal yea
June 80, 1929. which win conftltul"
much lost effort due to the chane
! In date by the assessors office.
On the other hand. the District r.
bureau points out that the intangtbis
tax is for the fiscal year isz''
sents the closing day of the preVioua
fiscal year. July being Sunday, tn
following business day. July 2. rel
resented the earliest taxable period.
Local Exchange Trading.
Stocks of the Washington Railway
ard Electric Company reversed the.
position on the local exchange tn
morning. the preferred Issue droppinT
| off to 715s and closing weak at. II !.
bid. while the common advanced Two
! points to SIS and closed strong, VIII
| the same figure bid. Sales Melted fftJ
and f1fty-fve shares. respectively.
Stocks entirely monopolized the seS-
! sion. Capital Traction sold to In
| tied amount at par. and Gas was un
changed at 4S. Fifty-two shares o.
Commercial National Bank chanEed
hands at 1401s. and three shares OF Ma
tionai Metropolitan sold at 245.
Brokers' Settlement Plans.
/ The creditors committee PROPOSE
! for liquidation of Jones & Bakers Gus
| toners accounts places liabilities az
approximately $4,000. 900. disregardina
securities owned outright.
| Under the terms of the plan the Gus
! toners and creditors claims would be
| liquidated by giving securities the
value of prices obtainabfe at the close
of business May 81. 1923. Outrigh'
curities are being delivered by regis
tered mail in the alphabetical order Of
| their names.
| Payment is proposed from cash and
| from securities. Cash is to be paid
1 in an amount of so per cent of the
claim liquidated, to be made avail
! able to customers and creditors upon
! entry OF the order confirming the
plan of settlement The difference
| cash and aggregate of all claims s"
! liouidated would be represented b.
| securities dealt in or listed. as OF
May 81. 1924. on the curb of the New
having aggregately value as of that
date equal to the difference. These
securities might be sold at the re
ceiver's discretion and the proceeds
paid pro rata without deductions OF
any kind other than the usual brok-
erage commissio incurred in erect
ing the sales
BY this plan. of course. customers
loss Is represented by the difference
| between the price of any security a
the date of. purchase and that pre-
vailing on May 81.
Henry H Kaufman of Hays, Hersh
| field & Levy, counsel for the creuit
4 ors' committee. who has acted in that
| capacity in the settlement of the Car
4 pender Caffray and E. W. Wagner
\ claims, stated that this plan had been
gotten out quicker than any other IN
; his experience. If promptly accepted.
The believes final settlement VIII es-
i'tablish a record for speed.
! Decrease In Failures.
! According to Bradstreet's there
/ crease Of per cent from May and OF
III per cent from June year ago
Liabilities totaled s02.005..36; 40 per
almost exactly equal to those of
April For the six months endeS
June 80. failures totaled 1926: de
crease of ten failures from the last
! half of 1922, and a falling off of 20
per cent from the first half of 1922;
liabilities for six months totaled
$2s8.lS5.s2O, a decrease of q per cent
from the first half of last year. ana
of 81 per cent from the first half Of
1921.
wilkins Dividends Voted.
Directors of the John H wilkins
Company have declared their regular
semi annual dividend of per cent
on outstanding preferred stock, and
per cent disbursement on the com :
| mon issue both payable on July Is 70
, stockholders of record July 9, the
| transfer books closing on that date