Evening star., 1925-07-22
LINOTYPE STOCK
IN SHARP RISE
Extra Mergenthaler Dividend
Makes Trading Lively on
Local Exchange.

With advices reaching Washington
this morning that the Mergenthaler
Linotype Co. had declared another
extra dividend of u per cent, in addi-
ton to the regular quarterly dividend
OF 21z per cent, payable September
80, trading in this issue was not only
lively on the Washington exchange
today, but the stock was bid up to 1856.
The exchange record of yesterday
stood at III asked and 1857 bid, but
this morning trading started off brisk
ly with 10 shares going at $50. 3
points higher than yesterdays bid.
Another lot of nine shares changed
hands at 1S0k, and there was a con
tinued rise during the rest of the trad
ing before call. during which further
lots changed hands at 1S1. 1S2 and
1873. After call. there were further
jumps, with 109 shares going at 1S6
and 26 changing hands at the top
notch of 1856. for the day.
Second Extra This Year.
The extra dividend declared for
September 80 is the second extra for
Mergenthaler this year, the previous
one having been distributed in March.
This extra will be distributed to stock
holders of record September ..
Union Trust was the only bank or
trust company stock dealt in today,
and it reflected the upward tendency
which this class has enjoyed for some
time. Five shares went at 1875, with
another five selling at 1855.
The largest transaction in the in
vestment side of the market was
transfer of $4,000 of Potomac Electric
Company Construction 5s at 100as-
Broker Manager Resigns.
Office of Dean Onativia & Co. has
changed hands with the resignation
of John Callan O'Laughlin, who with
drew from the position in order 10
represent the Washington creditors
of the concern, in connection with the
trusteeship.
Bernard A. Smyth is now in charge
of the Office In a statement making
public his resignation. Mr.. OLaugh-
lin said he also wished to resume
his profession of writing.
"As the Washington creditors
know" said Mr.. OLaughlin. my
frst thought has been for the pro.
lection of their interests. Those in
terests will continue to be my first
thought. / am happy in the con
scioUsness that the firm IS in such
financial standing. and the trustees
for the creditors to be selected will
be of such high repute that Dean
Onativia & Co. unquestionably can
meet any and all obligations it has
incurred"
Tax Ruling for Traders.
Dealers in cotton. grain and other
commodities in paying taxes may de
duct from gross income for open fu-
ture contracts placed as hedges
against actual spot or cash trans
actions, Solicitor Gregg of the In
ternal Revenue Bureau ruled today.
The ruling resulted from a protest
filed on several returns under the
revenue act of 1917 and 1915 but II
was accepted as a pronounCement of
policy which will guide officials in de-
termining later returns.
No purely speculative transaction
in futures not Offset by actual spot
forward purchases or sales" the
taken into the taxpayers account in
any manner until such transactions
are actually closed by liquidation"
Freight Traffic Picks Up.
Revenue freight loadings for the
week ending July IL. reported by car
citation, totaled 982, ,809 cars. an in
crease of 1885, over the preceding
week. which included the July 4 holi-
day, and of 72.S26 over the correspond
ing week in 1924. The total, however,
was a decrease of $4,000 cars under
the corresponding week in 1923