Evening star., 1927-04-24
LanstOn Reaches Another High.

ufst tnree months TINS year. 16TH.tll
heurements .........,.-....... 245.S73
Net aooitions .....-.......... S431,lJ7
LanstOn Reaches Another High.
Ten shares Of Lanston Monotyps
stock reached another new high mark
on the present move on the Wash
ington Stock Exchange yesterday
when it closed the week at 975s. It
closed on Friday at 81 fat.
Capital Traction closed at 1854 on
a turnover of 55 shares. One Share
of Railway Il Electric preferred solds.
at 80, while Potomac Electric Powerss
preferred registered a sale at los y &
Federal-American National Bank.
stock came out at ais and % sharess
of Federal-American Co. common sold
at 34as. Washington Gas Light wound
up the week at 727s.
Washington Gas bonds, series b
sold at los on very light turnover.
and two series B baby bonds came
out at 103B.
Higher Yield on Local Issues.
Stocks of Washington corporations
give the investor residing in Wash
ington a net income 10 per cent
greater than he receives from stocks.
of out-of-town corporations selling at
the same price and paying the same
dividends, according to a pamphlet
just issued by Y. f. Booker & Co,
calling attention of the general public
to this fact, which is common knowI
edge among security dealers. The
reason for the larger income is be-
cause stocks of out-of-town corpora
tiOns are subject to the District in
tangible tax of Il of / per cent OF
their market value, while the stocks
of local corporations are exempt from
this tax. The circular adds: &
For example: "A" has $4,000 In
vested in high-grade stocks of out-of-
town corporations. which give him an
average Yield of 512 per cent, or $3.50
annually. These stocks are subject to
the District of Columbia intangible
tax. of ~ of I per cent of the market
value-S10 ,000-which amounts to S5G.
Deducting this amount from the $3.50
ne receives in dividends, leaves him
$500 net. In other words, this intang.
ible tax amounts to approximately 10
per cent on the income received from
his investment. and reduces the net
yield ON the 51z per cent stock to
per cent.
"B" has $4,000 invested in hight
grade securities of Washington corr
porations which give him an average
yl6iu Vi y ~ pei CtIlLt vi &OON TIC pa
no intangible tax, since securities OF
Washington corporations are exempt
from the tax. B." therefore, receives
a net income of $3.50, or 5l5 per cent
on his investment. which is 10 per
cent more than "A" receives.
Banking Expert Brilliant Linguist.--.
DR.. Heinz Z. Luedicke, editor of q
German financial journal. who ad-
dressed the recent bankers conference
at the Willard, has proved himself a
brilliant linguist. When he came TO
Washington he had been in the United
States but nine months and was un-
able to speak any English when he
came down the ships gangplank onto
American soil.
While making a most intensive
study Of American banking, he had at
the same time learned to speak Eng
lish so well that the bankers at the
convention had no difficulty in under
standing his address. The manner in
which he expressed himself was re-
markable. most of the delegates hav-
ing no idea that he had not spoken
English for many years.
DIR. Luedicke told the convention
that the variety of services rendered
was the chief difference between the
mutual savings banks here and the
municipal savings banks in Germany
The German savings banks are al.
lowed to handle checking accounts,
current account business, money
transfer and clearing house business.
collection of bills of exchange and
checks. issue letters of credit, and
purchase an sell securities-in fact
take care of almost all the regular
lines of banking business needed by-
their clients. The German savings
banks have such great freedom that
they have aroused considerable antag.,
onism from the commercial banks.
Another Book on Speculation. s'
A new book, "The Art of SpecuIa-
tion," published by Baron's, New
York, has reached The Stars finan-
cial desk. the subject-matter proving
highly interesting. From experience
most every one knows that the import
ant factors in successful speculation
are knowledge, good judgment, capital.
and courage. The author, Philip l..
Carret, shows clearly that reliance on
chance VIII never succeed in the realm
or security dealing and points out i'm
detail the factors that must be weigh
ed. Actual market developments are
reviewed and chapters are devoted to
public utilities. rails, mining and oil
StOChSs Inc subject OF feOfSdnlZa ton
is considered and the option market
discussed at length. One pleasing fea.
ture of the book is that 1t has been
written without the use of highly
technical language
Program Makes Strong Appeal.
The list Of speakers for the annual
of the District Bankers
Association to be held on June to
l2 at Hot Springs, Va, announced yes
terday. is making a strong appeal to
local bankers. The program commit
tee consists of Edward ]. McQuade.,
chairman; Charles d. Boyer, vice
chairman; Howard Moran, w. w.
Spaid, Harry ". Haynes, Victor b.
Deyber. f. q. Addison, Jr., w. ]. Wall
Ter, Maurice Otterback, c. f. Jacob.
sen, j. Frank White, and Bruce Baird.
The annual meeting of the stock
holders of the Monotype Machine Co.
viii be held in Alexandria on Thurs.
lay, May 5. Action will be taken re-
sarding the proposal to reduce the
board of directors from IL to 9.
All the local New York Stock Ex-a