Evening star., 1929-06-10
GAS STOCK SELLS
AT NEW TOP Of ia
Capital Traction Active and
+, Stronger on Local Ex-
change Today.
BY EDWARD G. STONE.

Washington Stock Exchange in th
trading in Capital Traction and Wash
ington Gas Light Stock, although sew
cral other issues had a much large
turnover than did Gas.
Capital Traction showed furthe
strength 1t opened with 25 share
selling up to 94i2. a point over Friday;
close The next sale was made at g!
and the next two at 951s, the high fo
the day. The stock then sold at 95
s4'4, 95, s5!2 and closed with a five
share lot selling at 937s. There were
13 sales. all small lots, the days turn
over reaching 108 shares.
Washington Gas appeared on the
board but once, but that sale was made
at 124 for only IA shares. The quota
ton was a Jump from the last sale last
week at 12112. The Jump to 124 or
such a small sale caused considerable
interest but no great surprise. as this
stock has been selling around this figure
off the exchange for some time. AS the
market closed today, the quotations
stood 124 bid and 125 asked.
The Potomac Power stocks moved at
1ll34 and 10534 and Washington Rail-
way g. Electric preferred again sold at
95l2. Second National Bank registered
232, American Security e. Trust changed
hands at 45l, and National Savings &
Trust at 65. Lanston came out at 127
and closed with a 30-share block selling
at 1913 Gergenthaler sold at los and
105Is on sales reaching SIS shares. Bar
Der & Ross common sold at 10 and
1879 and 100 shares of National Mort
gage & Investment preferred came out
at 4l2.
City & Suburban, Traction, Gas and
Potomac Electric Power bonds were in
fair demand at recent prices.
Heads Investment Office Here.
Charles Y. Latimer has been appoint
ed representative in Washington OF
Goddard. Mcclure & Co. dealers In
investment securities. with offices In
the Smith Building. Mr. Latimer is al
ready we'll known in the local financial
district. having formerly been with
Crane. Paris & Co. He Is treasurer OF
the District of Columbia Sons. OF the
American Revolution and treasurer OF
the Society of Mayfiower Descendants
of the District Of Columbia. Goddard
Mcclure g. Co.. Philadelphia house
has offices in New York, PITTSBURGH
Cleveland and Chicago.
Bond Decision Considered Vital.
A recent ruling of the commissioner
OF internal revenue, 1929, that the
bonds of the Alabama State Bridge
Corporation, are exempt from Federal
taxation. marks the successful conclu-
sion of a battle which the purchasers
of these bonds have waged with the
Treasury Department of the United
States. Since the Summer OF 1928 the
State of Alabama and the purchasers
of the bonds of the Alabama state
Bridge Corporation have been engaged
in a controversy with the treasury De-
partment over the right of the united
States to tax these bonds, or the income
derived therefrom. AS result OF the
decision it Is expected that public
offering of the bonds will be MADE
shortly as securities exempt from Fed
eral income taxes.
Last Convention Call Issued.
The committee has sent out the las
cali for the District Of Columbia Bank
ers' Association convention, which open
at Montauk Point on June 20. Tn'
snecial train leaves here on the evening
IF June 10 and the committee mus
know at once just how many to pro
vide for. Claude H. woodward, chair
man of the transportation committee
is completing the list. and Hotel Cnar'
man Harry L. Selby is checking OH tn'
rooms rapidly. Those who have seer
Montauk since the convention last yea
report that many costly and pleasing
lnnONdUlOnS IldtC DCSh NoAAASN SNN "~~~N'
that time.
Investment Bankers Return.
Local members of the Investmen
Bankers Association OF America Wer'
back In the city today after attenonl
the annual outing Of the Soutneasteri
Division. The outing started Fr1da.
with a cruise down the bay from Bal
timore. The party stopped, enJoye'
golf. cruised about many points OF IN
ferest and returned to Baltimore earl
this morning. Those going from her
included Y E. Booker OF Y. Z. Booke
& Co., Arthur Foraker, manager OF tn
Washington Office of Eastman, Dnlon {
Co; Carl R. Kurtz of Stroud, Kurtz
Co. and Richard Davidson.
Cleaned in Financial District.
George A. Harris, president Of tn
Potomac Joint Stock Land Bank, ma
gone to Atlanta to attend the nationa
convention of Civitan clubs. Mr.. Harri
is nresident of the club in Washington
and most ardent Civitan fan.
c. H. Pope, vice president OF Tn
Munsey Trust Co., was in Baitimor
today on business connected with m
bank.
Net operating income of the Ameri
can Telephone 6 Telegraph Com
pany for April amounted to $3,297 ,55t
an increase of sl31 ,454 over April, 1921
Net operating income for the first lou
months of 1929 totaled $14,077,750.
gain of sl,595,8 over the correspond
ing period Of 1928.
The Lehigh Power Securities Corr
has received S93,547~ as a refund fo
overassessment OF income taxes in 1872
and 1925. according to the Bureau {
Internal Revenue.
The Mutual Life Insurance Co. {
New York City has received $l,04C,36
for overasseSsment of income tax
1926 and 1927 OF this amount, S495
s54 was abated and the remainder re
funded.
The members of the Union Trust G.
staff, reported a delightful week en-
at the home of President E. j. Stel
wagon on West River, and members {
the Washington Loan g. Trust Co. fort
had an equally pleasant outing at PoiI
Lookout. The lack of perfect weath'
was not permitted to mar either outir
seriously.
Decrease in Debts Reported.
Debts to individual accounts, as r.
ported to the Federal Reserve Board
banks in leading cities for the wei
ending June 5, which included but fl
business days in most of the repor
ing cities. aggregated Sl6,449 900, 600,
IL per cent below the total reportt
for the preceding week and IA per ce
below the total for the correspondii
week of last year.
Aggregated debts for 14l cente
for which figures have been publish
weekly since January, 1919. amount
IN approximately Sl5,600, 100000,
compared with sl7,676, 100000 for 4
preceding week and s18.l33,000,000 I
the week ending June of last yea
Wholesale Groccrs Elect.