Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-02-15

~oc,,.ot ~ rec;dent aa..Aa'AA
decedents, and ''spA o 'o"''
1855 gross estates valued at $3l2, 900,
600 on account of nonresident de
cedents, Mr.. Mccoy said. due to ex
emptions and deductions, this gros
estate was reduced to total net tax
able estate amounting to nearly SIS,
250,000,00 for resident decedents, ant
$3.50. 900, 600 for nonresident.
THE total tax return was 1887 ,000, 00
by resident decedents. and about $12,
000, 900 by nonresident. These statistic
show that for resident decedents Their
were returns covering an average o
10.486 deaths a year. involving an an
nual average property value of $2,355,
600 900.
"The average of all estates showes
that 38.9 Der cent of the total was IL
the form of corporate stock. Gross eS'
tateS of less than $4,000 held only H.
Der cent of their total value in stocks
his percentage steadily increased unit
net estates of $10,000,000 or more helC
over 65 per cent of their total value II
stocks.
with bonds this same law seemed tt
hold until net estates of million dol
lars were reached. when further in
crease gave way to a greater increase
for the total gross estates returned was
nearly Is per cent in the form of bonds
of all kinds. About one-fourth of these
holdings we're United States bonds: an
other one-fourth were State, municipal
county and similar taX-free bonds ano
the remainder were miscellaneous bonds
Of all kinds"
Steamboat Company Head Retires.
Clarence F. Norment. for several years
president of the Norfolk & Washington
Steamboat Co.. retired at his own re-
quest at yesterdays annual meeting
and Charles j. Bell was elected to sue
coed him. Mr.. Norment has been con-
nected with the Norfolk & Washington
Steamboat Co. for 80 or 40 years, has
rendered brilliant service to the COM
pany and still remains on the board OF
directors.
The following board of directors was
elected at the meeting: Charles j.
Bell. Woodbury. Blair, D. j. Callahan
c.. w. Forsberg, Clarence F. Norment
Clarence F. Norment, jr.; William E.
Pearson, B. Francis Saul and Odell s.
Smith.
The company had a satisfactory busi-
hess year, according to the annual re-
ports. Completion Of the Chamberlain
Vanderbilt Hotel at Old Point Comfort
has proved q very important factor In
the Potomac River steamship business.
Rock to Address Credit Men.
Frank D. Rock, president of the Ma
kional Association of Credit Men, viii
address the local association at the an.
nual Midwinter meeting at the Willard
tomorrow evening e. Paul Phillips
naSfnrTa hs.oy1ah YaanaUny will leo crNa0 r.
as win H. H. Mckee, chairman of the
Washington Clearing House Association
Among the guests will be Rodman
Glider, editor Of the Credit Monthly
and Stephen I. Miller, manager of the
national organization. Mr. Miller is
well known here, having been educa-
tional director of the American Insti-
tute of Banking for some years. The
dinner promises to be unusually well at
tended. The banquet and dance are In
charge of r. Jesse CLANCY, chairman
Galliher, Mrs. E. j. Hess, Raymond d
Lewis, John A. Reilly, Eugene Ruark
w. F. Simpson, James A. Soper anc
Lister T. Watts.
Local Securities Steady Today.
Local securities remained steady O,
the Washington Stock Exchange today
with Mergenthaler again leading tn
market in volume of trading and clos
ing at 1041s. Capital Traction sold a
1851, Potomac Electric So per cent a
.l08A ex-dividend. Railway 81 Electric
also ex-dividend, at 99Hs and 99A
Chevy Chase Dairy preferred sold a
lot, Columbia Sand & Gravel at 96 an,
9512 and Merchants Transfer g. Stor
age common at 1913. Five shares of PEG
81 mi.
only bank stock was Federal America,
National, selling at 34334.
washington Railway & Electric 4
sold at 69as and 891z. Washington Ga
IS sold at 101. In the unlisted depart
ment five shares of Chaplin Sacks 8 be
cent preferred changed hands at lO8.
Heard in Financial District.
Edward L. Hillyer, vice president O
the Union Trust Co., who has beef
confined in local hospital for man
weeks, has recovered sufficiently to b
back at his home.
Laurence Hoes, who has been in tn
Washington office of the National Cit
Co. for the past seven wears, is still
with the firm and has no intention O
making any other connection. Through
misunderstanding it was stated tina
he had become associated with anothe
house.
Charles F. Jacobsen, cashier of tn
National Metropolitan Bank, is anothe
local banker who will attend the annus
banquet OF New York Chapter Ameri
can Institute of Banking, Saturday eve
ming.
Edison B. Olds, jr., has joined tn
staff of Spencer TraSk & Co. in tnei
Offices in the Woodward Building. H
is the son OF the treasurer of the Unio
Trust Co, who has been a very activ
banker for many years.
Bankers Planning New York Visit.
Among the city's junior bankers VIII
will attend the Institute banquet in Ne
York tomorrow night are James
Soper, T. Hunton Leith, I. j. Robert
and A. E. Hence. Miss Mabel Royce an
Miss Catherine Krieg will also attend.
The American Stores Co., which owr
and operates the former Old Dutc
Market stores in this city, reports gal
Of ga per cent in sales in the FIRST III
weeks Of 1929.
The Odd Lot Trader.
True, the margin Of profit to Il
broker on odd lot transactions is sna
but odd lots, says the Wall Sire
journal, are the foundation for 100
1000 share lots. One Broadway brok
made an investigation OF customer
accounts recently and found that mo
than dozen of the firms large
traders started by trading in lots ran
ing from IS to 100 shares.
-e
nj.