Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-02-06

points. Union Trust
was out again today. selling at $751;
Potomac Electric Power So per cen
preferred figured in several sales a
1904, Railway &, Electric preferre
sold at 9934 and Capital Traction
changed hands at 1861 In the mis-
cellaneous list Columbia Title Insuranc
Co. sold ct IA, Chevy Chase Dairy pre-
ferred at 1861, Columbia Sand {
Gravel at 96 and National Mortgage {
Investment preferred at So.
Mergcnthaler Linotype figured in {
100-share sale at 104la and other trans
fers were made at 104 and 104 g
Bonds were quiet Washington Gas 5.
moved at 1915 and 1o2 and Barber &
Ross 6l2S at 95. A single share of De.
partmental Bank stock sold at 6.
The market closed without sale ii
Washington Gas stock 1t was LISTED
at 103 bid and ITO asked, both quota.
lions being far below the figures just
before the annual meeting.
Expect Further Tax Refunds.
Several local bankers said today thai
they expected ths Washington banks
would get tax refunds further back thar
laSt year on taxes paid on gross income
from dividends received from Liberty
bonds and other tax-exempt Govern.
ment securities as the result of the de-
cision just handed down by the District
Court of Appeals. "If the tax was
wrongfully collected last year. it always
has been." one banker said Since
that is true" he added, "the banks are
entitled to refund covering a period
much further back than one year. The
refunds should cover the full time that
taxes on the gross income on tax-exempl
Government bonds and other securities
have been collected by the District"
Bankers today were still giving Frank
y. Hogan, counsel for the District Bank
ers' Association and the Riggs Bank
fun credit for the promptness with
which the test case was presented and
carried forward. Mr.. Hogan has beer
counsel for the association for several
years. At the time the refund action
was taken, Howard Moran was chair
man of the taxation committee of
The association and displayed keen in
terest in keeping member banks inform
ed as to the proper methods of pro-
cedure. In filing their original pro-
tests, the banks claimed that the fol-
lowing items were under the law mon
taxable:
Interest on bonds. notes and certifi-
Gates of indebtedness issued by the
United States Government, non-taxable
as to principal and interest, with two
exceptions.
Interest on State, municipal and
county bonds issued by States and po-
Itical subdivisions of the United States
Dividends on stock Of Federal Reserve
banks.
Interest of Federal farm loan bonds
Interest on bonds of the War Finance
Corporation.
Interest on United States Panama
bonds.
Interest on bonds issued by the gov
crnments of the territorial or insular
possessions of the United States.
American automotive exports in 1928
Eotaled 1922, 097,974. an increase of
fll7,393,269, or 20 per cent over 1927,
according to Commerce Department.
Almost 10 per cent of passenger cars
produced and 26 per cent of the truck
output found ultimate destination in
foreign markets during 1928. Average
monthly export valuation during year
vas S43,503,163, against $50, 724,967 In
1927.
The number of passenger car units
shipped in 1928 was 1858, 1923, with value
OF $263, 574, 1894. Exports for January
constitute a new high record the pre-
sious high total being in 1927.
i. C. C. Fixes B. & o. Hearing Date.
The Interstate Commerce Commission
has assigned its antitrust complaint
fgainst the Baltimore & Ohio Railroad
because of its ownership of Western
Maryland stock for hearing February
25 before c. V. Burnside, assistant di-
rector OF the Bureau of Finance.
The commissions complaint is based
upon Baltimore & Ohio purchase OF
l44, 789 shares of 7Go cumulative pre-
ierred, 5000 shares of AZ non-cumu-
lative convertible second preferred and
l59,05o shares of Western Maryland
common stock.
The Pittsburgh & West Virginia
which made application to the commits
bion to acquire control of the Western
maryland by purchase of capital stock
has been authorized to intervene in the
antitrust citation proceeding.
Eank Adds 200 Deposit Boxes.
The Bank of Commerce g. Savings
has added 400 safe deposit boxes tc
that department, John M. Riordon, ex-
ecutive vice president. announced. Two
years ago, when his bank was completely
renovated and enlarged insufficient at
tention was paid to the safe deposit
vaults. The demand for boxes exceeded
the supply until the bank established
b waiting list. 1t is expected that the
new boxes will take care of all the
banks needs for some time.
Heard in Financial District.
Julius I. Peyser, president of the Sc.
spending few days in New York anc
Atlantic City.
Harry E. Mayer, director in the Banl
of Commerce & Savings, is on an ex.
tended trip abroad which will include
visits to Algiers, Morocco, Gibraltar
Italy and Switzerland
= j. A. w. Iglehart g. Co. of Baltimore
and Washington, announce that JESSE
H. Peek, John B. Rich, c. Gerald Smith
and Seward M. Smith, all of whom
have been associated with the firm, hav,
been admitted to general partnership
Textile exports from the United State!
gained 10 per cent to total 81, 124, 495 ,00l
in 1928, against 81 ,02l, 1857 900 in 1927
according to the Commerce Department
Chain Store Sales Reported.
McCrory Stores January sales, 50, 692,
S97: increase, 1913 per cent over lik
1928 month.
S. S. Kresge January sales. $9,018,
932; increase, Al per cent over cor
responding 1928 period.
Sales of F. 81 w. Grand 5-10-25 Cen
Stores for January totaled 81 095, 76s
against $300,394 in January, 1928,
gain Of SO per cent.
Discussions of common stocks from
the investment standpoint by Waddi
Catchings of New York, the moderniz
ing of State inheritance laws by Sur
rogate George A. Wingate of Brooklyn
". Y; an address on What the Fed
eral Estate Tax Returns Reveal" b
Joseph S. Mccoy, United States Gov
eminent actuary, Treasury, Washing
ton, and the record figures establishe
by 1928 in the growth of trust servic
by Francis H. Sisson of New York, wi
be leading subjects that will featur
the tenth Midwinter trust conferenc
to be held in New York February l3.ll