Evening star., 1942-03-16
New Brokerage Rate;
Put in Effect Today
In Exchange Offices
Commissions Roised
About Is Per Cent
in Stock Market
ny EDWARD C. STONE.

ny EDWARD C. STONE.
Higher cnmission rates went int.
effect today in the Washington
oMces of New York Stock Exchang,
firms, the advances having been ap'
proved by substantial majority o.
Exchange members last week after 4
long and hveb discussion. The
new rates are approximately rs pei
cent higher than those prevailing
Tor some years.
In general, the increased rates te
brokerage house customers call fol
a fiat increase OF cent share on
stocks selling between 50 cents and
$40.
Commissions on shares selling be-
tween $40 and $50 win be progress
xively increased at the rate of one
quarter, of per cent OF the selling
price. .--
At 800 q share and above, a COM
mission Of IS cents share will now
be charged, according to the Wall
Street announcement. f-
Commissions on orders for less
than five bonds are also advanced
under the rules, notices of the new
schedule having been posted in the
brokerage Offices here before today s
opening.
Exchange Elects New Member.
The Board of Governors of the
Washington Stock Exchange today
elected Joseph p. Kreeger, partner
In the investment firm of Robert c
Jones & Co, to membership.
Mr.. Kreeger mas purchased the
seat held by Robert C. Jones, the
firms senior partner. who is now a
lieutenant colonel and was recently
called back to Army service.
The new exchange member has
been with the investment firm for
the past II years. Prior 10 that time
he was associated with G. Mp.
Murphy 6s Co., which maintained a
Washington office for several years.
This firm has just merged with
Hornblower IL Weeks.
During the trading session on the
Washington exchange today 100
shares Of Mergenthaler Linotype
sold at 81 ex dividend, against the
last previous sale at 331l. The rgar-
ket closed with 301a bid and SO
asked.
Washington Gas Light preferred
figured in two small sales 1T 81, of
from last weeks close at 80. :
Electricity Sales Analysed.
Approximately S0.3 per cent of the
customers of the Potomac. Electric
Power Co., S89 per cent 70 the total
kilowatt-hour sales (including Is
per cent for resale in Virgiria) and
S5.e per cent of the total electric
operating revenue during 1s4l are
attributable to operations in the
District of Columbia and the balance
to Maryland.
The Federal Government and its
various agencies used total Of
274,552 ,697 kilowatt = hours during
1S41 which was an increase OF 37.4
per cent, and the government of the
District of Columbia used 45,456. .7S9
kilowatt-hours which was an in
crease of 8.5 per cent. The combined
use. including 24,o53,56 kilowatt-
hours for street lighting, was 320.-
009, ,486 kilowatt-hours, or 28.2 per
cent of the total sales.
1t represented an increase of 32.4
per cent In kilowatt-hours sold and
produced s3,s15,4ss, or 1913 per cent
Of the company's total electric oper-
ating revenue.
Commissions Not Deductible.
The Supreme Court held today
that selling commissions paid to
brokers by q dealer in stocks and
bonds are not deductible from in
come taxes as ordinary and neces-
sary expenses Of business, the Asso-
ciated Press reported. p
The opinion, by Justice Black
afirmed the decision of the Ninth
Federal Circuit Court, which held
that Adolph 3. Spreckle of San
Francisco, buyer and seller of Sc
curties. must treat the commissions
as offsets against the selling price
only. for purpose OF determining
capital losses or gains.
Peoples Sells War Stamps. -
Peoples Drug Stores, Inc, is CO.
operating in the sale of Defense
savings stamps in all the retail stores
and the general office here, accord
ing to the annual report just dis
tributed. r..,-...-
Arrangements have just been com.
pleted whereby the Peoples Drug
Stores Employees Federal Credit
Union, at the company's main Of
flee, has been authorized to sell
Defense bonds. Employees may buy
the bonds for cash, exchange De.
fense savings stamp albums fol
them or have the money deducted
from pay envelopes.
The company's report, showing
1925 per share in 1941. received
much favorable comment in ths
financial district today. Stockhold.
ers were pleased that the 1941 sales
were at the highest point in the
eompany's history. -
Building, Loan Experts Meet.
Clarence E. Kefauver, secretary
Of the Columbia Federal Savings &
Loan Association, will go to Chi
cago this week for a meeting oi
the Federal Section Committee ot
the United States Savings 81 Loar
League, the first get-together of ths
1912 committee.
Principal business before tht
meeting, March 1920, will be some
proposed changes in rules and regu.
lations governing the Federal saw
ings and loan institutions which nov
number about 1900 throughout th'
country.
COMMITTEES members from % diff.
ferent States will also discuss tht
specific roles which these institu
tions have in the Victory drive O.
the Nation, including their stepped
up campaigns to sell Defense bond
and the methods by which many as
sociations are increasing their loan
for new housing in war industr.
areas.
Nccdham on Bank Program.
- HaeStaun general counsel r.