Evening Star Newspaper, March 15, 1922, Page 28

FINANCIAL. Available April 1st Beautiful Nine-Room Suite In the Nationally Known Southern Building This Suite, comprising nine delightful and well ar- ranged outside rooms, in most desirable section of this superior building is for rent to tenant of the required standing. Special Dispatch to The Star. CHICAGO, March The advantage of superior location in a build- ing occupied by such a_ distinguished tenancy, and ~ where operation and maintenance reach such a high standard, mskes this a most unusual opportunity. AppN Manager, Room 220 . ALLAN E. WALKER & CO,, Inc. Southern Building Main 2430 reduced speed. MR. MERCHANT YOU KNOW MERCHANDISING YOU LIVE IT, SLEEP IT, EAT IT While you have been doing this we have since 1906 been doing the same with real estate. "When you bring yourself and ourselves together, mutual business benefit is bound to follow. We put a merchant on F Street who thought he should go on 14th Street. He has made money both out of ¢his business and his real estate holdings. ] We have found conditions just the reverse of this, dcted and advised accordingly. The result proved equally successful. : IT IS TIME TO ACT v WILL YOU GIVE US ONE HOUR TO TALK THINGS OVER? Realtors 713 14th St. N.W. = ODAY, more than ever before, t is to the buyer's interest to de- termine what is BEHIND his car as- i well as what is IN it. ¥ . In the SPECIALSIX, Studebaker offers a car, the enormous sales of which are the best proof of its value. ; The SPECIAL-SIX has established ! jtself in the minds of thousands of owners as an unusually capable, : powetful, roomy and beautiful car. i Its tremendous popularity contrib- uted largely to the attainment of Studebaker’s position as the largest builder of six-cylinder cars in' the world. MODELS ANP PRICES £. o. b Focteries Special-Six 5-Pass., 119° W. B., 50 H. P. "THIS 1S A STUDEBA - \ BY C. G. MARSHAL. 2 THE EVENING STA FARMERS HOLDING BACK CASH, PLAINT OF MIDWEST RETAILERS Jobbers in Chicago Area Look for Speed- up When Revenue Tax Payments Ar‘e,Out of the Way. 15.—Business continues on its way toward gen- eral prosperity, although at slightly | Jobbers predict add- ed momentum toward the close of the week, with the income tax pay- ments temporarily ‘out of the way. Retailers in the country districts complain that the farmer is not turn- ing loose his money very freely, in spite of the higher prices he has etting for his products. This l},s“cgmzvflllnl merchants to sail close Genuine Value But in addition to the value that is IN the SPECIAL-SIX, there stands - behind it, an organization whose re- @ sources and permanence are assur- g ances of continued service to the car owner and of protection to him . not only today and tomorrow but1' in the years to come. - For 70 years, Studebaker has been ‘building high quality vehicles’ and selling them at fair prices. - ¢ el There are many reasons in addition to the unquestioned intrinsic values . of the SPECIAL-SIX why it should be your miotor car choice. You are urged to inspect this car NOW. > Big-Six’ 7-Pass., 126° W. B., 60 H. P. ; COMMERCIAL AUTO &. SUPPLY CO. Joseph McReynolds, Presidgnt 819 14th Street NW. °* Tdcphqiu Main 519 or anj_k_lh;;m KER YEAR WASHINGTON to the wind on their purchases. This is not because the farmer su has becom his income to pay and has been buying {increased acreage, down all he could in h So the merchant must while longer, plenishes depleted stocks it must be on_credit. Jobbers here are confldent, how- ever, that this situation soon will pass and that it is a fluctuation rather than a trend of business. Each week is bringing an increase in dry goods orders from salesmen on the road and collections are im- proving. The meat trade continues slow, owing ‘to lack of foreign de- mand. Bank deposits here show a gain of §94,271,000 over December 31, due to liquidation of debts and the easing of money rate: ational banks report a gain of about $39,- 000,000 in loans and discounts, and state banks have experienced a galn in those items of $9,000,000. This is taken to mark a gradual expan- sion of business and a demand for credit from country banks. Increased Activity Shown In Growing Sales by Jobbers BY L V. SHANNON. SBpecial Dispatch to The Star. NEW ORLEANS, March 15.—Prepa- rations for spring planting is well under way fn every part of this sec- tion. This is creating a better feeling in business circles and the rising trend of prices for agricultural prod- ucts is cncouraging the farmers. Planting of sugar cane is nearly com- pleted. The acreage will be the larg- est ever cultivated in this state and the amount of land devoted to the growing of vegotables also will ex- Ceed all previous records. Rice piant. ing s progressing nicely, but the cot- ton growers are being delayed by wet weather. This increased activity is being reflected in increased sales by jobbers, which have been helped by the presence here of a buyers con- vention. _Retail trade, however, is falling off slightly with sales running 15 to 20 per cent below those of a ! year ago. This is due to the between | seasons period, it is asserted. Commerce here has been marked by increascs in the import and export trade of this port and by reviving in- terest in real' estate transactions. Business among the automoblle deal- ers has shown a considerable spurt recently. * Sales of high-priced cars are running about 10 per cent above those for this time last year, while business_in medium and low-priced cars is 25 per cent heayier. paying Notes. ST. LOUIS. March 15 (Special).— still are di- # ) vided on accepting wage reductions. g Bridge and structural iron workerg Ihave accepted a cut of from $1.25 to $1.06% hour. Painters and deco- rators have cut their scale from $1.25 to $1 an hour. and glaziers have Inzreed to accept 95 cents an hour. In the other trades the master builders SPECIAL-SIX $1475 f£. .. b. Factory 03 . { 5 denly tightwad. He has hnl BY FRANK D. MeLAIN. ¢ port busine: D. C, WEDNESDAY |announce that they will set their own !scale on April 1. ) _DETROIT, March 15 (Special).— | Pere Marquette freight trafic depart- ment reports ihcrease of 25 per cent in tonnage, compared with this time in 1931, Increases in handling of all commodities are reported. La quantities of salt gqre being mo from Lake Michigan points, such Ludington and Manistee, to the - Mild weather is moving part of the heavy hold-pver potato crop, and in automobiles the 50. per cent increase noted last month gives promise of being even greater in March. Quickening in Building, Philadelphia Trade Aid Special thl!r! to The §tar. PHILADELPHIA, March 15.—One of the most favorable business develop- ments in this section is the hatching out of building construction plans which have been in the incubator all winter. Work was begun this week on the $5000,000 buliding for the Curtis Publishing Company and per- mits were obtained for five other of- fice bulldings, Permits for the erec- tion of dwellings for the first two and a half months of this' year are now 10 per cent in excess of the total number {ssued in 1920. Their esti- mated cost exceeds $6,000,000. The beard of education has a $35,000,000 building program. One of the new features of dwellings hys been the addition of radio sending and receiv- ing_stations. Men in the building trades will be employed well Into the fall, and millions of dollars’ worth of material will be required to fill the building needs here. Shoe retallers have been placing belated orders for the Easter trade. There is a big demand for shoe re- pair work, and the inauguration of chain shoe repair shops has opened a good market for leather supply houses. The Pencoyd works of the Ameri- can Bridge Company are working at 66 per cent of capacity. The local plants of the Midvale Steel Company are turning _out railroad driving wheel tires, but government work at those plants is very dull. Commodity Reports _ - From Various Sections Leather. BOSTON, March 15 (Special).—The leather market continues spotty. A few lines show activity, while others are very dull. Patent leather is in vogue for spring wear and there is a very good demand for this product. Cotton. FORT WORTH, March 15 (Spe- cial).—Reports from the cotton dis- tricts indicate that the Texas cotton planter who curtailed his acreage 40 per cent last year will increase it somewhat this season. Dry Goods. PITTSBURGH, March 15 (Spe- cial).—By featuring sales, depart- ment stores have moved large quan- tities of bedding and white goods. Canned Goeds. SAN FRANCISCO, March 15 (Spe- cial).—With the rapid decrease in the stocks of canned fruit the im- pression is growing here that there will be a real shortage, Some va- rieties are entirely out of the hands! of packers now, with fio important surpluses. Hardware dealers declare thelr pres- ent business is equal in volume to that of a year ago, but that it is only 80 per cent of the dollar value. Hardware manufacturers predict an early return to capacity production. Cement. ALLENTOWN, Pa., March 15 (Spe- clal).—The city council has taken a firm nd in favor of concrete bridges, opposed to- steel, and has rejected plans for a steel grade- crossing bridge offered by the Phila- delphia and Reading railroad, de- claring concrete was preferable. Live Stock. FORT WORTH, March 15 (Special). Bankers in this section now report a surplus of money for loaning pur- poses. This has been due to the rer luctance of livg stock men to nego- tiate further loans uatil the spring rains set in. The problem of the grower at present is how to restock. The money is available, but the gra: is not and will not be until the rains set in. - Autemobiles. BOSTON, March 15 (Special).—The number of automobiles registered in Massachusetts this'year has shown a decided increase. There have been 178.500 registered so far this year, as against 152,600 in 1921~ Two hundred more trucks have been registered this year than last. Shoex. ST. PAUL, March 15 (Special).— Twin City shoe manufacturers predict an early return, to capacity production in their plants. They base this on the rapldly increasing ngmber of orders coming in. Groeeries. SEATTLB, March 15 (Special).— Wholesale grocers in this section re- none too good.. The: “ountry trade is quiet, retail gfocers apparently waiting for further price recessions. Electrical Equipment. EASTON, Pa., March 15 (Special).— Pennsylvania Edison Company has begup work on” enlarging its plant here. The work will cost In the neighborhood of $800,000. Alme .. SAN FRANCISCO, March 15 (Spe- clal).—Cold rains, frost and l(nopwt have done gome damage to the almond crop. The growers are forming an association and are signing fiv contratts in order to give a basis for financing. Lumber. ST. PAUL, March 15 = Northwest lumber dealors oe o iip through. the west and southwest have placed more than $250,000 worth of orders. Coke and Coal. CONNELLSVILLE, Pa., March 15 (Spe- clal).—The coke market is exnibitias firmer tone. This is due to the large tonnage of cbal being shipped in fis natural state, instead of being con- ;:g".d |r.x:.’o :I:okn. ;l'he shipments are ng made in anticipation of - sible strikd. e DULUTH. March 15 (Special).— ‘There is an ample supply of coal to last the northwi for ninety days. If You Are Take Sth T 1 MARCH 15, 1922 FEDERAL INCOME AND | © . EXCESS PROFITS TAXES Conducted by DR. JOSEPH J. KLEIN, C. P. A. (Copyright, 1922, by Joseph J. Klein. |ahswers to income tax questions with A SEMI-DETACHED HOME ; INSPECT X ONLY 2 LEFT 3616 and 3618 Park Place . Facing Soldiers’ Home Park Large Lots, 32 Feet Front Street Car to Otis Street N.W. i and Wakk East 2 Squares s H. R. HOWENSTEIN CO." i 1314 F STREETNORTHWBT i ARTICLE XLVI. This article concludes the present series. Its editorship has been & pleasant experience. I regret that'l have been unable to answer more than a mere fraction of the Inquiries whieh have reached my desk, and that I have not been able to discuss as thoroughly as I had wished all the matters which it would be necessary to present in order to offer a complete analysis of thefederal imcome tax law. A remaining topic to which at- tention can be given is: \ EXCHANGE OF PROPERTY. Cnder the old law and regulations practically every exchange of prop erty was deemed a closed transac- tion—i. e., one’which resulted in either loss or gain. Regulations No. 62, in Article 1561 to 1568, inclusive, treat of this very important subject. We have time o refer to but two of the many specific items thefein discussed. 1t is now possible to sell real e . recelving payment partly in cash and the balance in mortgages, without in- curring immediate tax liability. To illustrate: Suppose 1 had pur- chased some real .estate In 1918 for $200,000. and sold the sam gage and §50,000 represented by a sec- ond mortgage. Under the old law and regulations, disregarding the question of depreciation, I would be subject to 2 tax on a profit of $100,000. At best 1 would be ‘subject to a tax on the difference between the cost ($200,000) and the market value of the proceeds of the sale at the time of the sale (cash $150,000, plus market value of both mortgages). Under the new law and regulations 2 gain fs not recognized in such a transaction until and unless I have recovered in cash or its equivalent the full amount of my investment (ad- justed by depreciation where .neces- sary). 1 stock is exchanged for stock, or bonds for bonds, neither gain nor ioss is recognized as a result of the trans- action. The application of the prin- ciple is almost infinite. Should the law remain unchanged, the machinery | of the stock market may be radically modified. | It is regrettable that I cannot ex- tend this discussion further, not alone because of its great interest, but be- cause of its great practical impor- tance. - I QUESTIONS AND ANSWERS. | ooQ (194—(@) In a recent issue of vour paper you stated that a loss resulting from the sale of taxpayer own residence is not a deductible los: Does this infer that the profit re- sulting from the sale of a taxpayer's own residence need not be returned, as the transaction was not entered into for profit? If this is not so, how can vou explain the difference in the treatment between a loss and & profit on such a transaction? (b) In 1911 I received as a gift from my husband a house and lot in New Jersey for use as a private resi- dence, which I sold n 192). How am 1 to arrive at Jhe value of it as of the first of March, 19137 The tax jassessor's valuation is of absolutely jno value, as, according to the taxa- tion board, the values in Morris county have been assessed wrongly, varying from 20 to 60 per cent® of their real value. Must I take the purchase price and add my improve- ments made in the grounds and permanent improvements of the house to March 1, 1913, and can I also add to the valuation of March 1, 1913, permanent improvements made, as, for instance, building a new porch, rebuilding the garage, screening porch and house, and improvement of the grounds? A. (a) The profit is taxable. Al though it may seem unfair, the law is clear on this point. (b) Get the opinion of an apprais- er, such as your bank president or a real estate expert, as to the March 1, 1913, value of youl property, and add to such value ‘all' expenditures made since March 1, 1913, for permanent improvements. Q. (195)—1 lost my job. In order to get_another one, I was compelled to move to a new location at consider- able expense. Can I deduct my mov- ing expenses from my taxable in- come? It seems to me that this would er the head of “traveling in Article 13 of the in- struction sheet. A. Unfortunately; no. Q. (196)—Kindly let me know if in- come tax in installment business is paid on the amount of collection or on the amount of the sales. For in-| stance, if goods sold for entire year (1921) cost $10,000 and was charged at $15,000 and only $13,000 was col- lected, how much would tax be paid on? A. If you wish, only thirteen-fif- teenths of $5,000 need be reported as 1921 income, Q. (197)—My father-in-law paid in- come tax last vear and this year he received an income blank from the revenue department. He has not worked since April 1, 1921, and has; not had any salary since then. He Ihlu an income of about $25 a month rent, which does not amount to $1,000, he being single. Does he have to send in a sworn statement or not? One party said he did, s0 I am writ- & you for a definite answer. A. It is not necessary to file,a re- turn, but I think it would be advis- able for him to do so to oid later annoyance. . Q. (198)—I am a married man. My income is $1,800, plus $240 inerease of | compensation. I am paying $166.53 interest, $39.40 tax, have a son under eighteen years attending high sehool ($400). According to Public No. 98- 67 Congress (H. R. 8245) I am allow- | ¢4 §2.500 personal exemption. —Must I make a return: if so, how? A. Assuming that the interest.you paid is a deductible item, you need not file a return. Q. (1%9)—I have been reading your ————ee There is a big tonnage stored at the head of the lakes and the railroads have put by 2,000,000 tons as a spe- cial reserve. Steel. The most important factor in the iron PITTSBURGH, March 16 (Special). and steel business id the increased tendency to buy for future delivery. For a long time buying has been on a hand-to-mouth basis, but now con- sumers are showing a disposition to cover future demands, PUEBLO, Col., March 15 (Specfal),— Plars are being made, it is under- 0od, to increase the mine produc- tlon at properties in Colorado of the Colorado Fuel and Iron Company. The workmen's_dwellings destroyed by the Pueblo flood have now been replaced by new bulldings built by the compan; for NW. | yalue of $150 per share, for which he | Edrich recelver for Grat & Co. 7 FINANC All rights reserved.) much interest and 1 have a question which I do not seem to be able tol settle by reference to the regulations. (a) Suppose a citizen of the Uflited | States and Tesiding therein has a contract upon which there is money | and interest due from parties in Can- ada and that upon receipt of pai- ments from time to time he leaves the same in Canadian banks. { the money so received be included in his income return? - (b) What would the law be in the case of dividends or bond interest on foreign holdings? AL (a) Yes. (b) Both fully taxable. Q. (200)—On March 1, 1912, & man, ad some stock having a market| had paid $100 some time previously. At this time he donated the stock to | his wife, who in 1921 sells the stock at $160 per share. Assuming that| the_ wife flles a separate return, how shall she report the above? A. She should report a profit of $10 per share. 3 Q. (202)—The federal income tax blank for amounts under $5,000 states that dependents must be receiving their support on the last date of the taxable period. 1 have been the sole support of my mother and brother over eleven months of the year, but was not supporting them on the last day of the year. Is there no deduc- tion allowed for this expenditure? A. No. Under the regulations, your status on December 31 governs. This is unfortunate in your case. Q. (203)—(a) A corporation having insured its officers, for which the company has pald the premiums, will it be required to pay tax in the event that any of the officers should die| and the amount of {nsurance collected thereon paid to the said corporation? (b) In accordance with the stamp tax law, it is necessary to put a 5- cent stamp on the original Issue of stock, and upon a transfer of same 2 2-cent stamp, both of the federal and the state tax. When stock is purchased and put in the treasury and again reissued, is it necessary for the company selling the stock from the treasury to put a 2-cent federal and state tax stamp on same? A. (a) No. 2 (b) Yes. Q. (204—Are the luxury taxes such as ion theater tickets, railroad tickets, etc.. deductible, under this headin, “Tax pald at source”? If not, are these taxes deductible at all? es. . (205)—Last year my employer sent me out of the city for three weeks to a branch office. He paid my ropm and board. Do I have to add anything to my salary when ifiling_return? Q. (206)—I purchased a house in :‘%; for $7.000. made additional im- vements amounting to $2.500, sold { in 1921 for $10.000, taking back a | mortgage for $3,000. What do I pay tax on? How can I figure a profit when I have not received any as yet? A. 1 assume that the house was used as your home. On the assumption that the mortgage was a 6 per cent, first mortgage, report $500 as profl If the mortgage has not “a readi realizable market value” treport no profit until the mortgage has been| pald or otherwise disposed of. Q. (207)—Is it allowable to deduct the total balance due from a stock exchange house which has failed, but which in course of settlement may repay some undetermined percentage of amount on deposit with them? It is understood that the amount recov- ered, if any, would be returned as in- come the following year. A. If you can fairly estimate the probable loss you may deduct such loss. o Q. (208)—I am a salesman and dur- ing the year 1921 the company by which I am employed, together with myself, purchased is a Ford coupe with-the under- nding that we would go half and half on the expense of the car as well. Kindly advise me whether the above is a deductible item from my personal income tax, and just how 1 would go abqut deducting same. A. You may deduct one-half of the car's annual depreciation and on: half of expenses of maintenance, pri vided you use it exclusively for busi- ness purposes. Q. (208—It has developed on me to prepare the 1921 income tax return for a gentleman (very old and phy: cally incapable), who owns a consi: erable amount of real estate (apari ment and private houses, stores, va- cant lots, ete.), and has done so for many yearf past. I should be great- 1y obliged if you would enlighten me on the following points: (a) How can the value of the prop- erty be determifed as of March 1. 1913 (would it be by the assessed valuation at the time?). and what per- centage is allowable for depreciation and depletion, and how computed? (b) Yhat is meant by the mated life” Jf the property? i (c) Are state and federal income| tax payments deductible? . { A. (a) By disinterested expert ap- praisers (unless you are willing to ccept the local tax .appraiser's value). Nothing allowed for deple- tion. From 2 per vent to 4 per cent on cost of buildings (or on March 1, 1913, value, if acquired by your client prior thereto), may be deducted as de- preciation. (b) In vour case the life expectaricy of the buildings after they were ac- quired by you (or after March 1, 1913, if acquired prior theréto). ’ (c) State tax is deductible on the federal return. Q. If a merchant who is in financial difficulties settles with his creditors on a 50 per cent basis is the 50 per! cent allowance thus obtained an in- come for tax purposes, to be reported in the Jear in which the settlement was made? A. Treasury officials say, * PROSPECTS BRIGHTEN FOR BURKE & KARDOS FIR | \ NEW YORK, March 15—John Burke, former treasurer of the United States, and L. M. Kardos, his partner in the stock brokerage firm which recently went into involun- tary receivership, left for Chicago to discuss with creditors plans for liquidation and Teorganization of the defunct firm. Meetings with creditors |wn| follow at Pittsburgh Friday, Baltimore and Philadelphia March 18 and Boston March 20. The first meeting at Chicago will be held to- morrow. Liabilities approximating $1,453,000 are announced by Robert P. Stephen- {come for January, 1921. “esti- | g3, IAL. GOLDGERTIFICATES ARE ISSUED AGAIN Resumption Removes Last Artificial Currency Situa- tion of the War. Iscuance of gold certificates, without demand, discontinued in 1917, was re- sumed today in the Treasury. Gold certificates have always beeh available upon demand, but during the war silver certificates were issued on orlinary checks. Resumption of the ordinary use of gold certificates was fald by Treasury officials lo remove the last artificial currency situation growing out of the war and to indi- cate a return to normal conditions. The Treasury now holds approxi- mately $3.000.000,000 in gold, 2 was said there is no reason wh &old certificates should not be ircely available. January Report of P. E. P. Co. Net income of the Potomac Electric Power Company during January, ac- cording to statements filed with the Public Utilities Commission yesterda;, amounted to $131,380. This represents u gain of more than $5,000 over the preceding month, and about $18,500 mofe than the net 1 Gross earn- ings during the month amounted to $494,173, while operating expenses to- taled $257,567. The Washington Railway and Elec- tric Company reported net income for January amounting to $15.883, @~ against $46,016 for the preceding month, and $38,894 for January, 1 Operating revenue of the railwas company in January was $400,62%, while operating expenses and taxes amounted to $320,693. The company was able to report a net income of $10,576 during January for the City and Suburban railway. Operating wevenues of this line were $92,254, against total operating ex- penses and taxes of $73.579. T) Georgeotwn and Tenleytown line had deficit of $2,158 for the month, while the Washington-Interurban line showed a deficit of $560.55. Pettit Becomes Director. At a meeting of the board of di- rectors of the Citizens Savings Bank yesterday Ferdinand Pettit, cashier of the institution, was added to the directorate. Mr. Pettit has been actively asso- ciated with the bank sincc it® in- ception and is its first cashier, being installed in this position upon Lis return from service with the Amer- ican expeditionary forces. Columbia Graphophone. The committee formed to prote interest of holders of Columb: Graphophone Manufacturing Com- pany 8 per cent notes has now on deposit 74 per cent of the notes, whil¢ deposit of some additional notes has been pledged, according t6 a state- ment issued today. The total, it is pointed out, prac- tically completes the 75 per cent which the committee considered would be necessary before it would feel justified in presenting a plan of re- organization or readjustment. The remaining 25 per cent of notes not on deposit is widely scattered, and it is not believed likely that any concerted action would be possible by the huid ers. “Melen” Distribution Téday. The “melon” which was cut several months ago by the Title Guarante and Trust Company of Baltimore when its directors declared a 100 per cent stock dividend, will become u reality today, when distribution o1 the stock certificates will begin. In- crease of the capital stock of the company from $200.000 to $400.00u was authorized at the annual stock- holders’ meeting. DUTCH EAST INDIES LOAN. Guaranty Trust Completes Deal for $40,000,000 New Issue. NEW YORK. March 15.—Guaranty Trust announces it has completed negotiations for the purchase of u new issue of $40,000,000 Dutch East Indies bonds. They will be offered shortly by the same banking syndicate which was identified with the previous issue. Washington Stock Exchange SALES. Washington Gas 55—81.500 at Capital Traction 35—$1.000 at S1.000 at Wasnington Ratiwas and Eieciric com. - at3 W shington Raliway aud Electric prd. at 25 at 49%, 23 at . 25 at 50, 25 at 50. American Becurity and_Trust Co.—10 at 230, 10 at 230. 10 at 230, 5 at 230, 10 at 230, 4,at 23334, 10 at 233, 1 at 235 ‘Continental Trust Co.—3 at %0, Mergenthaler Linotype—10 at 7 AFTER CALL. Capital Traction—16 at 943, 2 at 93, 25 " Monés—Call loans, 5a8 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY. American Tel. #nd Telga. 4 American Tel. and Telga. 4% Am. Tel. and T: 5 2 at 90. 150. Rid. 8815 C. and P. Tel. Capital Traction R. R. 3s. City and, Suburban 5s. Georgetown Gas ls Metropolitan R. R. 5. Potomac Electric ist Potomac Electric con: Potomac Electric deb. Potomac Elec. P Pot. Elec. Poy shiny Washington Ry Wash. ind wy. and Elec. g. m. ts. Wash. Rwy. and Elec. com. Wash, Hwy. and Elec. pfd. son, receiver for Kardos & Burke. Arthur L. Ross, who accompanied . the two partners, as attorney, said assets 1y would total 808,300, a figure de- r. {clared to be “highly spetulative” by | M. Stephenson. Mr. Ross sald the firm expected to settle 100 cents on I'the dollar, partly in cash and partly in mon-interest bearing notes. Quick assets, Mr. Ross said, In- i cluded $103,000 in cash and $100,000 tin liquid securities. The balance is i slow assets. M large creditors, | Ross s3id, have offered to assist the {firm financlally. "The attorney de- clared his clients will reopen their offices as-soon as the creditors con- sent and the court gives its approval. S| NEW YORK FIRMS FAIL. m;.eivan Are Named for Two Brokerage Companies. NEW YOAK., March 15.—Judge Mack has appointed Allen W. Emil recevier for Gerard & Co., in bond of $2,500. He also named Jesse #W. sty brokers, who failed Monday. el bilities of Graf & Co. were estimated| at $60,000 and assets about $30,000. Petitions In bankruptcy were filed yesterday against George H. Perkins & Co., Inc. and McGov. Co.. brokers, Liabllities of $64,536 and no assets were estimated for the McGovern firm. o timate was made of the Perkins concern’s finan- cial’ condition. 98 l17s 133 Distriet . P 168 Farmers ‘and Mechagics’ . 220 Federal 170 Liberty 125 Lincola 0 Nationgl 0 Riggs o 470 Becond ... 145 ‘Washington 18 2 TRUST COMPANY. American Security and Trust. Continental Trust s 1 Bavings a 240 [ P T ® MISCELLANEOUS. tolumbla Graphophone cum.... Columb.a Gra ned. D. e St