The Washington herald., 1913-10-26
new YORK LIST
BARELY STEADY
No Life in Market, Every One
Fayoring Marking
Time.
FACTORS OF UNEASINESS
Trust Busting Activities Seem to
Threaten Business-Govenment
Bonds Firner-Gossip.
By L. A. FLEMING.


Yesterdays security markets were
rather negative than positive. There
-Sas little action in Wall Street and less
on our local exchange.
On Wall Street 1t was case OF mark
ing time, waiting while the Mexican over
ture is being rendered, with disposi'
tion TO hold aioof until there is some
Indication of concert and agreement Witn
the requests of the American President
Then, too, the reports of fairly good
prosperity here and there throughout the
limited States are met with gloomy pre-
dictions and a feeling that further en-
forcement of the Sherman antitrust La"
will still further jolt business tends tC
check buying operations in stocks.
The income tax law, full of involved
paragraphs. lust in that il will put bur
dens where they will not be seriously
felt but sure to be obnoxious in tts
thousand and one ramifications ana IN
terpretationS, is sure to cause many
holders of corporation securities to re-
invest in State and municipal bonds IN
order to avoid vexatious impediments
and formula in compliance.
The express companies have finally
yielded gracefully to the regulations ano
rates imposed on them by the Inter
state Commerce Commission though
tIon. Regulation and further paternal
rule of business by the Federal govern
ment as operated by the Attorney Gen.
eraI and the Department of Justice Will
unsettle matters and annoy business,
guilty a. Judge Gary said, of the crime
Of success"
John Sherman was of great service
to this nation as its Secretary of the
Treasury, but as a legislator he fncor-
porated law that is an almost perfect
blocker of big business.
The currency bill is rot a factor OF
1ineasinoss any longer. everybody feeling
that it will be safe when it is finally
enacted, and tie general belief is that
the measure cannot be driven to enact
ment. but must reach the stage gradu-
ally and with prolonged considera ton OF
every feature Of vital Importance.
y" Important Price Changes.
The list went up a little on the
opening. declined again. fractionaIy
below Fridays closing. and then came
back nearly on an even keel, with no
important changes for the day.
Comparatiyely few stocks showed in
the record. only the leaders attracting
any attention. When the shorts
showed any disposition to cover, the
list stiffened. but on stoppage of this
buying the markets trading would fall
on.
Local Securities.
Ten shares of Washington Gas al
S4I. and ten United States Trust at
lSI-that's all the business on the local
exchange.
Bid and asked prices showed little
or no change.
Income Tax on Gas rs.
The first interest payment with the
enforcement of income tax provisions
in Washington will be on the per
cent bonds of the Washington Gas
Company. of which az per cent, or
$S6. will be paid November l.
The American Security and Trust
Company usually pays this interest
The chances are that the Washington
Gaslight Company will retain l per
cent Of the tax, the normal amount of
The income tax of all bondholders on
this particular issue. That the trust
company will either pay off coupons
on the basis of SO per cent of face
value of coupons or take the coupons
for collection only, Seither way being
within the wording of the law. The
Washington Gaslight Company will
hold the l per cent until such time as
it becomes necessary to pay the cash
10 the government, ana before lndt
time, by thirty days at least. the
owner of the coupon, if entitled to ex-
emption or has not an income OF
$4,000, shall file an affidavit to this ef
feet with the gas company and receive
return of cash or with the collector in
his district.
There's going TO be lots of trouble for
everybody, for the law is subject to
many interpretations, and the one safe
way for bankers is to follow the Chicago
plan, taking bonds for collection and
remittance only, and not advancing cash
therein. 1t is the safe way.
The Internal Revenue Department eN-
poets to operate under the law without
increasing the clerical force materially,
but the chances are that this commenda-
ble intent will have 10 go by the boards:
Government Bonds.
The feeling that the currency measuTe
i'll not be rushed through On lines of
House making, but that it will very prop
eTly make due and legitimate provision
for the retirement of the government
bonds in due time and preserve their cir
culation rights and privileges until they
are redeemed has been responsible for
q considerable increase in the value of
governments.
Here are the, latest quotations.:
--..- Bid. Asked