The Washington herald., 1913-10-22
STOCKS STRONG;
=
MUCH HIGHER
Decision Favorable to Roads
d by Commission Makes
r WAL Street Glad.
CURRENCY BILL FAVORED
Advances Of One to Five Points Re-
corded-Bears Are Turned on
( !. and Slaughtered.
CURRENCY BILL FAVORED
By i. 4. FLE,IfNG.


The bulls gored, and gored again: they
cut whole chunks out OF the profits that
the bears have been Accommodating for
weeks in their continuous raids, wherein
they have had the market 70 themselves
sud have met with scarcely no opposition
save as they elected now and then TO
e2Ner contracts
Giving them plenty of rope. the bulls
coming out of their retreat, yesterday
attacked the bears foot and horse, and
wien tie day was ended the results Vert
an with the party OF the first, part. -,
There was a question as TO which was
the most influential influence. Everybody
possessed Of railroad securities and in
dustrials. too. for that matter, took much
confofe from decision of the Interstate
Cowmerce Commission, almost unprece-
dented and entirely unexpected, wherein
I'M advance in rates on Missouri River
territory, long since held up, was given
the o1icial o. X. as not unreasonable. a
number Eof- other advancing schedules
were held up, but that this august and
believed to be Impartial BODY of rate-;
makers had actually permitted advances
N rates was taken as fine omen, what
ever K may turn out to be, in favor of
the horizontal Increase In rates asked by
Eastern roads. 1t also suggested a more
liberal policy toward railroads
Phe second influence Of good effect was
the announcement by Jacob Schin, the
great banker, that the money bill was IS
per cent good anyway, and the feeling
that the amendments which have prac-l
ticaIly been accepted for the bill will.
make it an effective and really a good
working currency system.
The feeling of antagonism has been
shorn of its bitterness, largely through
1rrf szNf ftc
enemies, Frank A. Vanderlip. presi-
deut-pf the National City Bank, who
paved the way for the general better
feeling by wise suggestions in the
changes which tho President has eX-
pressed a willingness to accept.
Immediately on the opening, there
was a disposition to shade and ad-
vance which attended the initial trans
actions but il ended with the incep-
ton and thereafter it was a march
toward higher figures. Bears were re-
luctant to come to taw. many hold
ing back, but the steady advancing |
trend and the big buying by sold out |
bulls who liquidated points away from
these prices, soon had them scram-
bling over each other to cover.
Advances were marked on everything |
on the list and they were important I
at that. Three points was nearer an
-
The average advance was recorded in |
Steel common Reading. st. Louis, Gen
aT-al Electric, Copper. and Smelling; !
'wo-point gains were recorded in steel /
preferred, Southern Pacific. Northern l
Pacific. New Haven, and Liggett & i
Myers Tobacco Company.
Point and fractional advances in
everything else except |
Pacific, which made the phe-
al s.f = Z ,F,Fe .ar.A
American Tobacco with S points gain.
SIeePs strength.
The strength shown in Steel after
orac ctically Is points decline was at
to anticipation of favorable
returns for the third quarter. which
are expected to show $4O.O00,0O0 net.
This and short covering brought the
advance.
Local Securities.
Business on the local stock exchange
vas only in fair volume at current prices.
rhe 4 per cent bonds of the Washington
and Electric Company sold at
o 3-4 10 50 rs, and the bid advanced TO 81
Without further trading. Higher prices
we're also Offered for Capital Traction es
Without bringing out any of the securi-
les. Capital Traction stock sold 4 quota
ion lot at l15 and a broker lot at one
ighth higher. Railway preferred was
lrm at 50 1-2. with sales of small lots al
Gas brought S43-4 for small
OTIS =
In the call of the bank shares several
uotation lots of District National were
id in ateli6, with takers more numerous
hans they'stock offered. Il
onsealtSome demand appeared for Rail-
ruy common. Seven shares were picked
p after call at 96 The quarterly diyi-.I
end will be IL per cent, with an 'addf-f
ionai dividend of per cent, payable salso9
n December ]. The usual quarterly divi-
end of 1l-i per cent will be paid on the
stock also on December J.
Elsewhere viii be found "a detailed
rogress for a merger of the Lncolnl
-ational Bank with the Bank of Wash
igton. II
Income Tax.
All financial washington is studying
le income tax law. and with each de-
sion new problems come up for solu-
re given out for the goyernment sfj@
ie action of bankers in the matter,
leEs Is not much use endeaYoring to
live the puzzle.
ONO regulation provides that when :
1Tds contain the exemption clause on {
.xation the corporation shall not hold Z
> the income tax. but shall report TO
Ie Commission OF Internal Revenue, and \
le recipient of the interest shall him
IL report the payment and pay the I
r.
The natural query arises, how will
inks paying coupons know that the
,nds are ''exempt?" How are the plain 4
upons to be charged tn anyone? Who A
lows who 5Qwns them? y
This IN turn brings out the suggestion ;
at perhaps the coupons will have to
stamped With the name Of the owner,
st as checis are today,
The one thing certain regarding the
come law and its enforcement Ia that
is going TO make a most stupendous
/ of work for big banks and trust COM a
mics for which they viii receive \
hanks" and for the government. places D
Z an army OF inspectors. j,
Beginning with November, collections y
the source ssart-it is a good y
ing that three years are set aside Z,
: rectifytng mistakes for It viii be none II
long. The regulations OF the gov il
nment should have been out by this A
ne, although the bin only became a s'
" October Is. az $50 p. m.
KNOW More About H.
financial Washington acquired more
oNledSe os the proposed currency leg ~
atom tilssish tine speech Of Senator =.