The Washington herald., 1913-12-06
STOCK MARKET
VERY IRREGULAR
Closing Strength in Union Pa
ci6c, Reading, and Steel
Featured the Session.
LOCAL SHARES WERE FIRM
Bond Movement Light-New Rulings
on Income Tax-GosSip of
the Street.
LOCAL SHARES WERE FIRM
BY 1. 4. FLEMING.

stock market had many angles to it-with
two or three changes in temper and with
more show of strength in the final five
minutes than at any other time during
the session Moreover. it was case of
d few strong stocks while the rest of the
list generally eaSed of
The opening was strong, then came
slump, a squirt Of strength, weakness
again. and then the final closing, which
carried Union Pacific and Reading back
10 the high of the session. Steel also, and
closed them right top.
The action of the market in the last
few minutes created an impression that
the bulls would be found in the saddle
today, and that higher prices might be
expected.
As rule. Wall Street does its window
dressing along in December almost in
yariably. with the object in view of at
= tracing a share OF January l disburse-
ments even advance buying. if possible
Window dressing is also useful in tempt
ing insurance investments, &c.
The action in Steel common was inter
esting, but it stayed right where it was.
Another case of Lawsonitis struck the
Steel post the first mail circulars setting
forth a determination on the part of Law
son, if guilty of sending out his diatribes,
if heavily short. TO put in a number of
l0.o0O-share buying orders. That he did
nothing of the kind did not convince, as
he intended it would. that he was not
short. but it drew the largest crowd to
the post for many a day. Steel dropped
about point on the selling, but it came
back before the close of the session to
-. Thursdays closing. and was there
when the closing bell tapped.
UniOn Pacific Rally.
Union Pacific led the closing rally and
in excellent shape moving up in five
minutes from 151 SIS to 162 Il and closing
strong on the Top. Reading followed the
leader, moving from 102 to lN2 3-+
As general rule, the list was easier.
but the strong closing gave it a frmer
. appearance than indicated by the quota
tions.
London was an early seller. Conditions
abroad are not especially satisfactory,
though no changes Of Importance have
occurred and Mexico continues to worry
its way across the daily news, without
deiniteness.
Bulls talk ofIhigher rates as a Ger
tainty, being convinced that the poor
earnings coming in in the weekly and
monthly reports will have their effect.
ST. Paul was weak early, but it also
rallied: Lehigh Valley lost -: Illinois
Central 5-S: Copper a point; Mexican
Petroleum a point, while United States
Realty and Improvement gained 81;
American Tobacco 1, and Utah Cop
per L.
to share in advance.
Money will probably remain close for
the rest of this month, with reports IA
voring an early enactment of the cur
rency measure.
California Petroleum declared regular
dividend
Inter-Mets We're very firm.
"Unitcd States.''
bill was introduced in the House
Yesterday for the protection of the title
United States" The bill provides that
no bank trust company or firm shall be
permitted to use the title.
Why permit a corpora tion to use it?
The title is in general Use in many
different ways. The United States is in
the habit Of making retroactive laws, but
= in this case, certain corporations have
held the name almost since the fedora
tion of the original colonies. If enacted
it should be as to future companies.
Local Stocks.
Local stocks remained steady. with
perhaps little Iessening of the demand
and certainly no increase in pressure to
sell.
The slow. conservative action of the
market is just about what may be ex-
pected here until after the January dis
bursements, until the banks become a
little more liberal in the matter of loans
Such being the case the stocks ana
bonds that are being accumulated are
going into strong boxes, where they will
rest for the present with the returns
thereon entirely satisfactory TO investors
Yesterdays prices were practically
without change. with but ninety shares
all told, which plainly indicate the char
acter of the operations.
of this small amount fifty-six shares
were of bank stocks, at 135 for Federal,
1856 for Commercial, and 1872 1-2a1S2 SIS for
Union Trust.
Washington Gas was stronger; none
offered under 81 is.
A feature of the day was the absence
of bond buying, the general list remain
ing steady, at about Thursdays prices
Personal.
Frank A. Munsey, OF New York. will
be in Washington today.
J. c. Eckloff, of the Second National,
rarely absent from duty, is taking a
vacation, preparatory TO getting a fresh
start under President Rudolph, when he
assumes office president of the Sec
ond National, on December II.
George o. Watson. cashier of the
Metropolitan Bank, is taking a much
needed rest. a severe cold forcing a lay
off.
Paying Coupons.
Bankers have receded from their early
attitude of not caShlnS coupons TAX
ing them only for collection.
From their customers they are taking
coupons and accrediting the amount to
account of owner, just as they did in the
days before the income tax. Some bank
ers are discounting coupons due January
for their customers. Recent rulings
have made the handling of coupons much
simpler.
It is not necessary to list the numbers
OF the bonds, nor will it be until March l.
Alteration of the Treasury Depart
rnent's regulations for collection of the
income tax at the source have also re-
rnoved-at least partially-one of the OBJ
iections that individuals might previously
have had to owning corporation bonds.
They now have more assurance that
their names as bondholders will not be-
come the property of local tax authori-
. ties, which might mean their assessment
for taxes which would eat up half their
\ interest. And when it is considered that
nraT