The Washington herald., 1914-01-01
LEADING ISSUES
SHOW INCREASE
Liquidation on Wall Street at
Minimum and Leading Is
sues Are Steady.
DISPLAY OF OPTIMISM
DISPLAY OF OPTIMISM
New Year Welcomed by Financial
World Income Tax Troubles.
Seabeard Report.
BY w, sTEALEY.

change yesterday WAS at minimum and
buyers were compelled to bid up prices
which caused strength In the leading is
sues.
American Sugar. which opened at 1os l.,
closed with a gain of "a of a point
Reading. which went to lss s-s closed at
1Ss 1-2, a quarter Of point below the
opening price Canadian Pacific closed at
206 3-4, fractional gain
Dealings were narrow. Steel common
rose half point on small transactions.
Union Pacific was steady, and Amalga-
mated recovered all its early losses in
the final dealings.
While opening prices were firm, un-
certainty and irregularity developed
about noon, when rumor implicated sew
eral dry goods houses Fortunately,
stocks were not offered. and prices of
leading issues retained their firm tone.
Coal stocks were strong, Erie rose to
Is. and Lehish Valley to 14s 1-2. Ameri-
can Telephone and Telegraph was par
ticularly weak, selling below 1l9 on liqui-
dation forced by rumors that the COM
pany anticipated new issue of bonds.
Sugar shows Activity.
Unusual activity was noted in American
Sugar, carrying the price TO llO IA on the
story that the company would arrange
satisfactory solution of pending suits.
Trading grew dull a. the noon hour
approached. Canadian Pacific developed
strength, advancing fro-l 95 l-2 to 30S S-4
Foreign houses were buyers. Gables from
London Indicated that the local market
paid more attention to horse play than
prices. Efforts to cover stocks here at
the low prices Of the day failed.
Fortunately for our market, London
brokers are short of American issues.
Local developments suggested a further
selling of stocks that were not justified
by the news OF the day.
AmalgaE:ated was strong, Utah firm,
and Tennessee Copper showed a sub
stantial advance on the day. Bonds were
strong. The investment demand antici-
pating an improvement with the new
year.
Some uncertainty was occasioned by
the local weakness in dry goods circles
This, however, was not of wide import
and general sentiment favored the clos
ing of weak commercial institutions
Reading earnings reflected conditions
that were known to have ruled for
months past Surplus for November de-
creased sS44,e
Money over the year end ruled easy.
Renewals were made al per cent and
time contracts were engaged at 4 S-4 per
cent.
Local Stock Market.
The last day of 1913 on the Washing
ton Stock Exchange, at least was not
the worst in the years record
Four thousand dollars of Potomac EIec-
trio IS were sold at los: three Sl.OO0 Po-
tomac Consolidated IS went at 9S l-2: one
N.oo Capital Traction and one $500 ),
Of the same company. were sold at 1O7 81
In the stock list. ten shares OF Com
mercial National Bank brought 1S5 and
four shares of Federal National Bank
lSi l-2. Five shares of MergenthaIer were
sold at 2le Is and five shares at 212 Six
ten shares of Lanston brought 81 I-2 One
share Of Washington Gas was sold for 81
A bid of Ill 1-2 was made for Capital
Traction, 115 asked.
Optimism for 1914.
A hopeful feeling toward the New
Year pervades Washingtony financial
circles There is A feeling akin to relief
hat II has displaced -
Within two months the Interstate Com
merce Commission will have decided the
pending railroad cases, and the attitude
If the administration toward the Sher-
man antitrust law definitely will be
disclosed. Legislation on the latter sub
iect is not expected to be of the drastic
nature which reports of several months
ago indicated. Congress undoubtedly is
dominated completely by the President,
and it is reasonably certain that legisla-
ton, which he will recommend. will be
adopted. The Presidents hold on the
Senate and House will frustrate any tend
ency toward radicalism.
The currency act is regarded generally
as far superior to existing law and finan-
ciers, throughout the country, believe it
will remedy to a considerable extent pres
ent conditions. The personnel of the
Federal reserve board is the most impor-
tant direct feature, but above this the
success Of the system depends upon the
integrity of the business world-the GER
tainty that the borrower will pay.
The ethical standards of business are
higher than ever before and there is no
reason to suppose they will be lowered.
Income Tax Troubles.
The Secretary of the Treasury early
in the year probably will be appealed
TO by financial institutions throughout
The country to lessen the burden imposed
upon them by the collection of the in
come tax at the source.
As matters now stand banks have been
compelled to increase their clerical force
to collect the governments money, and
il is contended that this is an injustice.
and. at the least, the government should
stand the expense.
Up to date twenty-six blank forms
have been issued by the Treasury De-
partment to facilitate the collection of
the tax. "A number Of additional forms
will be issued within the next few days
Institutions will be put to the severesr
strain this week and next. when it is es-
timated s266, 100000 is to be distributed by |
Industrial and railroad corporations in
interest and dividends. About sl5o,ooo,- |
300 of that amount is interest on bonds |
Local clearinghouse.
Washington bank clearings for the year
1918 aggregated s402. .s05 075.ss, as against |
sS91, ,77e, 7sl.se, n gain of LIES, 2S3.sS
Bank Increases Surplus.
The Commercial National Bank. in ad- |
dition TO the regular quarterly dividend
Of y15,000, has set aside $1,000 TO surplus
account. The surplus now amounts to |
$4,000. and the capital to s75oooo.
seaboard Make. Report.
The Seaboard Air Line reports to tho
interstate Commerce Commission for NO
vsmber, and five months compared. as
follows:
Niie.se ....--....-..'.---..--.-- 3o2 3GDl
Frcight 6s SO N4ss "a /
Passenger revenue f2a0i AG3 Il
fo(xl op. rcT.-.-.-.........-... 2,42Si 2oG 81
Mt q vay...---.--.--..........-. S2.l@ E1fs2
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