The Birmingham age-herald., 1914-02-13
MISSISSIPPI TURNS
DOWN RECALL IDEA


turned down the Bryan idea of the re-
call of state officials by a very de-
cided majority of the house members.
Mr.. Everett had offered a concurrent
resolution proposing an amendment to
the constitution embodying that idea
and 1t took a two-thirds majority TO
carry. After a very warm debate the
resolution was defeated by safe ma
Jority. Promises were made by some of
the speakers that if judges were elimi-
mated from the provisions of the reso-
luton they would vote for it, but the
author declined, the judges being the
very officials at whom the resolution
was aimed
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of the national banks. Next week the
official statement of the number of appli-
cants will be made public and the belief
here is that this statement will show that
very few of the national banks have not
accepted the opportunity to apply for
membership.
The New Organization
1t will be sometime, however before
the new apparatus and machinery which
are consequent upon the enactment of
the new national banking law can be con-
structed and put in operation Some TX
effect of the transfer from the old to the
new. At one time the feeling was strong
that there might occur some contraction
of the currency, since great amounts of
money are necessary in order to capital
ize the new regional banks. That fear,
however, has practically passed away
or course, in many respects the details
of banking will be the same under the
new law as they We're under the old.
Depositors will see little If any difference
and the public as whole will not wit
ness the changes, since these will take
place in the interior of the banks.
A Favorable Feature
Many bankers speak with pleasure of
the changed aspect of the money markets,
national and international. since the first
of January. Money is plentiful and the
probabilities are that it will continue to
be SO for some months. And this will
make it all the easier for the banks to
adjust themselves to the new conditions.
In all offices of banking houses in this
city are heard gratifying comments re-
specting the somewhat unexpected change
in the investment market. There can
be no doubt that a demand, very large
and somewhat persistent, for good bonds
has stimulated the markets in many parts
of the country where bonds are sold. The
hope Island hope is beginning to be ex-
pectation-that this market will continue
and will increase until at last, follow
ing precedent, investors begin to turn
from bonds to good stocks
There is no exception to the precedent
that in permanently rising market after
a long period of depression bonds are
the first to feel the quiekening influ-
ences. This leads to appreciation in the
market quotations of bonds until at last
the prices become so high that invest
ors turn to stotcks. The reverse of this
takes place when a season of depression
or Generalization begins. IT, therefore,
by and by, and al a time coincident with
the change from the old national banking
system to the new, the market for bonds
broadens greatly until at last invest
ment demand for stock begins, then it
Will be accepted that we have entered
upon a period of appreciating prices con-
sequent upon general activity in indus
try and commerce
The Market for Bonds
One of the best illustrations of this in
vestment demand for bonds was fur
nished a few days ago when at the close
of advertisement containing an an
nouncement that subscriptions would be
received for the new Cuban loan of s1O,-
100000 sort of postscript line was added
stating that the subscription books were
in fact already closed, and that the ad-
vertisement was simply published as a
matter of record. An object lesson of this
kind was furnished Immediately after the
unprecedented sale of New York state
bonds a few days ago. When this is
done indisputable evidence is furnished
either that the prices at which these se-
curities are offered are such as to tempt
investors or else that the market for
good bonds is so broad, steady and ac-
tive as to make certain the immediate abb
sorption of an issue.
The Income Tax
Before March / statements must be
made under oath to the collectors of in
ternal revenue by all of those upon whom
the new income tax is to be levied. How
It is in other parts of the country the
internal revenue collector of this district
mas had no time opportunity to learn.
he has been too busy but bis office
reports that much the greater part of the
returns which are made to him are ac-
companied with the legal form of pro-
test, indicating that many persons be-
lieve that the courts will do with this
law what was done with the income tax
law which was enacted in 1894. Without
protest those who pay the tax would be
unable to recover from the government.
The manual labor which the collecting of
these returns and the proper arrange
ment of them entail is very great. Col
lector Anderson of this district is re-
ported to have said, while pointing out
with sweeping gesture the vast mass
of returns his office has received, that
through his office will probably pass the
greater part of the income which this
tax will give to the government, for in