Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-12-03

Various estimates are made as to the
price that will be accepted, and the
1O3A bid today would seem to con-
firm the views of those who look for
better than 102 as the probable price
for the forthcoming issue.
Heavy Withdrawals.
On the 18th of this month national
banks in the city will be called upon
to repay a large proportion Of the tax
money deposited with them some
months ago by the Treasury.
Payments due in October were made
by some of the banks, while others
were given until December to make
the repayment All payments due in
numbers about 100000 was deposited.
Banks that have not repaid any Of their
allotments will be called upon for 40
per cent repayable. while those which
made payment in october will have 20
per cent to return to the Treasury.
Bonds May Go Higher.
After the quarterly and semi-annual
disbursements. due January /. 1915.
investment. People will scrutinize their
list Of investments rather closely. the
more so because many have suffered
at least have had their revenues les
sened.
That there will be trend toward
high-grade bonds seems next to logi-
cal certainty. These are troublous
times. but high grade bonds offer as
surances of income that should mako
them attractive, for the added reason
that the prices have not advanced
where the returns are not inviting.
People do not like to have their sur
plus funds idle. and with millions
seeking reinvestment higher prices
are likely to follow soon after the
opening of the new year.
In New York the bond market was
rather slow, with heavier tone. The
disposition to hold off for the present
seems to be more or less general, but
bond dealers look for a decided i'm
provement there with January.
Financial Gossip.
Increases in passenger fares via mileage
books from IN to 2h cents per mile
would give the New Haven system 3d.
00O. 900 additional revenue; a per cent
advance in freight rates s1.500.000. The
former advance Is proposed.
Operating income of the Chicago and
Northwestern Railroad Company de-
creased S497925 for October
The interstate commerce commission
approved a 2k-cent advance per hum
dred pounds on bricks by carloads
from points in the gas belt to points on
the Burlington and Rock Island sys-
TENS.
Acceptances. merchants credits, are
being made by several banks in New
York city and Chicago. and probably
elsewhere
New York Central lines for nine
decrease of $7,492.9S4 in net earnings;
Pennsylvania lines decrease of
81, $50, $40 in the same time.
These two big trunk lines lost in de-
Corporation tax returns will suffer by
this loss.
DR.. H. Parker Willis will deliver an
other lecture on the federal reserve
act, at the New Willard tonight.
There are many stocks listed on the
New York exchange that are selling
daily above the closing prices of July
80. The daily transactions keep the
clerical force of the exchange busy. A
suggestion Is made that the exchange
open for trades in this list.
Steel Orders.
Indications are that the untitled or
ders on the books Of the steel corpora
ton for November will show another
decrease In September the loss was
425.644 tons, in October 326.570 tons
for November.
While there has been some little i'm
provement in the steel business. 1t has
not reached an important stage. There
are no foreign orders for rails, and
much was made recently of an order for
5000 tons for an American road. indi-
eating how much this line OF business
is missed by raflmakers.
Nor is there much sign or improve
ment until the railroads are given some
relief from their present embarrass-
ment by reason of inability to make
both ends meet, without savings in
operating and maintenance expenses.
Not a Five-Billion Debt.
The Wall Street Journal takes ex-
ception to the statement of Mr. Lloyd
George that the United States owed
Great Britain $5.00O,000,0 900, and very
pointedly remarks that an Investment
in stocks is not a debt, but partner
ship. That an investment in bonds Is
not a debt. while the interest, nay
able at stated periods, ii not paid
is, the bonds not being payable before
maturity
Discussion along the same lines leads
to the suggestion that 1t is nothing
more than reasonable to expect that
the war in Europe might drive invest
ors here to peaceful America, for the
sake of security.
Concluding its comment. the editorial
says: This is why we have never suf-
fered from the hysteria over European
liquidation OF American securities held
abroad. There will be some foreign
liquidation. but 1t is only fair to pre-
sumo that there will be some foreign
buying orders. to say nothing OF the
power of absorption of our own peo-
pie, which will Offset that food of
realizing which in the trading in bonds
on the stock exchange has failed to
materialiHe"