Evening star., 1915-01-08
INVESTMENT BUYING
SHOWS IMPROVEMENT
Short-Term Notes Are Favored by
Bankers-Stocks Were
Higher.
Local Bond Market Firm-Revenue
Rulings of Interest-Finan-
cial Gossip.
BY I. A. FLEMING.

BY I. A. FLEMING.
There are evidences of an investment
buying movement of considerable i'm
portance in the bond market, ana also
of renewed activity in securities gen.
orally.
Expert opinion on conditions is
favorable to issues of short-term notes
as being the most desirable for large
investors, who wish to keep funds well
IN hand for use when happenings OF
sufficient importance to give dennlte
trend to the markets occur. The small
investor is buying both long-term
bonds and short-term notes.
For months bond houses have made
little or no effort to push sales, Tor the
reason that conditions were against
successful effort, but now they nave
their travellers out and are again cir
cularizing almost as freely as BEFORE
the outbreak of the war.
The success of the $15,0O0.O0O Argen-
tine one-year notes was largely que 10
th. purchase by banks
There is a good over-the-counter bus
mess in Washington and the sales on
change are incheasing.
Bond houses lists indicate n llttle
better price to the buyers than in the
quotations of last May. but 1t Is barely
an appreciable advantage.
New York Stocks.
With each day the trading in stocks
on the New York exchange is growing
larger and more diversified.
Declaration of the regular dividends
on Rubber shares brought two-point
advance Equipment orders caused n
firmer tone in Pressed Steel Car ana
American Locomotive shares, the for
mer advancing a point, while the lead
ing northwestern rails. Great Northern
and Northern Pacific. recovered the
greater part of their dividends and
showed good tone. Lehigh Valley and
Louisville and Nashville were strong,
the former u and the latter 1ts points
better than yesterday. ST. Paul gained
y and Union Pacific like amount.
Initial Dividend.
The Federal National Bank has en-
tered the rank of the dividend payers.
The first dividend since the organiza-
tion of the institution was declared by
the directors yesterday. 3 per cent, pay
able January 1 8 to stockholders of rec
ord January 10.
Local Bonds.
Transactions in local bonds on call
included sales of Washington railway
As at S1H. slightly better than former
prices. and 99ss for Potomac Electric
Ss. The bid and asked prices showed
strength well maintained.
Lower Rates.
The reserve board has given the re-
sional bank at Richmond the right
to make thirty-day rediscounts at AZ
per cent: on thirty to sixty day paper.
> per cent, and sixty to ninety day. 512
per cent. Over ninety days the rate is
per cent.
Revenue Rulings.
G. E. Fletcher, acting commissioner
of internal revenue, has made a num-
Der of rulings relative to the emer-
gency war tax that are of interest to
business men,.
4 deed issued to cover gift of prop
erty to wife from husband, or vice
versa, or from parent to child, in
which the consideration is lone dollar,
etc." does not require stamp tax.
\ deed conveying property of a
debtor to a trustee for the benefit OF a
creditor is not required to be stamped.
Where the sale of realty is for
consideration of 81 or merely NOM
inal consideration, tax is to be COM
puted on actual value.
1t is not lawful to record a deed to
have not been affixed.
The law provides that where there is
deed, instrument or writing. where
by lands, tenements or other realty
shall be sold, granted. assigned or
transferred there shall be stamps at
tached of a value of so cents for each
$500 of value, exclusive of any lien or
incumbrance thereon.
Election.
4, ,ha annu,l ,,aat;po oF tho erock
holders of the National Hotel Company.
held yesterday. George H. Calvert, jr..
Fred S. Young c. Baltimore Calvert,
Julian S. Jones and r. Hanson Weight
man were elected directors of the COM
pany. George H. Calvert, jr., was re-
elected president.
Financial Notes.
Chicago and Great Western earnings
for the fourth week of December show
decrease of sl,65S.
The Erie system reporting for No
vember, shows Il decrease of S1oS,327
in operating income. For five months
the operating income increased $685.
go.
Call money in New Yory city is loan
ing at 2i@ per cent.
Delaware. I.ackawanna and Western
has placed an order for 10000 tons OF
steel rails. Bethlehem and Pennsylva-
MIA steel companies divide the order.
Actual and pending orders about to be
placed for steel rails indicate the fabrica-
tion of about 500 900 to 500 900 tons in the
near future. including the 10000 tons Or
dered for Pennsylvania. $1,000 tons for
New York Central. 10000 tons for Louis
willie and Nashville, 2o,000 tons for Della
. ware, Lackawanna' and Western, 5000
tons tor Atchison and 5000 tons for Bal
timore and Ohio.
Regular L. $. Rubber dividends were
declared yesterday, 1 =: on common an6
. on the first preferred and II. per cen,
on the second preferred.