Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-12-12
FINANCIAL-LOCAL AND OTHERWISE.

business is for export, but local de-
rhsnds are daily increasing and prom
Use OF domestic business is becoming
better. Construction work is demand
ing tons of production.
Washington itself is greater user
OF steel than ever before. more than a
dozen steel buildings being in process
OF erection and more planned.
mat the stock of the L. S. Steel
Corporation did not respond to the
great tonnage statement was a keen
dlsappolntmen to many traders. The
manner in which the stock comes out
on every strong point has been one
of the most important influences at
fecting the whole Wall street action.
for a time it was understood that
.hiS selling was the liquidation of
holdings acquired by members of the
Anglo-Fre bond syndicate, acquired
with view of maintaining a strong
positive market during flotation of the
100000, 900 loan
Lately. however, 1t is evident that
I the source of the supply is elsewhere.
~ Is generally admitted on the street
that as Steel common goes, so goes the
stock market
Inquestionably great blocks of the
STOCK We're acquired on the way down
10 the oS minimum and on the road up
Whether this stock is being liquidated
by holders for,the handsome profit Of
Tered or that insiders, as banking in
!erests say, are selling the stock with
TINS time, is Il doubtful question.
Anglo-French Bonds.
The weakness of Anglo-French bonds
and the feeling that the syndicate will
be left with a large part of this issue
on its hands is having an effect on
conditions generally, American institu-
tons being SO generally pledged to this
issue
Anything that will turn the tide In
favor of the bond issue will be of sufii-
Gent Importance to give tone to the
whole stock market.
Traders generally are waiting and
watching for an opportunity to get
back into the market. They seem to be-
iieve that it is due for rise, but with
the irregularity and uncertainty as ex-
emplified during the past week they
viii not be tempted until there are
more definite signs.
No deduction for depreciation will be
permitted by fiduciaries otherwise than
as SO provided. Fiduciaries Will be
requested to set forth in connection
with their returns the provision of the
VIII or trust or decree requiring such
depreciation deduction where any ex-
lists. or that actual depreciation oc-
ours the amount thereof, and that the
same has been or will be preserved
ana dppiieu aS Sucn.
The intent and purpose of this regu
lation is to deny to fiduciaries the
right Of claiming a deduction for de-
probation in return for the income tax
of benefciaries when, in fact, no de-
probation reserve is established nor is
authorized to he established, but the
amount claimed as q deduction for de-
probation is actually paid to the bene
ficiary as income.
All amounts paid by fduciaries to
beneficiarieS of trust estates from the
income of such trust estates are held
20 he distributions of income and are
to be treated for income tax purposes
in accordance with the provisions of
the law and regulations applicable to
the income of such beneficiaries.
Nothing in the regulation is to be
con strued to deny the right of trustees
to make deductions from gross income
for expenses actually incurred for re-
pairs and such other necessary ex-
penses, other than betterments. as may
be required to preserve the estate in
tact, in accordance with the facts, ac-
tual application or reservation Of the
necessary amounts or proper provisions
of the trust, the requirements of law
or the order of a court of competent
jurisdiction.
Income Tax Ruling.
Where the terms of a will or trust or
the decree of court of competent
jurisdiction. in the case of trust es-
tate, provide for keeping the estate in
tact, and where physical property,
forming part of such estate, has suf-
fereI Ieureriatiop through its en-