New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-31
Treasury Tax to Aid
Mobilization Floods Mar
ket with Inquiries.
INDEPENDENTS LIKE
WILSON'S PEACE TALK
Leading Financier Expresses
Hope That War Will Soon Be
Ended by Craftsmanship.
By FRANCIS W. HIRST.

London. May 30.-Dcspite such
topics as Verdan, Italy, Greece, Ire
land and Mesopotamia. public inter
est turns more and more to the
United States. Three questions are
uppermost in diplomatic, parlia-
mentary and financial circles-name-
~, mails, exchanges and increasing
interest at Washington in future
peace.
The mail problem will doubtless be
solved automatically. The Treas
ury scheme of taxation is extracting
a great supply of American securi-
ties. The addition of Canadian Pa
cifc common TO the list is very i'm
portant, but a full list Of what the
Treasury will buy is much needed,
for inquiries are pouring in upon
Stock Exchange brokers from all
parts Of the country, another proof
of our marvellous stores of accumu-
lated capital. 1t is fortunate that
money is so cheap with you and that
your credit institutions are strong
enough to welcome the incoming
flood.
Robert Fleming, our leading
Anplo-American financier. described
his position in a remarkable adj
dress last week to the Investment
Trust Corporation. He advised pri-
vate investors to exchange American
for British railway securities, pres
ent prices indicating how well your
securities held ground during this
period of severe depreciation.
Mr.. Fleming, wound up by express
ing the strong hope that the war will
soon be ended by craftsmanship, and
quoted Albert BALM on the neces-
sity of exterminating not only war
but the armament fever. Fleming
hopes that war and the fever will
soon run their course, and said, "All
warning nations. freed from its
blighting influence, will, with re-
doubled energy, seek to reestablish
international prosperity, based on
peaceful pursuits"
Fleming represents an important
growth of financial opinion. Alex
ander J. Hemphill, of the Guaranty
Trust Company, who is here, told me
Yesterday that he heartily agrees
with Fleming's views.
Earl Brassey and many indepen-
dent politicians welcome President
Wilson's attitude toward the solu-
ton of the problem of how to obtain
a peace that will have guarantees for
its maintenance other than those Of
mere exhaustion.
According to Sir Thomas Whit
taker, NJ. p, chairman of the COM
mittee responsible for the scheme Of
mobilizing American securities held
in British hands, the governments
decision to place 80 cents additional
income tax on all American securi-
ties not voluntarily offered to the
Treasury does not involve sudden
heavy sales in the American market.
although the scheme has been a
success" he said, Securities have
not recently come forward at the
rate we wish. Many holders have
failed to realize that we want all
American securities TO enable us 10
handle them in bulk. Although it is
impossible TO formulate an estimate
of the amount held here, yet we
know an enormous quantity is still
held in private ownership. The eff
feet of the new impost will be to
force all into the possession Of the
government. There is no intention
of dumping them. They will be Of
fered regularly and slowly when the
market is favorable. A large por-
ton will not be bought outright, bat
accepted on loan, v hich we shall use
as collateral for any further adj
vances which may be arranged with
the United States