Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-11-19

on the list that have not scored great
gains. especially in the metals, in the
last week.
In the meantime the standard rails
are neglected and in difficulty; the
threat of strike, in the event of the
Adamson law being declared unconsti-
tutional, has removed all investment
buying.
And the railroads are reporting in
creased earnings in every comparison.
A New Tax Coming.
Officials of the tax collectors Office are
busy these days compiling list of banks
and business concerns using property
under the sidewalks and in alleys, for the
purpose of collecting the new tax for
the use Of this space.
Many stores have storage space under
the sidewalks, and heating and power
plants as well. while the banks generally
make use of available space for one pur-
pose or another.
This privilege has been free heretofore.
but henceforth will be taxed SO much per
square foot. the rate Of which has not
been settled.
Banks and trust company officials are
earnestly hoping for important amend
ments to the intangible tax law, which,
however, does not become effective until
July 1. 1917. They claim they are not
liable to taxation on investments, pro-
| vision for the taxation of which is cover
ed in the general tax Of s per cent on
gross earnings, in lieu of all personal
taxes.
Local Financial.
The most important development of the
week was the declaration of an extra
dividend on Mergenthaler Corporation
shares, OF $3.50, which caused ten
point advance in the shares. Books close
Monday and the stock will sell ex-divi-
dend.
What pleased the stockholders, next
to the dividend, was the writing off of
franchise. patent and good will appraise-
| ment by $3.50. 900, a 1000 write-on on
real estate. and $4,000 written off on
plants and equipment. There is con-
| tanned in this action a promise of COM
plete elimination of these items. All this
has not reduced the surplus; on the con-
I trary. it has increased $4,000.
Stocks generally have been slow, but
| relatively steady in price during the
| entire week. Bonds have been in good
demand and have shown advances
| while the New York list has been
easier.
Southern Railway Sells Bonds.
| The Southern Railway Company has
sold 100000 AZ per cent equipment
trust bonds to Drexel & Co. of Phila-
| de1phia. The certificates mature in
| twenty equal semi-annual instalIments
| Of S225.000 each.
War Loans.
| The grand total of war loans of all
| governments engaged in the present
European war is approximately $780,
! 900. 100000. The cost of war has been
about 1000. 100000.
borrowings were as follows: British
empire. s12.s51 ,o95.ooo: France, s1I,-
:ss goo ,ooe; Russia. s1,s15 100000; Italy.
mania. s70.OOo.oo0: Japan. 5000 900;
Serbia. $s3,25o.O00: Germany. sl1,78o,,
100000: Austria Hungary. $4.227,5o0,-
goo; Turkey. $a6s.ooo.ooo; Bulgaria
S16.396.5 500.
| Neutral countries have been forced
| to borrow about s443,1s0O0D as "A re
suit of the war. To these figures must
! be added $50 100000 to French munich
palities. foated in New York, and S.
100000 loaned to China. And the end is
| not in sight.
Russia. France and Great Britain are
standing at our doors awaiting further
named wants the money on credit,
without security. Russia viii be after
| S2b,0O0,0O0 during the coming week
Treasury bills and exchequer bills are
| likely to be offered freely by Great
Britain and France to our bankers in
the near future.
/ Foreign-owned collateral probably
will be tied up as collateral for other
loans before long.
Reactionary symptoms.
Henry Clews. Wall streets veteran
observer. while admitting that there is
nothing "in sight to stop the advances
in prices for commodities believing tia t
| reactonary symptoms are not wholly
wanting" Mr. CIews says:
Increased costs are already having
the double effect of emphasizing econ
omy among consumers and diminishing
producers returns: In all probability
abnormal profits have about reached
their zenith: the increased costs of
| labor. materials. transportation, ETC.
being an offset of growing Importance
| "A fresh complication developed this
week in the movement of the railroads
to test the constitutionality OF the
Adamson railroad bill in the Supreme
Court of the United States the outcome
Of which must remain in doubt for
seems improbable. for the reason that
It would incur widespread public dis
approval, and both sides are Interested
in having the law interpreted by the
highest authority in the land.
On the Market.
which this market is operating may be
summarized as follows: In favor of an
Observation-Disclosures of the war. high
prices for commodities, big profits OF
munition industriais. abundant capital
and credit. q clearer domestic political
outlook and a rising speculative fever
Against the advance - Insistent inside
liquidation. pressure Of foreign hold
ings continued big offerings of foreign
loans, rising costs of production and
operation in all directions, necessity OF
, new economies. impaired buying power
Of many consumers and danger Of in
ternational complications. With such
| q conflicting outlook the market prom
. Uses sharp fluctuations and continued
activity