The Washington herald., 1918-08-16
Big ADVANCES
ON NEXT LOAN
Banks Have Provided for
Nearly Half Stocks
Are Dull.
BY BRoApAN WALL.

New York. Aug. 15.-In an extreme
ly dull market today a few special
ties distinguished themselves. but
standard issues made few move
ments worth noting. Hide and Leath-
er preferred and Writing Paper pre-
ferred had the widest movements.
Marine preferred was exceptionally
strong part Of the day. Cotton was
irregular. War news contained moth
ing decisive. although reports persist
ed that Lassigny had been taken by
the French. Rumor told of another
ship sunk near New York Harbor but
there was no confirmation Of this.
Announcement was made that the
sales of certificates OF indebtedness to
the banks In anticipation Of the
Fourth Liberty Loan now amounted
to $2.75s, ,541. 800. Thus nearly half the
proposed loan Is already provided for,
because the banks will either directly
or indirectly take up in new bonds
practically all of this. Wall Street
was favorably impressed with Secre-
tary McAdoo's taxation plan, par
ticularly that feature of it which
made the years 1911. 1912 and 1913 the
basis OF calculation.
L War Years Unfair.
II had been feared that he might
select 19l4-15-16 which would be mani
festly unfair. because in those years
American manufacturers enjoyed such
great profits from the war that very
few would have any excess profits to
be taxed II those years were used as
a basis. II is now expected that the
tax bill will be made public officially
in completed form on Monday
Westinghouse continued to feel the
stimulation given to electrical stocks
by Secretary McAdoo's talk of electri-
mying the railroads. The strength Of
Marine was due undoubtedly to a
Wall Street theory that II ships were
being sunk those left afioat would
be more valuable. Its later weak
ness was due also to the fears en-
tertained by the same people that all
the ships would be sunk.
Writing Paper astonished the
Street with a new high record at
IS 1-2. The advance is in line with
the forecast made about two weeks
ago. when the stock was ten points
lower.
Hide and Leather.
Advance OF Hide and Leather pre-
ferred was in response to announce
ment that new interests are to enter
the board and that a financial plan
taking care OF the accumulated divi-
dend will be worked out. There is
little doubt as to its acceptance by
the shareholders. The plan provides
for issue of new stock and will put
the common stock in line for divi-
dends. None are promised. however.
but under the new management it
is entirely likely that they may be
earned and paid
International Paper reported ealn-
ings OF only $2.5l a share for the
first quarter Of the year.
The committee having in charge
liquidation of American Malt reports
that deposits of the stock are. COM
ing in more rapidly and that It Is
confidently expected the company
will be put out of business and cash
paid over to the stockholders before
the end Of 1918. The only possibility
Is that It may be difficult to dispose
of the real estate at short notice,
and as 1t is all valuable business
property 1t may be turned over to
real estate company for Hquida-
ton. shares in that company being
allotted to malt stockholders.