The Washington herald., 1912-11-27
WALL STREET GOSSIP

| The buying Of Union Is reported from
an old Hartman source to be of high
grade, but not particularly speculative
just now.
| Private borrowing of Steel is again in
creasing. 1t Is also noted that Reading
is in demand.
| There is reported an enormous accum-
mutation of. money in France ready to be
released for investment as soon as peace
Is declared.
Important buying OF Southern Rails Is
noted for investment account. II is said
to be based on the higher cotton prices.
which give assurance Of prosperity.
The majority of brokerage advices are
still cautious, and inclined to suggest
purchases only on dips.
The electric stocks, General and West
inghouse. are expected to be prominent
specialties in any recovery.
Professional traders still appear to be
very bearish as a rule and are selling
the active issues on all rallies They are
short on Reading
There is a repurchasing of stocks from
London. Whether this represents New
York orders or not is not known. The
war news continues very much mixed.
| The Thanksgiving holiday Thursday is
adding to the dullness in tho stock mar
ket We find traders and brokers leaving
the street earlier than usual because they
believe the money situation will hold the
market in a narrow range for a few
days.
Members OF ]. P. Morgan & Co. and
officials of L. S Steel will be among the
first witnesses called by the money trust
Investigators at the hearing December 9.
This statement was made by member
OF the committee to-day. Fears that wit
nesses now under subpoena will endeavor
to avoid the committee is the reason
why no preliminary notice OF those who
are TO be called has been issued
Well informed sources say they find
evidence OF some good buying in Union
and Reading. 1t is said the Standard OIL
interests are buyers and have taken
lAmalgamated on breaks.
There is a large shortage in Steel. In
quiries on the board show professionals,
floor traders and others expecting a
break The big operators have tried to
break the support toward 20. They al
lege large stop loss orders there for long
account.
The Guaranty Trust Co. has enga ged
500. 900 gold additional in London.
Railway Steel Springs declared regular
dividend on preferred, payable December
% Books close December :, reopen De-
cember q.
The buying of Union yesterday was the
best seen in many months. These orders
may have been put IN to support the
market, but from the floor it looks like
quiet accumulation, as no effort was
made to advance the stock.
Street that the Treasury Department will
deposit :25 10000 in the banks So far no
confirmation Is obtainable.
A dispatch from Pittsburg says that of
the 5000 men employed at the Edgar
Thomson plant of the Carnegie Steel Co
at Braddock, 5000 are idle to-day as
result OF the strike of engineers and fire.
men. while across the Monongahela River
at Homestead 5000 men are idle for the
same cause.
The Central Leather Company has de-
clared the regular quarterly dividend OF
"a or preferred stock.
Ladenburg & London are buying Steel.
I hear there will be a move against the
shorts to-day However, / don't like the
looks OF money market.
An initial dividend of l 3-4 per cent on
the preferred stock has been declared by
the United Cigar Stores of America.
Atchison for October: Gross increased
81. 1881, operating expenses increased
81, ,O39, SIS, net earnings increased SS7s, 4l6.
Directors Of the United Cigar Stores
Company will act on the common divi-
dend at the December meeting. The
dividend will be payable about January
Is
President W. s. Carter, OF the Brother
hood OF Firemen and Enginemen, said
this morning that the demand made sew
eral months ago. on which action was
POSTPONED pending the result Of the com
missions deliberations on the engineers
demands, will now be renewed. / am
now negotiating with the railroad off,
cials and expect to arrange for a meet
ing with them during the coming week,
probably on Monday next. 1t is possible
that a quick settlement can be effected
at that time.
The steadier markets abroad this
morning at all points, with our stocks
at London up on the average OF 1-2 point
from our closing quotations, is attributed
to private cables to the generally better
feeling prevailing on the official denials
of Yesterdays alarmist war news.
While some rally is expected to develop
here in sympathy, the Street has been
fooled so often by the numerous twenty
four hour bull movements on such opti-
nistic views, the tendency will be to
await more definite advices, especially
after Yesterdays unexpected furry in
the money market. Therefore. It Is con-
sidered advisable in the best informed
quarters closest to the largest market
interests to maintain merely a trading
position on the market on day-to-day
events for only small turns until peace
over the Balkan war is definitely In
sight.
That manipulation of the money mar
ket TO check stock advance is being con-
Quoted at present is the assertion made
in commission houses now. 1t is said the
banks are not as hard pushed as ap-
pears on the surface. although II is
noted that loses to the subtreasury are
very large.