Martinsburg statesman-democrat. [volume] (Martinsburg, W. Va.) 1906-1921, 1912-08-02

cent the contuDEo on American shdtfS
in London at the carry.over was 4 IL
per cent.
English bankers anticipate that the
Bank OF England win advance its dis
count rate about the middle OF August.
As vet there ~ no demand on N. Y.
banks from the interior for money
10 move the crops. Firmer rates can
be expected when this demand ap-
pears.
THE STOCK MARKET.
The decline In Console, the English
2 i.2 per cent bonds. to
70 "a. the lowest price since 1929,
has distributed foreign stock markets.
and caused more or less liqidatton OF
other low rate high.grade securities.
The heaviness In the markets
abroad has been reflected in our own
market There is little Investment
buying.
The apparent reasons for the dull
ness are expectation that the Arbitra.
ton Commission now considering the
railroad engineers demand for higher
wages viii grant an Increase. and thus
cause other railway employees 70
make similar demands a disposition
10 await the various presidential can.
dldates' letters OF acceptance, and the
Stanley Committees report OF its In
vestlgatlon OF the Steel Corporation.
These various factors have had a
depressing influence on prices which
could not be overcome by continued
favorable reports from the agrteultnr-
al regions.
The result has been a manipllative
market with selling In evidence.
Tho report showing the condition OF
the cotton crop on July rs will be Is
sued by the Department OF Agricul-
tnre of August .. ut IL noon. On FRI
day, August .. al ais, there will be H.
aued summary OF conditions OF the
principal grain crops on August l.
Taking into account al 1.-THE factors
to Influence prices there Ia little on
which to base an advance Mt the pres
ent time. Prices may advance a few
points. but. In my opinion. stocks az
the present level can be replaced later
lower down.
ANSWERS TO INQUIRIES.
Bethlehem steel Common and Pre-
ferred. In May the capitalization OF
this company was Increased from $29,-
100000 to $7s.b00.000. About the same
time this company sold $l5.200.000 8
per cent 30 year mortgage bonds for
the purpose OF retiring a previous
bond issue of $s,42S,000. and proylds
Ing additional working capital. Mr. 9,
NJ Schwab lis the president OF this cor
poration. The future OF Bethlehem
steel shares Ia naturally dependent
upon the business condition of the
county. The company ID reported to
the doing their pro rata share Of the
steel business. The low price Of the
preferred shares makes this issue an
attractive speculation. | would not
advise the purchase OF the common
stock
Wabash Preferred and Common
Stock.~-The proposed reorganization
of thfs company anticipates an ASSESS
ment OF $40 share on both classes
OF stoek. | would recommend the sale
OF both OF these issues at the present
time and would not advise the pay
ment Of the assessment After the as
sessment has been levied and collect
ed | beliye both issues can be prr-
chased lower than the total of the am
sessment and present prices for the
shares. This being the case, either
the preferred or common stock can
be replaced cheaper later on. After
the reorganization Is completed aud
the new management well established
i believe either one OF these issues
win be profitable Investment
Northern Pacifc.--Earnlna for the
present year APPLICABLE to dividends on
the common stock are well In excess
Of the present 7 per cent dividend
rate, but Will be somewhat lower than
last year. Should the favorable crop
conditions continue throughout this
companys territory, no doubt 1t will
be reflected in an advance in these
shares. At the present selling price
around 100 Northern Pacific stock
yields SIS per cent on the money in
vested. and should prove profitable II
the shares are purchased on any ma
terial recession.
Atchison, Topeka q Sante Fe Con-
vertible Gold as, Due 1850. These
bonds are convertible into common
stock of the company after June /.
1913, or prior to June 1. 1925, at the
lea a.