The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1912-12-11
WALL STREET GOSSIP

The buying of rails returning So per
cent or more is OF the best character
now. Foreign absorption Is said to be
concentrating in them.
THE Union Pacific decision has
strengthened the hand of the govern
ment, and the fear that 1t may bring
further dissolution suits has caused. con-
siderable liquidation" says a big insti-
tuition
The result OF the tariff reduction will
not be half as great as the prospect in
sPired by the fear thereof, according to
good authority.
The bear party now operating in the
market is very strong, and so long as
it produces liquidation through its raid
ing, the campaign will be carried on to
the extreme. according to professional
sources.
There is a continual Offering Of L. s.
Steel upon all little rallies from tariff
stricken" holders.
Evidence is coming to hand of the
bargain hunters with cash now appear
ms in the Street. They are favorable
ito the rails that need fear no dissolu-
ton proceedings"
Prices in London Tuesday did not be-
speak a better market here although
outside conditions by no means warrant
this Generalization, and within the next
twenty-fOur hours We should see a
change in prices here.
While, of course, there is some good
buying going on, there is at all times
such a tremendous amount of liquidation
coming from all over that il takes time
for the market to feel this. History has
shown that stocks bought at such times
as these will bring a bigger harvest to
the buyer than the seller.
A number of prominent institutions,
calling attention to the fact that the
latest raid brought out stocks per hour
at the rate of 100000 shares a day. have
found 1t wise to say that in their belief
the decline has ended. and they are ad-
vising the purchase of good rails. 1t is
worthy Of note that some OF the high
grand standard rails give at low levels
around per cent on the investment
1t is gossip on the board now that the
Standard Oil and Morgan followers are
in opposition TO the extent that Morgan
selling has been the principal liquidation,
while Standard OIL interests have been
buying, and are much more optimistic
than the other factor. These stories
usually accompany big movements.
The complexion seems to have changed.
The market has a healthier look to 1t
than at any time since the Can dividend
was declared
shearson Hammil have been selling all
NJ nd ba
London bought on this last break.
The St. Louis Southwestern Railroad
Company has declared regular quarterly
dividend of / - per cent on its preferred
stock.
\ new company. to be known as the
Can Company, IS to be or
ganized to take over the business of the
Can Company, a New Jersey
corporation; the Export and Domestic
Can Company, a New York corporation.
and the Standard Tin Plate Company.
Authorized capitalization of the new
company is to be S.J00Ooo. per cent
cumulative preferred. and sl0OC1,COO COM |
mon stock.
New York Central asks the Public Ser |
vice Commission to approve its equip |
ment trust certificates issue of S12,547. 600, |
the certificates TO be sold at not less than |
q. Lake Shore, Big Four. Toledo and Ohio |
Central, and Pittsburg. Lake Erie and !
Ohio Public Utilities Commission for per |
mission to issue s24OOOOoO in certificates |
10 cover purchase of new equipment.
The demand in the loan crowd is very
large. Content bought 1O.OO0 Steel wrenn |
Bros. 500. Market acts like a further !
rally.
In the early afternoon the stock mar |
Icr relapsed into comparative inactivity. |
but prices held their advance very well, |
and this was garded as a good sign. |
II indicated that there was other buying !
han what came from a hurried retreat |
# some of the big shorts.
In conservative quarters it was argued !
hat the situation has in many respects
become distinctly better Stocks are low.
he money situation is no longer a matter
If apprehension, and the terms on which |
Austria obtained it's loan indicates that
he dual monarchy is not financially in
condition 10 engage in a war.
There was quite a little investment
,uying in the market, and a substantial
IaTt of It came from out OF town.
Great Northern made best recovery of
my Of the standards issues and South
I'm Pacific was q good second. Both
Eere favored by the investor.
There seems to be a very general i'm
)ression among conservative houses now
hat the market has been discounting
,ad business six months hence The
licety with which the tariff programme
its in with this theory is largely respon-
ibIe for the conclusion.
Steel, untitled tonnage, 7S62Sss on No |
'ember 80, against 7.594,3a on October 81
Kuhn, Loeb & Co. and the National
lily Bank of New York confirm the an
that they have purchased,
n conjunction with an Austrian group
: GLIDING the Imperial Austrian Postal
avings Bank, $25,0OOO 600 of ~ per cent
me and a half and two-year Imperial
austrian Treasury notes.
Liquidation is again in evidence, and
regular action of the market is due to
xecution of stop orders and selling out
weak accounts. So far, buying is not of
he kind to indicate that any extensive
ally is at hand, and the situation does
ot seem to be cleared up.
The Wabash Railroad Company reports
D the Interstate Commerce Commission
Or October:
otal operating seyenue.... S3Gl4 ss5 Inc. So sS2
otal operating expenses. e.l32oS Inc. 2iS65O
Net operating revenues. Ss2sss Inc. SsNI
oth outside rsvs.-dehcit-- 4sIs Dec 2N
Total net revcnues......... ssis.e77 Inc. S5as /
axes NEUTRALITY-SUSPICIOUS.. n,l53 Inc. 7T4
Oueratiur income. ......... $50, l2i Inc 81 An