The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1912-07-11
SHARP ATTACK
MADE ON PRICES
Market Opens Strong, but During
Last Hour Stocks Tumble
Badly.
N. &. W. SHOWS = ADVANCE
By BARRON SERVICE.

New York. July lo.-Following dull bu,
generally firm tendency. sharp attack was
made on prices during the last hour, driv-
ing earlier gains into oblivion. Active
list at close showed but one advance
Norfolk and Western. The government
grain report was generally considered
favorable, and considered as largely con.
hrming recent optimism over the crop
outlook. ...........
Bethlehem Steel preferred was weak on
the liquidation OF a large holder, but a
recovery to its former price is looked
for. as che company's earnings equaIec
Il per cent On the preferred for the last
year. The anthracite roads were strong
on good demand for the stock said to
be for powerful interests. Texas Com
pany, which has seen a reaction for two
or three weeks, came back strong and
nearly reached the highest point Of the
year. Amalgamated opened very strong,
but sagged on later in the morning
although the buying was good. Mackay
common was strong speciality on re-
ports OF increased earnings and a de-
cision in favor OF the company by the
public service commission against the
Western Union Telegraph Company. The
action Of Steel common following the
publication OF the untitled tonnage fig
ures which were favorable was disap-
pointing. as II eased of slightly after
the figures came out
The untitled tonnage figures of the
United States Steel Corporation pub
ished at noon to-day showed an increase
OF $685. tons of orders on the books
June 30 as compared with the figures
for May 81. In view OF the fact that
shipments during the month were the
highest on record for any month since
the organization of the Steel Corporation,
an increase at this time of the year is
extraordinary. as usually June business
is the lightest of the year.
Net earnings of the Pope Manufactur-
ing Company for the fiscal year ending
July 81 will be about s25O.ooo in excess of
1911 earnings. A call for stockholders TO
meet and authorize the change of the
corporation from a Connecticut one TO a
Massachusetts one is expected soon.
Sales during the 1913 fiscal year, which
will start August !, are expected TO be
about S2,500.c00 in excess OF those for the
year just closing, and net earnings are
looked for to increase in proportion.
Eleven months gross earnings of the
Erie Railroad are S2s7.0oo less than for
the same period in 1911 and the net for
eleven months to May 81 showed a de-
crease of 100000. or li.3 per cent, as
compared with 1911 net for the period
June net earnings are not expected TO
show much of an Improvement over those
of June, 1911.
In private sales over the counter,
Standard Oil Of New Jersey. represent
ing shares as constituted before the gov
ernment's disintegration order became
effective. known as "old stock" has sold
as high as $3.50 a share, 30 points above
the highest open market sale and high
record.
In an effort to rehabilitate their de-
pleted reserves, banks have raised their
rates for call money to 81 per cent.
The New England Telephone Company
directors have authorized an issue of
39,1B shares of stock to be offered to
stockholders at par in the ratio of one
share TO each ten shares held of record
July 90
Strength in Consolidated Gas stock has
resulted partly because of its own in
creased earnings and partly because of
the extra dividend of IA per cent paid by
the Mutual Gaslight Company.
The decline In former subsidiaries of the
American Tobacco Company shares was
in keeping with the decline in the price
of the parent corporations securities, due
to heavy selling by insiders" but there
is one exception to this. American Snuff.
B. R. T. convertible bonds have ad
vanced with the increase in the value
of the stock they are convertible for,
and since the low of the year, this secur-
ity has advanced ten points. The bonds
are convertible for stock par for par
at any time up to July l. 1914. The COM
pany is expected to sell block of s.. Co.,
300 or more refunding bonds now held
in the treasury in the near future.