The Washington herald., 1912-12-17
WALL STREET GOSSIP

dealings OF Steel 1t is estimated there
HIS a shortage OF 1Oo.oN shares outstanding
in 1t.
There is a little foreign buying for ac-
cumlation noted In the low-priced rails.
Insiders are said not to have obtained
all the Southern Pacific stock they de-
sire in the readjustment with Union Pa
cific.
THE Money Trust committee seems to
be investigating gambling and specula-
tion rather than the New York Stock
Exchange" comments a private wire.
A large institution is authority for the
statement that more liquidation is sched-
uled for the industrial list a little later
on.
There is nothing new in the situation.
The main trend for a long pull, It
seems, is distinctly downward, but after
the tremendous decline in a comparatively
short space OF time the market should
| have a good-siZed rally. Whether II will
get 1t or not is mere guesswork. The
end of December or the early part Of
January. however, is generally time OF
advancing prices, even in a bear market.
Now that the decision of the Supreme
Court is interpreted in favor OF the Coal
concerns IL is expected that Reading will
increase its dividend to near per cent.
This was the plan, provided segregation
were not ordered, according to reports
received some time ago. The Reading
holds dividend meeting Wednesday OF
this week. say Philadelphia advices. 1t
is not known whether action will be
tn zNRa
finding Of mo conspiracy Is receiving
a grateful reception in the street.
A director OF one OF the anthra cite
roads says: THE decision regarding dis
solution of Temple Iron Company has lit
tie effect as the company was virtually
dissolved long ago. The Importance of
the s. per cent contract is rather limited.
inasmuch as the contracts applied only
to independents, which do less than 60
per cent of the business"
Shorts are nervous and since the Read
ing decision have been trying to cover
in all the active issues. Stocks are hard
to buy and prices are easily advanced.
Attorney General wlckersham said
that the annulment OF the S. per cent
contracts was an important victory and
tion TO establishing an important princI-
pal. The court left the way open for
separate suits by the government against
the miner combinations between rail-
roads and Companys, but the Attorney
General has not decided whether such
suits shall be brought
Market last week suffered more from
uncertainty than bad news. Outlook for
until we hear from Washington and what
happens then will depend upon the deci-
sion. am told that scale orders below
market have been put in by good houses
and think an adverse decision will mean
sharp break followed by a good up
ward move. Stocks appear to be we'll
liquidated and oversold and traders
would rather know the worst than the
uncertainty.
G. W. s.-I think the market should |
be bought about here.
or the $4,000 pounds South African |
gold available in the open market to-day |
10000 pounds was obtained for India. |
1t is expected that the remainder will go |
to the Bank Of England.
Supreme Court will recess December |
9 to January 6.
Bill will be introduced in Connecticut |
Legislature providing that there shall be |
two engineers on every express train |
operating in that State. Washington dis !
patch says that no effort will be made |
by Federal government to obtain GRIM |
inal indictment against President Brown, |
of New York Central, for alleged COM |
plicity in rebate violations. Settlement |
reached between officials and workmen in /
North Eastern Railway strike in Eng
land.
Wabash Railroad for October. gross
earning increase, s325,Ss2. Net increase,
s7So41.
subtreasury lost $4,000 to the banks
and since Friday has lost
81, ,JOSOOO to the banks.
Final crop figures: Wheat. O,5iS 900
bushels: corn. 3.174.OOO, 900 bushels: oats,
], AS, $4,000 bushels: about as expected.
E. & c. Randoph's letter: The mar
ket opened heavy and the pressure in
creased as the morning wore on. Within
10 minutes of the opening all the active
issues were declining sharply with Read
ing the storm center, this stock occupy
ing tne position that Union held In the
break Of last week and declining six
points. All OF the active issues partici-
pated in the decline and ran Off from L
two to three points. The market rallied
moderately just before mid-day and when L
the court decision appeared. the entire
list rallied sharply under the lead of
Reading. The rally extended throughout
the list In fairly even way and rebounds
Of three to four points were marked.
The market closed active and excited at
about the best prices Of the day.
The court refused to order the dissolu-
tion of the Erie and New Jersey Central
and also other alleged combinations Of
the anthracite carriers K
S. 3. Chaplin & Co.'S letter: The I
long apprehended unfavorable decis-
on of the Supreme Court against the
Anthracite Coal Trust was handed down
shortly after noon to-day and proved to
1aVe been much more favorable to the
'oal roads than any one had expected.
1t appears that the court has only !
lecided that the Temple Iron and Coal /!
company is violation Of the Sherman
inti-trust law and therefore that II must !
'e dissolved, and that also the famous
contract OF 6S'per cent which existed be- |
ween the big companies and the indie J