The Washington herald., 1912-12-07
WALL STREET GOSSIP

road Company has declared a quarterly
dividend OF IA per cent. Hereafter this
dividend Is TO be IA per cent quarterly.
Previously the rate has been irregular.
Benjamin Ferguson. selling Can COM
mon, thought to be for Shearson Ham
mill, stop orders carried it below 81.
Very bearish talk on Steel and predic-
tons are made that it will sell much
lower.
Giles cotton report 14,275,oCO bales. Con-
sidered bearish.
Fixing OF the prices OF produce by the
Chicago butter and egg board was
abandoned by vote Thursday. All quota
ton committees have been dissolved un-
til March /, 1918, and prices will be es-
tabllshed by the old method OF receiving
offers to buy and sell in the board rooms.
Officers Of the board commended that
this action was not influenced by the
suit Of the government against the board
on the charge of fixing prices arbitrarily,
but because of the desire OF the mem
bers to return to old customs.
Representative Levy yesterday appear
ed before the House Banking and Cur
rency Committee in favor Of his resolu-
ton directing the Secretary of Treasury
to deposit SJOOOO,OOO with the banks in
order to relieve the tight money situa-
ton. He said he had warned the Treas
ury last August that the country would
he facing a money panic this winter
Nevertheless, the witness said lnstean
OF issuing bonds the Treasury paid N5i.-
OO0 600 in cash for Panama Canal work.
Philadelphia-There is an inquiry Tor
IS, 600 tons OF steel billets in this market.
1t is not likely that it can be accepted
as the mills are crowded with business.
The order is regarded as signihcaht oil
the present and future satisfactory state
|of the market
1t is announced in Philadelphia that the
PENNSYLVANIA Railroad has placed addl-
tional contracts for l.5OO gondola and l5OO
coke cars at a cost aGgregating S.0OO,Ooo,
The orders for the gondolas In lots of
100 were given to the Pressed Steel Car
Company, the American Car and Foundry
Company, and the Ralston Steel Car
Company.
The known movements OF money for
the week ended with the close OF bust
ness on Thursday Indicate a loss In cash
by New York banks of S7SI ,Oon They gained
from the interior by direct express S.lS9,-
OOO but lost to the subtreasury S.JiGgHp.
Norfolk and Western for October:
Total operating revenue. increase. Si.'S2;
gross income. increase. $255.j9i; net in
come, increase, S@>S.2lS.
A raraiyah from abroad
by a big International institution says all
danger Of foreign war is now passed.
The latest DEVELOPMENTS point to release
Of funds in large quantity during the neXI
few weeks in Europe.
II is reported that the International
political news has started foreign buying
on direct orders here. According TO in
formation from large interests. English
ca pitalistS have been told TO expect IA
vorable railroad rate action and currency
reform measures in the near future.
These three factors are important.
If the remainder Of the current fiscal
wear shows a volume Of business for the
st. Paul anything like that recorded for
October. street statlsticians figure there
is little doubt that its per cent common
dividend will be restored. In October the
system. not including miscellaneous add
uOnal income. earned on its regular OpCT-
atiOns a balance available for dividends
on the common stock Of Chicago. Mil ,
waukee and st. Paul equal TO 80 per
cent on the Sll6.34S. OO0 OF such stock out
standing. This is at rate OF p IL per
cent a year. II is thought in welI-in- |
formed circles that the system will earn
during the fiscal year at least 10 per cent T,
on this stock.
Banking interests are quoted as say |
ing the money situation will ease and !
next week will witness considerable low /
er rates for call money. There is ex-
pected to BE- a big reduction in the |
loan account.
Specialists say the industrial list has !
been full OF stop-loss orders for a bull .
account. large line was caught in .
Steel. 1t is said additional drives will
clean them up.
Housman saws the feeling over here is
very blue. and If that indicates any
thing it means that the market will
not rally.
After the general railroad and indus
trial list had suffered further declines OF
about IL points from yeste rday $ clos
ing. under the lead of Steel, Union Pa
cific, and Reading. on further forced IL
quotation. chiefly of weakened pool &C
counts and more bear pressure, the re-
appearance Of fresh banking support for
the first time in the last two weeks turn
ed the market
The covering then Of what traders
was line of over 10000 !
shares OF short stocks by the bear clique
then helped TO cause a sharp enough raj
ly in the general list to recover nearly
all the early declines There was a num-
her of specialties however, which con-
tinued to show so much weakness that
there was doubt as to whether the liqui-
dation had actually run its course.
1t is believed the big selling is over
for the present and unless there should
be another unfavorable surprise for the
market from Supreme Court decisions.
which are expected on the Anthracite
Coal Trust case and minnesota Railroad
rate case on Monday