The Washington herald., 1912-07-30
BEARS ASSAIL
THE ACTIVE LIST
Norfolk and Western Reaches the
Highest Point in Its
History.
GOLD LEAVING NEW YORK
GOLD LEAVING NEW YORK
n, RARRoN SERVICE.

New York, July %. The market
opened to-day with squirt of bullish
activity until about the end of the
first half hour, when the bears as
sembled in force and assailed the en-
tire active list. hammering the sugar
stocks down several points and Read
ing, Union Pacific and Steel common
down nearly a point before noon. In
b the face of the bear attack. Norfolk
and Western advanced a full point to
the highest price on record, its
strength being due to rumors of ac-
QUESTION by the Pennsylvania and also
because OF its. increasing earnings
The selling was due to the group Of
spectators known as the Waldorf
crowd" The decline in sugar stocks
was due to apprehension of tariff re-
ductfons which would be almost a fatal
blow to the American Beet Sugar Com
pany, and would hit the American Su-
gar Refining Company very heavily.
Tobacco stocks were weak, while most
of the copper mining issues were
strong. National Biscuit rallied four
points in the morning on the belief
that the recent liquidation was all
over, but after crossing 133, ii started
down again little The market
turned dull IN the Afternoon
Sales were made to-day of Standard Oil
Company of New Jersey 'old stock" rep
resent.ng what would have been one
share of the stock if there had not been
any dissolution. have been made at $1,000
a share, which is sI57 a share higher than
was ever paid before the government Or
dered the ''oil trust to dissolve.
About 10000 shares are represented in
a suit which stockholders of the Stewart
Mining Company of Idaho are bringing
against the management, calling for an
accounting on an allegation that $4,000
net profits per month have been wrong
fully appropriated by officials, and that
F. Augustus Heinze has appropriated
225 600 shares of treasury stock for his
own use.
Interests in close touch with Great
Northern Railroad affairs state that the
rumor that the road intended to issue a
large block of stock. with rights 10 sub
scribe to it given present stockholders at
40, is without foundation.
Money to Move Crops.
Banks in the interior have begun to
draw on New York for funds for pre-
liminary work in moving the crops and
for the next few weeks the Withdrawals
from New York for crop moving will in
that has moved into New York since
January ! from the interior will be
returned there. AS this will be, from
every present indication, an unusually
heavy crop year, a larger amount than
usual will be needed for crop moving.
As a result stiff money rates will prob
ably soon prevail in New York. Money
now is very easy, and borrowers have
taken fun advantage of 1t recently to
place their loans the bank statement of
asst Saturday showing a big increase in
loans.
The opposition of the Missouri Pacific
20 the Wabash reorganization plans is
not getting much attention from the in
terests working for the termination of
he Wabash receivership. They point out
that there must be a drastic scaling of
Liabilities. especially bonded debts. If the
Wabash credit is to be firmly established
when it again operates for itself. The
Missouri Pacific itself has been a fire.
quent sufferer from poor credit. and yet
IL objects to the heavy assessments on
the stock which alone can solve the
problem of doing away with much of
the present heavy bonued Indebtedness
of the Wabash.