The Washington herald., 1912-12-29
MARKETS---FINANC CE--C COMMERCE
WALL STREET GOSSIP

Southwestern lines will beneht from the
divorce of the Southern. Pacific and
Union Pacific for the reason that tho
Southern Pacific viii then accept trafic
from them more freely when destined
for the Pacific Coast.
Rockefeller interests are said to be
4 expecting a substantial rise in St Paul
soon after the turn OF the year.
On account of mlsinformation as to
manipulation on the stock exchange there
is large diversion OF commission busI-
ness into New England ''cats-and-dogs"
tory.
Interboro preferred is reported accu-
mulated for an important edvance as
soon as money eases.
Institutional investment is reported in
Great Northern and Northern Pacific.
Some Of 1t is said TO be for London
concerns.
Uptown professionals are predicting a
break in the stock market before the
January rise, and have been putting out
short lines in the last day or two.
Regular dividend on Panhandle.
Information continues TO be friendly to
the long side of Reading. Great Northern
preferred, Northern Pacific, and Union
Pacific. The latest advices show a grow
ing bullIshness on the fractions, gas, and
electric stocks. The Steel issues. smelt-
ing, Rubber. and Sugar, are still under
the ban of tariff influence.
London is better, presumably on ac-
count OF the reports from the peace
conference.
The market will continue narrow for
the TEST OF the year. Afterward- We may
get better things.
The article by the President-elect, sp-
pearing in the Worlds Work, will not
tend to help the situation, as it is more |
CT less on drastic lines.
The market temporarily is In the dol |
drums. Most traders are expecting a |
rally after New Years when the money /
situation eases up. This is quite posi-
BILE, but It is NOT thought that such a
rally will go far, as the main tendency Of
prices Is downward.
From recent advices, the outlook for
the general stock market remains practi-
cally unchanged. The discount rate in
India has gone up per cent, and money
Is extremely tight at Vienna and Berlin.
and SO scarce in London on account of
SO much funds being tied up to meet
first disbursements and year-end
that all the foreign markets
closed In stagnant condition.
Technical foundation for the assertion
10 hWH H.
Haven and Hartford Railroad that the
does not control the Merchants
md Miners Transportation Company
was brought out at the hearing before
Commissioner Prouty in Boston yester-
lay. Vice President Buckland put into
evidence agreements under which the !
Merchants and Miners is operated, and
which showed that the present trust
Lgreement may not be changed without
onsent Of 70 per cent of the transpor-
.ation company's stockholders. Mr..
3uckland admitted that since the agree
nent was signed a thousand shares OF
derchants and Miners stock had been
cquired by New Haven interests. Two
greements. were put in evidence. One
S between the New England Navigation
company and certain Baltimoreans. and
ion Company and the Merchants and
liners Transportation Company.
The rise in call money this week to a
enewal rate of Il per cent Friday. 2
With the probability OF more excessive
erms In the next ten days. should at
his time be a forceful object-Iesson to
he political party which will take charge
( the national government next March.
cannot be pretended that speculative
is in any way operative
4 the contemporary money market. That d.
larket is giving the most convincing
roof which could be desired of the i'm
erative Importance of adapting our sys-
EN- Of bank reserves and note issues 10
ne requirements of modern civilization
ccording to the principles which ad-
anced banking experience has demon y ~
trated to be sound and scientific D
Attorney General wickersham to- -
ay adopted the brief of Special Attor- n
ey Wrisley Brown, of the Department c.
Justice. refusing the request Of the
ouse Committee on Banking and Cur u
ency. which, through Samuel Inter n;
yer. Its counsel, asked for details of "
lf business of banks. which are not q,
cluded in the customary reports al Gt
.ady made. public. Gt
Neither the House nor Senate, saws Ne
r. Browns brief, has any authority to n
'mpel the attendance or testimony of Io
-
'dy. unless the committee is acting vi
1der authority expressly delegated by
Ie Federal Constitution to the body At
htch that committee represents. Al
Nc
Probably no extended or sustained Se'
ovement in securities will be seen un- W,
the United States Supreme Court
les on the method OF separating the Ba
'uthern and Union Pacific, and on Oh
e long deferred but important de- Ch
sion In the Minnesota rate case. Mt
pronounced feature is that dulIness Nc Nc
es not induce any special liquidation. Ip
'ssibly the market has been noui- VI
ted sufficiently for present needs
le market would seem to be in a po- An
ion where any aggressive buying
ght make great impression upon Me-
ices. and yet this buying is not likely r.,
appear until the money market be- a
mes again normal Ha
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