The Washington herald., 1912-12-08

The miscellaneous short interest IL very
large yet. according to our investigation.
Once traders continue to be very bearish
as rule.
Wise absorption by foreign interests is
reported to be taking place in Southern
Pacific on information cabled from New
York.
There is increasing evidence of power
full absorption Of good stocks by inter-
ests that sold Immediately after the first
war scare.
Odd-Iot buying is said to have in
creased materially during the past few
days, especially in rails.
The bear party will not give up without
a struggle. for it is composed Of very
strong professionals.
Some very weII-informed buying is no
ticed in Amalgamated Copper. Other
copper shares are well taken also.
Lawson and the Western speculative
element are still inclined to sell on ral-
lies, II floor gossip has any truth in It.
Cotton rallies are likely to follow drives
now.
A scaIping position is being taken by
grain traders.
The renewed pressure on Steel. Read
ing, and Union Pacific Is coming from the
bear clique, who took nearly 10000 shares
Friday. Their brokers have been selling
the above stocks since the opening to the
close.
One hundred shares OF Tobacco Prod
ucts common changed hands at 125, on
four points from last previous sale.
Referring to gold import prospects. one
OF the largest institutions operating in
the foreign exchange market has found
that the yellow metal is being parted
with reluctantly by foreign financial in
stitutions and there is a disposition on
the part OF some bankers to make ap-
plication to the Secretary of the Treas
ury for deposits Of government money
In the interior banks. Hitherto. the bus
mess interests in the great crop pro-
ducing sections have been able to secure
money at 51a and per cent, but higher
figures would now appear imminent.
There has been opposition on the part
OF some bankers to requests for gov
ernment action. but while everyone ad-
mits the grievous shortcomings of our
financial system. the point is made that
accommodations to the merchants during
a heavy trade movement should not be
held up pending the indefinite period Of
the establishment of practical currency
reform.
Most traders say the market is over
sold and also that the big liquidation Of
pool accounts forced by the calling OF
loans Wednesday and Thursday is over,
and only the scattered weak stale bull
accounts remain to be cleaned up. Also
that money market conditions are easier
and the Street has been unduly fright
ened by the Union Pacific decision.
Therefore it is contended that good
rally on the technical position alone is
due Some think this ought to go at
least three points.
Evans says the market temporarily
seems pretty we'll sold out and a rally
of good proportions seems due. This is
Terhaps more especially the case in the
railroad issues than in the industrials.
Slmpson-This is a bear market and
sale on all rallies
The stock market during the morning
session exhibited nervousness. and al
though stocks did not appear to press
for sale as they have on other days this
week, there was more or less timidity in
making commitments on the long side.
and traders were quick to jump out on
any sign that weakness in the general
list was developing, with a result We
had an irregular session, with frmness
and heaviness alternating.
Hallgarten a heavy seller Of Steel
Some covering by traders and light buy
ing by London.
The actual bank statement was a good
one, the surplus reserve having been re-
stored. with a balance Of $5.O0O.OOO on the
right side. We look for 9 continuance
of a trading market the early part of the
week. pending Supreme Court session,
money investigation. sc.
Buyers of Steel: E & c Randolph,
900: John Muir. 1000: Simmons & Slade.
Content Shearson Hammill & Co. Was
sermann Bros. Huhn Edey. Sellers:
Hallgarten < Co. 5000: Dewing & Co.
5000.
The market opened irregular. and in
Ine early utdlllES SllONtN NpHSAutI
strength. Steel. Reading. Union, and
advancing Around Il
o o'clock a drive was made at the market.
the selling being greatest in Steel, and
all of the leading issues declined about a
point. There seemed to be good support
on the decline and liquidation was not at
all extensive. From this decline the mar
ket rallied slowly. Dealings were on a.
restricted scale. The bank
statement was much better than expect
ed. Sales, 10000 shares.
Reports show that trade continues aC-I
tive in many lines, with merchants opti-
mistic as to the future. +. G. Dun & Co.
report commercial failures in the United
States this week at 3l7. against 20 last
week Conditions of winter wheat
throughout the country believed to rep
resent a high ratio of 90 per cent of nor
NAL on an acreage Of probably 100, 600
acres less than that seeded in 1911. Op-
erations of American Steel Founders
continue at about So to 90 per cent of
with no let-up in orders.
HalIgarten a heavy seller of Steel
Some covering by traders and light buy
ing by London.