The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1912-12-14
WALL STREET GOSSIP

II il pointed out in connection with the
Money Trust investigation that II the
Pujo findings are enacted into law they
will have to stand the test OF the Hughes
findings, for Hughes is Dpw Justice of the
Supreme Court. q
Important English buying is noted in
the Hill stocks. Some OF the January
disbursements have been invested in ad-
vance.
Excellent absorption of Reading is &C.
curing. and more will be found on any
further declines.
is under control now and will come out
chiefly on rallies. This represents held
over crippled accounts.
Norfolk. Chesapeake and Ohio. Atchi-
son, and Baltimore and Ohio have been
taken by high return seekers The gen.
crafty Of commission houses appear TO
be inclined TO let the tsriff-protected IN
dustrials severely alone.
Private borrowing OF Steel. Smelters.
Amalgamated Copper. and Union Pacific
is reported TO be large.
Chicago-We get some reliable private
information on the Argentine crop, which
is distinctly bulliEh.
Private advices from London say the
Gear party in the market is well repre-
scented at the peace conference OF the
Balkans, the formal meeting OF which
has been postponed till Monday. We
may, therefore, expect a continuation Of
such news as war inevitable between
Austria and Servia." such adv3ces hav-
ing already been received in the street.
We ind evidence Of more calling OF
loans around the Street. The loan &C
count should be in very good shape by
this time. Preparations for December
accumulation OF funds for the January
disbursements may have an effect
To-day's bank statement. in the
opinion OF experts on the money market,
should make as good showing as last
Saturday.
The Bank Of Bombay has raised It's
rate Of discount from to per cent.
Harris Winthrop and the West have
been selling Steel. The buying looks
better.
s. B. Chapin-I look for much lower
prices in all stocks; foreign situation IS
unfavorable.
Europe was the real seller of stocks
yesterday.
There was a tremendous amount OF
selling going on in Southern Pacific. The
bids that have been there for the past
few days have been withdrawn. Sell
ing of Southern Pacific has hurt the
whole market. The feeling is most SEN
sitive.
E. Randolph look for steadler mar
ket from now.
Brown Bros. & Co. have advanced
their posted rates for short sterling Z
cent to s4.ss.
London selling some steel. Loan
though few stocks were returned last
hight
McVickar-Missouri Pacific looks as If
it will sell much higher.
Friday was the first day since the
break started that the market has re-
sisted selling pressure. 1t is thought to
have been oversOld and has reached a
temporary level.
The reported movements Of currency
this week indicate a loss in cash by the
banks Of about 100000.
EaIsted & Hodges has a buying order
in Steel 100 each IA down. This is put
down to Morgan. Traders are about the
only sellers.
Chapman. who had been successful in
bulling Reading some time ago, says he
prefers 10 buy rather than sell now, and
he thinks when conditions warrant the
Interborough stocks present the best op-
portunities for bullIng.
The market is very nervous and heavy.
Activity increases as stocks decline, and
ceases as they rally. There was a rumor
yesterday that the market was due for a
raid to-day from Boston. but, although
the market is acting badly. 1t is gradu-
ally developing a better undertone.
The November statement of La Rose
Consolidated Mines Company shows total
production of 200245 ounces, valued at
SIS, So2; other income was Sl2,354, and
total income was s197. SIS Marketing con-
contracted and operating expenses, Ss6772
and net profits, S1So,SS4. Surplus now is
s1,7sS276.
Howard Elliott, president of the North
ern Pacific Railroad Company. who is in
New York for a few days, says the data
SO far received indicate that the gross
earnings for November will show a sub
stantial increase over last year.
Pfttsburg-Another general advance in
steel nuts and bolts has been put into
effect The rise in bolts amounts to ap-
proximately 81 a ton.
S. B. Chaplin & Co.'S letter:
The market showed a decidedly bet
ter undertone from the opening to-day
This was largely because the principal
bear Cliques had covered its shorts on
the break eliminating in Union Pacific
yesterday with its slump to about $50,
and the absence of any further Iiuui-
dating pressure of Importance. During
midday disquieting private cables on the
Balkan war situation encouraged an
other bear raid. This. however, soon
ran its course on meeting with strong
support, especially in Union Pacific, |
Steel, Reading. and the Coppers.
"In-the late afternoon trading was
quiet, with the market holding firm and |
ruling generally about a POINT over yes
terday's for most of tlFe leading stocks !
Pending the developme1.s Of, the Union |
Pacific plans, and the decisions of the |
Supreme Court in the Anthracite Coal
Trust and the Minnesota railroad rate
cases, it would, however, be advisable to !
continue the maintenance OF a conserva-
tive trading position on the market"
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