The Washington herald., 1912-10-26
WALL STREET GOSSIP

There was no definite explanation Of
the selling movement that caused q
break Of / to pojpta Various stories
were circulated some Of them being
about the disturbing influence Of the
situation. others taking shape OF prsdic-
tions Of tighter money. The selling was
Of the kind to make II appear that Eu-
ropean liquidation had been resumed.
| Although the shares Of the Distillers
broke to 8 to-day. there 10 no current
reason for their weakness. outside Of
the general market conditions.
London was . seller Of about 5000
shares.
The known movements Of money for
the week ended with the close Of busi-
ness on Friday indicate . l6ss In cash
Of about s1l.ooc.ooo.
large Berlin bank cables to. its cor
respondent here that the stock mar
ket there appears to be In strong hands
and that securities will be benefited by
the solution Of the political situation
Chicago and North Western September
operating revenue increase was S707.l53.
The market acts as though 1t were
under considerable pressure, with the
bear party taking advantage Of all weak
spots. 1t 10 said that the Reid crowd
II bearish.
London market for American irreg-
ular. fractional declines predominating.
Financial comment in the newspapers
on market conditions IL more cheerful.
the point being made that our splendid
fundamental condition should outweigh
adverse factors at this level. We do not
look. however. for much activity in the
market on the up grade. in view sof
poor bank statement tomorrow. with re-
sultant higher money rates and with
election day drawing near We would
rather favor commitments in the stand
ard stocks only on set-backs. and then
for turns.
for third week October. increase, ~. .5s2:
from July I. Increase. $75s.0o0.
The continued inability Of the market
to rally wen. with meeting Of stock IN
recoveries Of moderate extent. 10 hav-
ing the effect Of spreading q bearish
sentiment throughout the street. where
bullish positions have been held.
Private cables received here say set
Elements are favorably progressing
the outlook At the moment IL that trou-
ble will be avoided.
Our reports point strongly to q free
calling Of loans and the uncovering Of
unexpected weakness thereby. So long a.
the LIQUIDATION II in volume but little
check will be extended. according to in
formation from large interests
Rumors are current that the market
is being put through a Wilson scare IN
order to increase the gain In TAFT
strength. now apparently admitted in i'm
portant financial circles, which evidently
prefer to see the admiration rein
stated.
Atchison - September gross incrsase
1.o7o.l1; September net increase sooses.
London sold 5000 Steel.
Trading in Steel looks a. II there was
q strong effort to make It look heavy
without losing stock. Think market
pretty well boiled out.
Watch New York Central. 1t will sell
much higher on the anticipation Of the
completion of the unihcation plan which
was announced last year. and which II
is known Is quietly being carried for
ward. Amalsamated Copper will sell
higher than 1t was quoted at weeks ago.
Specialties-Keep long Of Steel: buy
New York Central; disregard bear ru-
mors.
Market opened quiet but generally
fractionally higher. Around II o'cloc
pressure started all around the room
and the market sold OF sharply under
the lead of Reading. A fair amount Of
liquidation took place on the decline.
but In the afternoon this entirely ceas-
ed and Q leisurely short covering move
ment caused q fair rally. The technical
position Of the market. however, Isl
probably but little changed as q result
Of the days trading. Call money. asI
was only natural In view Of the heavy
loss in cash which the banks have made
this week. was hrm, ranging from s 3-4l
to per cent. Exchange weakened ini
sympathy with the rise In call money
rates Sales o.. 900.
Unnlled tonnage Of the U. 8. Steel
Corporation II Estimated to show an in
crease Of $4,000 to 10000 for October.
Since January the railroads have or
dered a total tonnage of a.7zS.ooo of
steel rails. and all previous rail order
records are expected to be broken this |
year.