The Washington herald., 1912-10-11
hEW1H|GH RECORDS
IN STOCK MARKET
Announcement Of Turkeys Failure
to Obtain War Loan Causes
Stronger Tone.
STEEL ORDERS SHOW INCREASE

New York. Oct l0-Announcement tina,
the Turkish government had been unabls
to obtain . war loan of $1,000 90
from J. p. Morgan & Co. and thai
unified orders on the books Of the
Steel Corporation had increased during
the month Of September to sss.1s2 toni
caused the stock markets Of the whole
world to show . stronger tone today
In Wall Street many net gains were re.
corded and several new high records
were established. In London. American
stock were strong. although Balkans
were inclined to slump again. Servian
bonds dropped eight points and British
consols were heavy, but rates were
hrmer and Americans stood high at the
end Of the day. Even Berlin. Paris and
Vienna were firm at the close.
The fact that Turkey had applied
to Morgan 4 Co. for $50,000,000 was
Known to but a few persons on We'd
nesday night. The announcement came
to the street as a genuine surprise and
the market of the previous day. Turkey
needs money for peace as well as for
war. but while American bankers have
offered to supply any amount needed for
peace, there Is not Q dollar on this side
of the Atlantic for warfare.
Should Turkey meet the conditions laid
down by Morgan & Co. and make peace
with Italy and end hostilities In the
Balkans. the $5o.O00.oo0 easily can be
spared.
Steel Orders Increase.
The steel orders were another genuine
surprise. for very few persons in the
street expected the increases to be more
than 100000 tons. When the tickers an
nounced that the increase was 3SS, la2
tons. it was supposed that a mistake
had been made and the market halted
temporarily. waiting for a correction.
However. when the figures were re-
peated and shown to be correct there
was an immediate advance. Steel moved
up a point and American Can rose two
points. to the highest price on record.
Reading went to III 3-4 which is
record for this movement. while Ma
tional Enameling also made a record
on the advance.
Money went to S 1-2 per cent for re-
newals, but as the great export move
ment Of American crops will furnish all
the money needed from now on, the rate
is not matter of any importance. In
fact. IL money rates should rise. stocks
Will advance even faster A money
panic Is impossible and nothing more
than fairly stin rates need be expected
between now and the first of the year.
Westinghouse and General Electric are
attracting attention because of their
large earnings. General Electric is ex-
pected to show nearly 15 per cent earned
on its stock for the year of 1912, which
compares with the IA per cent last year.
Westinghouse will earn three times its
present dividend rate. An increase of
the Westinghouse dividend must be ex-
pected before long.
There has been some selling recently
by the small stockholders of Standard
OIL. The old stock, which was sold about
q month ago at 81 40. has been traded in
at H.o2S, and was offered today at 81, ,o40
This Is but a moderate reaction when it
Is remembered that within two years the
stock has advanced from under $500.
1t is now reported that the PennsyI-
vania Railroad Company will dispose of
its Baltimore and Ohio stock, wishing
to get cash to use in the real estate |
in and around the great |
terminal on Thirty-fourth Street. New
York. |