The Washington herald., 1912-12-21
WALL STREET GOSSIP

An excellent impression was created
by a circular received by the members
of the California Petroleum Underwrit-
! ing Syndicate.-in which the syndicate
managers offered to take from the I'M
derwrlting participants at 60 any of the
stock remaining unsold on their hands.
This very unusual offer naturally had a
good effect on California Petroleum
stock and also helped Mexican Petro-
leum alphabetically.
The Tonopah Mining Company of Nc
vada has declared the usual quarterly
dividend OF . per cent and an extra
dividend of 10 per cent, payable January
n. Books close December 81 and re-
open January s.
Cotton Exchange decided to close next
Wednesday and Thursday.
! As compared with an indicated loss by
| the banks OF about $l,00OOOO a week ago.
the local institutions this week had
gained. up to the close of business on
Thursday, T,2S6.Ooo
| J. W. Hartman says: There is a
| stubborn short interest of large proper
| tons outstanding and It seems to be
| locked in, more or less Market is
creeping up and sentiment is for the
\ time being, changing. The Morgan tcs-
| timony has been favorably looked upon
\ and Is considered to be the last word
] by an expert in the inquiry; all follow
ing will not have as much attention.
Should not be surprised to see a sharp
bulge before week ends
The directors of the Tennessee Copper
Company at their meeting yesterday
! took no action on the dividend matter.
| The meeting was adjourned until the
next regular meeting OF the board,
which will be held on January ., and
at which time dividend action will be
taken. 1t is generally expected that a
dividend of $3.50 u share will be declar-
ed, payable in January.
Washington. Dec. 2o-cotton ginned
prior to December 10 amounted to
l2'4AS5 bales. counting round as half
bales. according 10 Census Bureaus
ling.
Ginning by States follows: Alabama,
1.2e-22.S 36; Arkansas. 7OOS74 Florida, So, S.;
Georgia, lessee; Louisiana. S64.lI3; Missis-
sippi. SSiS92; North Carolina, $40, 24g; Okla
Roma. 9oi,3E; South Carolina, I,l@7, $50;
Tennessee, 23l,3H; Texas, 1870. 80 All
other States, 1880. .
Reports from insiders say Can pool
interests are again on their feet and will
put the stock higher.
Large quantities of stop loss orders are
reported by specialists for short account
above the ruling level.
Purpose OF California Railway and
Power viii
formally Incorporated at Wilmington
Del, to take over United Railroads Of
San Francisco. Sierra, and san Fran
cisco Power Company. Coast Valleys Gas
and Electric Company, and San Fran
cisco Electric Railways. Capitalization
divided into 5000 shares prior preference
stock, 10000 shares preferred stock and
5000 shares common stock, all par value
SI0O.
One item of particular interest in the
testimony OF J. Pierpont Morgan before
the Money Trust committee. in the opinion
of the Journal OF Commerce. will have
particular Significance for the financial
district. 1t was practically an admission
that, in the opinion of the great financier,
railroad securities had lost their attrac-
tons as investments. Mr.. UnterInyer
asked him IL he knew Of any independent
railroad construction in this country in
the last ten years in opposition TO the
great railroad systems Mr.. Morgan re-
Piled in the negative, and also stated that
lie did not attribute this fact to the con-
Centrat!on of banking power. Il think. d"
he said, 'the absence OF railroad build
ing has been due TO lack OF protection
for the railroads. People don't trust their
money to railroad companies, and think
this, rather than any influence which
the railroad possesses over the money
powers. is the cause OF the lack OF indie
pendent construction
London is up again this morning. pre-
sumably op the reports of the confer
enCe in Europe that the outlook for
peace is steadily growing brighter.
Money remains easy. but next week
should see some skyrOclIets which prob
ably will tend 10 hold the stock market
in check. At the same time We believe
that standard stocks are TO be bought
on any weakness at this level as they
were yesterday morning.
Apparently the story that the Copper
people were going to be investigated is
purely a rumOr, because the action Of
Smelters going up points yesterday
shows either that they don't care or that
there is nothing in the story.
Mr.. Morgan's testimony on the stand
Thursday must be most gratifying to all
Wall Street interests.
Securities OF Continental Can Company
appeared on the curb to-day for the first
time, common being quoted 52k to 5GI1
while preferred sold at 100.
s. Il. Chaplin and Company letter
The response which the stock market
made to the generally improved condi-
tons which have developed in the last
few days was so gratifying TO the large
interests whose renewed heavy buying
was so largely responsible for turning
prices upward after the Supreme Courts
decision in the Anthracite Coal Trust
case that the conditions were considered
favorable to-day for a continuation of
bullish activity in driving in the shorts
The prospect for another good bank
statement tomorrow, being supplemented
by the optimistic advances from London
concerning the prospects of an amlcable
settlement OF the Balkan war. together
with the testimony of Mr.. Morgan before
the PujO committee having dissipated
apprehension which hunting down the So
called Money Trust had created all
the potent factors IN their way helDing
to stimulate sentiment more in favor of
the market. The result was a sharp
advance of IL to . points IN the general
list led by the further rise of . points
in Union Pacific, a. G. p, W. n. Har-
vcster, with points in National Bis
cult.
pniuipp