The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1912-12-01
MARKETS---FINANCE---C COMMERCE
WALL STREET GOSSIP

A large short interest is found in
Union. Pacific.
Persistent reports are circulated to the
effect that a higher dividend rate is
planned for Rubber common.
There is gossip to the effect that the
Money Trust committee is to investigate
the high call rates during the past few
days.
Traction developments of importance
are said to be scheduled for next month.
Insiders in Reading are understood to
be buying the stock every time 1t is Of
fered down moderately. Decision rumors
for Monday again come from Washing
ton.
Some investment buying Is anticipated
next week with the release of December
disbursements.
Specialist advices say the offerings of
stocks around current levels are very
small at the present time.
The market continues to wear a sold
out appearance. being impervious to for
ign news tight money, or any other
factor. I think temporarily We shall see
higher prices.
The Balkan and money situations are
the only things affecting the market.
and apparently neither of them at the
moment seems to make spectators buy
or sell many stocks. The money to be
made will probably be only in the spe-
cialties. and. as we said many times be-
fore. every day brings us so much nearer
to the day when the American Can must
announce its back dividends.
Reading showed a net increase OF over
5, OOO. 900 for October. This expansion is
keeping pace with trade expansion, which
shows no let up, Notwithstanding tariff
talk. The Supreme Court meets Monday;
also Congress. Conservative purchases
on setbacks seem in order.
The Pennsylvania Railroad placed an
order yesterday for $500 tons OF steel
rails, which brings the total for 1913 de-
livery to lS3,SQo tons.
Total bank clearings covering the whole
for October furnish the second
highest sum ever established. The pay
nents at all cities aggregated $685.
l5, 37S which total comes within very
slight fraction OF the previous record set
up in January OF 1910. while it eNcels BY
Is per cent that other high level, Jan
nary, 1906. There have been but three
periods in the history OF the country
when clearings surpassed the sixteen
billion dollar mark. two OF them, October
II this wear and January of 1910 having
been within hailing distance OF the sew
anteen- bilIion-dollar point. with totals
If S16, 9S7 600 900 and $l6,s9S, 10000, respec-
lively.
Sellers report a very quiet demand for
copper metal. Electrolytic is firmly held
It 17s4 cents a pound, and some business
s being done at that figure with dOmes-
ic buyers Europe is still under the in
iuence of war talk, but as soon as that
situation is cleared up the demand from
Ibroad is expected to be very large, as
he orders being placed now call for
.arly shipment. which indicates the low
tocked position Of foreign consumers.
The following dividends are payable /
January q:
Quarterly dividend of II per cent on I
rhicago and Eastern Illinois Railroad /,
,ompanys preferred stock to holders of !
ecord December Il.
Quarterly dividend OF II per cent on
It. Louis and San Francisco Railroad .
;ompany's preferred stock trust certifi-
ates &C. & L. -. Books close Decem-
yer Il and reopen January J.
Semi-a: nual dividend of per cent on .
It. Louis and San Francisco Railroad .
'ompany's common stock trust Certiti- .
ates &C. & Z. L.. Books close Decem- /
,er II and reopen January 3.
Quarterly dividend of ! per cent on the
Kansas City. Fort Scott and Memphis
railway Companys preferred stock trust .
certificates. Books close December Il
nd reopen January ;.
The business Of the General Electric
Company is running at the rate OF be-
ween sSO,OOO.O0O and slOOOOo,OOO a year.
he one great handicap is the inability
( the General Electric Company to OBJ
ain steel as the plants require it. In
ther words. the steel companies are so
ongested that they are unable to make
eIveries on specified dates.
Westinghouse Electric has been strong
n sympathy with General Electric The
usiness of that company hes also es
ablished a new high record and there
) talk Of larger disbursements to share
olders in the first half of next year.
Reading, all companies, show surplus
fter charges and taxes for October Of
., 1904; increase. S1.o36,S57.
Idle cars, 81 III compared with 81, l69 in
asst report. Reports show that activity
n various lines OF trade continues, with
light drawback in iron and steel trade
wing to scarcity of cars and labor.
reports 247 business failures
n United States this week compared with
So in the previous week. Official state
1ent issued from New Haven roads deny
he report that President Mellen will re-
ign.
After Monday an easier tone should i
revail in the money market with De-
ember dividend disbursement prepara-
ions out of the way, also release of
Money now locked up for payment of city
axes saturday being the last day taxes
re payable in New York without pen
lty) and we will undoubtedly have the
call for national bank con-
ition within the next few days. Rail- !
Dad earnings continue to expand.
1t was stated yesterday at the office !
{ ]. P. Morgan & Co., fiscal agents of
he Canada Southern Railroad Company,
he Ladenburg, Thalman & Co. had ar
anged to purchase any balance of the
ew $22,5O0,0OO first mortgage 5 per cent
onds of the Canada Southern presently
} be issued which are not taken in ex- ,
hange by present bondholders The pur-
hasers have associated with them a |
roup of international bankers. {
Trading was light during first hour on
but the markets action was