The Washington herald., 1912-10-27
WALL STREET GOSSIP

Charles n. schvs6 returns from Eu-
rope optimistic % TO business outlook In
the United States He fears mo- radical
reduction In taf1R on Steel In event Of
wilson's election.
American Naitins-Year ended August |
n. lsl. surplus after charges. ssios1s; |
increase, tH.zn
It IL reported that some accounts have
been taken over privately. We are un-
able to ascertain whether they were for
eign or domestic. -
Copper. selling around IS. returns on
the investment per cent. and earns L.
Insiders are not selling II. d
According to an odd-lot house. the
purchase of odd lots during the week
past exceeded sales by about 80 per cent.
Important foreign buying IL reported in
Great Northern stock for investment ac-
count at the current levels.
The professional trading element is
bearish to a man. and apparently ex-
poets offerings on all rallies, with drives
at leaders for time.
The best-informed interests In the
Street make the statement privately that
the, the eusren. r. setback is Ssaction in
Weakness of the Morgan stocks has
done a great deal toward making the
miscellaneous trading element bearish.
The floor trading element seems to be
favorable mostly to the short side Of
Reading and Steel.
One Of the most important questions in
the present political situation to the
financial and business interests of the
country Is whether Gov. Wilson. II elect
ed President ten days hence, will call an
extra session OF Congress to revise the
tartn after taking ONCE March next.
The New York news bureau is enabled
to answer this question. Mr.. Wilson, II
elected. will not call an extra session
He will defer the tariff question to the
frst Monday in December. 1873 when the |
newly-elected Congress will meet and a
caucus OF Democrats In the House and
Senate will take up the tariff PROPOSE
tion. 1t may be said that Mr.. Wilson,
attitude Is well known to high financial
interests and Is strongly approved.
London market fractionally higher
this morning. The stock market faces
on the one hand strong fundamental con-
ditions. and on the other temporary
money stringency. unsettled European
news, Supreme Court possibilities Mon
day. also the possibility Of a decision on
the part OF the railroad engineers arbi- |
tration committee, &C. Under the cir
cumstances II would seem trading posi-
tion was best. pending a clearing up of
these different uncertainties.
There is evidence of stronger support
appearing on declines now. As soon as
the liquidation has run its course the list !
will rebound. We think it q good plan |
to buy on weakness now on a small |
scale down. for the market 10 not likely |
to go much further. and any break |
should be temporary. and may be sue
ceeded by a sharp recovery on an over |
sold condition. We notice better support |
In Union Pacific and Copper. We think !
improved support will be found on weak |
ness in Reading and United States Steel |
Some crippled spots may be found in
pool stocks.
Chicago and Rock Island earned r5.13 |
per cent on $75.Oc0.Oo0 capital stock in |
the last fiscal year. against lbs per cent |
the previous year. Trade reports from
every section Of the country are favor
able. with business continuing to ex- |
pand. Western advices report fine win
ter wheat conditions. and rapid selling !
by farmers. Rock Island met Its full I
interest charges in the last fiscal year |
with about $4,000 to spare.
Chicago-A local paper says United /
States Steel Corporations next annual
report will show quiet acquisition Of
40, 600 acres OF Illinois coal lands NJ slO /
an acre. which is now marketable at
N,ooo per acre. The lands are reported
to contain 5Ooooo.ooo tons Of coal. and
are accessible to Gary plant VIA one OF
the corporations roads.
Spaid says: Think the market will |
work lower. and would buy only on a |
further good break"