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

Foreign buying is reported to have
been on a substantial increasing scale
in the latest breaks in the rail list.
Good buying is said by specialists to
have occurred in copper.
It is understood Reading had its selling
supply materially curtailed in the de-
cline of the last few points.
General trade Will not feel the tariff
reduction materially. except in vicinities
where immediate results are expected.
This is the view of important bankers.
Large buying for corporation account is
understood to have occurred in high
grade dividend payers on Monday and
Tuesday.
Plenty of European gold will be avail
able for New York after the turn OF
the year.
Shrewd professionals say they will not
follow up rallies of substantial proper
lions just now.
The general financial situation is
sound" says a prominent banking in
tercst, after a careful investigation.
The average guess of 13l members OF
the New York Cotton Exchange as to
to-day's government report is 15.SJO,CW
bales.
The fire in the Stewart mine OF Ana
conda is quite serious. but the com
pany expects to have it out in a few
days. 1t is confined to a raise on the
1.7O0-foot level and was caused by
miner leaving a burning candle when
he went of shift.
The pamphlet report Of the Union Pa
cifc Railroad. covering operations for
the fiscal year ended June 20 last. has
been issued. The report shows that the
company earned a surplus available for
dividends on its common stock equal to
l3.S per cent on the $2l664i30O outstand-
ing. compared with 1861 per cent on the
S2l6,6Z1,S00 in the year previous.
There is no truth in the report that
there has been a break between d. G.
Reid and J. P. Morgan or any other OF
the bankers associated with Mr.. Reid in
his various enterprises
l The Western Union Telegraph Com
pany declared regularly quarterly divi-
dend of q OF per cent.
1t is believed probable at the Depart
ment of Justice that the Supreme Court
will hand down its decision in the an
thracite coal cases on next Monday. The
opinion of the court is now being printed,
and will be submitted to Chief Justice
White on Friday.
One of the large copper metal selling
agencies reports Wednesday afternoon
that it is doing a good business, both for
foreign and domestic consumption at the
price Of 17% cents.
CANADIAN PACIFIC EARNINGS.
1871. 1911. Inc
First week December. S2,7Tl.OW S2EsOD SsouD
July l-December T....... 6375esE 5l22.sT s6J7 90
ILLINOIS CENTRAL EARNINGS.
Month NOTember......... S.Fs,7i S.s25o6 6A.4ss
July November Co.,. 2 sG7 SIC 2I74lOO 2l35s
MISSOURI PACIFIC EARNINGS.
First week DeCsmber... s. I7s.oOO 81 ls2OO .......
July lDectsnber -. 2. t9.G2 2a9,5io 2l5s72
ST. LOUIS SOUTHWESTERN EARNINGS.
First week December.... 5000 S5OO .-.......
July December 7........ 6.9l.7H 6ss.R4 49, 80
PhiladeIphia.-The tonnage OF the books
Of the Pennsylvania and Maryland Steel
Companies at this time is three and one
half times greater than II was a year
ago. Most of the orders are for delivery
in the first half of 1913.
All expectations for a raising Of the
dividend on American Smelling and Re
filming Company's common stock have
been abandoned as a result OF the recent
declaration of that company's policy for
retaining as large a proportion of its
earnings as possible in Investments in or
der 20 increase the ultimate return to
the stockholders. The company's earn
ings for 1912 are deemed satisfactory when
it Is remembered that the corporation has
been handicapped greatly in its Mexican
operations by the revolution. The amour
earned on its common stock this year win
be somewhat larger than the 10.9 per cent
earned last year. AS the American
Smelling and Refining Company owns all
the common stock OF the American SmeIt-
ers Securities Company, the earnings of
the latter are applicable to the stock of
the holding company.
Regular dividend on New York Central.
Untermyer bought 5000 Steel.
Boston.-It is said here that Thomas w
Lawson was making his killing" yester-
day on the bear side Of the market He
is believed to be the slasher in Steel and
Union Pacific.
Otis Elevator declared regular quarterly
dividend of l per cent on common and II
per cent on preferred stock, payable jan
uary Is to stocks record December 81.
A Philadelphia dispatch says H. c.
Frick is slated to be chairman Of the
board OF directors of the PENNSYLVANIA
Railroad.
Rumor on floor that Union Pacific will
be put on per cent basis.
The opening was moderately active and
strong, and the tone of the general mar
ket was good during the early dealings,
with practically everything showing gains
and the active issues running up to 8
points from Tuesdays low. Union was
q laggard from the start, and about noon
heavy selling started in this stock, and
kept up almost to the close Enormous
blocks of long stock were thrown on the
market The rest Of the market soon be-
gan to yield in sympathy, Reading de-
clining points from its early high, Steel.
Amalgamated and other issues dropped 3
points; transactions were on an enormous
scale, and liquidation was very heavy.
Practically all OF the active issues were
new low points. In the last hour, when
II looked as II the market would get COM
pletely demoralized. support was forth
coming, and this turned the tide, and
caused a fair rally. There was no news
to account for the enormous liquidation
in Union. but 1t seemed to be a belated
result OF the Supreme Court decision. Call