The Washington herald., 1912-11-26

; The 81 per cent call money rate and
more disturbing late foreign news, fol-
lowing sales Of 5000 shares Of stocks
by foreign houses, has unsettled the mar
ket and is causing many to lose the con-
fdence they recently had in the markets
position. Nevertheless, there has been
continued good support and scaled buying
lin Union Pacific. Steel, and Reading, as
well as the Copper stocks and the con-
ltinuation of this is absorbing the pres
ent selling pressure from what now looks
like a fresh bear attack chiefly against
Steel. Union Pacific, and Reading.
The Bank of England took all the gold
to-day, outbiddfng the United States on
S, 10000 gold.
A dispatch from Pittsburg says that
the Edgar Thomson plant has been
closed and the Homestead works badly
hampered by the railroad strike.
The Wettlaufer Lorrain Silver Mines
Company, Ltd. declared regular quarterly
dividend OF 21z per cent and an extra
dividend Of ~ per cent.
The Brooklyn Rapid Transit declared
regular quarterly dividend OF Ia per
cent
II is stated that the extra dividend
Of so cents a share on the stock Of the
Nevada Consolidated Copper Company is
declared from the surplus account and
! in this respect should be considered as
a return OF principal.
Regular dividend of Utah Copper.
Foreign trade Of the United States will
total over 1900, 900 for 1912, former
highest record was $3626. 10000. Hearings
of money trust investigating committee
resume to-day. Short session of Con-
gress, beginning December ?, will take
up only appropriation bills.
| Walk-out of 600 more trainmen in yards
Of Steel Corporation may result in seri-
Gus strike, about Loo men, now out. de-
ma nd wage increase of 20 cents day.
There is talk Of a sharp raid on the
stock market preparatory to broad
advance on easier money in December
and January.
The market is in perfect control Of
the big interests" says a prominent in
stitution.
Former independents in the oil and
tobacco trades are reported complaining
that they are suffering more from the
new style competition than when the
II nsts were in existence.
Some OF the Western houses seem to
think prices will hold temporarily on ac-
count of the technical condition Of the
stock market
Persistency in the gossip on higher
future justifies reference again TO the
rumor in circulation.
There is such a feeling Of apprehension
over European politics growing out Of
the dispute between Russia and Austria
over Servian territory that II has caused
renewed weakness on all the foreign mar
kets. and our stocks at London are on
one-half to one point in sympathy. 1t is
evident that nothing better than an ir-
regular traders market is likely to pre-
vail until the fear of another European
war now hanging over the foreign mar
kets is dissipated. 1t will be a traders
market more on the events from day 70
day in this connection than anything
| else.
| The extreme tightness in moneyTis nat
uraIy affecting the market adversely and
| has brought about quite some little SELL
ing.
Money is tight here. Loans are too
large compared TO deposits, and specie
is too low compared to loans. The criti-
cal condition abroad is largely RESPONSE
bic for this condition. and we can look
for no relief until that situation i'm
proves.
The advance in money to L 1-2 per
cent is chiefly due to the December dis
bursements, which will have to be
financed the end OF this week, and which
amount to about $1OO,00o,Ooo.
In addition to this there are heavy
payments for taxes this week, which
take out a lot of money from the local
market The prevailing rate of L. has
caused another break in foreign eX-
change below ass. So 1t is possible that
the gold may be engaged later in the
week, although none of the gold arriv-
ing in London this morning was bought
by New York.
We do not see anything bearish in
this award OF arbitration board. Strange
" enough most of professionals take the
news as unfavorable. and are sellers. 1
do not see much. If any, stock being
sold.
| The more pessimistic character of the
| foreign news, together with the weaker
and lower markets at Berlin, London.
| and Paris, was supplemented by further
| heavy foreign selling of our stocks here
| These sales amounted to nearly 10000
/ shares, making nearly 10000 sold since
| Thursday The effect of this. with the
rather unexpected fresh disturbance in
p, the money market from more calling OF
loans, forcing the call money rate up to
as high as 12 per cent. during the late
afternoon, naturally had a further de-
| pressing influence on general market SEN
| timent.
The tighter and dearer money market
| conditions were attributed chiefly to the
| banks losing nearly $S5o0.O00 in cash
since the last bank statement was COM
piled to Friday night on subtreasury op-
| erations alone.
This is the time of the year when a
great deal Of money should be flowing
| here to enable the banks to accumulate
a large surplus reserve in order to
| finance the disbursement of about $780,
1000 on January interest and dividend
| accounts.
Notwithstanding these unsettling condi-
| tions, the market continued to be well
! supported, the net losses. from Satur-
days closing in most OF the active rail-
road and industrial stocks were less
than one point.
CHICAGO GRAIN MARKET.
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