The Washington herald., 1912-10-15
WILL STREET N
sTITE Of UNREST
CeH1iotiig 1sperts from Balkals
Leave opsrssss gadecidsd.
Prices Say shsng.
IoIDoI coIsoIs Dows

New York. Oct. Acknowledging reports
from Europe Of the signing Of treaty
of peace between Turkey and Italy kept
Wan Street In state -of unrest al day.
Tho bargains presented IN the early
morning wers quickly picked up By
strong hands that had been reaching out
on Saturday to Montreal and London
for other bargains. Important interests
In Wall Street are very much pleased
at the result of the uprising In the Bal
kans. and they believe that its posi-
bilities ~ Q stock market factor are
about exhausted.
Following the demoralixation of foreign
exchanges on Saturday. there was gen.
eral expectation Of lower prices IN Wall
Street. but in this regard the bears were
very much disappointed. Prices opened
at slightly above the London figures and
advanced Immediately to the closing fig-
ures Of New York on Friday. Some ad-
vanced even further. and the market
throughout the day was strong. In the
sfternoon the bali game took attention
away from Europe. The fact that the
leading men Of Wall Street attended the
ball game and that the whole financial
community Of the United States neglect
ed the stock market was the best proof
that the war in the Balkans 10 not taken
very seriously.
Foreixners Lsek for Cover.
London brokers sent frantic cablegrams
late In the day. protesting against the
strange lack of panic in Wan>Street. 1t
seems that the foreigners have sold all
the stock they want to sell and some
more. and are now looking for an oppor-
tunity to cover their short contracts In
London consols sold down to IN. which
Is the lowest price on record for the
Sv,
the early trading abroad. but when Lon
don closed they were rising rapidly. New
York's close was irregular. most stocks
showing the result OF profit-taking. but
the entire list maintained . firm under
tone to the end Of the day. Notable
strength was displayed throughout the
day by the coal shares, tobacco stocks,
and some Of the high-grade industrials.
including United States Steel and Can.
Tobacco stocks have attracted much
attention In the last few days by their
great strength in the face Of weakness
elsewhere. The reason was explained
when unofficial confirmation was had
Of q report that directors Of the Ameri-
can Tobacco Company expected at thel
next declaration to increase the divi-
dend from a 10 per cent rate p ool
per cent rate The company il earn
ing at tho rate Of IS per cent per year
and paying 10 per cent. 1t has q sur
plus of $50 q share. and no more work
Ing capital il needed. Therefore, It isl
considered conservative to put the stock
on . % per cent basis. Lorillard stock
II also In line to get an increased div1-t
dend. It IL earning % per cent and
paying 10 per cent A rate Of II per
cent. and possibly Is per cent, 10 ex-
pected for the next declaration.
Copper stocks Irregular.
Copper stocks were irregular. partly
because OF the weakness Of copper metal
In London. In the foreign market the
ID enough to allay all fears Of war,
for II war were really imminent copperl
would be one Of the things purchased.
There was no change in the New York
prices.
The break in Canadian Pacific has
been absurd. in view Of the tremendous
earnings Of the company. Insiders con-
sidered the stock on the bargain counter
when 1t was selling at 30. and It IL
understood that they have been scram-
bling for the shares In the course of the
iecline the last few days. 1t sold under
.60 on Saturday. Besides paying 10 perl
will in the next twelve months distribute
rights on new issues that will be worth
so q share.
Reports from the iron trade were cheer
'ul. and coke sold in Pittsburg at "a .
on. which is q high record price. The
United States government announces
hat the ten leading crops this year are
worth at market prices 81. 81. Oh. 900 more
han the same crops were worth last
rear. The total crop value this year is
ar above $4,000. 100000 in excess Of last