The Washington herald., 1912-07-21
LACK OF INTEREST
AFFECTS MARKET
Prices Ease on. Probably Due to
the Lack Of Activity
Of the Bulls.
HARVESTER STOCK STRONGER
By pARRoN SERVICE.

New York, July a-Although there
was an absence of bullish activity TO-
day. the market gave a fairly good &C,
count of itself. Prices eased on slightly
on account of lack of interest rather thar
the attempts of the bears to break the
list International Harvester was a
strong feature due to the increased bust
ness Of the company, and because Of the
good crop outlook. which has resulted
in large orders for farm machinery. There
was quiet accumulation in Atchison, be-
cause of its good outlook for earnings this
year National Biscuit was weak because
of liquidation by holders who think that
the price is too high for an industrial
whose earnings only show small mar
gin above dividend requirements. Bears
tried to make capital out of the report
that ]. 2. Morgan was disguised with
politics" in this country, but little atten-
tion was paid to them. Amalgamated.
Reading. Union Pacific. Steel. and other
large issues showed small decline at the
closing. Reading was the only active
stock that eased on more than half a
point. while Harvester was the only ac-
tive stock that advanced more than the
same amount.
The bank statement appeared at noon
and showed further increase of surplus
reserve of ss.4se.2J0, bringing that item
up to s19. 500. as compared with big
deficit two weeks ago Loans were re-
duced sl5lA,Ooo, and the banks are now
in a formidable condition of strength.
United Cigar Stores continued its ad-
vance in the outside market on the re-
port that the new financing plan would
be made public within a few days 1t
advanced thirteen points in two days,
with to-day's addition.
Gold from Abroad.
The board of directors will submit to
the stockholders of the International
Nickel Company an agreement by which
that company will consolidate with the
Colonial Nickel Company, with a capital
OF s62, 100000 OF this s12. 900 will be 6
per cent noncumulative preferred and
$4,000 900 common stock.
American bankers have been drawing
heavily against our balances abroad,
which is one of the reasons why money
is so plentiful here, and our credit bal
ance in Europe, which amounted to over
s1o0, 100000 a short time ago, is now prac-
tically exhausted. AS a result of the
drawing of so much back here, exchange
and discount rates have been raised In
London and Berlin, and our leaning
rates for domestic borrowing lowered.
The Erie and the Baltimore and Ohio
have entered into a traffic agreement,
whereby the former will be able to ship
from Chicago to Baltimore, giving the
Erie, with New York. two Atlantic Sea-
board ports to ship freight from inland
points.
Twelve months gross earnings of the
American Light and Traction Company
to June 30 were s4.112.959, an increase of
$1,000 as compared with the twelve
months to June 30 1911 and the net for
the same period was s3,s93,SS3, an in
crease of ss9, 900.
The American Locomotive Company
started the current fiscal year, July 1,
with s12.0 900 worth of orders on its
books and has since booked several mil
lion dollars new business additional On
June 20. 1911. the business on the books
only amounted to about s6.00000o. For
the fiscal year just closed the company
only earned about 5 per cent on its capi- |
tai stock. but earnings for the present |
fiscal year may be more than double |
that. |
In reorganizing the Ohio Copper Com |
pany the present mortgage on the prop
erty will be assumed by the new COM
pany and the $4,000 due the sinking |
fund account last year and defaulted |
viii be made coed.
With June partly estimated, the Louis |
Vile and Nashville net earnings. avail
able for dividends, for the fiscal year |
closed at the end Of that month. were |
about ss,62s.6D0, or 1904 per cent on the |
ss0OOo,0OO stock. This compares with |
ss,5S5.SSSS, Or 14.26 earned in 1911, and 81
GS4.2sl. or LIS per cent in 1910. The divi-
dends of per cent on the stock call for |
A.2Oo,O00 disbursements, which will leave
over $5,00ooo0 for improvements or to add
TO surplus. The total net earnings were
Guiding interest on the s137. 900. 900 bonds,
took away q On ON |