Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1912-08-10
THE STOCK MARKET
By Hugh M. Creighton

II 4 Il y Il 4 = i
Call money continues available al
the same reasonable rates which have
prevailed for many weeks, but there
IS noticeable advance in rates for
time money and commercial paper.
Commercial paper is being bought
moderately, but rates are firm. Money
will commence to move toward the
interior the coming week The tend
ency OF money is decidedly toward
highe rates.
The future of prices for stocks
hangs on two important factors
crops and money Besides these two
prime factors, movement In prices
might result from a decision by the
Commission now arbitrating the rail-
road engineers demand for higher
wages on any radical declarations by
the presidential nominees defining
their position on various questions of
Importance to the business world.
AS to the crops, present conditions
forecast total agricultural yield
equal to last year, although both the
cotton and corn crops are late and
will require favorable weather to ma
ture a crop equal to present estima-
ties.
Regarding money, the outlook is not
SO favorable. Commercial paper can
now be said to be upon a firm per
cent basis Time money has also ad-
vanced. This hardening in rates is
against prices The continued low
rates for call money would only seem
to indicate that somebody is willing
to loan someone else money at an at
tractive rate with which to buy some
body's stocks. The market has super
fetal appearance. Even the Steel
Corporations repore this week, which
showed earnings up to expectations,
failed to stimulate prices. A move
ment of Importance seems to be form
ing. but despite our splendid crop pros
poets and positive assurance from
| reliable sources that nothing averse
to business will be forthcoming from
the political arena. it would seem to
ANSWERS TO INQUIRIES.
Illinois Central Railroad Shares
Earnings applicable to diyidneds on
The stock of this company for the year
ending June 10 are estimated at about
per cent. This compares with 1875
per cent the previous year. This de-
crease in earnings was the result of
! labor troubles and floods in the Com
pany's territory which seriously cur
/ tailed traffic. Both of these happen
/ ings were unusual and decreased earn
ings materially, Last years earnings
exceeded dividend requirements more
than 100000 This years earnings
will fall short about 81 100000. Taking
the two years together, the average
margin of safety is satisfactory. l be-
believe Illinois Central shares will
prove very profitable purchase on
any decline of Importance. &C
/ GoldfieId Consolidate .--This Com
pany's net earnings, according to re-
ports for May and June, are barely
sufficient to cover the reduced divi-
dend rate of soc per quarter. would
advise holders of this issue to dispose
of their shares.
Southern Pacific Railroad Shares
Earnings for the year ending June 80
will equal about s IL per cent on the
Common Stock, about l per cent less
than the previous year, but we'll in ex-
cess of the present per cent dividend
rate. These shares should prove
satisfactory investment Besides an
| apparently assured dividend return,
there is also a possibility that an ad-
ditional profit can be had from an ad-
vance in the price of the stock.
/ Cincinnati Gas & Electric.-This
company has the record of having
| paid regular dividends since 1853. At
the present time through lease of it's
property, stockholders receive guar
anteed dividends of per cent The
I Columbia Gas & Electric Co. which
has recently passed under the control
of syndicate OF New York Bankers
closely associated with the Standard
Oil Co. owns a majority of the stock
of the Cincinnati Gas G. Electric Co.
At the present price of Cincinnati
Gas & Electric around SO it is an at
tractive investment with large specu-
lative possibilities.
BURGLARS GET ACTIVE