The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1912-12-05
Rr ia. FLEMINe.

The Southern Pacific Union Pacific
merger decision Is potent after all. Not
especially severe on the corporation d.
rectly at interest, but decidedly important
in its effect on the Industrial properties
specifically. and generally.
1t is taken to mean that the industrial
corporations. the big trust companies,
have got to dislntegrate. Where the cor
poration has an abundance Of assets and
the chances are that there Will be rep
etition of American Tobacco and Stand
ard Oil successes to the companies that
may be disintegrated, the weakness is
not as evident as elsewhere throughout
the list. but the minor industrials re-
ceIved severe smash, as evident by the
losses. s.-.
The most severe loss of the day was
in Can common, AIS and In Can pre-
ferred shareholders on the 81 per cent
back cumulative dividend payments due.
The street expected per cent and the
action was Immediately met by liquida-
ton. --.-.-.
A number of industriaIs and railroads
declared rather better dividends Loril-
lard Tobacco coming over with 21-2 per
cent and a like amount extra to its COM
mon shareholders, and the regular "a
10 the preferred Snuff shareholders re-
ceived a regular dividend Of per cent
and an extra of per cent on common
stock. with the regular l-2 on preferred
shares.
For a time the interests that are be-
hind the stock market made a desperate
effort to hold the list. In this they were
assisted by the fact that the holders are
not small investors but large interests
who have put up a good fight against
recessions.
They were partially successful, but did
not maintain their success. the general
liquidation of industrials coming on top
OF the short selling movement OF bears
who are just finding themselves in this
movement, turning the entire list, with
but few and far between exceptions, into
lower range of prices.
The only exceptions to the weakness
was in Snuff, Lorillard Tobacco, Califor-
mia Oil, 500 Line. Southern Pacific, and
Wabash preferred-everything else was
lower Southern Pacific was favored,
but did not hold its full advance, retain
ing but "a of a point gain.
Market was active throughout the en-
tire session. making frequent attempts
to rally, but failing to hold these gains,
and the close was but slightly above the
low record of the day.
Spencer Ir2Sk q Co, New 1OThf nave
this to say regarding the tariff bill that
will be enacted by the next Congress:
Speaking without knowledge of a spe-
cial character. We firmly believe that
whatever bill is passed will be fair to
our consumers, while at the same time
recognizing the legitimate eXigencies of
our producers In other words, we do
not believe that the Democratic party,
which is now in power for the first time
in sixteen years. will pass any bill that
would be so radical as to throw bust
ness into a sea of dependency, or check
for a longer time than adjustment may
properly take the energy and resource
fulness of our business men. 1t is evil
dent to US that the intention of the in
coming administration is to hasten the
passage OF a new tariff bill in order that
business may be retarded for as short
a time as is possible, and if this plan
should be successfully put through, IT is
quite possible that the momentum bust
ness has acquired during the past six
months viii be sufficiently great to carry
il over this period Of uncertainty, and
that once the necessary adjustment has
been completed the activity OF the coun- !
try will be resumed with even greater |
zest."
All savings banks reporting. the gain |
in deposits is Sa64, 2sl.52.
In this statement the Seventh Street |
Savings Bank and the North Capitol /
Savings Bank made their first reports. |
The former has $14l.959 deposits, and the