Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1912-09-21

THE STOCK MARKET
BY Hugh NJ. Creighton

= BY Hugh nj. Creighton
3 + Il II = i
The most noticeable variation IN
money rates at the worlds money CEN
tiers this week was in New York where
both call and time money was from "
per cent to l per cent higher than
week age. The statement that the
United States Government stands
ready to relieve the strained situation
by depositing some $45,000.00O with
the banks has given the situation a
more hopeful aspect than otherwise
would have been the case. This is The
usual procedure on the part of the
Government when conditions like the
present arise However, because OF
unusual conditions which exist at the
present time, such action may ulti-
mately only aggrayate the situation.
II outlook in New York is for irreg.
ularity in rates during the coming 30
days in the stock market.
The stock Market.
The bulk of the news this week 10 In
nuence prices, has been favorable.
The Steel Corporations report Of ia
filed tonnage as of September LIST in.
dicates that that company is doing the
biggest business in its history. The
Governments grain crop report gives
evidence that this year the total agri.
cultural yield will be greater than
ever before. The copper market con-
tinues stable at high price for the
r,etai The political outlook is satisfge-
tory. AS against this news there is
but one discouraging factor, that is,
the financial situation. And inasmucb
as stocks continue to seek lower lev
ell would seem that this factor is of
greater Importance to prices than all
other factors combined. For this rea-
son careful consideration must be
given the financial situation. II
At the present time the New York
Banks are undergoing heavy STRAIN
as result of the demand for money
not only for crop moving purposes blu
also to carry on the country's eonn.erc
ial and Industrial business which has
prospective agricultural yield. The
octicok is for HI 81 money rates into
October. About that time the money
from the crops will begin to return to
New York. In the meantime, the
market bids fair to seek a lower level
until more satisfactory conditions de-
velop. however, the present business
activity will later on be reflected in
larger earnings for both the railroad
and industrial companies.
Answers to Inquiries.
Southern Pacific.-This company re-
ports an increase in the net income
for the month of July of $74S,913.
Earnings during the past year, apple
able to dividends on the stock, show
ed a satisfactory margin of safety
over the 6 per cent dividend now be-
ing paid Increased net earnings this
year should result in an increase in
the dividend rate, The situation in
Mexico may bring about a temporary
decline in this issue but, in my opin
ion, such a decline will be an oppor
tunity to buy, a splendid investment
stock, cheap
Denver & Rio Grande.-This com
pany's report for the year ending June
Goth. 1912, shows net earnings equal
to 2.26 per cent on the preferred stock
as compared with 4.9S per cent last
year. The obligations which this
road has assumed account of the
Western Pacific would see INTO elimi-
nate any possibility for dividends on
d. & II. G. Preferred for several years
to come. For this reason these shares
hnyc little speculative value.