The Washington herald., 1912-12-24
WALL STREET GOSSIP

AAOiAA AhO SAOAN cruz"
Foreign purchases in our market hav'
increased since the Morgan testimony.
Falling OF in manufacturing trade anC
increase in retail business is customar,
at this time of year, according to pre-
cedent.
Stocks bought at low prices are no
coming out as has been the case recently
when the market advances aggressively.
Some OF the big institutions continue t.
suggest a trading position in the stoci
market.
Buying of Reading, Great Northern
preferred, and Union Pacific is said &c
be of kind that usually precedes big
later advances.
Private advices from Washington say
the Pujo committee has given up the idea
of recommending legislation to suppress
short selling.
After the turn of the year pool activi-
tics are expected to be resumed in a broad
way.
New York Stock Exchange has ruled
that Great Northern preferred shall sell
ex-rights to-day.
Subtreasury lost $5S1.OO to the banks
Saturday and since Friday has lost sIiI,-
900.
No action was announced by the Su-
preme Court on the motions submitted
for a definition OF the rights of Union
Pacific Sfnrkh01Hprg in, m vii ~
that cOmpany's holdings in the Southern
Pacific Company.
The Lake Shore and Michigan Southern
Railway Company has declared the usual
semi-annual dividend OF 6 per cent.
James McCrea has resigned as a di-
rector of the Northern Central and Phila-
delphia, Baltimore and Washington. He
has not taken any action yet in relation
TO his membership in the Pennsylvania
Railroad OF the Pennsylvania lines, West.
The Federal grand jury yesterday
presented to Judge Hough indictments
against President Mellen. OF the New
York, New Haven and Hartford; Presi-
dent Chamberlain. of the Grand Trunk
and Alfred w. Smithers, chairman of the
board of the Grand Trunk. The indiCt-
ment charges criminal violation of the
Sherman antitrust act. in that they con-
spired together to form a combination in
the restraint OF trade in interstate COM
merce.
Interboro Metropolitan Company's g.
O59,52O 6 per cent One-ycar notes, due
January l, win be extended for six
months, until July l, 1913. at the same
rate of interest. 1t is said that the full
amount will be paid of then.
J. Field says every time a drive is made
at the market it should be bought for a
turn, at least
Returns for October from fifty repre-
sentative railroads show gross earnings
increased 13.7s per cent and net 17.19 per
cent, against increases OF 1SG2 per cent
and 9.2s per cent. respectively. in Soptcm-
Der. Foreign trade Of the United States
in 1912 will exceed 5000 Oo0, 90. breaking
an records. Acting Attorney General
Fowler says no recent move TO institute
suit against the American Telegraph and
Telephone Company has been made. but
the subject is still under investigation.
Washington. Dec. 2S.-Supreme Court
adjourned until January s.
Washington. Dec. 3-The Supreme
Court holds that the State OF Alabama
cannot tax governmental messages over
Western Union lines.
Inquiries show that the majority of
house opinions arc conserva-
lively bullish on the stock market. There
is a disposition to await the turn OF the
year before advocating extensive commit
ments on account of the money cOndi- |
tons.
1t is estimated in PIttsburg manuGac- |
turing circles that the United States Steel |
earnings for the first half of 1913 will |
be in excess of S75OOO.OO. and that the last |
quarter OF current year will show per-
haps $35,O0o,0Oo.
1t is reported from inside sources the |
Rock Island earnings will amount in the |
gross to S6,o00.0OO more during the cur !
rent fiscal year than for the year ending |
June 30 1912. D. G. Reid on his return |
from the Southwest is said to be opti- |
mistic 1t is hoped 100000 can be shown |
for the net over and above last year.
E. & c. RandOlph-The opening was
quite and about unchanged. Before long,
however, selling pressure forced prices
down all along the line with Union the
leader. There was not much liquidation,
however, and the market soon rallied.
Shortly before L o'clock the market
acted most feverish and erratiC. Union,
which had sold 159, shot up to 49,, only
100 shares being traded in between ISL |
and 162, and from this point il declined
to 16O1 is. The same kind of
fluctuations took place in other active
ssues.
When it was announced definitely that
10 important decisions would be handed
Town, the market became quiet and ex-
dull, later selling of near the
lose
Call money was firm at per cent The
owest prices were made in the last few
minutes.
S. B. Chaplin & Co.-There was no parti-
.ular significance to the erratic huctua-
ions in the general market to-day Trad
ng was very light and almost entirely
The chances We're for the
most part the in and out operations of
Ioor traders and local operators
Foreign houses did very little except to
ell some Steel and A. c. p, and there
vas little outside business from other
cources.
The-indictment by the Federal grand
ury Of the New York, New Haven and
Hartford, and the Grand Trunk head
for criminal violation of the
herman antitrust act on an alleged
onspiracy in restraint of interstate
rade, had no influence as a market fac
or as such action has been long antici-
ated growing out of the recent publicity.
l