The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1912-12-20

New York banking interests are work
ing for curr ncy reform through WASH
| ington politicians along systematic lines
never before pursued, and great hope of
success is entertained.
In case of New York insisting on taking
gold from Europe foreign loans now said
to be outstanding here will be called.
Talk of unfayorablc copper metal con l.
| tions is being circulated by the bear
crowd to induce selling OF Amulgamated.
A large volume Of credit will be re-
quired by the West TO finance its early
1913 business, says Chicago private infor-
nation.
Important short covering is reported
in Union on the latest weakness.
Hoarding of gold is reported very TX
| tensive In Europe, according to foreign
financial correspondents.
Scale down buying of very high grade
will be found in Reading.
Content has bought 10000 Shelters.
Investigations point strongly to the
existence of a large short interest that
might create a bear panic in case the
Minnesota rate case decision should be
handed down Monday and be favorable
to the roads. Private borrowing OF the
leaders is extensive and miscellaneous.
A London dispatch says that Austria
and Servia have reached an agreement.
Albania TO be autonomous. but Servla is
,fa1 Nprf
Railroad firemen reduce demands and
say they are willing to arbitrate under
the Erdman act.
Estimated net earning Of American
Can for year ending December 81 next,
will approximate $S,5O0do0 as against
S5,il ,SGG9 last year.
Iron Age says railroad equipment buy
ing continues in iron and steel markets.
Don't forget II these contentious did
not arise YOU would not he able to buy
Union at these prices.
1t is reported in private Washington
adviCes just received here that the Re
publican element will not oppose tarln
activities in the present session on the
part Of the Democrats. They will simply
go on record in certain cases.
The Supreme Court has taken papers
in the Union Pacific case and will con-
slider the motion of the company later.
Strength OF market comes as a surprise
to floor as weakness at close yesterday.
Buying orders have come through houses
supposed to be short. and rally looks
like short covering.
Short interest is looked upon as very
large. Few stocks have been returned
in the past few days, and new loans
are common I'm Union Pacific, Reading.
Steel, and Copper.
Content has bought about 5000 Smelt-
ing and wants more. He is the only
buyer. Selling by commission houses and
traders in small lots.
Washington.-No confirmation is obtain
able at the Department OF Justice of
the rumor that Attorney General is plan
ming to investigate the principal copper
selling companies, with heaquarters in
New York, on the allegation that they
have formed a pool TO maintain the price
of the metal
Court of the United States to-day by the
Union Pacific Railroad Company and the
Oregon Short Line on the government
motion as to the form Of the courts
mandate in the merger case. The Union
Pacific Railroad Company and the Ore
gOn Short Line Company. appelleeS mi
the above cause, in support OF their mo-
ton herein respectfully ask this court 10
instruct the District Court for the Dis
triCt of Utah by a provision incOrporat-
ed in the mandate of this court, when
issued or otherwise. that the disposition
of the shares of stock of the Southern
Pacific Company directed by this court
may he effective, If so proposed by ap-
pellees, by a sale of said shares to the |
shareholders OF the Union Pacific Rail- |
road Company substantially in proper
ton to their respective holdings.
E. & c. Randolph.-The opening was
active and lower with pressure on the
Hartman issues. The rest of the mar
ket sympathized with this weakness and |
declined all along the line Not much |
liquidation, however. was brought out
and the list gradually steadied and then |
rallied. During the greater part-O the !
day intense dizziness prevailed, but the
was steady. Call money ranged |
from ~ to AZ. The foreign news was
all of a favorable character and Euro |
pean markets all seemed cheerful. This |
fact undoubtedly helped sentiment on
this side as did also the fact that the
Bank of England rate remained un-
changed. The close was fairly active at
about the best prices of the day.
Where is the fundamental fault in the
system whereby 1900 country banks
send $500 OOo, 900 to New York to earn its
keep? The method is provided by the
cident to the procedure-of extravagant
for deposits and overstimulated |
speculation in flush" times, and of with
drawal and boarding in dark days, as in
19O7-OS-are primarily blamable upon a
banking system of isolated
units, that are greedy in fine weather,
given to cowardly panic when clouds
gather.
That these country deposits should ebb
and flow IS in obedience to the same
circle Of the seasons that determines the
crops. That one-third or one-quarter of
such deposits should be loaned on stock
collateral-the quickest, safest
kind to accommodate such fuctuating
been inevitable, and hardly
illegitimate.-BostOn News Bureau.
The year ending December 81 will be
the most profitable one in the history Of
American Can. 1t is figured the net
will be around S. 5000 COM
pared with S,16,SS9 last year. Surplus
after charges, depreciation, and per
cent preferred dividend will equal about
per cent on common stock
An official of the company saws there
Indication haf ,F,,r, :