The Washington herald., 1913-12-18


bonds. Proceeds will be used in retire.
ment OF s2,OOo.0oo Elmira, Cortland and
Northern bonds Balance will be used for
payment of Steal passenger equipment
and additional freight locomotives and
terminal Improvements. Lehigh Valley
announces that in future dividends will
be declared quarterly instead Of semi
annually.
In conservative quarters in the Street
the talk-of government ownership Of the
telephone systems was not taken very
seriously, as 1t was doubted II the coun-
try would stand for the use by the gov
ernment of an enormous amount OF
money in any project Of that kind.
n. L. Carpenter & Co.-Large out
standing short interest will cover their
contracts before the holidays. The bears
have used all their ammunition to de-
press prices, but have failed to bring
about fresh liquidation in the standard
issues.
Lewis johnson & Co.-while foreign
markets are not at all bullish. and in
fact there are a number of weak places
abroad. that give cause for apprehen-
sion, the sturdy character OF the sup
port offered in our recognized leading
terests have have been buyers, but that
speculative interests have been doing
the same thing. Consequently while
some of the less active investment stocks
will be subject to further liquidation,
we regard the leaders, especially Union
Pacific, Reading, and Steel as still
worth buying on the little dips for fair
profits at least
q n m
& Co.-The probable early passage Of
the currency bill and its character is
the dominating influence in the market.
During the first hour prices were dull
and strong. and at noon, although there
has been irregularity, prices were gen.
orally above last nights level. Boston
liquidation, due to the New Haven divi-
dent incident. has run its course.
American Telephone and Telegraph
was one OF the strong features.
Berlin's pressure against Canadian seems
to have ceased and the stock is recover
ing from its decline. Call money re-
newaIs are 3I-2 per cent. The reaction
a.: business all over the country prob
ably means that money will be abundant
at the end of the year. 1t is our opinion
that with the passage of a fair currency
bill. an incubus viii be lifted from all
business, particularly from Wall Street.
n. I. CARPENTER & Co.-The market
started off fairly well with a few points
after the opening on buying by Liverpool
and short covering By local shorts, but
the advance met heavy Liquidation by
commission houses and short selling by
Wall Street, which drove May and March
around 80, where there was a quantity
of stop orders. After the selling was
over spot interests started absorbing con-
tracts and bought freely and apparently
there was little cotton left for sale. Gen.
eral sentiment continues extremely bear
ish and it is very probable that market
will meet with considerable selling on
all hard spots.
Lewis johnson & Co.-Prices were some
what better yesterday, though the buy
ing appears to come chiefly from traders
who went short a few days ago, when
American Telephone and Illinois Central
began to sag.
It looked then as IL weakness of this
kind in investment stock might bring on
a general decline, but the traders have
guessed wrong in this respect. and the
rally in American Telephone has induced
a good deal OF short covering. Banks
here are beginning to get ready for the
currency bill which apparently will be
passed soon. How much confusion its
application will cause remains to be seen,
but undoubtedly every effort will be made
to get into operation smoothly. From
all quarters come reports of declining
trade, but the stock market seems to
have discounted good deal of this al
ready.
New York Financial Bureau to w. B.
Hibbs.-Conservative sources are predict
ing a sharp recovery in the general stock
market. saying liquidation in general has
ceased. -
Professionals are Intensely bearish and
the number of bear points around the
Street Is larger than for a month past
President wilson's trust policies, as in
timated in the Redfield report are not
disturbing important sources, according
to gossip.
Great Northern shows an increase in
gross and net from the first of the fiscal
year up to the last report. This viii ex-
plain why investment preference Is given
Ii.
Utah Copper is selected by an impor- |
tant wire house as one of the best COP
per shares in line for improvement
Never before has the market been SUBJ
jected to so little manipulation by big
interests, according to our reports. There |
is apparently perfectly natural read
justment.
Western business Is slowing down, but
money. apparently. Is not being released, !