The Washington herald., 1913-01-22
WALL STREET GOSSIP

Lehigh Valley Railroad reports for the
year ended June 30 last total operating
revenues decrease. s7S1. .4s7; total operat-
ing expenses, increase, $.312.9 .931; net OPP
Grating revenues. decrease, s2.oSi. .Sss;
total net revenue, decrease. sos. .i6s; net
income, decrease. H,o47.SS.
From what appears to be good sources,
an apparently inspired statement is found
to the effect that Wilson's views here
after as given to the public viii be found
much toned down. He has been aston
ished at the commotion he has created,
II is said.
s. w. Baruch-The strength Of the
market is due to reports that peace
will be declared before the end OF the
week
f. & C. Randolph-The market opened
dull and unchanged. There was some
sagging OF early, but the tone soon
became strong and continued so all day.
In the afternoon the strength increased
owing to reports from abroad that the
Balkan difficulty would surely be set
tied shortly, and foreign houses bought
stocks in fair amounts Shorts covered
freely in the last two hours and the
entire list ruled very strong, all of the
prominent issues advancing steadily al
most UP to the close. with final prices
about the best OF the day. Canadian
was a feature OF strength in foreign
buying. Commission house business was
moderate, and undoubtedly the principal
strength was caused by heavy short
covering.
Prominent spectators here and in
Chicago are reported to be ranged on
the short side OF the industrial list to
an extent greater than generally sup
posed.
Selling of Steel, Amalgamated. smelt-
ers. and the Sugars, with private bor-
rowings, are reported to be for the
big professionals.
The buying OF Southern Pacific and
Union Pacific on breaks is from inside
sources, according to well informed
people.
A very important factor preventing
foreign absorption at these levels Of
American rails on a large scale, says
conservative Morgan interest, is the
Hill pessimism as to the railroad condi-
ton on account OF the refusal of the
Interstate Commerce Commission TO
permit freight rates to advance reason
ably.
Important and reliable Morgan and
Rockefeller affiliations are emphatic in
saying underlying conditions lin finance
are very sound.
Increasing odd-lot buying in the stock
market OF and on. during the past six
months shows public interest alert
Gross sales OF the General Electric
Company for 1872 were the largest In
the history OF the company. aggregating
over sloe, ooa 0on compared with yo3s3 So
in 1911. Notwithstanding the advance
in the price Of copper and other raw
materials, net earnings applicable TO
dividends will probably prove to have
been somewhat higher than in 1910
when a net profit Of SOS .6a2. or 1875
per cent, on the outstanding capital was
reported.
The Wilson bills for trust regulation
in New Jersey was the subject OF A great
deal OF interest. and while the older ele-
ment regarded them as very drastic. the
younger generation. as a rule, were in
elined to look upon them as reasonable
and practicable. The street was filled
with bear tips on the Rock Island issue,
traders asserting that leading interests
in the Rock Island Company were
by no means optimistic, and that they
would probably do little by way OF rem
dering support to their own specialties
For that reason Lehigh Valley also was
rather heavy.
James J. Hill arrived here from St
Paul Tuesday and expects to remain IN
the East for ten days Mr. Hill said
that he had not been subpoenaed by the
Pujo committee to testify before II but
expressed his willingness to do so II
requested. There is reason for believ-
ing that he will testify the latter part
OF this week. Mr.. Hill stated that the
gross earnings of the Northern Pacific
for the first two weeks of January showed
an increase of about $4,000 and that he
thought that the earnings of the pres
ent fiscal year will be about i000o. 900
larger than those for the last fiscal
year. In the Northwest Mr.. Hill said
that he had not been able to discover
any falling off in business. he regarded
general business conditions as good and
intimated that in his Judgment, the East
was unduly concerned over the political
situation.
Moler-The situation and outlook Of the
general stock market shows little pros
pect OF the development Of anything bet
ter than slight and temporary rallies.
The only thing encouraging trading at
the moment is the abundance of cheap
money and the short interest becoming
everextended at times. As regards the
money situation II should, however, be
kept in mind that the greater ease in
such conditions reflects to a large ex-
tent the slowing up in new business and
the lack of speculative activity. The
short interest has been furnishing the
best support to the market the last week.
In connection with the greater FIRM
ness of Western Maryland Railroad
stocks during the last few days the old
story has been revived in Baltimore that
the New York Central Is negotiating for
control and would probably get II. Presi-
dent Fitzgerald who is In town says that
there is no truth in the report and no
reason for its revival.
Chicago jobbers have advanced prices
OF black and galvanized sheets from
stock 81 and g per ton. respectively. TIL
new prices go into effect at once.
American Hide and Leather reports for
quarter ended December q, net earnings,
increase. s160143.
Eastern pig iron dealers report a
healthy revival in the demand locally.
While no large single orders are noted,
number Of small inquiries have de-
veloped the past week, some of which
have been placed, and the general tone
of the market is decidedly improved.
Prices in this section continue firm.
Hearings were started Tuesday by the
IT,