The Washington herald., 1913-01-25
WALL STREET GOSSIP

WALL STREET GOSSIP
Important developments are expected
In the copper metal trade in Che mex,
Few weeks. We understand they will be
favorable.
Current low prices of steel products
OF themselves protect United States
steel from a moderate tariff reduction
says a Pittsburg authority.
With the settlement of the Balkan
question, financial conditions throughou;
the world are on bedrock, according
to international banking interests OF
magnitude.
Speculation is expected to run into the
high-grade rails with the return of con-
| fidence.
''The readJustment now going on in
| the vehicles of speculative expression
mean that they will more accurately re-
hect real conditions, says an economic
authority.
January earnings of the leading rail-
roads will show large increases over last
year.
Accommodations of Southern Pacific
preparatory to Panama Canal trade
boom Is going on during declines in the
market.
The tendency OF the market is marked
very strongly as being downward and
much lower prices are Anticipated with
in the next month or so. Rallies from
now on should he ignored. as II is be-
coming increasingly difficult to sell
stocks.
An official of the Illinois Central says
there is absolutely no reason In the af-
fairs OF the company for a six-point
break in the stock to l21. Regarding the
date for action on dividend. he said:
The regular date for action on divi-
dend is next Wednesday, Janury %
The rumor that action on dividend has
been delayed is entirely without founda-
ton and is due perhaps to the fact that
action on last semi-annual dividend was
taken in June. seven months ago. for
the reason that il would have been i'm
possible TO assemble a quorum Of the
board in July. This does not change
the fact that July and January are the
regular months for Illinois Central divi-
dend declarations.
'-There is absolutely no reason for
break in stock. All the, bad news re-
GardinG our company has been public
property for many months and We are
row on the up-road."
ShotwelI-H.ard that Rubber will be
Put on : per cent dividend basis April
l. Earnings. counting subsidiaries, fully
12 per cent
Tn" Southern Railroad has ordered
about 5oo freight cars from the Cambria
Ohio has purchased lO00 gundOlaS from
the same company. The Pennsylvania
will soon place orders for more cars
having found hat those already bought
Will not fill 1913 requirements. The road
has sent out inquiries for approximately
5000 gondolas and 80 refrigerator cars.
The annual meeting OF the stockhold-
ers of the Vacuum oil Company will bc
held in Rochester, ". Y. February eS
Transfer books will be closed from Janu-
AIRY % TO February .. inclusive.
Rock Island equipment orders placed
and pending for 1918 aggregate SJOp, 100.
including 50 oon.ooo for locomotives 5000
e0 for passenger cars, and 100000 for
freight cars Rock Islands January
earnings compare pretty we'll with De-
cembcr. and show nearly the same ratio
of Increase over year ago as December
earnings showed.
The street was full Of hull tips on Can.
There was a revival Of the rumor that
back dividends on the preferred would be
paid off by a bond issue.
Europe sold Illinois Central Traders
made the low price. Talk OF reduction
in dividend.
Foreign exchange market firm. up
about 10 points.
Since the beginning of the new vcar
business received by the Steel Corpora
ton has been about on parity with
output. Trade indications are. however.
that there will be some falling off in
orders experienced in the last week of
and that untitled tonnage at
the end of the month will show a slight
decrease from that reported at the end
OF l9l2. Even so, the corporation will
still have business on its books sufficient
TO keep its mills busy until very nearly
the end OF the third quarter. Next Tues
day the directors will meet to declare
the regular quarterly dividends on the
preferred and common stocks. The re-
port OF earnings for the December quar-
ter will be made public after the meet
ing. and is expected will show about
S35,0oO.oc0. bringing the corporations net
for the year to around $lOs O0O- |
100. If depreciation charges are as large
tor the final as the third quarter, this !
would leave a net surplus for 1912 of be- |
tween SS,coo.eoo and 100000
December net earnings OF the American !
Can Company were considerably larger |
than those for the corresponding month |
Of 1911. and brought the total net earn |
ings for 1912 to about $4,000. equal to |
approximately II 1-2 per cent on the pre- |
ferred stock. In 1911 the company show |
cd net earnings OF about S5,5Oa.GO, equal
TO slightly more than per cent on the !
preferred stock after depreciation charges |
II S,5O0,o00. 1t is expected that charges |
for depreciation for 1872 will be in the |
neighborhoOd of 100000, leaving, say, |
S6,5O0.0oD available for dividends. The !
next quarterly meeting of the directors |
will be held about the middle of March, |
when dividend action will be taken. The
regular 3-4 per cent on the preferred |
will be declared. and an extra dividend,
the amount OF which is yet undecided.
NEW YORK PRODUCE