| OCR Text |
Show IRREGULARITY RESULT OF TIGHT RATES FOR MONEY Coming Special Session of Congress to Revise the Tariff Used Also to Hammer: D.awn Stoclc Prices. .By Thomas C. Shotwell. wy iiueniatlonal News Service. N'EW 3'OUK. Nov. 1C .-vii irregular stock inarlcut today was the result of fairly tight money rutes and of further spread of the belief that President-elect Wilson would call n special session of congress to rovlne the turifr and-for other purposes. To the mlnda of the blj; cople. the good that may cotno out of a special session of congress con-gress will more than outweigh the possible possi-ble damugc of tariff reform. There Is virtue In qulclc action when tin unpleasant unpleas-ant duty s to be performed. Tho foreign war situation remained unchanged, un-changed, but the crisis abroad has passed, and now it Ip merclv a Question of adjusilncr affairs between the Balkans and Turkey Some specialties wore extremely weak, notably T'nion B;ijr & Paper, wh'leh will be hurt If thero Is drastic tariff reform. International Paper declined in sympathy. sym-pathy. On the other hand, stocks of Industrial In-dustrial concerns that will not bo affected J by tariiT reform were strong. Among I these were American locomotive. Rubber. Car Foundry, American Can and Am:r- lean Cotton Oil. iNo Cotton Oil Dividend. In Cotton Oil developments of Import-! Import-! anre are going on. To begin with, k can I be stated authoritatively that the 'dlvl-jdend 'dlvl-jdend will not be paid on the common stock this year The report several dayn ago that it would be paid war, based on mtalnfornWloii. Tho reason the dividend will not bo paid Ip that, tho 51.200.000 earned this ycax. which would nay a G per cent dlvidnnd, It to be employed to Inject new life Into the buelnees. The business methods that made National Biscuit one of the man-els of tho last decade are taking hold of American Cotton Cot-ton Oil, after an extended and detailed Investigation. The wonderful trade tec-, ord of Hie Proctor & Gamble company is to bo duplicated by ths American Cotton Cot-ton Oil. The Gold Dust twins were busy In Wall street today and put the stock of the company up more than a point to a new high record for the movemeiu. Kail-road Kail-road stocks wore Inclined to be heavy Weakness of Smelter. Weaknets of Smeller stock has been noticeable recently, and today attention was attracted 10 Federal Mining & Smelting. Smelt-ing. What was evidently the work of bearish Interests took the shape of a false announcement to the effect that the Guggenheim interests did not control the Federal Mining company. The Federal Mining company Is controlled nv mc Amorlcan Smelter Securities company through the ownership of 000.000. or one-half, of the common stock. 'The $20,-000,000 $20,-000,000 or preferred stock of the Federal Mining company does not vote. Official denial was made that 'uanlol G. Rcid would enter the Inspiration Copper Cop-per board, although no d'-nlal was made of the rumor tluit he had become Interested Inter-ested in the securities of the company Concerning Miami, which copper man believe be-lieve will soon bo merged with. Inspiration. Inspira-tion. S. S. Roqenstcln. a director, said today to-day that narlv In 1913 the company would be producing 3,500.000 pounds of metal a month Tho company hns now 18 000,000 (ohm of ore in sight and diamond drills have iIifloscd much larger supplies. 1 DUN'S REVIEW OF TRADE. Business Continued to Expand In All Direction. NEW YORK. Nov. 15. R. G. Dun & Co.'s Weekly Review of Trade will say tomorrow: Business continues to expand, unchecked un-checked by tho Balkan war with Its grave European complications, and Its remarkable development has furnished new proof that true national prosperity pros-perity springs from tho soil. The domestic do-mestic and foreign demand for iron and steel products is even larger than before, be-fore, with all previous -records brokon. Tho railroads are making every effort to rnovo promptly the tremendous traffic of the country and at the satno time are making duo preparations for tho requirements re-quirements of tho future. There aro signs of preparation for tho opening of the Panama canal. Convincing evidence of the remarkable expansion In iron and steel was furnished by the increase of over a million tons In the unfilled orders of the l'eadlng Interest In-terest last month. Crude steel production produc-tion has reuched the maximum and there is still a scarcity of material, with premium asked for the small lots available. avail-able. Pittsburg car plants are booked to the limit of capacity for elghl months ahead and rail contracts this week aggregate about 100,000 tons, while orders for close to 44.000 can) are pending. Heavy orders or-ders for pig Iron have been placed and quotations are firm. Great strength has developed In dry goods, manufacturers of textiles being sold up ahead. In woolen, stocks appear lo have been cleaned up better than usual and business busi-ness Is being offered In all lines with great freedom, 'but many mills aTo so closely sold up that they cannot accept further orders. Cotton yams are higher and very steady, while worsted yarns aro firm. Conditions In footwear aro becoming steadily more satisfactory and spring business Is now up to the average in volume. All kinds of shoe leathers aro In growing demand and the market continues con-tinues to display exceptional .strength. |
