The Washington herald., 1913-03-07

Investigations lead to the belief that
, a very large short interest is now out
standing In Reading. Union and Southern
Pacific, and Steel High-class infor-
nation channels are very friendly to
Tennessee Copper.
War in Europe has done more to
withhold money, both from speculation
and investment. than any other factor
Of recent months" says a big interna-
tional house.
Rich capitalists Of New England and
Great Britain are reported to have
lately bought a substational line of
Union Pacific.
Private borrowing Of the industrial
list is declared by well-informed quar-
ters to exhibit signs of a short in
terest larger than ever before seen.
Standard Oil sources appear to be
more optimistic in their expressions
than the Morgan following. The Cop
pers are strongly bulled.
New York News-A proposal to re-
open the cases against the Standard
Oil and American Tobacco Company.
1t was learned to-day. will be one of
the first matters to come under the
| consideration of James c. McReynOlds
the now Attorney General. Mr.. Nc
Reynolds is dissatisfied with the dis
= solution and reorganization proceed
ings that took place in both of these
| cases. He was special prosecutor in
| the Tobacco case. and did not agree
with former Attorney General Wicker
sham that the reorganization OF the
| Tobacco Company re-estahlished a fair
| competition in the tobacco business
| Mr.. NcEcynnlds is a firm believer in
the worth OF the Sherman antitrust
law but is of the opinion that the
criminal and seizure sections of the
law should he more thoroughly en-
| forced
| Railway Springs annual report shows
81 per cent earned on common stock.
! There is considerable speculation over
, the President messages TO Congress
when It meets April l. There is no def
| mite information vet whether he will rec
! ommend currency legislation. hut the he
lief is that he will ask Congress 10 at
! least make a start.
! New York Central report for year ended
| December Il shows decrease in net cor
pQrate income Of N.i24.sll: surplus.
s2.143,312: operating expenses. increase.
5.6lo.s5O.
Weakness in Canadian Pacific is due
to tight money In Montreal and Ger
| many.
Price for steel bars for prompt ship
ment has been increased s3 per ton by
Pittsburg mills. Quotations on future
deliveries remain unchanged The new
prices for prompt bars are 1850 per ton
higher than a year ago to-day.
Reporters say many stocks were sold
Thursday which were bought at bottom
prices to protect the markei. This. they
say, was especially true in Reading and
Steel
Hartman & Co.-New York Centrals an
maui report. showing constant growth OF
operating expenses at the expense OF net
earnings. had a chilling effect and is liable
to make its influence felt in Wall Street
to-day The favorable side of this situa-
tion is that the railroads have demon
strated their willingness to treat labor
fairly and are entitled to some advance
OF freight rates as an offset Removal
Of Mr.. Lane from the Interstate Com
merce Commission is looked upon as a
very clever move by President Wilson
to get a square deal for the railroads
without making II appear that he has
per stocks are for the account of the
strongest people in the producing list,
and they believe the tide has turned in
their favor Having no Congress in ses-
sion for a month the financial world has
an opportunity to get its bearings and
the market should do better. Crop condi- |
tiOnS are good
f. & c. RandOlph-The market on
Thursday opened quiet and about un-
changed. but the opening prices were
highest OF the day and a moderate amount
of pressure soon began to develop and
the market eased off. Canadian was es-
pecially weak, being sold by Berlin and
declining at one time over 8 per cent from
last nights close
The rest Of the market ruled heavy
during the greater part of the day, fail |
ing at any time to rally with any vigor |
and pretty much everything on the list |
showed net losses result of the days |
dealings
AS rule. these were confined to good |
sized fractions. The most interesting !
feature was the continued bidding for |
money by Berlin. which caused rather /
heavy tone in all European bourses
The situation seems to be strained there
and 1t is probable this country will be |
called on TO furnish gold to Europe in the /
near future.
The foreign exchange market ruled very |
strong. Banks continue to lose heavily |
to the subtreasury. Cali money renewals ,
were made at per cent
The Hooking Valley Railroad declared |
regular quarterly dividend Of * per |
cent.
Railway Steel Springs Company re-
ports for year ended December 81 gross
earnings increased s., 2,sSO,5S3. Net earnings
increased ss64,13s.
Moler-Some fractional recession in the
market occurred from profit taking, ow-
Ing to the disappointment to leading
banking interests at the failure of the
Bank of England to reduce its minimum
rate OF discount from per cent to o..
per cent expected last week and also to
disturbance in Perlin's mon
ey market with foreign exchange here,
now practically at the gold shipping
point to that center.
The chief reason for all of the above
is that an enormous amount of payments
on interest and dividend accounts are
due at Berlin on April 1 and the con-
tinued boarding OF gold in Germany.
Austria, and France may make such
difficult there without
forcing some liquidation to react for a
time in holding our own markets in
check
Otherwise the situation and outlook
here remains the same as irdicated in
the firms market letters since early
last week.