The Washington herald., 1913-01-21
MARKETS---FINANCE---COMMERCE RCE
WALL STREET GOSSIP

WALL STREET GOSSIP
| e. and C. Randolph-A decline Ia the
price OF copper metal In London of be-
tween two and three pounds per ton
caused the Copper stocks to open lower
In this market, and they were pressed
Tor sale during the entire day. The rest
OF the market sympathized with the
| weakness. About 1880 o'clock rumor
was given out on the floor that the Su-
preme Court had decided In favor of the
railroads in the Minnesota rate case and
| there was a scramble of shorts to cover
| all around the room. When this rumor
| was denied and II was later announced
that no decision would be handed down,
/ the whole market turned weak and de-
| clined below the earlier level. In the
| late afternoon weakness developed in the
Rhode Island issues. There was no spe-
cial reason assigned for this. Before
\ the close there was a moderate rally,
but as the net result of the days trad
| ing very general losses were shown.
! 5. b. Chaplin & Co.-The confusion in
the market to-day was largely due to the
many conflicting influences in the various
news items that developed to unsettie
general sentiment. For instance, the
weakness OF the copper metal markets
with London houses again selling copper
stocks here freely, and the continued
absence of any definite news regarding
the settlement of the Balkan war as
Jyet proved too disappointing for any,
| thing, hut dull and dragging conditions
In the trading during the forenoon.
The flash shortly after 12 o'clock of an
uhtounded report across the exchange
floor that the Supreme Court had handed
down the long expected decision in the
Minnesota rate case and that II was
favorable to the railroads caused the
furry of buying which made the high
prices for all the leading railroad and
industrial stocks. The official announce
ment nearly an hour later that no de-
cision had been announced in the case
caused as much disappointment, the re-
selling it influenced, together with the
continued unexplained weakness in Rock
Island securities. caused fresh ursettle-
ment in the whole list during the last
hour. In addition to the bad break in
the Rock Island stocks and bonds. the
continued gold exports and delay in
reaching a satisfactory basis for the
dissolution of the Union Pacific merger
CLOSED the market with a feeling of ap-
prehension, and II is apparent nothing
better than a dragging trading position
can be expected.
Standard Oil Company. of Kansas, de-
clared a quarterly dividend of SC per
share and an extra dividend OF 81, pay
able February 2S to stock OF record Feb
ruary s.
On November : ss and So extra was
declared.
Standard Oil Company. of Indiana. de-
clared a regular quarterly dividend OF
per cent and an extra dividend OF
per cent. Three months ago per cent
and per cent extra was declared
General Elecric Is being bought for
foreign account. according to well au-
thenticated advices. II is said the stock
looks attractive at current levels, ex-
rights. at the high dividend rate. and
the earning power about or per cent
in excess OF dividend requirements.
The Supreme Court took under advise
ment'' the government motion for i'm
mediate mandate In the cotton corner
case. the government contending that
the statute of limitation will soon run
out against the Indictment.
Hatzfeldt-wouId rather buy than
sell. Too much short stock being put
out.
Moler-There was rumor current on
Saturday that the officials of the Steel
Trust. after several meetings during the
week, had agreed to voluntary disso-
luton 1t caused a good deal Of anxiety
here and in Pittsburg. but no one could
be found who would speak on the subject
in the absence OF Mr.. Gary. Those
reached late Saturday connected with the
company. however, said they had no
knowledge of any such intention even
being discussed.
The Stanley committee resumes its
investigation of the Steel Trust to-day.
and Mr.. Roosevelt is expected to be on
the witness stand before the close of the
week. On January IS the regular quar-
terIy dividends will he declared, and the
statement of earnings for the last quar-
ter and the whole year will then be an
nounced.
A Philadelphia special says that the
American Railways Company has de-
clared a dividend of Ia per cent on the
preferred stock, payable February Ii.
This is the first dividend on this stock,
s. O0o,O0O of which was recently issued.
In the case of the Interstate Com
merce Commission and the United States
against the Louisville and Nashville Rail-
road Company, involving the validity OF
a reduction of class rates between New
Orleans, Mobile, Pensacola, and Mont
gomery. the government yesterday won a
victory in the Supreme Court.
The copper metal market has devel-
oped> a weak tone. A sale, of $4,000
pounds of electrolytic was made Mon
day morning at 1s, cents cash. deliver
able at Connecticut Valley points in
February. II is understood that at least
two well-known sellers of copper have
reduced their prices to 1sA cents, deliv-
erable in thirty days.
The conference between the Attorney
General and Frank A. Vanderlip regard
ing the Southern and Union Pacific mat
ters which was to have taken place
Monday. has been postponed, according
to the Attorney Generals private secre-
tary. The conference will likely take
place within the next few days, but no
definite time has been set.
Rolston thinks the drive Mn copper is
an effort to get stocks. The quantity of
stock sold is not very great.