The Washington herald., 1913-09-09


the electrical stocks which are regarded
by certain foreign investors as below
proper levels.
Banking interests say that the Morgan
Withdrawal from the New Haven means
a freer md better market for investment
securities.
Private borrowing Of Steel. Reading
and Union Pacific is said to he large.
showing a short interest.
Stock unsubscribed for by the Southern
Pacific syndicate is now expected to
come upon the market and may hold the
price in check temporarily. on any re-
ressions very good absorption will be
found.
Commerclal-we are now entering the
season when the normal demand for
money Reaches its peak.
Times-There IS more disposition to
cover short sales than TO liquidate long
position.
WOrld-Nany traders who have lately
been disposed to take a position on the
constructive side OF the market have
liuuidated their holdings and resumed
their operations for the decline.
Improvement in the stock market may
be OF specialized character in the early
part of the week.
Reports indicate the wisdom OF seeking
buying opportunities on moderate reCes-
siDns in the leaders and in the special
ties when they are made bullishiy active.
CoinCident with the sharp rise in the
price of Standard copper warrants in
London the principal American selling in
terests advanced their prices for electro
lytic in Europe to the equivalent Of 1910
cents. This follows an early generally
heavy volume of business at Is IL cents
and foreShadOws an early general adj
vance in price in this market. 1t is un-
derstOod that one of the large ndepen-
dent selling companies has withdrawn
from the market temporarily. The demand
for copper metal apparently continues
Unabated.
Childs-I look for copper report TO show
a decrease of 100000 pounds
loss of about thirty points in Mis-
souri, corn condition last month suggests
a yield of III. .OOl,OUO bushels on the gov
ernment's original acreage figures against
23S. O0O,OOo bushels indicated in July re-
port.
The market remains professional hack
ing and filling and showing no tendency
in either direction. 1t seems useless to
make any forecast as to the probable
action of the market in the immediate
future. 1t has had big rise in the last
two months and has held the rise well
1t apparently now is waiting for some
new impetus to give it start in one
direction or the other. Believe when
the impetus comes il is more apt to be
given in downward than in an upward
direction.
& Co.-The feature of the market yester-
day was the continued support of the
copper stocks. Outside of their strength
some Of the specialties like Mexican
Petroleum, California Petroleum, and
American Beet Sugar were taken i'm
hand and put up. On the other hand.
Steel. Union Pacific, and Reading were
heavy and declined about point on
scattering liquidation under cover OF the
strength in the copper stocks.
The street continues anxious over the
general crop situation and outlook, espe-
cially of corn and cotton, the fresh rise in
both with more excited trading attracting
to further crop damage reports
on both of these staple crops.
We continue to see. nothing better for
this week than a continuance Of an ir-
regular trading market for only small
turns from the present level.
Cor er decrease. 15,2SO,9OS pounds.
Moler-General conditions suggest
the improbability of anything better
than a continuance of an irregular
traders market this week. There is
little doubt. however, that sufficient
support will be forthcoming in much
the same manner and from the same
sources most active. in turning prices
up Wednesday whenever such support
is needed to keep the market under
control. .r
The Texas Oil Company has declared
a dividend OF 1% per cent on it's stock.
payable Sept ember 30 to holders Of rec
ord September 10. This compares with
Y per cent paid on June 80 last.
II the cotton tax bill is either
killed in the conference committee
during the next fortnight, after 1t
passes the Senate with the tariff bill. !
Or is reduced to a reasona BILE taxation
Of s1.50 TO 81 per hundred bales, the
price of cotton should ultimately sell !
4 great deal higher on the short crop. |
As there is every indication now that |
the yield will fall under I3,O0o,0OO |
bales. purchases on further breaks |
seem more advisable than short sales. |
The subtreasury gained s1.5os.Oo
from the banks on Saturday. making