The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-01-14
WALL STREET GOSSIP

1t is stated a large amount of in
vestment money is being held in reserve
to take advantage of new security offer
ings. which are expected TO give greater
returns than the old issues now outstand-
ing.
ION declines there is very good buying
OF Copper stocks and Southern Pacific"
says a prominent firm.
Rumors are very persistent in Western
speculative circles as to favorable divi-
dend action on ontario and Western.
The roads likely to be most benefited
by a favorable Minnesota rate case de-
cision are Northern Pacific and Great
Northern, judging for street analyses.
Foreign interests are expected to parti-
cipate quite largely In new security
issues here. There is an increasing in
vestment interest abroad in Americans
\ strong speculative pool has been
formed to accumulate Southwestern rails,
according to reports just coming to hand.
Much higher prices are being predicted
for the Tobacco stocks during this
month.
Members Of the uptown professional
element are mostly bearish. They have
been "agin'T the Coppers lately, and are
inclined to hammer at Steel.
Eyans-Market is beginning to have
rather a top-heavy look and unless some
thing very favorable happens to affect
II in the way of a Minnesota rate case
decision. a settlement of the Union Pa
cific-Southern Pacific difficulty, or final
peace in the Balkans, 1 think it will soon
begin to decline. Even on favorable
news, { rally would probably be unim-
portant
At the meeting of the Southern Pacific
directors this morning the only change
made in its list of officers in addition
to the resignation of Judge Lovett as
chairman of the executive committee and
the election of Mr.. Kruttschnitt in his
place, was the resignation of Alexander
Miller as secretary. No successor to
Mr. Miller was elected. The vacancy
will be filled at a later meeting.
G. w. S.-From an excellent source
1 am told not to buy Steel common;
that the selling on every little bulge
is very good.
More-Market being sold on Wilson'S
Saturday night speech in Chicago.
Observation-Disclosures waiting market may
| rally a little.
simpson-Market going much lower
| to-day.
The Pujo Committee, which is investi-
eating so-caIled money trust. announced
that its next meeting would take place
at II a. IN. on Wednesday.
! Conservative institutions are recon-
mendIng purchase of Southern Pacific
| bonds that are secured by Central Pa
| cific stock. the belief being expressed
that they will offer a very good specula-
tive opportunity in view Of the disso-
LUTON status and plan.
| At a meeting of the directors OF the
Union Pacific Railroad Company and of
the Southern Pacific Railroad Company
/ held Monday morning. important changes
! were made in the directors Of both COM
| panies. Some six or eight members OF
the Southern Pacific board retired and
! their places were taken by interests not
| connected with the Union Pacific. Julius
| Kruttschnitt, director of maintenance
and operation of the Hartman lines. re-
signed from that position and was made
chairman Of the Southern Pacific board.
| J. N Wallace, president OF the Central
! Trust Company, and J. Horace Harding,
of Charles u. Barney Company, both
of whom are members OF the Southern
| Pacific protective committee, were elected
directors of the latter company. II is
understood that new executive COM
! mittee was also elected.
! Both the United States Metals Selling
Company and the American Smelling and
| Refining have cut copper prices in Lon
don to ESQ los. the equivalent of Il IL
cents a pound cash New York.
| As there was no outside inquiry. the
J cSJOOQ of South African gold Of
fered IN the open market will go to the
I! Bank of England.
| 1t was officially stated after the meet
| ing of the Southern Pacific directors that
no action was taken with respect to a
! dissolution plan.
Stockholders of the Erie and Central
Railroad, at their meeting, ratified the
| lease of the line to the d. L. & W. Rail-
-! road for a period of one year to July
l, 1914.
There was some selling of American
lSleDNOne anu ltltbIdpl VII Idlh VI al
| investigation of action TO break up the
monopoly by the Democrats when the
new administration comes into power.
Failure of the Supreme Court to hand
down a decision in the Minnesota rate
case. added to a reduction in the price
of copper metal, has checked the buying
movement. The selling is scattered and
almost entirely professional \ rumor is
current of negotiations with a view OF
making Samuel Untermyer Attorney
General. This is hurting the market.
A representative of Phelps, Dodge &
Co. inc. denies emphatically that they
have made sales of copper at below L
cents, as reported from Boston Monday
morning. On Saturday sales of casting
copper were effected at a price slightly
| below Il H. and the company's quota.
ton for electrolytic at present time Il
II 5-SaI7 "a cents.
Boston electrolytic copper was Offered
to-day in round lots at II Is cents, %
Gays. The actual break in prices was
started abroad. Private cables told oil
the American Refining and Smelling
Company sounding the German market
! has long been maintained as the equiva-
lent of Il 81 cents New York. Accord
ing to this information, the price was
lowered to below the equivalent of III!
cents. 20 DAYS. Some sales were actually
booked at Il 5-S cents a pound, 80 days