The Washington herald., 1913-02-07
WALL STREET GOSSIP

Higher money rates are predicted as a
result of the overflow of gold.
Braden Copper, January production.
was 1,6620e0 pounds of refined copper.
subtreasury gained s1.27s,OOo from the
banks Wednesday and since Friday has
gained s, 52S, 900.
Effingham Lawrence is picking up
Smelters on all weakness So far he has
bought about 5000 shares quietly. This
is looked upon as good buying.
Frank Trumbull and William A. Har-
riman were elected directors of the
Union Pacific yesterday morning. to sue
coed julius Eruttschnitt and Henry w.
DcForest
The National Bank. of Commerce has
engaged s5j1.OC0 additional gold for ship
ment TO Argentina on Saturday, the to-
tai shipment on that is $SO0,0oo.
The American Steel Foundry Company
has declared a quarterly dividend OF one
half of l per cent on its stock, payable
on March 81. This Is the first dividend
since May, 1911. when IL per cent was
paid.
Heidelbach. IckeIhcimer & Co. an
nounce that they will ship an additional
500 900 gold coin to South America, MAX
ing their total exports by Saturdays
steamer Sl.1O0.o0O
Liverpool open quiet, unchanged to 1 IL
advance, and remained steady. unchang-
ed TO 1 IL up from the opening. Spot
cotton, good business, prices steady
point advance, sales l2,00o.
American Tobacco. regular quarterly
dividend of 1-2 per cent OH preferred.
Stock is. payable April 1 to stock OF
record February Is. For annual meeting
on March II books close February Il,
reopen March Il.
President W. G Brown has announced
that the loaded-car movement of the
New York Central lines in January was
1.a74.S4s cars, an increase over last year
of 324, ,162. This is the largest movement
in the history of the company.
The street is filled with bear tips on
Southern Pacific. There WAS little bor-
rowing demand for stocks, indicating
that short interest is not large. Rumors
OF a pending issue of Pennsylvania stock
were reiterated.
Curb brokers quoted Southern Pacific
stock, when released at 1O3a1O5i=
This is the stock held in the Union
Pacific treasury which is shortly to be
offered to Southern Pacific and Union
Pacific stockholders.
4 review OF the room shows that the
market is thoroughly liGsuidated. and a
short interest exists in the
stocks. The bears. however.
will likely attack Copper on the rumors
OF a large increase in the visible supply
in to-morrow's report. The consumers
are not buying at these prices.
Trading is again at a standstill. The
reason for this appears to be that while
the market is oversold and many condi-
tions are favorable the political outlook
and foreign situation are such that new
buying does not come in The market
has had a downward tendency for some
days, but some good buying is seen.
However. 1t does not look as IL it would
stand much pressure. Foreign selling is
the principal feature in Copper.
An influential director in the American
Cotton Oil Company says: There has
been no discussion Of common dividends
and we are in no hurry to resume them.
Dur aim at present is to build up busi-
ness of the company rather than to pay
common dividends. We are going to put
the American Cotton OIL Company where
moths and rust cannot get at 1t. ES-
0enditures are at the rate of $500.00O an
lually for new machinery and plants, ex-
,lusive of ordinary improvements and re-
placements
Although a few copper producing con-
;erns are still holding out for Is cents and
61s cents. it is learned that copper has
actually been offered in the local market
rs low as 15A cents a pound. with no
akers. The situation in copper seems to |
De in a general state of stagnation, con-
'umers neither here nor abroad showing |
my disposition to purchase. The monthly |
statement of the Copper Producers Asso-
,iation will show a large increase in |
tocks.
The governing committee of the New
fork Stock Exchange adopted a drastic |
ule TO prevent manipulation, especially /
n the form of matched orders, making |
welve months suspension extreme pen
Ilty for fictitious transactions. Govern
,rs will take further action on other