The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-04-15
WALL STREET GOSSIP

| - sAo0 ~ AN0A NVNOAA
Attorney General McReynolds yester-
day said he did not have anything to an
nounce as to the Union Pacific situation
just now. The inference is that the de-
partment will take no further steps in
the matter until the court at st. Louis
takes up the case next Monday.
The foreign exchange market opened
easy. with demand sterling off points.
| Sea Board Air Line is to purchase
81. 100000 additional equipment
Auburn, N. Managers of the Inter-
national Harvester Company today gave
orders to close permanently its Irvine mill
here and pack the machinery for ship
ment to Neuss, Germany. This action
was taken after 100 strikers had caused
400 or 800 operatives who wished to go to
work to go away from the mill when the
whistle blew for the first time since the
strike began.
notwithstanding for the Queens
bury Mills, Of Worcester, capitalized at
$500 900, has been asked by Baker Broth
ers & Co, wool dealers, as creditors. The
mills make high grade wooden cloths, all
jpacas, and mohairs, and extension of
credit was recently asked. Assets are
said to exceed $1,0OO,o00.
The appeal of the lumber trust suit
from the decision of the United States
lCourt for the Southern District of New
York was filed in the Supreme Court yes
iterday. The case is the United States
against the Eastern Retail Lumber Deal
ers' Association.
/ Fnreipp hIyipC in evidence with
London and the Continent taking fairly
large amounts of Canadian Pacific. while
arbitrage brokers were buyers of Erie,
A. c. p, and Chesapeake and Ohio. The
buying in all amounted 30 about 10000
shares.
Providence, r. 1.-The Atlantic National
Bank has closed. The bank has capital
stock of 100000 and deposits of more
than s.. 100000.
Lond4n Copper firm. up Is 3D.
| London-Of the 100000 pounds South
African gold available In the open mar
ket 100000 pounds was obtained by the
Bank of England and the remainder was
secured for India.
| Spaid-From A good source | hear Beet
Sugar has seen its worst and will do
! better.
There is much authoritative discussion
as to the probable extent of the bust
ness reaction. 1t is mentioned that trade
| is in a sound position, with specG-
lative buying: that the crop outlook is
good. and that the Wilson attitude may
be called progressive. rather than radi-
cal. The delay in fixing the tariff sched-
ules is regarded as unfortunate. The
abnormal reductions on raw materials
and other changes will, II is said. meet
determined opposition. The steel trade
is referred. to as Indifferent to the tar
| if cuts.
| Lewis Johnson & Co-Conservative
institutions are understood to regard the
present low prices of high-grade bonds
and standard stocks as affordng an I'M
usual opportunity for purchases. The
favorable fundamental conditions seem
to be given especial attention as OPP
posed to temporary bear factors.
| W. B. Hibbs & Coin well informed
| circles IL is asserted That the specu-
lative prospect may shortly make ii de-
sirable to own stocks rather than money.
The yield of many issues is referred to
as large even as compared with the in
terest yield of the securities, and it is
claimed an advance will be well under
way by the time the business recession
reaches its low point.
Speculative circles are friendly to
Brooklyn Rapid Transit in view of the
steady increase in earnings.
| A big trader says the recent open sell
| ing of Reading and Steel by influential
| brokers has been for the purpose of
shaking out of stock and creating a
shortage.
| Important quarters regard the argu-
ment made in the Delaware and Hud-
son annual report as a strong one in
favor of increased freight rates.
Sentiment Of the minor professional
element is persstently bearish and out
of all proportion to the actual liquidation
which has followed the recent sharp ad-
vance.
| Foreign firms handling the buying Or
ders from abroad have found that a
rather favorable construction has been
| placed on our new security issues.
Prominent operators feel that the equip
ment and steel stocks should be bought
| rather than sold.
E. and c. Randolph-The opening was
dull and uninteresting. dealings were pro-
all strong spots. Buying orders were met
on the reactions. and the market dur
| ing the early dealings remained fairly
| steady.
In the afternoon the pressure increased
and the general list turned heavy. and
lower prices were made shortly before
| the close.
Among the specialties. Rumely made
a new low, and Petroleum stocks were
extremely weak selling off sharply
| Pennsylvania was in plentiful supply,
and although there was no real pres
| sure of stock, there was enough selling
to cause general heaviness throughout
the list.
Canadian Pacific was marked excep-
ton, showing strength from the opening
and maintaining it through the session.
The money market showed increasing
| ease, both for call and time loans, and
e reduction in the Bank of England dis
count rate is looked for this week