The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-01-10

lSuAiihS III IL.
Some of the large Western steel mill.
have taken substantial orders for delivery
ir the fore part of 1914, according TO ad
vices just received here.
The borrowing demand privately fol
Steel, Copper, Reading, Union Pacific
and tariff protected stocks is a littl,
broader.
L. & c. Randolph & Co.-The mar.
ket opened dull but steady and improved
during the first two hours trading. al
active issues showing pronounced gains
Union, Southern Pacific, Reading, Anal
gamated Copper. and Steel, all rose quite
animated. Shorts were rather surprised
and the room covered freely. After this
buying ceased, the market relapsed into
dullness and in the afternoon a gooc
part Of the early gains were lost.
Canadian Pacific was a strong feature
from the start, opened at an advance
and selling up nearly two points higher
on persistent buying. European bourses
were all optimistic, and sentiment here
was improved by the certainty that the
Baltimore and Ohio bond issue would be
a pronounced success. Money rates con-
tinued to show increasing ease.
| II was Omclaily stated tnere was no
statement to be made as a result of the
meeting of the Union Pacific directors
yesterday morning. inasmuch as only
routine business was transacted. An
other meeting is called for Monday.
This market acts as if there was some
good news coming out.
London-The Turkish peace delegates
notified Sir Edward Grey. English For
eign Minister. that they expected a dis
patch from Constantinople within forty
eight hours In answer TO their request
as to whether or not they should re-
new peace negotiations with the Balkan
allies.
The powers are trying to hasten Turk
fish diplomacy. and there was an am
fee. at which NJ. Cambon, the French
Ambassador, presided.
The most important thing in the stu
alton yesterday is the conservative man.
ner in which Representative Underwood
is handling the tariff schedule, and Il
should go a long way toward reassuring
the business world that they are acting
on conservative lines. Speculation is
held in check by fear of something radi-
cal being done in just such quarters and
as to the outcome of the President
elects Cabinet, so that the best We can
possibly hope for is a continuation of
dullness unless we get facts on the ad-
ministration.
American Graphophone Company de-
clared an extra dividend OF q OF per
cent on preferred stock, payable jan
uary Is, TO stock OF record January 10
Seaboard Air Line. for November.
gross increase, s7,7A. Net increase.
N,722.
Dav. Jones & Colt is doubtful
II the advance in Rubber was
a good thing for the general market
Traders mistrusted it. They said that
even II there was an intention to increase
the dividend to 5 per cent three months
hence, there were too many uncertainties
in the intervening period to Justify dis
counting of such action at this time. That
an increase has been discounted would
that the stock has now crossed Steel in
price. Steel being an established per
cent payer.
Hartman & Co.-London says that
there will be no stock market |
at present, but bonds will be active |
and higher. Baltimore and Ohio bonds |
are coming OUT, also subway DOD0S, anu 4
money will be drug on the market.
The bullish activity in United States |
Rubber continued, to tho accompaniment |
Of reiterated rumors of an increase Of |
the dividend. Naturally the street was
not inclined to accept these stories at
their face values. in view of the fact that
a quarterly dividend was declared only a
week ago, and has not yet been received
by the stockholders.
The Baltimore and Ohio Railroad Com
pany has decided to create an issue OF
about s6400o,0oo AZ per cent twenty-year
gold bonds, convertible for
ten years into common stock at no per
share. These bonds are to be offered to
the preferred and common shareholders
Of the company pro rata to the extent OF
70 per cent of their holdings at the price
of s5ls. The entire issue has been under
written by Kuhn, Loeb & Co. and Spey-
er & Co.
Octavia-Copper has been mostly bought
Today by the shorts that sold on yester-
lays break when the figures came out,
put there has also been some good buy
ng. Sutro bought 1000, Boston sold
lbout 2,0o0-they were the heaviest sellers
The bond market Is again
very strong to-day. especially the trac-
ions, and with very easy money senti-
nent, has turned bullish in the last two
lays. Outside Of these features there has
'een nothing Of note in the market. I am
old the buying in Rubber is coed.
The Manhattan Electrical Supply Com
amy has declared stock dividend of
90 per cent on its common stock The .
ompany also declared the regular semi .
Lnnual dividend on its common and pre-
erred stock.
1t is authoritatively stated in connec-
ion with the rumors that the Missouri
'acific is about to do some financing
hat the company is not in pressing need
4 funds. Its large note issue does not
nature until June, 1914 In the mean
ime. money will be needed for further
development work. and when the bond ]
market is suitable. an offering will be
made OF the new Iron Mountain bonds !
is not the intention of the bankers
o make such an offering in the immediate
uture. The company just now has no
ressing financial needs. but. on the con-
rary, is very well supplied with cash.
Upon leaving the meeting this morning 8
director Of the Union Pacific said that
was improbable that any statement
Tould be made to-day either by the COM I