The Washington herald., 1913-09-11

quorum Of directors of the 1nterboro
Rapid Transit Company at meeting. This
being the case, action on the division
will necessarily be delayed for another
week.
Norfolk and Western reports 1O14 per
cent on common stock, against 9.S per
cent in preceding year. InterboTo Com
pany in market for 5000 to SO,O00 tons of
rails.
The talk of a Union Pacific melon
started short covering, and little stock
came in for sale. The bears have nothing
much to count on to break market and il
looks like suitable time for a general
rise.
Subtreasury gained $ln.OOO from the
banks on Tuesday, making cash net gain
since Friday sS,O6TOOo.
The Street took il for granted that
statements made by President Lovett in
dicated an extra cash dividend from the
proceeds from the sale of Southern Pa
cific would be declared and that belief
caused brisk buying of Union Pacific.
Increased strength in the Can stocks is
attributed 10 a better demand for cans.
and the possibility that. with the return
to New York Of Daniel G. Reid in the
not distant future. the bulIish operations
in the stock might be resumed.
When Judge Lovett was asked IL there
was any truth in the rumoyed impending
cash dividend 10 Union pAcific share
holders, he replied with a quizzicaI smile.
You didn't expect me to answer that
question, did your
liH oil fn,a
haps. then. you might be willing to say
whether plans have been formulated for
the disposal of the cash received from
the sale Of Southern Pacific stock"
Such plans were better discussed after
tomOrrow's meeting than before Judge
Lovett spent an hour yesterday morning
in consultation with Jacob L. Schin and
w a. Hartman. both directors Of the
Union Pacific.
Wheeling and Lake Erie July gross
operating revenue increase, Sg.Sii. Net
operating revenue decrease, Sl62,Of6.
The rate Of discount of the Bank Of
Bombay was raised from TO per cent.
The Western Union Telegraph Com
pany has declared the usual quarterly
dividend of 81 of per cent
Strength in Virginia Chemical is said
to be due TO an improved outlook FOR
the fertilizer business. The company is
in excellent condition, having greatly in
creased its facilities. and could give a
good account Of itself under normal con-
ditions in the industry.
II was learned at the Department of
Justice today that the Department Will
file a suit within the next week against
the National Wholesale jewelers. Asso-
citation and that the National AsSocia-
tion Of Manufacturing jewelers. will he
made parties to the suit. They will ask
in the decree that the combination be
declared unlawful and be enjoined from
further attempts by wholesalers TO pre-
vent manufacturers from selling direct
TO retailers and large consumers.
f. & c. Randolph to ". b. ibbs & Co
Interest was centeTed around Union
from the opening this morning. London
quotation came over ] IA higher and the
market here opened up fully in SYM
Dathy with that advance. Before noon
the rise had been carried up nearly four
points above Tuesdays close on rumors
that big extra cash dividend out of the
proceeds of Southern Pacific stock was
There was no confirma-
tion of this. but the buying was quite
confident. Shorts took alarm and covered
freely and this covering movement cN-
tended throughout the rest of the list
which was strong throughout. although
elsewhere the buying seemed TO he con-
fined very largely TO the covering of short
and advances as n rule Were
Of small proportion. Amalgamated,
-
been hanging this morning around last
nights closing level. failing to partici-
pate to any extent in the genegaI
strength. Rumors Of railroad deals he
gin TO circulate. One of them connects
Illinois Central. Erie. and Southern
Pacific. The market closed quiet and
somewhat from the best. The com
modify markets have quieted down, but
show no weakness.
journal of CommerCe-It is evident
traders have come to the conclusion |
hat the crop report was a favorable one, |
considered from an all-around viewpoint. !
Commercial-The outlook for business
s still good. and the railroads will have |
plenty of high-grade freight traffic.
Sun-The stock market acts very much |
as though a restraining influence pre-
renting appreciation in prices and more |
lctive dealings had been removed.
Times-The crop report may be said |
10 be satisfactory. inasmuCh as il was. |
rs a whole. as good as or a little better |
han had been expected.
Savings banks are averaging pur- |
.hases of high-grade bonds. 1t is said |
hey are in the market TO an extent |
greater than for some time.
Steel orders untitled August 81. 5,22S, 4sS |
ons. against 5,S99.3l6 on July 81; decrease, !
IS, SIS tons.