The Washington herald., 1913-04-12
WALL STREET GOSSIP

The foreign exchange market opened
weak, with demand sterling of 20 points.
j. P.F Morgan & Co. issued a call on
underwriters for II IL per- cent of their
subscriptions to subway bonds
The Union Pacific reorganization COM
mittee will go direct to the Federal
Court with its dissolution plan. holding
no further conferences with the Attor-
ney General.
A Paris cable says the general pcliti-
cal situation in Europe has greatly i'm
proved since the German Chancellor s
speech.
Southern Pacific plans to issue So III, 600
1-2 per cent equipment trust certifi-
Gates.
A large international banking house
has received cable advices to the effect
that the French government contem-
plates issuing a loan of 1.5oo.ooo.0oo francs.
The break of "a points in Cigar
Stores on the curb was due toSa rumor
of a new issue of stock, not more than
1000 shares coming out. however. with
sales from 80 IA to 3 and back to 81 SIS
Hartman & Co-There was some buy
ing orders from abroad, based on the
improved situation there. but stock was
for sale here. The technical position
that helped stocks to advance is much
weaker, and. as there seems to be no
new buying, We lock for lower prices
Standard Oil interests do not appear to
be in sympathy with the rise. and have
haa ell ~ alto hoIa Co
as We can judge.
Shearson. Blandy, and traders sold
New York Central. ]. NJ. Noyes and
Benjamin bought. The stock is down, in
anticipation of a stock or bond issue of
some sort Nothing definite is known.
There was little demand for stocks
in the loan crowd yesterday morning
Rates-Steel, per cent; general list.
81 per cent, and Chesapeake and Ohio
and Baltimore and. Ohio, per cent.
New York City 41-4s, 1850 and 1862
were offered down to a new low mark
at SITS The weakness is attributed to
a report that a new issue is contem-
plated, with the rate fixed at 41-2 per
cent.
The reported movements of currency
this week indicate a gain in cash by the
banks of about s., 100000.
Exports of copper for the week totaled
4,491 tons; since April /, 1885 tons: same
period last year. s,S92 tons.
Specialist sources are understood to
have reported very fair supporting orders
in International Paper against offerings
due to rumors that the preferred divi-
dend will be passed.
1t il said in well-informed quarters
that American Writing Paper will bene-
fit from the tariH changes which will
reduce the cost Of its raw materials.
It is stated foreign firms are receiving
good buying orders in such lowspriced
stocks as Erie, Missouri. Kansas and
Texas Southern Railway, and the minor
copper stocks.
Speculative circles report some selling
of Interborough Metropolitan issues be-
cause of the prospective new subway Sc
curities, following attacks on other
stocks for a similar reason
1t is stated that Pennsylvania and
Steel are attracting considerable foreign
buying at the present low levels
Investment brokers are said to regard
Union as an excellent purchase on its
dividend yield. 1t is pointed out that the
price reflects the dImcultIes or the Soutn-
ern Pacific matter and none of the favor
able possibilities in the case.
1t Is officially stated that no new
financing is under consideration by
Northern Pacific.
Hartman & Co.-Cnion Pacific reor-
ganization committee will in all proba-
bility hold no further conferences with
the Attorney General, but will proceed
to formulate a plan, or suggestion for a
plan. and lay 1t before the United
States Circuit Court at st. Louis on
April Il. Mr.. McReynolds, it is under
stood, does not take kindly to the idea
that his approval of any plan be secured
before it is formally presented to and
argued before the court which is to de-
eide on the method of compliance with
the decision of the United States SUI
preme Court.
st. Louis-The Federal court here
notified Uartiea In irt4reat that II would