The Washington herald., 1913-09-25

President Wilson has been consulted by
tsriff conferees on the cotton futures
squabble. No outcome yet
A private cable from usually WELL
informed correspondent in Berlin tells an
international banking house that the
Union Pacific plan of an extra dividend
or special disbursement will be announced
on Thursday, but confirmation is lacking.
Howard Elliott was elected president of
the Ohio and Western Railroad to sue
ceed Mellen. Mr.. Elliott was also chosen
to fill the new position Of chairman of
the board.
The Westinghouse Electric and Manu-
featuring Company has declared the req
ular quarterly dividends of 3-4 per cent
on the preferred and l per cent on the
common.
b There was considerable foreign selling
at the opening and also some realizing
by traders who are long Of stocks. The
trend OF the market for the immediate
future is a pure gamble. II those who
are long Of stocks press them for sale We
will have a wide-open break. as the mar
ket is very thin underneath. On the
other hand. the market can be very easily
advanced, al the traders are bullish and
will follow on the first sign of good buy
ing. ! am beginning to think the cream
is of the advance, however. and from
now on the market will gradually sink to
ID lower level.
Cromwell-Although the market acts a
fittle tired, l think stocks are a pur-
chase.
The Attorney General will soon bring
civil antitrust suit to compel Southern
Pacific to relinquish Central Pacific.
Moler-Further irregularity Is likely to
develop in the stock market today from
the reactionary tendency of the foreign
markets on the new Balkan troubles and
the threatening financial crisis In India.
These conditions have been the cause OF
the decline in consoIs and also most OF
the listed stocks at London. Our market
is likely to follow this weakness abroad
with further liquidation, especially in the
copper stocks.
Investors are buying preferred stocks
OF good Industrial companies returning
8 per cent or more, including equipment
issues.
Much is being made by the uptown
professional bear element of the point
that none OF the rumored melons has
assumed a definite form following the
advance in stocks
Commission house sentiment is divided.
with office traders ranged on both sides
OF the market
There Is very good buying OF Seaboard
Air Line bonds and preferred stock.
The market is weak on rumor that an
J ~giish steel company is arranging to
open offices here. unconfirmed. The Ger
man sitnation. too, is reported unim-
p-Dved
The sharp reaction in the price of stand
ard copper warrants in London has given
rise to reports that some OF the leading
selling agencies had reduced their prices
for eleCtrOlytiC or were preparing TO do
so. Ti-e report met with emphatic denial
on the part Of the leading interests. The
market here is quoted nrm at IS rs to
H. cents, and there is no likelihood Of a
lower level OF prices being established.
According TO private cable advices re-
ived here the weakness in standard
w-rrants was caused by heavy specula-
tive selling in an unsupported market
London copper weak. spot OF g.;
futures off eI LIS Sd.
Sellers at opening in all active stocks.
Trippe-The market acts more tired
than actually weak. but the same time it
ioes not look well. Stocks are plentiful
II the lower level. and traders OF large
caliber seem to be on the long side. The
result is. the list looks 'clogged and as
hOugh il would be more sensitive to bad
news than TO good.
f. & c. Randolph to W. b. Hibbs &
-O.-The tone in the early trading was
determined to a great extent by early
price movement in London, and during
he first hour arbitrage brokers sold
'tocks here on a fairly large scale for
London account. the supply from that
'ource amounting to about 2O.o00 shares.
'hiehy Union, Steel and Amalgamated.
The room traders bought at first but
'dtside speculative interests were ag-
sresSive sellers. Steel common yielded I
III reports from Pittsburgh indicating
substantial trade recessions. The Copper
hares we're freely supplied. Some of the
brokers' who have been among the heavi- |
st buyers OF Union were the principal
ellers. Specialties were weak, but ex-
'eptional strength was shown in Rhode |
sland. In the afternoon the market was |
cry dun. Government bonds were I'M