The Washington herald., 1913-06-18

There was considerable selling pressure
at the opening of the stock market and
prices were lower all around. Traders
said large interests who bought stocks TO
support the market on the last break
were selling.
Banks gained from subtreasury since
Friday ss2s,0oo.
Childs-Market acts as IL II is going
hogher. 1 think short interest in Union
Pacific is large and stock ready to go
higher.
James ]. Hill. who is in New York for
a few days, says il Is rather too early
to make any definite predictions about
spring wheat crop. but indications point
TO a good full yield. Wheat this year has
suffered no damage in any district. Sea-
son is somewhat backward and this Is
only deterrent factor. More rain in next
two weeks would be welcome. although
there Is plenty of moisture in ground.
The wheat acreage Is not as large as
last year, but this is made up by larger
acreage in other grains.
Mr.. Hill declared there was no reason
to expect any contraction in earnings OF
Northwestern roads in coming months
and did not appear to see any disturbing
signs upon general business horizon.
Regular semi-annual dividend on Louis
vile & Nashville.
Representative Henry of Texas, who is
urging another Money Trust investiga-
ton, gave out another hot statement yes
terday, in which he charges that New
York banks are trying to foist asset cur
rency on the country based on rotten
commercial paper"
A dispatch from Sofia says that Bull
garia yesterday formally accepted the de-
mobilization proposals of Servia and
Greece on condition that both parties
submit their territorial controversy to the
Car OF Russia for arbitration.
The Southern Pacific notes will be Of
fered by syndicate members to sub
scribers at 80.
e. & C. Randolph-London was a heavy
seller in our market yesterday at the
opening for European account. This
selling seemed to be based on an article
published in the London Times yesterday
morning on the political situation in Eu-
rope. Probably the selling was largely
sentimental and for the short account by
dealers. At the end of the first hour the
market began to harden on the better
aspect for the Union Pacific-Southern
Pacific dissolution plan. Wall Street is
also disposed to receive the new currency
and banking plan favorably. Prices ad-
vanced easily. and at noon were strong.
1t seemed that liquidation for the time
being has run its course. and that the
selling of yesterday was largely for the
short account At any rate there was
more than sufficient demand developed at
the decline to more than take care of
what liquidation there may have been.
Transactions have been on a moderate
scale. and largely professional. After
o'clock the market became somewhat ir-
regular. with an easier tendency, though
the undertone remained steady.
Discussion OF new plan for dissolution
Of Union Pacific and Southern Pacific
merger consumed most of time of the
Cabinet and President Wilson yesterday.
The matter will be taken up again at
Fridays session.
1t is understood that the men who for
months have been engaged in working
put a dissolution plan for the Union Pa
cific and Southern Pacific that would
meet the approval OF Federal and State
authorities have been encouraged to be-
ieve that the proposal to exchange
certain amount Of Southern Pacific stock
held by the Union Pacific for Baltimore