The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-06-07
NEW YORK COFFEE.
Furnished by n. L. Carpenter & Co
WALL Street GOSSIP

Chairman Glass yesterday called hur-
ried meeting of the House Banking and
Currency Committee and appointed the
usual subcommittee and clerks The
regular meeting day hereafter will be
Wednesday. The machine is being oiled
up to put through the administration
currency bill. However reports on the
Senate side are to the effect that Presi-
dent Wilson Is not going to jam both
tariff and currency through during the
heated months of the summer.
The weakness of the Can stocks is
taken as an indication that Dan Reid is
still short of the market.
Moer-The better tone of all foreign
markets in the late cables is the most
encouraging development over night.
Sentiment is still very mixed. and there
is a great diversity of opinion regarding
the attitude of the big interests as to
the course of prices from this point A
revival of confidence for renewed bulIish
activity depends on the satisfactory set
Element of the Union Pacific matter, a
BILE decision to the railroads in the
Minnesota rate case. and the railroads
be given permission they have requested
to advance freight rates.
Arrangements are reported TO have
been made for the immediate sale to
Kuhn, Loeb & Co. of $l5,0OO.OOO Southern
Pacific notes, pending the permission Of
the California railroad commission for
$50 0O0, 900 issue.
Rate OF discount of bank of Bengal
reduced from TO per cent.
resolution was introduced in the SEM
ate asking the Interstate Commerce Com
mission for information as to the Frisco
purchase of Chicago and Eastern Illinois.
The Great Northern reports to the
Interstate Commerce Commission for
April operating income an increase of
$50, 293; for ten months increase, s., 639, So.
Six well-known Paris fnanciers de-
clared conditions in France were sound.
but present tendency viii! continue at
least until October.
The Goldfield Consolidated directors
met at San Francisco and passed divi-
dend. The reason given was that the
earnings for the last quarter were below
the 30-cent rate. Howe says there is
81 40 COO cash on hand. The earnings for
May totaled $4,000. This is in line with
the statement given out when the divi-
dend was first passed. that the company's
policy is to keep a million cash on hand
in reserve. and that when the directors
declared the last 30-Cent dividend they
made the absolute statement that it was
not a quarterly dividend.
From Babson's letter of Friday morn
ing:
As we have continually stated, the
as in 19O6-1s7. while the
more general.
Both of these factors should pre-
vent the average price of the thirty-two
stocks from now going as low a. in 1907
1905, although it probably will go lower
than at present. Hence, I believe that
investors are now justified in making
purchases on days when affairs look dark |
and gloomy. We especially recommend |
that some of the following stocks be pur- |
chased at once at the market price, and |
purchases distributed over the whole list |
should insure a profit by the movement |
Of the average.
These ten stocks show yield Of about |
5 per cent on present prices: Great North |
ern. Z per cent: Northern Pacific. per |
cent: Illinois Central, per cent: Chicago |
and Northwestern, per cent; New York, |
New Haven and Hartford, s per cent; |
6 per cent: Southern Pa
cifc per cent: Atchison, per cent;
Pullman S per cent: American Sugar pre-
ferred, per cent; American Express |
Company, IL per cent.
I'VE look upon the foregoing as a
strong recommendation"
Spaid-Some well informed people are
ooking for a good rally in Union Pacific
md Reading.
Hartman & Co.-The sharp rally in the
stock market yesterday afternoon was
iue to extensive profit-taking by shorts,
the cessat ton of the heavy
pressure of liquidation, which had been
IN the market all the morning Reports
we're current that liquidation which had
been going on in certain quarters in
closing out some old loans had been
The way stocks were covered
n the last half hour suggests a more
trading market situation, and
Encouraged considerable rebuyine by op-
rators for the upturn. The present sit
Iation still contains so many uncer-
ainties and the resumption of a bull
market depends so much upon the speedy
assage of the tariff bill and the adop-
ion of good new currency bill that
My investment purchases are as VET
eing recommended.