The Washington herald., 1913-10-18
MARKETS, FINANCE, COMMERCE|

torneys Of the Vulcan DEFINING Com
pany and the Amaizamated Can COM
pany for q compromise OF the infringe
ment brought by the Vulcan Company
against the Amaigamated Can Company
whereby the latter will pay $4,000 TO
the Vulcan Company next Wednesday.
subtreasury gained s1,g4ooo from the
banks on Thursday and since Friday has
gained n,i62.o0o
Liquidation was more in evidence and
oearish sentiment is Increasing. Shorts
have been covering with little trouble
and the technical position OF market Is
getting worse on account Of elimination
OF short interest. Banking interests ap-
pear to be satisfied to see prices decline,
and while this attitude prevails there is
little hope for permanent Improvement.
We have had big decline and there
VIII be time when stocks viii be a
purchase. but don't think II has ar
rived yet. Copper situation Is certainly
good and We think that coppers. especially
Chino. Alaska. and Utah, should be
bought when weak.
garded as very serious and a prolonged
struggle is threatened.
Europe bought yesterday at the equiv
alent OF about Is 3-I cents a pound,
electrolytic. delivered. thirty days. Pur-
chasers who Thursday were willing to
bid Is SIS cents advanced their bid to
is 81 cents and placed good bookings at
that figure. The foreign demand Is very
satisfactory. but domestic buyers are do
ing nothing.
President Wilson Is willing to let the
House take a recess for thirty days with
the proviso that the Republicans of the
Senate agree upon a date upon which the
currency bill shall be voted upon in the
Senate. The Republicans. however, re-
fuse this proposition. They declare they
must know what the currency bill Is TO
provide after IL Is attended by commit
tee before they will agree to close the
debate In the Senate. Republicans and
Democrats alike are convinced that the
pending measure must be materially
amended before Il can become a law.
The American Metal market says:
Sheet bars have weakened further and
can be had at s23.5o and probably less.
Plates are still more easily available at
Sl-5S and we regard this is the quotable
market making 50 decline on this
movement
There are Indications that Pennsylvania
Railroad directors may ask stockholders
to authorize mortgage on company's
property for refunding and future financ-
ing. covering a large total or ultimate is
sue. perhaps. H.oooooo.ooo.
From, parl,n-a0ur rnartat s,ron,ar on
good bank statement: only Canadian
Pacific weakness on New York market"
c. J. Houseman-The Sun yesterday
morning took a much better view of the
Mexican situation. and this at the mo-
ment Is what Is most affecting the mar
kets. Stocks may go lower, but at this
level they are cheap. London comes
rather discouraging, but where there's
life, there's hope"
Seasonable steel rail orders have re-
suited in an increase in the orders OF the
United States Steel Corporation. Since
the first Of this month daily average or
ders have been between 1000 and 5000
tons above what they were in the cor
responding period of September. Rail
orders are running far below what they
were last year. but they have been sufti-
cient to increase incoming business to a
higher level than reported in the first
two weeks of September. Outside Of an
increase in rail orders. the steel situation
remains unchanged. Concessions in prices
continue to be made and conditions gen.
orally are unsettled. In October OF last
year the Steel Corporation received new
business at the rate of close TO 1000 tons
a day, whereas orders so far this month
have averaged not much above :. 900 tons
day.
Wall Street Journal-In banking quar-
ters there is a more hopeful-not to say
cheerful-sentiment regarding the out
look for amendment to the currency bill.
American-Banking support is lacking;
public buying Is still. and the immediate
outlook for prices not at all encouraging.
Commercial-The professionals have the
market all to themselves, and IL Is the
bears turn to have an inning.
Herald-A tour of international banking
houses failed to reveal any facts which
would confirm the notion that there is
something wrong in the foreign situation.
Sun-There is nothing in the way Of
news to explain the reaction. aside from
the disturbed Mexican situation and gen.
eral political tendencies.
Post-Many holders of Atchison, Bal
timore and Ohio, New Haven. and
Illinois Central have felt themselves i'm
PEELED to sell a portion Of their old hold
ings and substitute Southern Pacific for
the stocks sold.
E. & c. Randolph to w. B. Hibbs & CO.
General liquidation was resumed at the
opening. and together with bear pressure
forced prices down to the lowest level
of this movement, Union again being
rather conspicuously heavy. Before long,
however, support by banking houses was
put in all around the room, and traders
seeing this covered hurriedly The buying
of this character was more than sufficient
to take care Of commission house liqui-
dation and before long a sharp rally was
in progress, during which prices rose |
a point or more in the active list above |
their early low level. There has been no |
attempt so far to carry the advance far |
ther. and trading has become extremely |
dull at the higher level. which is as rule |
above Thursday nights |
close. There has been no news to affect !
the market one way or the other. but a |
easier condition prevails In |
the time money market. where funds can ]
be obtained over the year at or close to |