The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-05-10
FLOOR.bOSINESS
near MINIMUM
"Almost Irreducible, "Say Re-
ports from New York
Stock Exchange.
TIRED OF TARIFF TALK
Stock Brokers in Committee Discuss
Market Factors-Curency Leg
islation May Help.


change has reached an almost IRE
ducihle minimum, say the New York
1eports, with the result that stock
brokers formed themselves into COM
mittee of the whole to discuss any and
all subjects that may influence prices,
but so far have not.
Tariff discussion is worn threaopare'
and no longer has any influence on
prices In former times government
crop report was a subject of speculation
actually For the time being, although
a fundamental. it is market factor.
A report of the Copper Producers AS
ISOLATION was either not pelleNeo UT
disregardeo Therefore. the statement
of the United States Steel Corporation.
showing a decrease of untitled tonnage
may very likely be dismissed before II
is issued, as a market influence.
The opinion of the average stock
broker has little value at this time
Nine out of ten win assail you with
this question: What do you see?
Your answer is: Il see nothing but
duIlness." And when you come back
with the question. what do you think
nine out of ten come back with the re-
ply, 81 don't
Such periods OF extreme duliness nave
freauentlv been followed by activity
Ter. and il is not improbable that the
currency bill will restore confidence
In fact, the improvement in the bond
market already noticed is attributed to
this influence. and if there is one sign
that is logically expected to precede
return of speculative interest II is "a
demand for investment funds.
The new St. Paul 415s were dealt IN
at $685., and the Baltimore and Ohio
convertible AS were firm at wa, ana
the strength of these conspicuous issues
confirms the report that the demand Tor
bonds shows Improvement
Government Supervision Felt.
The market was again extremely dull.
with a liquidation in progress. Della
ware and Hudson fell to 153 L. and
American Telephone and Telegraph, TO
1858. As the telephone companies are
now being subjected to very close
scrutiny by government officials, it may
be assumed that the result will not
produce an increase in profits.
New Haven touched 102 "a, and Laclede
Gas lost 1-2 points
New York Central dropped to 99 Is.
and still looks high in view Of decreased
earnings and the heavy increase in
charges.
rected against this column for the prick
ing. of the Rumely bubble. 1t is now
officially announced that the dividends
upon the preferred stocks will not be
discussed until the outcome of the years
business is known.
The American Beet Sugar report shows
the effect of the over production OF
sugar plus the discussion of tariff
changes. Probably the worst is now
known, and the stock should show
some Improvement Pennsylvania stock
was weak, due, il is thought, to the
selling by the shareholders who waited
TO receive their allotments before dis
posing of the stock issued on subscrip
tons.
The London market will be closed to-
day and Monday Foreign houses bought
some 10000 shares on ballot. The street
expects to witness the usual move in
Canadian Pacific that has Systematically
lacked up the price in this market when
the London market closed.
May Contracts Wheat Feature.
There were big deliveries of wheat on
May contracts in Chicago yesterday. the
Armour Grain Company alone sending
out over J00.0e0 bushels.
The situation in May wheat at the
moment may be called an enigma. Not
only the cash article, but the futures are
pretty we'll controlled by one Of the
larger concerns in the trade. but il was
rumored that at least 100000 bushels of
that future will have to- be liquidated
before the present month has passed
away.
The bears were less aggressive. Those
who believe in lower prices volunteer the
opinion that hedging sales against the
new crop will soon he seen i'm the Chi
cago market. aud that thcs" sales will
Ice Oh n liberal scale.
Conditions surrounding the corn mar
ket were more bullish, and prices were q
shade better yesterday. Country offer
ings were small, and primary receipts
were considerably lighter than compare
tive periods. Argentina is offering corn
to the Old World al price that is likely
TO guarantee that country the trade.
The longs in oats sent out a great deal
of bull news on that grain, while the
bears were anythingeb idle in circulat-
ing reports of the good condition of the
growing crop. The market was strong,
rarity in sympathy with the strength in
other grains and partly because of the
renDrted moor start for the cron