The Washington herald., 1913-11-04

9oas1iz; No. 8 SASH.
STRAW-Receipts, none; steady; trade
PoRK-steady; inactive inquiry. Mess
z 2 soa2i-oo; family. z5.Ooaz.oo; clear, 1854
BEEFTs,saSy = S Z. q aeannss % !. ar are l,feless
LARD-FirIn: moderate dealings Prime
Western. l1.20; refined continent ii5
South American. 12.10; refined. Brazilian
in kegs. 1910; beef stearine. 81 asked;
lard 'stearine quiet; New York, IL 81
WALL Street GOSSIP
childs-Markst looks like going lower,
St PAU earnings 4or September. ner
decrease. tfS.5I4
Foster-Market very thin. Stop orders
in Steel belo$ these prices.
The London stock exchange firm of r.
C. May & Son. bankers. has suspended.
The failure is not considered as of i'm
portance.
Lawson. IS out with very infiamrna.
tory statement which has helped to hurt
the market.
W. B. Hibbs---I think McReynolds'
speech has more to do with the weakness
than the Mexican situation.
The foreign .zchange mariSe. opened
barely steady with demand sterling on
fifteen points from Saturdays close.
New York. New Haven and Hartford $
net decrease for September was $3.50, ,347;
three months, net decrease, s1.s45.s4l
It is stated at the office OF the Mexican
Petroleum Company that meeting prob
ably will be called this week to decide
definitely on common dividend.
The YoungstI xn Sheet and Tube Com
pany has declared an open shop for the
pudding department. The company re-
fused 10 agree to fat pudding rate
of 81 a ton.
President Ripley. Of the Atehison, says
a system whereby private individuals
furnish money but have practically no
say in management may go tempora rfly,
and by previously acquired velocity, but
il cannot long endure. Few want this
now especially. Everybody realizes Il
would be about the worst thing that
could happen to the government
Tha belief had been quite general In
Wall Street circles for the past week
that the directors OF the Mexican Petro-
Ieum Company would pass the usual
l-2 per cent quarterly dividend on the
common stock at their meeting on Sat
urTiay last. Lack OF a quorum, however.
prevented any action. but on wednes-
day OF this week Il is believed that the
directors will again meet and formally
pass the dividend.
Curing October railroads placed orders
for about 10000 tons OF rails compared
with about 1900 in September. while
October car orders were about 1900 COM
pared with $500 in September, or nearly
double. September was practically the
slowest month this year in equipment
orders. In pig iron orders October show
ell very small, only about 10000 tons of
iron being bought compared with nearly
$4,000 tons in September, and 501ooo tons
la August
5. B. Chaplin & Co.-The belief that the
Mexican troubles are approaching a seri-
GUS crisis had an overshadowing in
huence on the foreign markets again yes
terday and the effect was to practically
produce the same conditions which pre-
vailed abroad here The sharp break
of nearly eleven points in Mexican Pc
troleum, however, to 443-4 was really
due more to reports that its 6 per cent
dividend had been passed than to the
Mexican situation.
The general market now looks like
working still lower until the Mexican
situation assumes a more peaceful as
pect, or an agreement is reached on the
status of the new currency bill.
Sluggishness obtained in the London
securities markets. business being light
and the tone unsteady. Consols acted
poorly. The monthly carry-over rate
was Ia per cent. Lack of support
caused. sagglng in home rails Ameri-
cans showed an irregular course, but
were neglected on account OF your Tues
day holiday, the Mexican uncertainties.
and your bank statement, all of which
exerted a restrictive influence. There was
a resumption OF weakness in Mexican
Railroad Limited on the financial crisis.
Foreigners did not reflect confidence
Berlin still feels the after-effects Of the
Balkan troubles, as shown by the small
settlement failures Rio Tintos, which
sold at is on Friday, opened yester-
day at 741-2. ex-dividend.
In the Mechanics and Metals Bank
case the collapse of the Hooking Valley
pool in 1910 forced Fisk & Co. into banks
ruptcy. On the beginning of the day
Fish & Co. arranged for the clearance
OF a loan of s4O0.0oe from the bank In
the course OF the day the bank demanded
a large amount of security and obtained
the collateral Fisk & Co. failed at noon
and the trustees sought to obtain the
collateral from the bank. Brokers' con-
tracts TO deliver stock sold and pay for
stock purchased must be carried out
next day. To enable them to clear these
transactions the banks at 10 a. m. Of
each business day extend credits which
must be repaid at 3 p. m. These loans
are made from day to day and are called
day or clearing loans. The court below
held that the depositor clearance loan
was made after the bank had knowledge
of the insolvency of Fisk & Co., or at
least was put on inquiry. so that the
deposit was a voidable preference. just
as much az the delivery of the securities.
T.. & {. Randolph to ". p. Hibbs &
Co.-There was an accumulation of bad
news over Sunday. The bank statement
was worse than expected. the news from
Washington WIS such as to cause many
people to believe that armed intervention
I'm Mexico was only question or shors
time and the announcement of Mr.. Nc