The Washington herald., 1913-03-29

London copper steady. up Is Sd from
| Thursday.
Southern Pacific February gross earn.
ings. increase. $3.50. 7s6 Net. after taxes
decrease, sl6s.3i5.
Chesapeake and Ohio gross increase
s2l2,252 Net decrease. s23.7lS.
London cable to Baruch Bros. saws
Market strong on favorable news from
Reuters that allies will accept terms OF
powers.
Berlin cable to Arthur Upper & Co
says: Market strong. politics. looks
much better, money easier.
Simmons & Slade-Conservatiye sources
are of the opinion that the depression
has pretty well run its course believing
many stocks are at low levels. We look
Tor lrregularity today as the result OF
the conflicting opinions held in financial
quarters, but favor purchases of standard
rails on any recessions.
thllds-l am hullish on market on its
technical position and strong under;one
que to sold-out condition. Without ques-
tion the floods in the West areaIuIiy as
hdd as reported. and are a terribly ca la M
ity, but the lack of liquidation following
enormous losses to railroads, CORPORA
tons. and individuals shows a strong
resisting power to market and has re-
assuring effect on holders of stocks
MANY nave felt for long time that
market was on verge Of a panic and
that some really bearish news would
break il wide open The disaster h..
come. and confidence is greatly restored
by the way stocks act.
=. IL Chaplin & Co.-Yesterday's much
stronger and higher foreign markets on
the Increasing prospects for an early
settlement Of the Balkan war. with for
elGn houses again coming into our mar
ket. taking upward Of 1900 shares, was
the most potent factor
The advance of l-1-4 to points fur
ther in the general list. under the lead
or Union Pacific. American Corn Prod
ucts, and Reading. with Canadian pa
cine going up points more. forced
many recent short sellers 10 cover. with
less selling pressure in the way of
either actual liquidation or fresh short
sales more noticeable feature than al
any time during the week
with the Nood crisis over and the
carly settlement of the Balkan war now
IN sight TO ease up the European money
markets. and the heavily oversold con-
dItion Of tn" general list here having
been plainly indicated in this week :
trading. the prospects are for a better
trading market
Moler-All foreign markets continue
strong. with money rates casing in and
cables continuing to predict that the
worst of the money stringency at Berlin
is over. and that the end of the Balkan
war rs now not far off. 4reater confi-
d"nCe was expressed in cables re-
ceivod Yesterday from the financial situ-
alton and outlook. Banking circles here
believe the flood crisis in the West is
now over. and also that later reports
will show less loss of life and destruction
OF property than estimates now current
II Is a matter OF comment that the
sold-out and oversOld condition OF the
general market in the long declines since
election day makes traders cautious
about selling stocks.
tnion Pacific will make no further
effort to acquire control of Central Pa =
cihc unless Southern Pacific can suggest
a way in which the sale may he salts
factorily arranged. This is taken to
mean that in case southern Pacific :
ChdIler can De amended IN time so as
to permit the company to accept large
block OF its own stock the Central Pacific
might be turned over to Union Pacific
in exchange for the greater part of the
Sl26, 6,6JO,O0G Southern Pacific stock held by
Union Pacific. This would solve Union
f3clhc problem as to how the above
large block may be disposed of without
considerable sacrifice. but from the att
tude of Union Pacific directors il is
apparent that they are not placing great
emphasis now on Central Pacific feature
Of dissolution tanCle.
The known movements Of money for
the week ended with the close Of bust
ness on Thursday Indicate a net gain
ir cash by the local banks of IS. ~. .S.T
They gained from the interior sIl.9oJ. Soj
and lost to the subtreasury s.. .163.OO0
= W. 3. Hibbs & Co.-Prcsident Will
sons message to Congress on the tariff
will Generalize rather than specify;
that is to say, at the outset he will
treat the question of revision in
broad way only. citing the Democratic
platform. touching upon the desirable
ity of reducing the high cost of living,
abolishing unnecessary high customs
duties. while at the same time taking
care not TO inflict hardship upon bust
ness or labor.
That is fine programme. the carry
ing out of which everybody will favor.
II will be left to Congress to propose
the details and compose the apparently
principles of the Utopian
plan.
The tone of the message is expected
to sound low tariff Just how low
specific rates are to he will be left to
future consideration and determina-
tion. The message is expected to touch
n popular chord in the country. al
though it may cause uneasiness to
highly protected Industries.
Currency reform legislation at the
extra session is still in embryo. Presi-
dent Wilson, Chairman owen. of the
Senate committee, and prospective
Cha irman Glass. of the House Com
mittee on Banking and Currency. and
McAdoo are in fre9nent con-
ference. To do or not TO do at the
extra session is still the question.
The only definite conclusion reached
thus far is that II currency legislation
is entered upon now il shall be car
ried to conclusion before adjournmen.
of the extra session; either that, or
postpone the whole subject to next
winter. as inconclusive agitation is
deemed unwise.
NEW YORK MONEY