The Washington herald., 1913-06-21
WALL STREET GOSSIP

The decline in British consols to prac-
tically the lowest level ever reached by
that premier security since the interest
rate was reduced to 211 per cent about
a quarter of a century ago naturally
produced an unfavorable effect on senti-
ment here, as well as abroad.
A. Barton Hepburn has returned from
Atlantic City, where the members of the
currency committee of the American
Bankers Association held a meeting to
frame reply to the questions sent out
by the Senate Banking and Currency
Committee. The questions have been for
warded to Washington. Mr.. Hepburn
declined to state what recommendations
the committee had made. He also refused
to comment on the administration cur
rency bill.
A decision by the Interstate Commerce
Commission on the application by the
Eastern railroads for an advance in
freight rates may be expected any day
1t is understood that the commission
has made up its mind on the subject and
there Cnly remains the announcement
The gossip based upon all the circum-
stances Of the case forecasts refusal to
grant the advance, but this is only in
the nature of report and a manner of
deduction rather than information.
A representative of one of the largest
copper consuming concerns in the >coun-
try says: In order to start another good
buying movement copper agencies will
have to offer copper below Is cents
pound. The consumer now has the ad
vantage.
There has been no shrinkage in copper
production and il looks as though this
country would turn out more copper in
last half of 1913 than in corresponding
period of 1872.
The reported movements of currency
this week indicate a gain in cash by the
banks Of about s9,oco.Coo.
London copper weak. of LIS Sd.
Bank of Bengal reduced its discount
rate from TO per cent
Childs-I do not think market will
react much.
Burras-I think market will do better.
No support is being given to the
copper metal market in London, and
Aaron Hirsch & Son is quoting 1LS
cents for September delivery. Amalga-
mated is naming 10 cents for electrolytic.
London was a seller Of stocks in the
New York market, its arbitrage opera
tions resulting in a balance of 20,oT
shares against New York No definite
cause was assigned to the selling from
abroad. Canadian Pacific. Union Pacific
United States Steel, and AmaIgamated
Copper were sold.
Stock exchange opinion seldom waits to
r.,
terms of the new currency bill had even
been sensibly discussed, traders were
ready TO assign it a place among market
factors. That the place was on the bea-
side was natural enough: the stock ex-
change is in a mood to pick out unfa-
vorable points from developments Wall
Street is averse TO, even when thos-
points are ringed around with others that
are to be considered distinctly of a IA
vorable nature. 1t rarely fails that when
Wall Street is disposed to find something
that is not to its liking. 1t will find that
something and will shape the stock mar
ket course. for a time at least, accord
ingly. Traders, knowing this, looked for
at least a temporary decline after the bill
became known.
Establishment of a new view record for
Woolworth. after a sharp decline. occa-
stoned rumor that the company planned
~
was denied Another rumor was also oc-
Casioned, namely. that the pool which
has been operating in the stock will be
dissolved at the opening of next month.
Yesterday was the first time since the
middle of last week that United States
Steel failed to sell above 50 H. Every
other day since the advance in the market
began. at the time of the Secretary of the
TreasuTy's emergency currency an
nouncement, the stock had gone above
that figure. trading being unusually large
between So l-2 and 81 The volume IF
these sales above fixed level had been
looked upon as palpable evidence that
important buying was going on-buying
which persistently lifted the stock above
that price of 50 1-2. In the advance from
last weeks level of 497-S, Steel had not
risen so rapidly as a number of the other
stocks, and for that reason the testimony
Of the stocks activity above So i-2 served
to counteract the bad impression given
by the sluggishness of the recovery from
its recent low record. Hence, the mark
ing down of the pivotal price of the
stock served to occasion again more in
terest in the stock than would have hean