The Washington herald., 1913-03-12
WALL STREET GOSSIP

WALL STREET GOSSIP
The La " Consolidated Mines
Company has declared a regular quar-
terly dividendsof 2h per cent, payable
April 20.
the carryover was per cent, and
banks charged 5h per cent for Stock
Exchange loans. The same rates pre-
vailed at the previous settlement
Light bull account was shown.
The directors of the Continental Can
Company Inc, Tuesday declared an in
itial dividend Of 1-3 per cent on pre-
ferred stock for the period from De-
cember last to April l, being at the
rate Of per cent per annum.
Two Union Pacific directors have ex-
pressed the opinion that there is still
possibility of the dissolution plan be-
ing carried out under the present un-
derwriting syndicate agreement.
The foreign exchange market is
strong. and sterling is up five to ff-
teen points.
Il wish again to urge clients not to
be surprised IL only a little boomlet
follows the signing of Balkan peace.
and il this in turn Is followed by a re-
action. a rise in money rates and the
offering of host of securities" says
Roger w. Babson.
hn Int 70 G'nnnmiS
sion holds that rates on corn and corn
products over the Kansas City South
ern and sixteen other railroads be-
tween Kansas City and Shreveport,
La. were not unreasonable.
Childs-Market acts as II II might
rally further. A good deal of the buy
ing looked like short covering. at same
time this kind of buying is most effcc-
tive in putting prices up.
l look for more foreign selling. how
ever. and think the trend is still
downward.
Judge Ward in the District Court
Tuesday morning handed down an
opinion dismissing the suit in equity
brought by Wentworth Watson and
fourteen other prominent interests in
financial affairs in London. stockholders
of the National Steel and Wire Co.
against Henry Z. Huntington and
others. officers and directors of the Ma
tional Steel and Wire Co. and the Ma
tional Consolidated Wire and Cable Co.
and other affiliated concerns. The COM
plaint alleged fraud and misrepresenta-
tion in the sale OF stocks in London.
Judge Ward. in his opinion. held that
the Federal Court has no Jurisdiction
in the case and that the plaintiffs have
an adequate remedy in a suit at law.
s. B. Chaplin & Co.-The reported
progress toward settlement of the Bal
kan war was the most important news
overnight. AS a result London was a
large buyer Of stocks here.
This caused a great deal Of covering
of shorts and at the time induced re-
newed buying for turn in many
quarters heretofore skeptical regarding
the stability of any Improvement in the
market But for the unfortunate fail
ure of any announcement to come from
the Union Pacific directors meeting re-
garding any new plan for settling the
basis for the dissolution OF the Southern
Pacific merger, the market would have
probably made even a better response
to this more favorable Balkan situation.
As it is we believe the market will
continue merely in a trading position
of a backing and filing character from
this level until a definite solution OF the
Union Pacific matter has been evolved
which will be satisfactory to all con-
cerned and the drain on our gold to
relieve the money stringency at Berlin
has subsidized.
much higher figure it is said the Bank
of England will raise its discount rate
also.
Odd lot buying is increasing. with a
good margin of safety. More of the
buying is speculative than at any time
heretofore.
The money strain is expected in in
sources to be passed by the
first week of April.
The safest purchases now are South
ern Pacific. Union. Great Northern.
Atchison. Pennsylvania, and St. Paul,
according to high-grade sources.
Industrial stocks still appear to be IA
vored as short sales on rallies by pro-
fessional bearish operators.
1t is now feared the Minnesota rate
case will not be handed down by the
Supreme Court until after its Easter
holiday. which is expected to extend
from next Monday for two weeks.
\ private London cable says il is eN-
pected there will be news of a very IA
vorable character after a meeting of am
bassadors in tnat city on Wednesday.
About 2iS miles of line of Southern
Pacific Railroad of Mexico is in hands
Cf MEXICAN rpbeiS who
this section for their own purposes.
Boston-The United Fruit Company de-
clared the regular quarterly dividend of
, per cent. payable April Is. to stock OF
record March &c. No action was taken