The Washington herald., 1913-05-22
WALL Street GOSSIP

! ~
i Purchases on reactions in the better
grade of rails yielding a liberal income
on the investment, and in such stocks
as Reading, Copper. United States
Steel and Brooklyn Rapid Transit are
recommended by responsible houses.
A conservative Institution feels that
| the market is down TO basis which
i would be abnormally low even with
dividend payments smaller than they
are at the present time.
| General Electric interests have the as
| surance of some extraordinarily large
orders in connection with the big mu-
nicipal and railway projects at various
points.
prominent operator says that owing
to favorable dividend prospects a bullish
position on Utah Copper and Can for
the long pull should result in substan-
tial profits
Investment quarters feel that the broad
improvement programme of Nipper is
likely to produce in time as important
results for the property and the stocks
as have been realized by Southern Pa
lcific
Banking interests regard the money
outlook as somewhat improved by the
prospect for deposit of 100000 OF
Treasury funds with the various banks
and the probability that an equal amount
will be due from abroad as q result of
the New York City bond sale.
Floor gossip indicates scarcity of Union
Pacific as to enable the stock to assume
2 definite leadership in improving ten
denotes.
The committee on stock list of the
Stock Exchange has directed that the
comptroller's temporary receipts for the
City of New York ~ per cent converti-
BILE corporate stock due 1863. when is
sued. be admitted to the list and be
traded in and interest" from May %.
| Interests identified with California
Petroleum and Mexican Petroleum
say there Is nothing in the affairs of
either company to warrant yesterdays
decline in market prices. California Pc
troieum is earning at the rate of per
cent on its common stock, and Mexican
Petroleum Company at the rate of ap-
proximately II per cent.
| Yesterdays decline Is characterized as
drive of traders based on a forthcom-
/ ing article in monthly magazine which
] London-The subscription lists for par
| ticipation in the Chinese loan here were
closed yesterday. 1t was stated that the
| issue was far oversubscribed.
Opinion on the result of the city bond
! issue is divided. 1t depends entirely
upon the point of view. Bears say 1t has
not been a success. and those who are
inclined to be less pessimistic are of the
opinion that II cannot be regarded in any
other light than success when every
thing is taken into consideration. espe-
cially the higher interest rates demanded
all over the world by investors.
Chicago-President winchen. of St.
Louis and San Francisco. says:
None of US ever comments on what
is done in the stock market, but it is
known that arrangements were made TO
protect obligations due June l.
"Friscos net revenue for ten months
this fiscal year increased over 1880. 900
| and the gross increased over s., 200, 900.
1t has been the best year in the COM
pany's history"
The obligation Mr.. Winchell mentions
is a s. OC0, 600 two-year note issue. Funds
for the payment of part of the same are
in hand, and arrangements have been
made to extend the balance.
Chicago-A Hammond dispatch says 80
cars of steel rails are leaving the Steel |
Corporations mills at Gary and South |
Chicago this week for the new electric |
interurban railway in British Columbia
A cable to jerks. Gwynne & Co. says
g. per cent of the city of Montreal loan |
was left on underwriters hands in Lon
don. The amount of the issue was about |
81, 0oo.000.
The fact that the city bonds sold down |
TO par on the curb was not calculated |
to improve market sentiment. Perhaps !
a factor in the decline in the price of /
bonds was the rejection of all bids at /
par. Had the large banking interests OBJ
tanned considerable amount of the
bonds they might have endeavored to
stimulate the market for them Now
they are not interested, and 1t is con-
tended that the marketing of the bonds
by bond houses may be a slow opera
ton i
Can common wants to go UP and with
any encouragement in general market
will do better. Traders. however, do not |,
want to commit themselves to the long
side, and the market is very profess
ional