The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-08-12
WALL STREET GOSSIP

London copper market Is not as firm
as in the recent past, the change in
sentiment being ascribed to disappoint-
ment at the American copper statistics.
Private cables also report the collapse
of the Lake Superior miners strike.
Hartman & Co.-Continued lack of
rain in the corn belt OF America, together
with the natural profit-taking attending
formal ending of the Balkan war. gave
London a heavy market. Speculation was
also curtailed abroad and is likely TO
be curtailed at home ny the fact that
this may be a critical day in Mexico
The new currency bill goes to the DEM
ocratic caucus today.
Underlying conditions of the market
are sound for the present, and one i'm
portant feature. the infla ton OF the cur
rency planned by Secretary McAdoo and
further provided for by the new cur
rency bill. has not been fully discounted.
Randolph to W. 3. Hibbs & Co-The
market opened heavy in spite of the news
of rains in the corn belt The weather
news was so meacer and scarce that the
general impression was that the rains
had been insufficient. When the Chicago
grain market, however, showed corn
down from rs to L. cent, the market
rallied, but stock was furnished on the
rally and prices again sagged off. On
the announcement of the underwriters
price of 90 for Southern Pacific this
stock was supplied in fair quantity, Caus-
ing a fractional decline. but the rest OF
the market continued to fluctuate within
very narrow limits, ranging on the whole
very close TO Saturdays close. Cana
dian Pacific was an exceptionally strong
feature. In the afternoon the market
was very dull. but showed steady
undertone. and closed at the top.
Certificates Of interest in Southern Pa
cific are weak. selling at IS 3D. off nearly
two points from recent sales Union
Pacific rights weak. selling at 1-e.
Trading movements under the influence
of professional scalping operations may
be seen with some degree of irregularity
as result OF the decided recovery which
has taken place, and the various ele-
ments in the situation which have re-
Gently developed. Under all the circum-
stances it would be profitable TO look for
fair buying opportunities without reach
ing for stocks when bullishly active and
to secure moderate profits as they may
appear.
Union Pacific, Southern Pacific, Con-
ing finds reactionary operations. but is
supported with scale buying orders In
vestors accept offerings of Great North
ern and Northern Pacific.
A IA dividend is expected to be paid
on marlborough preferred in September
This is at the rate of 5 per cent. and
the stock is thought to be worth rs.
Burross says he thinks the market is
going to do better.
Evansville big banking interests are
all interested in the success of the sale
Of the Southern Pacific stock. 1t is only
natural, as 1 said before. that on the
announcement OF the terms of issue the
market should be made strong SO that
buyers may be in a receptive mood.
Evidently that is what is putting up the
prices Of stocks now.
A. G. Plant & Co.-Close observers
think that large interests have not been
increasing their holdings of stocks in
the last few days. They say there is
buying on recessions, but that the stock
comes out again on the rallies. The in
dications point to a backing and filling
market. pending some important develop
ments which may determine the ultimate