The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-04-22
WALL STREET GOSSIP

WALL Street GOSSIP
The tap-line oil cases appealed from
the Commerce Court were today set for
argument on October IA by the Supreme
Court ..
The annual meeting Of the United States
Steel Corporation was held at Hoboken
yesterday. There were represented by
proxies 1,857. SOC shares of preferred stock.
and 2,67S.ols shares of common.
Permission was asked by the govern
ment from the Supreme Court to file g
brief amicus curiae in the pending
State rate cases. The reason is that a
similar question Is involved in cases now
pending before the Commerce Court and
the government desires the Supreme
Court to know Its attitude. This means
that there will be no decision in the rate
cases in the Supreme Court for weeks.
It is said that the fling of the brief
does not mean reargument of the cases
The court will consider the point adj
vanced by the government In the brief.
1t will, however. probably further delay
a decision. The action of the government
sides with the railroads as against the
States.
The ST. Louis and San Francisco Rail-
road Company has invited bids for 1000
box cars. 1000 gondolas. and will soon be
in the market for a large order of stock
cars.
st. Paul-The Judges of the Federal
10 he
a motion made for an extension of time
in the Union Pacific dissolution case I'M
til July / next under advisement await
ing instructions from the Supreme Court
in the matter.
1t is stated at the offices of ]. p.
Morgan and Company that all the &c.
000. 900 one year per cent notes or the
New York Central offered in yesterday
mornings papers have been sold.
The view was expressed in some quar-
tiers that Intervention by the government
in the Minnesota rate case would proba-
bly, he a good thing for the roads. II
has been contended all along that regu-
lation by the Federal government, rep
resented by the Interstate Commerce
Commission. would be far better than
regulation by the individual States.
There were vague rumors OF pending
financing by Atchison. but what was
considered more likely was that there
would be heavy conversion of the bonds
whose conversion privilege expires next
June, and that this would increase the
floating supply of the stock.
f. and c. Randolph-The opening was
quiet and price changes were insignifi-
cant. They continued so throughout the
early part of the day. In the afternoon
good buying orders made their appear
ance in various quarters of the list. and
the entire market advanced steadily up
to the close. There was an increase of
| activity on the advance. but dealings
continued very largely professional and
short covering was generally considered
| to be responsible for most of the buying.
There was no news to account for the
Improvement in sentiment which follow
ed the advance in prices. The highest
prices Of the day were made shortly be-
fore the close, and good sized net ad-
vances were universal throughout the
| list. The money market continued to
show ease. being influenced by the good
| bank statement Of Saturday.
washington-Senator Ashurst of Ari-
iona introduced bill in the Senate to
place all stock exchanges under super
| vision of the Postmaster General. They
shall not be allowed the use of the mails
unless incorporated.
Southern Railway-second week. April
decrease, $23,332; from July /. increase,
$3.s73 626.
rate cases. and the government will ask
the court to permit it to intervene as a
| friend of the people in all these cases.
| No doubt is expressed that the petition
of the government will be allowed, which
| means a rehearing of all cases by the
| Supreme Court. This rehearing is not
| likely to occur until the next fall term
| Evans-There is no reason to expect
| any change in the character Of the mar
| ket, which Is at present deadlocked
awaiting a new impulse. Trade reports are
| less favorable and indicate more clearly
! a slight contraction in general business
falling off in steel specifications i:
noted for the first time. This contrac
ton is due principally to the dimculty
| in obtaining accommodations in the com
mercial money market.
1t is reported trade interests believe
the earnings of Steel for the SECOND
quarter will not be much affected by
the floods in the Middle West.
| A big trader, in commenting on thu
similarity of the dividend increases OF
Mexican Petroleum and Rubber, Is salt
| to regard the former stock as havinl
the broader bullish possibilities. because
of the nature of the business.
Banking circles are encouraged ovel
the easier trend of money and the con
tinued gain by New York on interior
operations as shown by the bank state
ment.
| A prominent house Is understood t
believe that Amalsamated and Anaconda
would do much better on the genuine
strength Of the metal were it not fol
the general depression in speculation.
1t is stated favorable comment Is heard
in important quarters on the dement's
to our financial situation arising from
the foreign purchases Of bonds ant
1 notes.
London Copper closed down Is Sd.
! NEW YORK MONEY.