The Washington herald., 1913-01-17
WALL STREET GOSSIP

buying has occurred in the Hill stocks.
Informed that English capitalists are
buying American rails well protected
with earning power.
A large number of stop-loss orders
for bears are In Steel just above prevail
ing prices. Specialists say, however that
long stock will be for sale on recoyeries
in that issue.
A prominent stock plunger is reported
to have covered a large line Of Reading
near low prices.
A great volume of general business is
absolutely assured for the country as a
whole during the first half of this year,
according TO reports made 10 Pittsburg
interests from important centers.
Attention is called to the fact that jan
uary is more Of gold export than an
import month. More gold is expected to
be sent TO Europe. No worry is noted.
Among speciaIties well bought on the
decline are General Electric, Texas Oil,
and Consolidated Gas.
Evans-Foreign reports continue favor
able to a settlement OF the Balkan diff
Guilty. Were peace declared, IL might
cause a moderate rally in this market,
but any rallies from now on in my opin-
ion will be short-lived. as the tendency is
distinctly toward lower prices.
1t is officially announced that the Har-
riman estate holds but LOO shares South
ern Pacific stock and has never held
more. Mrs. Hartman has sold none of
her Union Pacific holdings and has no
intention of selling any.
The London cables are more or less
delayed, and no definite announcement
of the changes in the European visible
supply of copper has been received. A
private dispatch states that stocks of
copper in Europe during fortnight ended
Q January 10 decreased l,gI5 tons, but IL
is not stated whether this applies to
warehouse stocks or total visible
Liverpool Cotton due to liz points
higher: opened ste. dy at IL to points
advance. 12:15 p. M, market was barely
steady at a net advance of TO H.
points. Fair demand for spot cotton at
s points advance: mid, SOL: sales, 5000.
Including 1000 American.
The fortnightly statistics show that En-
glish and French stocks of copper on
. January 10 decreased l,275 tons while
copper supplies afoat decreased 100 tons,
making a total decrease in the visible
supply of 1875 tons to $751; against
4GSS9 tons, on December 81.
Foreign exchange market stronger,
sterling up lO-l5 points.
The entire Pacific Coast was practically
cut off from communication with the East
yesterday. Heavy rains and SHOWS, to-
gether with windstorms, paralyZed wire
communication, and caused slides and
blockades that crippled rail traffic.
Directors of Detroit Edison Company
have authorized the issuance of 5000
900 new stock to stockholders at par, 10
the amount OF so per cent of present
holdings.
Simpson-Think market sale.
Regular dividend of 1 I-2 quarterly on
Copper
London was much more cheerful to-day
in the American department. Union
Pacific and Steel were features of strength |
and traders seemed to feel that Wall /
Street had oversold the market. The
allies will give Turkey further time to |
consider peace terms. The short interest |
in New York is large, and has material /
profits to its credit, so that a covering !
movement this morning is logically to |
be expected. However, substantial in |
the political situation quiets down. |
Fundamentals are absolutely sound with |
out look of continuation of good business
and for that reason investors have no |
cause of worry over their incomes or
the ultimate values of their stocks.
People here who are interested in the
Southern Pacific-UniOn Pacific dissolu-
ton matter say il is very near settle
ment. and they expect to be in Wash
ington to-day for the final hearing.
c. NJ. Schwab. president of the Beth
lehem Steel Corporation. who returned
from Paris Thursday morning on the
North German Lloyd s. S. Kaiser Will
helm. admitted that while abroad he had
closed a deal with French land interests
fand the government of Chile for a large
tract of iron ore land in Chile. Mr..
Schwab said that the ore the rich
est in the world. averaging 81 per cent
of iron, and having a very small per-
centage of phosphorus. He declared
that these ores were even better than
the Swedish ores, and that there were
fully 100000 tons in sight.
London Copper is firm up 10 shillings.
At a meeting of directors of the South
ern Pacific Railroad Company Of Mexico
the following men resigned: F. V. ).
Crosby, r. l.. Gary, r. S. Lovett, Alex
Miller, and W. S. Thorne. Julius Krutt-
schnitt was chosen to succeed r. S.
Lovett as director and chairman of the
executive committee. The other directors
elected were l. ]. Spence, w. F. Bull, F.
w. Mahl, and W. A. Worthington. Alex
ander Miller resigned secretary and
the vacancy was not filled.
Borrowing demand Wednesday night in !
the loan crowd was very heavy, especially
for Steel common. There was also some =
demand yesterday morning. 1t is also
said that a good many of the shorts
have covered in view of a possible favor
able decision on Monday. In case there
is no decision Monday again or an I'M
favorable one. the bears will be in a
position to put out their lines and 4
repetition may be expected of the mar
kets the early part Of this week. There
was more favorable news from Europe on ,
the copper situation yesterday. But the :
engineers strike in the East IL it takes \
place, is sure to be a very unfavorable s
factor. {
1t In generally expected that the Pujo \
report, to be made before the d
close OF this session, will be devoted to
two main subjects. First, recommended
ton for Incorporation and regulation of
the New York Stock Exchange, to the H
~ A