The Washington herald., 1913-04-11
WALL STREET GOSSIP

Although. the Bank of England's dis
count rate was unchanged at per
cent its statement is exceedingly strong.
and plainly indicates the Governors are
merely waiting more assurance on the
Balkan situation before reducing it. It's
proportion of reserve to liabilities has
gone up to IS per cent, against Al per
cent last week, and 43 last year.
London keeps on buying Steel; traders
selling
London copper firm, spot up Us Cd
from Tuesday Futures up IS.
Considerable discrimination as to pur-
chases Is reported Good buying of the
standard stocks by London, and we'll
informed local interests will be met on
any recessions. We would buy on fair
declines for moderate profits, pending a
clearer bullish outlook
Europe continues cheerful. and shows
tendency to buy our stocks. There Is
no reason to EXPECT We will get out Of
the trading position in this market, how
ever, for some little time. After the re-
action yesterday, stocks should be a buy
for turn, but no upward movement Of
importance need be EXPECTED.
According to the leading producers and
large selling agencies, a very satisfac-
tory volume OF business continues to be
transacted In copper The demand is
general, coming from both domestic and
foreign consumers, with indications Of
good business for some time to come
This morning an active demand de-
veloped for copper deliverable in May
and June, showing that consumers are
willing to make commitments for several
months ahead.
The bulls of the last few days are be-
coming weak-knsed.
Gov. Sulzer signed the Levy bill. which
amends Section 800 of the penal law and
adds new section. 3S5, prohibiting the
operation OF bucket shops the making
or wash or margin sales Of stocks, and
requiring the production of books, pa
pers, documents. &c, and the attend
ance OF witnesses upon any grand Jury
or court for violations.
London and the Continent bought about
10000 shares.
At the Southern tactic directors meet
ing Yesterday the retiring officers were
reelected. Charles w. Hardness was
made a member of the executive COM
mittee, to succeed William Rockefeller.
who resigned several months ago
Moore-Market a purchase on alr-weak
spots
Simpson-Mark,t a sale
Hatzfeldt-Market professional; don't
think ii will sell of much.
Dow. Jones & Cob F Goodrich
Company directors will meet the latter
part of this month for their regular
quarterly session. and according to pres
ent plans will pass the dividend on the
common stock. That such a course
would he pursued had been forecasted
at the annual meeting some weeks ago.
President B. G. Works. who is now in
New York, acknowledges II is the inten-
ton to pass the dividend He added
we are fast recovering from the effects
OF the strike in Akron. While not oper-
atins at capacity as yet matters are
rapidly adjusting themselves. and even
at the present time we are operating our
Akron Plant at closer to capacity than
six months ago. The outlook at this
time is excellent The strike seriously
hampered us during February and
March. AS far as orders go. the COM
pany is in a strong position
Mr.. Works expressed the opinion that.
as a result of the lower price of crude
rubber. the per cent tire price cut will
profit for the manufacturer as obtained
year ago.
The increased Woolworth dividend is
reported by prominent operator to con-
firm mis- view that some extreme declines
in newly listed stocks have been unwar-
ranted by anything but the usual sea-
soning process.
1t is stated in wei! informed quarters
that the selling of Pennsylvania has
been partly for short account and in part
as a hedge against purchases .of the
rights to subscribe to the new stock.
The buying of Erie by London and
Holland is understood to be regarded by
the bull interests as a strong indication
of improved sentiment abroad.
The higher interest rate for the new
st. Paul bonds is regarded by investment
sources to be another evidence of the
readjustment to the higher returns de-
manded and as a drag on the general
run of 4 per cent issues.
Excellent absorption of United States
Steei, on the apparent basis that the
steel interests will promptly cut wages
rather than dividends IL tariff changes
cause severe competition.
w. B. Hibbs & Co.-Democratic Sena-
tors entertain views on the tariff rates
at variance with those of the Ways and
and Means Committeeman, and their in
dorsement by the President did not lend
an element of inviolable sanctity to them
In short, while, of course, 1t is the
wish of every one to have the much
Wanted harmony, there will have to be
some compromising by the House and
that the Senate will not efface itself.