The Washington herald., 1913-06-17
WALL STREET GOSSIP

f. and c. Randolph-London prices
came steady Monday morning. and our
market showed a good tone. At the ad
vance there was heavy realizing sales.
These the market absorbed with COM
parative ease, declining, but developing
good powers of absorption at the de-
cline. According to the laws which gen.
orally govern market movements. this
recovery was natural Later there We're
several important decisions handed down
by the Supreme Court, the most i'm
portant being the Missouri rate case.
which was decided against the railroads.
On this announcement the market turned
easier and ruled irregular There was
probably also some, selling on unsat-
isfactory crop reports.
London buying Canadian Pacific on all
weakness. They bought nearly all the
stock sold yesterday morning. The loan
crowd shows little change and the short
interest is still very large.
The Attorney General says he has
nothing to disclose at present as to the
Union Pacific dissolution plan.
The fortnightly statistics. show that
the European stocks of copper on June
Il decreased Gil tons. while copper sup
a net decrease in the visible supply of
PA tons to 1886 tons, as compared with
1870 tons on May 81
The Kansas law fixing a maximum rate
for the transportation Of oil. and fixing
severe penalties for excess charges, was
held unconstitutional by the Supreme
Court in a decision in the case of the
Missouri Pacific Railroad Company
-
Kans. The railroad held that the act
was confiscatory and multifarious and
in violation of the Federal Constitution.
In the case of those railroads with
respect to which the State rates are held
to be conffscato-y, the railroad commits
sioners and the Attorney General OF
Missouri are given permission to apply
to the court whenever it shall appear
that by reason of a change in circum-
stances the rates fixed by the States
act are sufficient to yield reasonable
compensation.
Some improvement was noted in the
copper metal market Monday morning,
the inquiry from consumers being more
active than for some days. 1t is under
stood that some of the large consumers
were bidding Is cents for electrolytic, but
SO far as can be learned no business was
effected. The strike at the Nichols re-
fnery at Laurel Hill. Long Island, will,
II is believed, become a factor of i'm
portance II il continues much longer, as
every day the plant is closed down 1t
takes about from 100000 to 1.25o, 900
pounds Of electrolytic copper from the
market.
S. B. Chaplin & Co-The market was
reactionary Monday, chiefly because Il
was overbulled during the advance of
Saturday morning on rumors current
then which were not confirmed today
These referred chiefly to a report that
the Union Pacific matter would be defi-
nitely and satisfactorily settled today,
and also that the Interstate Commerce
Commission would decide on the question
OF advancing freight rates on July l.
There was no announcement whatever
with regard to the Union Pacific situa-
ton, and 1t transpired that the Inter-
state Commerce Commission las not yet
had hearing on the proposition of the
railroads to permit them To advance
freight rates to the S per cenr requested
in the application filed by the committee
of railroad presidents with the conn
mission on May Il. Moreover, the So
preme Courts decision on the freight
rate cases brought by Missouri West
Virginia, Arkansas, and Oregon, and also
on minimum passenger rates by some
Of the States, were all nearly unfavor-
able to the railroads. as in the recent
decision in the Minnesota rate case. The
effect of these decisions and the insipient
crop scare on spring wheat. corn. ana
oats. as emphasized by the sharp rise in
prices on the Chicago Board OF Trade
for all those grains. were also effective
in restricting further buIlish activity In
the general stock market.
The pressure of reselling by h,cal oper-