The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-12-11
WALL STREET GOSSIP

Regular dividend in New York Central
was declared yesterday.
Steel tonnage decrease HE'D
John s. ,eigel has been elected to the
presidency of Union Bag and Paper Com
pany, to succeed L. G. Barrett, resigned.
United Shoe Machinery Company has
declared regular quarterly dividend OF
1-2 per cent on preferred and per cent
on common.
Alfred II. Smith, senior president OF
the New York Central lines, was elected
president of the system, to succeed Will
lam c. Brown upon the latter's retirement
on January l.
A railroad man, now retired, yesterday
was seen wearing a satisfied smile. 1T
seems that l am one of the few opti-
mists on the railway situation he ex-
planned. Il came down town today to
buy some New Haven. My friends have
been laughing at me; but I told them
that / bought that stock for my grand
son. He is ten, and he can watt
Hartman & Co-The reduction of
the German bank rate from 5 1-2
to per cent came earlier than the
Street expected, and it was every
where conceded that it was a matter of
great Importance as an indication of an
easier condition in the money markets
everywhere. 1t seems likely now that
the Bank of England will be reduced
before long. This weeks statement OF
the German bank showed a cash reserve
sos, 10000 greater than yeor ago and
the largest on record.
w. B. Hibbs & Cove observe a
general discrimination against industrials
on the part OF investors. Even those who
have been hit in the New York Central
and New Haven breaks prefer to transfer
to other railroad issues of better stand
ing rather than to buy industrials. In
vestigations show the reason to be trade
reactions first, tariff consideration next,
and finally attacks on the arrangements
of various Industrial concerns, with the
reluctance of directors to give out full
Information as to statements.
Swift & Co. will soon offer to stock
holders, slightly below par, $l0.OO0, coo new
thirty-year general mortgage IS. A syn
dictate of leading Chicago State banks
has underwritten the issue. Bankers e&-
pect the company will pay of the old
s, 100000 first IS, with interest, upon
presentation, in advance OF maturity July
/, although the company cannot redeem
that issue without sixty days notice in
advance of interest date, according to a
provision in the mortgage. The next IN
terest date is January l.
Hartman & Co.-Some surprise was
caused in circles usually well informed
regarding affairs of the Mexican Petro-
leum Company over the drop of about six
points in the common stock following the
announcement Of the passing of the pre-
ferred dividend. In this connection IL Is
pointed out that preferred is a noncumu-
lative issue. and elimination of payment
OF dividends on this class of stock is IN
reality a point in favor of the common.
1t is learned that the company might
readily have paid the preferred dividend,
but President Doheny and his associates
evidently decided to suspend payment as
an act of good faith to the common stock
holders.
E. & c. Randolph to w. B. Hibbs-Dur-
ing the first hour New Haven and New
York Central were notably weak. Cana
dian also broke badly on sales by dis
appointed holders who had expected a
much larger melon. During the second
hour the market ha-dened-in fact. the
market throughout the day has shown