The Washington herald., 1913-01-08
WALL STREET GOSSIP

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\ Speculative interests are confident In
'expecting improvement of an irregular
character for a time. according to in
vestigstions made by U.S.
The greatest period Of development and
prosperity in their history Is now being
entered by the Pacific Coast States. and
securities representative Of II should be
confidently bought, says private bank
ing advices from the far West.
The purchase of Union Pacific and
Southern Pacific is being urged on all
reactions by well-informed sources that
have digested the latest decision news.
t The absorption Of General Electric is
said to be inclusive OF considerable Eu-
ropean buying now.
Investment money is going into some
of the bonds of Industrial concerns like
ly to be benefited by tariff revision.
Interests connected with the Standard
Oil people are reported to be buying
Copper shares on the smallest recessions-
New financing is expected to be an
nounced by ST. Paul in the next ninety
days. according to rumors circulating.
The borrowing demand privately for
Steel, Union, Copper, and Smelters Is re-
ported to be increasing again, showing
re-extension of shortage.
The strength Of the market is due to
a feeling that the minor decisions hand
ed down Monday foreshadow favorable
opinion IN the Minnesota rate case.
London prices show a much better
feeling than our close. The selling here
at the close was of the speculative kind
that looks as IL they had to buy them
back.
Turks will give In: prices show that.
They won't fight again. because they
can't.
The price Of Southern Pacific may be
affected for a time, because a syndicate.
or the syndicate. will want to get 1t
cheap.
Buy when weak. but sell on the rail-
lies, until We find out more about the
President-elect.
It is reported in private advices Just
received from abroad that very heavy
foreign buying of copper metal viii be
witnessed in the near future. Boston In
terests. after analyzing the situation. de-
clare the present price 1ustihed. 4
Through diplomatic channels :advices
are received here to the effect that the
peace outlook is OF the best, notwith-
standing the latest unsettling talk
Financial interests are at work urging
the powers to force a conclusion, and II
is said this will be done as soon as Tur-
keys bluffs convince Constantinople and
the nation that further resistance Ii
folly.
Babson's latest advices as TO the hnan-
cial situation say: Stocks are not now
at a low level. They should decline con-
siderably further. While they may not
on The next slump sell as low as in 1907. |
they should sell lower than In 1910 and
1911 before reaching the proper buying
point"
The low records OF the years mentioned.
II attained, would mean a decline in
Atchison OF Is points from current levels: !
Great Northern, IL: Louisville and Nash
vile, 10; New York Central. S: Northern
Pacific, 10; Pennsylvania. 4: Union Pa
cific, s: Smelters; 16, and Steel Is.
The Hartman lines contract for es To-
win Locomotive Works and the Ameri- |
can Locomotive Company. The Baldwin !
company will build 1ss Of the locomo-
tives and the American company the re-
naming IS.
Traders have been bullish on the
strength OF Union Pacific, and number
of bear stops were caught at $50 TO
to 1s0h. But there was nothing In the
rHav I'M
Stock seemed to come in at 1o. Thel
whole room showed the absence Of i'm
portant elements.
The Atchison declared regular quar-
terly dividend of IL per cent on It's com
mon stock.
Reports received from well-informed
quarters OF the Street show very good
buying Of the railroad list. This includes
both Investment and speculation. 1t is
said the easing money conditions will in
crease the absorption Of high-grade divi-
dend-paying rails.
Secretary Gratan, Of the Copper Pro-
ducers' Association. hopes that incoming
mails will arrive in time to allow him to
compile the copper figures for the month
ly meeting of the association scheduled
for to-day In any event. the month
" statement will not be delayed more
than a day or two.
Reported that Baltimore and Ohio Will
soon offer, through Speyer & Co. and
Kuhn, Loeb & Co.. a ss5,0ooooo IA per
cent bonds. =
According to a canvass Of number OF
Stock Exchange institutions, We find the
boiledZdown opinion of those with whom
We have talked Is that the Supreme
Court, In the Union Pacific decision, Mon
day, has reversed itself. when compared
with the Northern Securities verdict
This makes for the much-hated uncer-
tainty.
As a result of the ruling OF the United
States Supreme Court on the question
of q pro rata distribution to Union Pa
cifc stockholders of the Southern Pa
cifc stock held in the treasury OF the
former company. it is considered in well
Informed circles that only two courses
remain open for the management of the
Union Pacific to carry out the courts
order One is to make an offer of sale
of the Union Pacific treasury holdings
of Southern Pacific to the shareholders
of both companies. and the other is to
sell the stock outright to an Independent
syndicate. As regards the first course,
it Is apparent that II will meet the ap-
proval of Attorney General Wicker
sham. Nevertheless. 1t is understood
that certain strong interests are more
in favor of the plan. TO sell the South