The Washington herald., 1913-01-23
WALL STREET GOSSIP

Steel is reported by specialist brokers
| to be more heavily oversold than at any
| time In its history, IN account of the tar
III and dissolution proceedings.
A large number of bear stop-loss orders
are noted by floor traders in Amalga-
mated Copper near ruling prices.
Bull reports are coming from specula-
tive interests, which have been reported
as quietly buying Union and Southern
Pacific from uptown professionals, who
are bearish.
The character of the buying of North
ern Pacific and Great Northern continues
to be very excellent.
We find speculative elements inclined
to buy the convertible bonds of the Har-
| riman railroads and other leading COM
panies in preference to stocks.
Rockefeller followers say st. Paul will
be selling above $50 before next fall.
Evidence is had OF reviving some of
the specialties pool and on account of
| tors will do well to buy for turns on
evidence of aggressiveness.
E. & C. Randolph-The market opened
strong this morning and continued so all
day. The covering movement which was
In progress continued In the opening
| hours. and although there was consid-
cradle profit-taking, which forced some
fractional declines. the tone held good.
Toward midday dealings fell OF, and
during the greater part of the day trans
actions were very email. Shortly before
the close, however, the news that the
Turkish council had agreed to accept the
proposition of the powers for peace, caus-
ed the whole market to strengthen and
best prices of the day were reached in
the last few minutes. Rhode Island
stocks rallied sharply on shorts covering.
Canadian Pacific showed marked strength
and American Tobacco continued its up
ward tendency. On the other hand Cot
ton Oil and Distillers were weak without
any special reason. Final prices were
in the most cases best of the day.
Cutting & Co. is buying Rock Islands
stock.
Rumors are current more persistent
than heretofore to the effect that the
Minnesota rate case will be decided next
Monday. 1t is in addition stated the
decision will be favorable to the rail-
ruads. As matter of fact, cases IN
volving national jurisdiction as against
the State have been in favor of the
former, which is the crux of the Mime
sofa case. .
Corn Products, United States Rubber.
American Can. Writing Paper, Interna-
tional Paper, National Biscuit, Hide and
Leather, American Malt, National Enam-
cling, Underwood Typewriter. and Dia-
in
of companies whose earnings are likely
to be damaged by the proposed tariff
cuts
A tariff reform expert estimates the
benefit to the railroads of this country
through the proposed tariff reductions, IL
put into effect, would total approximately
s1o0 oo0, 900 annually
Rumors are current that the Wilson
administration will gradually drop dis
solution proceedings against corporations
and endeavor to regulate them through
the Interstate Commerce Commission
fixing of reasonable rates and prices.
Reference is made to the telephone trust
arrangements in this connection.
Louisville 6 Nashville earnings for Sec
ond week OF January-Increase, Sy2S, ,J45;
from July l. increase. H,si7,ooo
The outlook is for some further recov-
cry in the general stock market. The
general market has undoubtedly been
oversold and is, therefore. now In a bet
ter position to respond to any develop
ments of a favorable character in the
general situation.
Developments in the Copper Metal trade
during the last twenty-four hours have
been such as to lead many in the trade
to the belief that the turn has been made
and that from now on a more stable mar
ket for the product will prevail. Since
Tuesday afternon buying Of the metal
has been heavy, and the aggregate trans
actions are estimated at 50,OO0,000 pounds.
The protective committee of the Cen
trail Leather Company is issuing state
ment calling for action by the directors
on the dividend for the common stock. 1t
appears that the Company is lending
about S,0oO,ooO on call in the street. 1t
has also been retiring bonds that are not
due, and the stockholders Insist that
this surplus be used for a dividend. That
is the reason for the advance Of the stock
and a reason for expecting further ad-
vance
Mexican Petroleum Company has de-
clared a quarterly dividend of per cent
on the preferred stock. This is at the rate
of per cent per annun, which rate has
been paid since 1907. The company has
abandoned policy of paying dividends of
two-thirds of / per cent monthly. which
caused many inconvenience and will
hereafter pay at the rate of 2 per cent
quarterly.
The American Cotton Oil Company is
estimated to be earning at the rate of
over per cent on its common stock, COM
pared with 6.5 per cent for the fiscal year
ended August 30 last, and a deficit of
s252,l05 for the year previous. 1t is stated
by one in close touch with the company
that the Fairbanks plant in Chicago alone
is earning the preferred dividend.
Distillers' Securities is selling at the
lowest price in its history. Rumors are
current of something worse than mere
passing of the dividend, but the earn
ings seem ample to take care of fixed
charges. In addition to this the COM
pany owns 81 per cent of the United
States Industrial Alcohol common stock,
on which dividend could be declared
il necessary. There does not seem,
therefore, to be. any present cause for
alarm
The reaction in the market in the
second hour was due to publication of
fresh views on government by Mr. Will
son and Of comments on those views.
The latest reports indicate that Mr..
Wilson will go to such extremes in re-
gard to distribution of patronage that he
will alienate MANY members of ConPrass