The Washington herald., 1913-03-28
WALL STREET GOSSIP

New York Central agreed to remove
Eleventh Avenue tracks along Riverside
Drive; cost estimated at Sso.ooo.oOo.
The foreign exchange market opened
easier. with demand sterling of fifteen
points.
The Delaware, Lackawanna and West
quarterly dividend of 21-2 per cent on
its regular stock. payable April q.
The Bank Of England rate is unchanged
at per cent.
The proportion of the Bank Of England
reserve to liabilities Is 1910 per cent
against Is per cent last week and 43h
last year.
Regular quarterly dividend on Great
Northern preferred.
washington-At l o'clock yesterday At
torney General McReynolds said there
was nothing new In the Union Pacific dis
solution matter. Parties in interest were
still working on a solution. that would
meet the approval of all sides and conform
to the dissolution decree of the Supreme
Court.
Some observers insist general bust
ness reaction has been heralded by the
| decline in the stock market. They con-
cede that prices have largely discounted
such a development. which would bring
easier money.
The Balkan tangle has tied up money,
credits. copper. and various business en-
4 tori rrrfS Oh.
sharply, dividend action for certain
copper stocks may again be more def
ntely in prospect.
Have advices from reliable source
| that operators, who have been extremely
pessimistic for weeks, have given up the
bear position. preferring now to follow
the foreign absorption and local invest
ment buying.
According to good judges Che Union
| Pacific segregation delay is largely re-
sponsible for the low prices of such stocks
as Atchison, Baltimore and Ohio. and
| st. Paul, causing sympathetic depres-
sion.
Those who give especial attention 10
the borrowing demand state the short
age in AmalGamated Copper and Read
| ing is still very large. and that sustain
ed strength would bring heavy covering
Very good buying has been taking
place in Bethlehem Steel common. II is
considered 10 have unusal speculative
possibilities
Central Railroad of New Jersey has
declared the regular quarterly dividend
of s. share.
kat has nd
acts we'll considering the extent OF dis
aster In Ohio. II nnds a market that Is
hardened to bad news. and no liqui-
dation develops. I consider short posi-
tion very risky and look for Q better
market all around.
London copper firm. Spot I'D one
pound Futures up fifteen shillings.
Smith-Strength Of the market seems
almost unnatural. and l hardly believe
it will hold.
Simmons & Slade-t is thought by
many that the railroads will need 800
.ooO TO repair the damage done in the
West. This will have to he raised on
notes.
A holiday in all flood districts of Ohio
for the next ten days was declared in
terday. This was done TO protect neSo-
table paper that might be subject TO
protest.
Phelps. Dodge & Co. Incorporated. for
the fiscal year ended December u showed
final surplus of s. e.n5. 1S5, an increase of
81. s0c,SS3. Quantity of copper delivered
49,. esI, ,H4 pounds. an increase Of l1,s95.4os
over 1911.
The Pittsburg Coal Company plans an
extension OF the Montour Railroad from
Its terminus at North Star. Pa to the
Miflin yards of the Bessemer and Lake
Erie Railroad This main line addition
will be about thirty-four miles in length
a contract Of July II. 191: provides for
a traffic exchange between the two rail-
road companies.
1t is expected that the road will be in
operation by July I. 1914. To finance its
cost se.750,000 first mortgage per cent
coupon bonds have been issued to run
fifty years, free from deductible tax and
having an annual sinking fund provision
sufficient TO retire all before maturity on
February !. 1856.
Evans-Foreign markets continue cheer
full. and London is again a buyer here.
That center took stocks more freely yes
terday than for a long time This coun-
teracts the selling caused by flood dam
age here and apparently is about a
stand-off at present. The future of the
market depends entirely on the size of
the short interest here There is but
little other buying. II shorts become
alarmed further buying seems quite
likely. So far they do not seem to be
very uneasy.
s. 3. Chaplin & Co.-whIle all the
foreign markets closed with a cheerful
tone and above Wednesdays prices
with discount rates showing further
relaxation from recent stringent con-
ditons. there was no disposition mani
tested to do any business here. The
desperate flood situation in Ohio with
threatening floods elsewhere, absorbed
interest to the exclusion Of everything
else. The declaration of the Governor
Of Ohio, proclaiming banking holidays
for ten days in the State. is an indi-
cation OF the seriousness of the situa-
ton. Under such circumstances any
further bullish activity in the general
stock market, pending a reliable ap-
Proclamation Of the property loss and
the restoration of the telegraph and
transportation service now seems
improbable. There was just enough
support in the general stock market
today to keep prices from slumping
more than a point from Wednesdays
close for leading railroad and indus
trial shares.
W. H. Hibbs & Co.-congressmen are
receiving many inquiries concerning
tha dull NJ fbe