The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-05-20
NEW YORK COFFEE.
WALL STREET GOSSIP

Inc market SHOWS more resistance Just
now than 1t has for long time.
Floor sentiment is bullish temporarily,
but bearish for long pull.
The Southern Railway has adjusted the
differences with its machinists at all its
shops by allowing increase in wages aver
aging Az per cent.
A special meeting Of directors of Ten
nessee Copper has been called for Thurs
day. at which dividend action is expected
to be taken.
Cotton being sustained by support
against the short interest and because
drought in the two Carolinas has only been
partially relieved, there is little local or
outside selling pressure. Official forecast
is for no rain in either North or South
Carolina today or tomorrow, but further
showers in Georgia, Alabama. and Missis-
sippi. No rain reported on the completed
map from Sunday morning to this morn
ing.
International Harvester Company re-
ports for 1872 profits of SIG. So, 5g7: sur
plus for year sS.1 .5T. Total sales and
earnings increased l6 per cent. High au-
thority of Bank of France declares four
fifths of all gold sent from United States
since January l has gone to Germany.
Austria and Balkan states. London ca
BILE says underwriters have decided to
make another test Of investment situa-
ton. and that English markets are being
swamped with new issues. Big exodus
from Fall River (MassD cotton mills ex-
pected this week.
There will be no dividend action by
Reading directors at their meeting on
Wednesday. All the dividends out of 49,
earnings have been declared. At the June
meeting. however. dividends will be de-
clared on second preferred common and
first preferred in the order named.
Washington-Attorney General Mercy
nolds stated that his information was
that the Union and Southern Pacific off,
Gals in New York were working hard on
dissolution plan, but as yet he has no in
formation as to details.
London copper easy; of 10 shiRfngs
from Friday.
in the first hour was centered in the
st. Louis and San Francisco and Rock
Island issues. These securities continued
under pressure. St Louis and San Fran
cisco second declined 81 points net to
L., and the common sold at 81. while
the first preferred dropped AZ points TO
s.. The bonds of the company were also
heavy. Rock Island issues were weak
The apparent association of the selling
of these issues by about the same group
of brokers made current reports include
the two systems in stories of pending
unfavorable developments, but some in
terests, which have studied the Western
situation carefully, said they were i'm
pressed with the ability of Rock Island
to meet its fixed charges, and had no
fear of the future Of that property.
Close associates of Daniel G. Reid stated
that the roads condition compared fay-
line, and 1t was, amply able to meet
fixed charges. The more important
railroads and industrials were fairly
well held.
A big trader remarks that some short
contracts in Union Pacific, Southern
Pacific, Steel, and elsewhere are likely
to be covered between now and the Deco
ration Day recess. to avoid paying divi-
dends.
Whatever may be the attitude of Eu-
ropean investors, well-informed foreign
firms are understood to expect good
speculative Nbuylng OF stocks by London
'on any encouragement from this side.
Leading transportation interests are
said to feel that the English view as
to the absurdity of expecting railroads
to flourish with constantly rising ex-
penses as against fixed rates, is making
strong Roadway here.
Some buying of Canadian Pacific is
thought to have been induced by the
plan to reduce mortgage Indebtedness
by purchasing outstanding debentures
with funds secured from the recent
stock issue.
A prominent operator is reported to
hold that the Standard Oil melons, the
Vanderbilt consolidation plans, and the
bright crop outlook should not be ig-
nored, as such matters usually develop
a definitely favorable effect on senti-
ment and prices.
Albany.-The Public Service Commission
has received petition from the New
York Central and Hudson River Rail-