The Washington herald., 1913-11-13
WALL STREET GOSSIP

| WALL STREET GOSSIP
J. J. Manning bought 1000 Canadian.
London Copper weak; OF Is shillings.
Content is selling Reading and Steel or
scale UP.
The subtreasury lost ,a0os.o0o to the
banks Yesterday and since Friday lost
4 S, $4,000 TO the banks
A lot OF big orders in Steel, Union Pa
cifc. and Reading have been cancelled.
Shorts are getting worried.
National Biscuit declared regular quart
erly dividend of 13-4 per cent Non both
common and preferred stocks
Weakness in New Haven due TO con-
tinued liquidation and selling of stock
against> purchase OF rights. Halsey g.
Hrdnut bought 200 Union Pacific.
The Mexican Petroleum directors meet
today to decide definitely as to whether
the quarterly common. dividend of l-2
per cent Will be paid. They passed 1t.
The LehIgh Coal Sales Company has
declared an extra dividend Of 25 per cent
payable January II to holders Of record
November II. either in cash OF in the
stock Of the company at par.
condition resembling buoyancy pre-
vailed In stocks at opening, but large
interests were inclined to check the ad-
vance. Union was the strong feature,
making a gain Of nearly two points.
Childs-The talk in the Lehigh Valley
crowd Is reduction of dividends to per
cent Moore & schley and Dannenberg
have been offering good-sized lots of
stock without selling much. Traders
have sold little.
No action was taken on regular
quarterly dividend Of 3 per cent by d.
rectors of American Express Company at
meeting today. Action on this dividend
due today has been deferred until Decem-
Der meeting Of the board.
The Louisville and Nashville Railroad
has placed orders for $1,000 tons Of steel
rails with the Tennessee Coal and Iron
Company. The Northern Pacific pur-
chased 1000 tons OF TIN plates from the
Illinois Steel Company. The American
Bridge Company will fabricate i.600 tons
OF structural material for the new Statler
Hotel at Detroit.
After its initial advance the market re-
lapsed q little and then turned dull. Re-
iteration of the reports that the New
Haven bond issue would be withdrawn
appeared to be responsible for the new
INV TRCnrd Of the stock which sold 4
u. Regarding the dividend question. the
belief prevails that the rate would be re-
duced to per cent
Directors of the Union Pacific Railroad
meet today, and II is expected they will
declare the usual quarterly dividend of
1-2 per cent on the common stock.
of the Southern Pacific also
meet, and there Is said to be no reason
10 expect any change in the l-2 per cent |
quarterly dividend. There is, of course, |
A chance of something being done in |
the matter Of disposing of the large sur |
plus OF the Union Pacific as a result Of
the Southern Pacific stock, which may |
bring about a change in the current rate |
of dividend by the aforementioned COM |
pany.
Improvement in the undertone of i'm |
portant banking and financial sentiment
Is significant. That II exists we cannot
doubt. That IL is based on a better cur
rency and money outlook Is practically |
certain. The market may back and
i'll temporarily, but courageous buyers on
weak days will find substantial rewards
The buying Of Union Pacific is reported
very good. Accumulation in Southern
Pacific continues. Baltimore and Ohio
an be put higher with but moderate bid
ling, according to specialists. Steel is
eported very extensively oversold. Amer
can Can preferred is being bought on
he breaks by Boston interests.
S. B. Chaplin & Co. to W. B. Hibbs &
co.-The absence of any further sensa-
ional events in the Mexican situation,
ogether with some good buying by Lon
lon up to about 5000 shares on balance,
md the somewhat oversold condition
which the market displayed after the
lose on the last slump. were the prin-
ipal factors causing the good rally yes
erday.
Even the largest bear operators were
onceding that a rally OF several points
a the general list due on the. technical 7;
peculative position alone. Whether the
resent recovery will be carried further
II even maintained, seems 10 depend en-
!rely on the developments In the Mexi-
an SltuatlOn ana the COntlnuanCe OL tne
ood support the market received In to-
ay's trading.
Z. & c. Randolph-Prices came over
igher from London yesterday morning
nd our market came up fully to the
,ondon level. Almost Immediately the
larket advanced further, and shorts
eemed thoroughly alarmed, covering
RELY. Toward the end of the first hour :
nough stock was supplied on the ad-
ance to check the rise and stocks re-
cted slightly, but the undertone has re-
lained strong at all times, and some OF
he leading issues, like Union Pacific, ran
p couple Of points from the previous
lose. New Haven was again weak
eature, selling down 10 the lowest price
ecorded. while Lehigh was also under
ressure. reaching new low price on
his movement, In spite of. or perhaps
ecause of. the announcement Of the %
er cent dividend on Lehigh Sales Com
any. The market has remained as pro-
sssional as heretofore. The buying.
'hich seemed to come entirely from
hort interest. which found great
-arcity of stock The main factor in |