The Washington herald., 1913-12-17
WALL STREET GOSSIP

day gained S1,S90,000 from the banks,
and since Friday has gained sl,1s2,ooo.
Many traders seem to think that
with politics out of the way the bulls
would have more chance.
The board OF managers of the cot
ton exchange has decided not to ap-
prove the petition to close the ex-
change on December 26 and "a.
"our adyices Indicate that we are
now in a constructive period and that
gradual Improvement in security prices
will be seen," says a prominent In
stitution close to banking powers.
The allowing of a me rate gen.
eral advance in freight rate would es-
tablish a principle" says prominent
railroad man. 1T would restore rail-
road credit and encourage investors.
Public ownership, not government. is
what this country wants.
The preferred shares of the United
States Steel Corporation have been rel
atively weaker than the common
shares A representative Of a house
that does considerable business In the
steel districts says there has been
dribbling liquidation of from one to
fifty shares of the preferred. A great
many people, as a result OF the indus
trial depression, have been forced to
sell their shares. On the other hand.
there has been, so far, little selling OF
the common stock. Closing OF the steel
mills is generally accompanied by SELL
ing of Steel shares, although the
movement has not reached alarming
ly large proportions, reports to the
contrary notwithstanding. Much de-
pends upon the stability Of Steel COM
mon.
Chairman Macleod, of the Boston pub
lie service commission, says: With the
passing OF New Haven dividend. II Is
rlain economies must be effected. The
first result will be curtailment Of serv-
ice. 1t will be the duty OF this commits
sion TO see that such curtailment Is not
unrea sonable. There is an irreduciole
minin m Of service which must be main
tained 1fegardless of the roads financial
condition"
Theo. n. Vail, president OF the Amer
lean Telephone and Telegraph Company,
says: IF 1t were not for this feeling OF
by stockholders should
not be concerned over the discussion
ship. II the government takes over the
telephone property there will be an ap- |
praisement and that can be made, which |
will be upheld by the courts that will |
give our property a greater value than |
at which we carry 1t on our books"
Howard F. whitney was elected a |
of the nominating committee OF
The New York Stock Exchange to sue
ceed William c. Van Antwerp. who re-
signed on being elected a member OF the |
board Of governors of the exchange.
Certificate holders Of the wabash-Pitts-
,urgh Terminal Railway first mortgage /
,onds have been asked to attend a con-
ference Thursday at the office %
counsel to the bondholders' committee to
iiscuss the preservation Of the railways
interest in allied corporations.
w, B. Hibbs & Co-The rally in the mar
,et Yesterday was due almost entirely to
covering OF shorts. A favorable decision
" the Interstate Commerce Commission
or the Union Pacific on some OF its long
auI business in the West. was utilized
With good effect in helping alone the
ally, but after a general recovery OF
alf to one point the Improvement SEEM
d to have run its course.
There is no doubt that a good deal OF
he recent selling in American Telephone
nd Telegraph, as well as in New Haven,
teel, Copper, Reading, and New York
entral was for short account. This was
hown by the way those stocks rallied on
ne covering movement which developed
hortly after the opening today. Outside
{ this demand, however, there seemed to
e very little buying of importance.
While money il working easier in the
reat financial centers, it is largely the
ssult of the reaction in the general vol
me of business the last several months !
nd liquidation of bull accounts. The
ltIook therefore is for the continuance
I nothing better than an irregular
raders' market for only moderate turns.
w. B. Hibbs & COLLABORATION at this
me appears to consist mainly of the
,llIng connected with the transferring
-ocess from securities that have gone
1t of the investment class, INTO stronger
sues.
Reading Is being bought for excellent
eount, according to sources that are
sually well informed on the movements I
the stock.
We understand the buying of Union Pa ,
fic is very much better in quality than
lie selling. This also. applies to Southern
acific.
The strongest confidence Is expressed in
quarters that the real in
.stment situation is on the mend.
Gross earnings of Pennsylvania and
ew York Central are being carefully s
atched for signs of trade reaction.
New Haven and Steel are reported by {
now to contain the largest :
iscellaneous short interest ever seen in
% street. 1
Lewis johnson G. Co.-All things con- !
dered, the market holds along very sat- !
factorily. American Telephone and Tel \
raph rallied a point. 1t looks as IL the \
leasiness about possible government \
mpetition had gone too far. We cannot
lieve that the government at this time !
ould consider 1t advisable to add to the
lephone and telegraph stockholders OF !
q country the misfortunes which have
'en attending the holders of express s
stocks, nor do we believe that
lblic sentiment is ripe for such a huge n
tension OF government activity 1t Is c
'torious that abroad, under government '
telephone service is infinitely
ferior to what we have here. The rally A
New Haven also is comforting. The Y
Dst reassuring feature about this mar !.
{ continues to be its steadiness. As one q
ssimist says, that is because the In 8
stors have the stock, and only a few
them have yet got scared enough 10 Il
n. However, this may be, the short in n
rest in the leading stocks like Steel. Z
ZION Pacific. Reading, and Copper is SO ::
-ge 1t keeps them In demand on any 7.