The Washington herald., 1913-11-21

the leading producing and selling
agencies here quote the market on the
basis OF 15ik cents the metal Is obtained
from second hands at under that figure,
and some sales are reported TO have
been made on the basis of Is cents for
December delivery.
Floor traders are inclined to sell Steel
and Copper on strong spots. saying they
see LIQUIDATION. After the French loan is
placed. there will be larger buying of
Americans IL the financing is satisfsc-
tory.
The Panama Canal will take tranic
from the Southern Pacific. according to
bear reports. The interests bullish on
Southern Pacific. however, say the Fan
anna Canal will greatly increase the busi-
ness Of that road by emigration to the
Pacific Coast.
II Is announced that all Of the ST.
100000 New York Connecting Railroad
Company ~ per cent bonds, which were
offered by ]. p. Morgan & Co. and Kuhn,
Loeb & Co. on Wednesday afternoon,
have been sold, part Of the issue being
taken abroad.
No Reading in loan crowd Hayden
Stone the largest borrowers. All pur-
chases lately are said to be for the First
National Bank. Specialist in Union Pa
cific says the stock Is very much over
sold, and II we had leader 10 start the
ball rolling II would go by itself after
the first push.
The rumor that American Agricultural
(Nharairal Cor1ranv ls In Aan nf
ing or reducing the per cent dividend
rate on its common stock. may be en-
phatically denied. The subject has
never been discussed. either by the exN
ecutive committee or the full board of
directors. The next quarterly dividend,
payable in January, will be declared
next month. and win be at the regular
quarterly rate Of per cent
C. J. Housman-The Bank OF England
discount rate is unchanged.
The bond market should be the first to
show Improvement because. IL all points
don't fail us. money conditions are i'm
proving the world over.
The better class OF stocks, like Third
Avenue, which have big earnings behind
them. hold themselves well.
These numerous rumors OF trouble are
very often apt to be near or at the turn
ing point OF the market.
Simons & Slade- Danzig has a stop
order in Union Pacific. Traders are long
OF the stock, and when Clark Childs
appeared in the crowd they thought they
had selling order, and started to sell
ahead. No significance to the selling
Of Union Pacific or Steel. A certain bank
sent word TO its money broker on the
floor not by any chance to lend any
money TO particular house, about which
rumors had been in circulation. The
broker replied he would be sure not TO,
as he had $500, 900 TO loan for that very
same house.
Evans-The market continues stagnant.
but remains near bottom prices, and
shows no sign OF any rally. II is now
close to the low level established last
June. At that time. in spite OF fears of
money stringency there was some invest |
ment buying. At present although all
fear OF money stringency has been re-
ieved, and everybody is predicting easy |
money for next year. the investment
iemand has absolutely disappeared. and |
his shows as plainly in the bond market |
As in the stock market. Under these
conditions, IL looks to me as IL we would |
zee lower prices.
S. B. Chaplin & Co.-The disappointment |
1ver the failure of an early settlement
" the Mexican troubles was responsible
or the scattered liquidation yesterday
rhe market showed a weaker undertone
han for some days past, with prices
eceding to near the lowest levels reached
n the last period OF similar depression.
Reports Of further cutting OF prices in
~
avorabie trade reports from the textile
enters in New England. added to the
depression yesterday.
1t looks as though the tendency OF
,rices will continue a sagging one until
OF very encouraging charac-
er develops in the Mexican situation. or
s regards an agreement on a new cur
ency bill.
E. & C Randolph to w B. Hibbs &
'o.-Trading has been on an even
mailer scale than on Wednesday, and
rice changes have been insignificant,
hough generally stocks have sagged on
nd established themselves on a some
Fhat lower range. As an instance OF
ow inactive the market has been, IL is
lteresting 10 note that the first sale OF
chesapeake and Ohio in a week was
hected yesterday. The Street Is now
EXPLAINING the duIlness on the ground that
he market is awaiting definite develop
tents in Mexico, but 1t is doubtful
ihether anything that could happen
here would have any important effect on
he price OF securities Rumors in re-
ard to houses continue to circulate, but
he market entirely disregards them. The
ioney market day by day continues to
how an easier tone without any change
! quotations. The report of the national
anks shows a continuation Of the same
which has been marked for
YER a year, a further expansion or loans ,
oupled with a contraction of the re-