The Washington herald., 1913-01-11
WALL STREET GOSSIP

WALL STREET GOSSIP
The Foreign Exchange market opened
| strong, with the demand for sterling
up % points from Thursdays close.
There is no truth In the rumor that
the Union Tank Line Company has de-
clared a dividend. Information from au-
thoritative sources is that this company
at the present time is not contemplating
dividend declaration.
1t is thought that a Boston operator
was a large seller of the market yes
tterday. Also that the West was a lib
eral buyer. Some stop-orders in copper
went down to IS.
Lazard Freres has engaged $1,000. coo
gold for shipment to Europe on to-mor-
rows steamer.
Kuhn Loeb & Co. are Offering IS. 600 900
Illinois Central 41-2 per cent equipment
trust certificates, maturing in semi-an-
nual installments from August l. 1913
to February /, 1923.
Copper prices suffered a. further de-
cline in London at the close. Futures
closed at the equivalent of less than
10 Is cents per pound, compared with
the domestic quotations at l6st cents.
Steel tonnage increase, 1881.
The rise in American Ice is attributed
to the advance of the season and the
fact that little ice has formed on the
Hudson and other nearby sources of
mn
and the American Ice Company has a
large amount carried over from last
year.
Rumor is busy with an extra payment
to be made by Consolidated Gas at the
end OF this month, making up for the
reduction Of dividends during the litiga-
ton over S0-cent gas. Investigation fails
to discover any official foundation for
these rumors. The, stock, however, is
cheap. and traders might cause an ad-
vance
Another engagement of gold bars for
export to Paris has been made provision
ally at the assay Office. 1t is expected
to be in the neighborhood of 100000.
The reported movements OF currency
this week Indicate a gain in cash by
the banks of about s1s,5OOO1O
Stocks closed quiet yesterday afternoon
with no material changes of importance
except in the coppers. The coppers were
down about two points on an attack by
traders based on a report that the gov
eminent would investigate the methods
used in holding up the price of the
metal.
Producers claim there is no agreement.
but insist they have produced as much
metal as possible. Bad weather has
slowed up business. especially in the
steel structural trade The increase OF
s9.2sl tons in untitled orders by the Steel
Corporation was fully as good as ex-
pected. The market has a healthy I'M
dertone. but all important operators are |
waiting for the Minnesota rate case de- |
cision.
8. r. Chaplin & Co.-The market con- |
tinues in waiting position. chiefly pend |
ing a settlement Of the basis for the |
OF the Union Pacific merger. !
and also for the definite settlement OF /
the Balkan war.
In view OF these uncertainties. trading |
continued on a restricted scale yester-
day, with little change in prices of i'm |
portance except in the copper stocks. |
They were all weak and under pressure |
Of liquidation by New York and Boston |
operators. partly in sympathy with the |
weaker and lower metal markets a I Lon |
don, causing liquidation in copper stocks |
there and also in anticipation OF senti- |
ment on all copper stocks being ad-
versely affected when the Money Trust |
committee commences prob
Ing certain features of the copper mar
ket and the Amalga mated Copper Hold
Ing Company.
a year ago the steel trade was in a
Of semidemoralization. Now IL
Is enjoying something approaching a
boom. Then there was little business at
low price. Now there is an enormous
volume of activity at remuncrative rates.
Yet the price of United States Steel stock
Is no higher than it was at this time
last year, comments the Wall Street
Journal. There have been, ups and
downs: but compared with even date in
January. 1872, the stock shows practi-
cally no net change. All apprehension
Of a reduction of the dividend has pass
I'd. and there Is even some considera-
ton of the possibility of an increase.
but the change has not been reflected in
The market.
Erie Railroads estimated gross reve-
nue. for December show an increase OF
200. or 6 per cent, as compared with
the same month in 1911. The total gross
gain for the six months to December j.
was s25I5.00O: revenues for the period
n the current year amounting to So.
90 coo. against s3O.025 .ocO in the same six
months OF the preceding year.
According TO the fortnightly bulletin Of
he American Railway Association for the
wO weeks ended December 81. 1872,
here was a net surplus of idle cars on
he lines of the United States and Can
ida of 11.05S cars. This compares with
net shortage of 1882 for the two weeks
'nded December a. Compared with the
preceding period, there was an increase OF
4.0i5 in the gross surplus of cars, MAX
ng the total on December 81, 5Os59 cars.
n the two weeks the gross shortage de-
'reased from 6l,0oS cars to So DOL cars.
This is the first time in months that the
die car figures show a gross surplus in
Excess of the gross shortage.
Stock Exchange seats grow less in
avor. A sale was made yesterday at
Sc, 900. as compared with a price of $50
% last month. This is the lowest price
i which a sale has been contaminated
ince 1905: 1t compares with $1,000. the
Ugh price of last year. and with $50 co.,
he highest Drica On rpcOrd no !