The Washington herald., 1913-05-08
WALL STREET GOSSIP

woolworth-April sales, increase. $780,
600; four months sales, Increase, $2,3e2, l9l
The bears sold Union Pacific on rumor
that il could not collect the dividend IN
it $126, Co., 900 Southern Pacific stock. A
rumor is now current that a syndicate has
been formed to take care Of the Southern
Pacific stock, and that no receiver will
be appointed. Rumor not confirmed.
Maxwell Evarts, counsel for the South
ern Pacific, conferred with Attorney Cen
eral McReynolds yesterday. Nothing could
be learned as TO what was under dis
cussion. but it was believed that MIR.
Evarts sounded the Attorney General on
an acceptble plan of dissolution.
The talent has gone from New York
Central to Delaware and Hudson Cen
orally when these tactics are employed
the market is getting near bottom.
Norfolk and Western March gross IN
cYeas Sc, sos, Ia, net increase, s14., 49,.
Liggett & Myers declared regular quar-
terly dividend of 3 per cent on common
stock, payable June >, to stockholders OF
record May 16
pany has declared regular quarterly divi-
dend of 1si per cent on the preferred stock
and per cent on the common.
There is a rumor that a syndicate has
been formed to underwrite the Southern
! Pacific stock, and it is said an an
nouncement will be made within twenty
| four hours,
|
termine whether there is to be currency
| legislation at this session or not. Mt
4 Glass has had talk with Presiden,
Wilson on the subject.
| The President wants something done
Mr.. Glass says the House leaders are
against it and want to take a recess:
while the Senate works on the tariff.
! Reports that weakness of Southern Pa
cifc stock is due, to selling by Union
| Pacific of part of its SIG, $4,000 in opei
! market are conclusively answered by
| reference to the decree Of the Circuit
Court. section II of which reads: Said
defendant Oregon Short Line Railroad
Company is hereby further enjoined
from selling assigning, transferring,
mortgaging or pledging any of the said
| stock of the Southern Pacific, or any
| certificate of interest in the stock Of
the last named company. to any person
| or corporation, except as may be au
thotized by this court"
s. B. Chaplin & Coin the absence OF
any further disquieting developments
| Wednesdays discussion, in explaining
/ the continued unsettled market cofdi
tions, centered entirely upon the un
certainty still surrounding the Unior
! Pacific matter
The bear element was most active il
! following the scattered liquidation ii
! Baltimore and Ohio. New York Central
! Reading. and some of the other leaders
! and made new low record prices for al
| of them on this movement.
| There were no. specific news develop.
ments, however, of any kind. and W.
| doubt if there is anything but conject
ure to the rumors current since Mon.
days slump that certain large interest.
have been liquidating after having
withdrawn their recent support.
There is a report current that a new
dissolution plan is being evolved in thu
Union Pacific-Southern Pacific tangIe
and that some announcement OF the same
| will be made next week.
The market will be generally relieved
| when this matter is cleared up. and W,
think it will then be in a position t
have another good rally.
= w. B. Hibbs & Co.-The volume of pro.
tests from business interests against tn,
tariff bill. increasing from day to day, is
causing the administration some uneasi.
ness, and giving lodgment to the feal
that the tariff bill may not be all it was
cracked up to be as a boon to a Ions
suffering public.
These protests are reaching Presiden,
Wilson, and in the case of one industry
the pottery and china, he is so much i'm.
pressed with them that he has directed
the Department Of Labor to make hur
ry-up examination to ascertain the diff
kference in labor costs here and abroad.
President Wilson took the bill on tn,
say-so of the Ways and Means Com
mittee, making only two suggestions OF
his own-lower sugar and free wool
Underwood, although desiring free sugar
and opposing free wool, gladly accepted
the Presidents amendment, gaining
thereby the support Of the President fol
the rest Of the bill.
E. & C. Randolph Co-The opening yes
terday was heavy with a. continuance Of
the selling pressure in the Hartman is
sues. both. of which stocks made new
10y. levels.
The rest of the market sympathized
but liquidation was not heavy, and be
fore long the entire list rallied Aftel
| midday, the tone turned heavy upde,
declined to the lowest point since 1908
Much of the selling that caused thes,
declines was evidently for short aecoun
= ho.v f,-fnA 10 n