The Washington herald., 1913-06-28
WALL Street GOSSIP

1t is learned that the 100000 South
ern Pacific notes announced in the Ari-
IONA dispatch as having been held up
by the corporation commission has
nothing whatsoever TO do with the 500.
10000 one-year per cent notes of the
company which were recently sold to
Kuhn. Loeb & Co. This aforementioned
issue is a part of a total authorization
of the s30.ooo,000 one-year 5 per cent
notes. 1t is stated that according to
the law a corporation is exempt from
making application to a State commits
sion for permission to issue securities
If they are to run for any period less
than one year. Therefore. no application
was made in the case of the one-year
notes of the Southern Pacific.
The Servian peace party came into
ascendency yesterday when Premier
Pasitch's program of paciication with
Bulgaria was carried in the national
congress. 1t is now considered that the
crisis has been passed, the way having
been paved to open negotiations with
Bulgaria, so that the territorial dispute
can be settled without recourse to arms.
The Southern Railroad is in the mar
ket for 5000 tons of steel rails. In all
markets 1t is estimated that there are
inquiries for 10000 tons of rails.
One of the banking houses which par
ticipated in the recent purchase OF notes
of the National Railways of Mexico has
received the following dispatch from
President Huerta: Mr.. Brown is now
and Will continue in the presidency Of
the National Railways This in reply
to your message of inquiry The bank
ing house to which the message was d.
rected has heard nothing of the reports
OF a receivership for railroad. In fact
the firm does not even know the pro-
cedure when a government-owned rail-
road goes into the hands OF receivers.
National Railways is incorporated in
Mexico, and is owned by the Mexican
government
The State Of Kansas crop report, COM
piled by Secretary Coburn, gives wheat
condition as of June q at only CAST per
cent. This Is the lowest percentage re-
ported at this season for ten years. De-
ficiency. of rainfall and chinch bugs have
cut the estimated yield OF two months
ago by probably 100000 bushels.
Corn is reported backward and need
ing rain. 1t is also injured by chinch
bugs. Oats Is retarded by the same in
fiuences. An increased acreage and fine
growth of alfalfa Is reported.
The reported movements of currency
this week indicate a gain in cash by the
banks of about -6,4oo,ooo.
Childs--Sentiment on the floor inclined
to be bearish. Absolute absence OF any
outside interest in the market is very
discouraging to traders. The bear party
is hard at work. but 1 do not think the
short side is advisable. Buying of Read
ing looks good. {.
J. Ogden Armour, who returned from
Europe on the Mauretania, said: In Eng
land and France. especially. manufactur-
ing and commerce of all kinds are at high
pressure. Foreigners are beginning to
look with more favor upon American Sc
curities and American commerce. The
tariff revisement is beginning to lose its
effect in depressing foreign trade.
From reports which I have received
while abroad I understand that people
OF this country are beginning 10 realize
railroads cannot be run successfully un-
less they are permitted to obtain a fair
return from freight rates.
Norfolk and Western declared the reg
ular quarterly dividend of / I-2 per cent
on common stock; also regular quarterly
dividend Of per cent on preferred stock.
E. & C. Randolph-There were 81. 90, 900