The Washington herald., 1913-11-29
Markets, FINANCE, COMMERCE

on Copper, but there was a fair demand.
part CT it from interests identified with
the company whose purchases were un-
derstood to have been based on knowl-
edge of an increased demand for the
metal London sold about 1000 shares of
Union Pacific, a prominent semi-invest-
ment house supplying the stock.
Copper stocks are weak from London
this morning. including Rio Tinto. but
here the market for copper metal was
very much better on Wednesday
The Bank of England rate is unchanged
at per cent
Union Pacific seems to be the most
popular stock in London this morning,
and sells ex 21k per cent.
One OF the four batteries of by-product
coke ovens of the Carnegie Steel Com
pany, at Sharon. Pa, has closed down.
1t Is expected that six OF the twelve open
hearth furnaces will operate the coming
week, which is two more than were on
this week. The steel plant of the Mary
land Steel Company. at Sparrows Point.
has been shut down. The works will be
started when new orders are received, or
when shipping directions are given for
orders already on hand. The marine de-
partment of the company is being oper-
ated fully. r -.r
According to J. c. weschler. New York
Real Estate Security Company's IiabiIi-
ties amount to approximately $20OOO. 900.
the chief item being mortgages OF ap-
proximately S5.Ooc.O0O. The company s
bonded Indebtedness Is around 5000, OO0.
Assets have a book value of approxi-
mately S25.0O0. 900. consisting chiefly of real
estate. Mr.. Weschler said that receipts
from rentals OF the buildings owned were
more than sufficient to meet all expenses
and TO pay interests on the bonds, but
the general financial lightness resulted in
calling Of loans by investors. thus fore
ing a receiyership.
II. X. Evans-The market continues to
huctuate within narrow limits without
showing any disposition to move in either
direction. Every now and then a drive
against the room shorts is made and
this forces prices up a point or so
throughout the active list After this
superficial short interest is covered,
prices sag OF again to the level from
which they came. the operation only to be
repeated later on. II is useless to at
tempt TO predict when this dulIiness will
terminate, but see nothing in the situa-
ucn that warrants any advance Of i'm
Portance at the present time.
Dow, Jones & Co.-The president of one
OF the largest independent steel concerns
in the West says: Il note that many
statements have been made that tariff is
not hurting the steel industry II that is
the case. how does il come that Europe
is selling steel bars on the Pacific Coast
around 81 per hundred pounds, Pitts
burgh equivalent or $ per ton below the
current quotations
Continuing. he says: I'VE have had to
reduce prices OF certain classes of steel
S TO 81 a ton, in order to keep out
European steel. There will be a SPAS
modic buying movement OF steel products,
but over the next six months l do not
believe orders will average much more
than 50 per cent of the capacity Of the
COuntry's mills"
Z. & c. Randolph to W. B. Hibbs &
Co.-Union Pacific was the feature yes
terday morning, II there could be said to
be any feature in such a dull market
II opened at an advance OF SIS and rose
TO l52 on a moderate amount OF buying,
based apparently on a rather belated
appreciation of the statement Of net and
gross earrings for October. Copper on
the other hand, showed distinct heaviness
opening almost point down, while the
rest Of the list remained about unchanged
Trading has been extremely dull and
fluctuations from the opening level have
been insignificant The market has been
entirely unaffected by a furry in call
money, which forced renewals up to 10
per cent, this being a direct result of the
heavy shipments of gold TO Canada and
the transfer of currency to San Fran
cisco. The market. as a whole, has been
dull and professional as heretofore