The Washington herald., 1913-01-09
WALL STREET GOSSIP

This is the same old rotten market We
have had for the past month.
The directors of Amalgamated Copper
will meet this month to take action on
dividend. but no change in the rate,
which is now ~ per cent quarterly. is
expected. The company will have to
finance s12,50o.o0o two-year notes. which
fall due on April of the current year.
Col. Roosevelt will doubtless be SUBJ
poenaed as a witness in the suit of the
government against the United States
Steel Corporation when the hearings are
resumed in New York City the latter
part Of this month. II is assumed that
the ex-President will be asked to give
further details concerning the acquisi-
ton of the Tennessee Coal and Iron
Company by the Steel Corporation.
Pools are reported on good authority
to be forming and reviving under the in
duence Of cheap noney, and their activ-
tiles may be seen soon in specialties on
a larger scale.
Amalgamated Is selling off because
stocks of metal show an increase of 49,
1895 pounds at the end of December
Rate of production has been mate
rally reduced for January. owing to bad
weather. and the price OF the metal
promises to remain steady. Do not look
for much decline in Copper stocks.
There is no manipulation now not
withstanding rumors." says a banking in
terest. THE prospect Of peace abroad
is having "a good effecs internationally,
while the effect Of tariff revision here
Is causing funds to be withdrawn from
manufacturing lines and promotions and
deposited in financial centers."
One OF the largest independent East
ern Pennsylvania steel plate manufactur-
ers has advanced the price of steel plates
81 per ton. making the present quotation
$50 per 100 pounds, Pittsburg.
1t is expected that other plate mills
shortly will follow this advance. as the
mills in general are congested and few
producers are able to make deliveries inf
side of three months. Premiums are
freely offered for reasonably prompt de-
liveries, in some cases amounting TO Sc
per ton over the present market price.
A Paris dispatch to America says c. NJ.
Schwab has closed a big deal involving
French. South American, and American
interests, believed to be building the North
American-South American Trunk Rail-
road. American Locomotive Company
has sold sl.2oo,OCo 5 per cent notes to
Harvey Fisk & Sons. which are part
of an issue OF 100000 authorized some
time ago. Philadelphia North American
says the Pennsylvania Railroad Company
is to add vastly to its mileage. Atlantic
Coast Line being one OF the roads
to be absorbed. Railway managers and
firemen have not yet reached a basis
of settlement in wage dispute, the con-
ference continuing to-day.
The Berlin correspondent of the New
York Times says that he is offlcially au-
thorized to state that the powers have
agreed to take immediate joint action
with a view of giving Turkey to under
stand that they would view a resumption
of hostilities with the utmost displeas-
ure. The action of the powers will take
the form OF identical steps at Con-
stantinople and London.
American Cigar common declared reg
ular quarterly dividend of IL per cent.
payable February l to stock of record
January Is.
London-A dispatch from Belgrade says
that the Servian government to-day de-
cided to withdraw from the Adriatic Sea.
This is regarded in all quarters as a
vital step in the direction Of peace. In
terest in the Balkan situation has now
changed to Constantinople from where IL
is believed whatever action the powers
have decided upon will be made known.
Advance in Denver is due TO better
earnings and limited offerings Of stock.
subtreasury lost $4,000 to the banks
yesterday and since Friday lost A.54S.JpO.
Reorganzation interests of the United
States Motor Company bid S.0So.ooO for
the various properties; no other bids
were received.
Am inclined to feel bullish for the
net couple of weeks at least. think
the situation in the last couple of days
has materially changed. The European
situation is clearing up rapidly and due
to the attitude of the powers, II seems
as the whole trouble would be settled
in a week or two. The money market
should be very easy for the next six
months or so, which will be a big factor
in the bond market, as it will allow
institutions that sold high grade bonds
much higher up a chance to buy them
back at lower prices, which they VIII
undoubtedly do when they can get money
dl cent anu Btl-d Itluih VI ~
percent on bonds: also 1t should be re-
membered that the stock exchange in
vestigation and others now going on in
Washington, such as that of important
banking houses. cannot possibly. affect
the value or earnings power of securities
on any reaction. 1 think, therefore,
would advise purchase of good stocks.
Three million dollars in gold has been
ter,sa Oa1
will be shipped IL the transactions can
be covered through the foreign exchange
markets at yesterdays rates during to-
day and tomorrow.
syndicate. composed of J. p.
Morgan & Co, the National City Bank,
Kuhn, Loeb & Co, and other bank
ers, will be formed to underwrite the
s126, 100000 of Southern Pacific held by
the Union Pacific Company. Represen-
tatives of the above have been comforting
with the head officials of the railroad
companies since the court decision Of
Monday. Southern Pacific stockholders.
as well as those of Union Pacific common
and preferred stock, will have the privi-
lege of subscribing for the stock
The big question is the terms on which
it will be offered. 1t is not believed par
will prove sufficiently attractive to
positively insure its successful distribu-
ton, and as a consequence there is
some talk Of the price being between
50 and 100.