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

The buying of Amalgamated Copper is
said to be Of exceptionally high grade
now.
Commission houses of the first grade
are expecting a much better market next
month. They seem to anticipate irregu-
lar Improvement. but with large activity.
Wilson's speeches are being very close
ly watched now by important financial
interests to get line on his crystallizing
ideas toward capital.
A substantial borrowing demand is
noted privately, with specialists declaring
liquidation to have ceased.
Business men generally are talking of
taking a middle course in their activi-
ties until the various Legislatures, State
and national, shall have defined further
their attitude toward commercial and
financial interests.
Members of the floor professional crowd
are reported as expecting drive against
Steel shorts in the near future.
That the management OF the Baltimore
and Ohio Railroad does not subscribe to
the view that the year 1918 will be marked
by decided falling of in business, is
indicated by the advices from New York
that it has Just closed a contract for the
purchase of 1000 steel gondola cars
f. & c. Randolph-The market opened
quiet but firm. and soon began to i'm
prove and before noon advances OF l
per cent or more were common among
the active issues. A long period OF dull
ness ensued, with some sagging on In
prices, but in the last hour a fresh buy
ing movement carried stocks to the high
est level of the day.
Trading was dull at all times. but SEN
timent was Influenced by the fact that
the money market was bound TO rule
easier within a few days: that the pros
poets were for a settlement OF the Bal
kan differences and the possibility of
favorable decision in the Minnesota rate
case on Monday.
The result OF all these factors was
to give a strong tone to the market In
the late dealings with Amalgamated
Copper leading. Call money opened at s
and renewals were made at that figure,
but in the afternoon an easier tone pre-
vailed. There were some fractional re-
cessions from the best prices, due to
proft-taking In the last fifteen minutes.
but the market closed strong.
New Orleans - Representative Pujo.
chairman OF the House Committee on
Banking and Currency. investigating the
Money Trust. who was in New Orleans
on his way to Washington, said the COM
mittee expected to close the investiga-
ton by January Is and Immediately be-
gin preparation of the report so that II
could be presented to Congress not later
than February l.
Seattle-The worst blizzard in twenty
Years is paralyzlng railroad trafflo on
Northern transcontlnental lines. In some
places eleven feet of snow has fallen,
high. II probably will take several days
to clear the tracks OF the C., NJ. and
Puget Sound. Meanwhile all schedules
are disarranged.
The break in Intercontinental Rubber
common was due to selling by stock
holders who have become convinced that
an early resumption OF common stock
dividends Is improbable because of the
recent unsettled conditions prevailing in
Mexico, where the company's plant Is
located. The company has had a great
deal OF trouble throughout the fall and
early winter in making shipments from
Its Torreon plant.
The market to-day gets its buoyancy
from the European buying.
Leon F. Fentsman, vice president and
general manager OF the International
Steam Pump Company, says: Annual
report recently issued reflects largely the
depressed conditions which existed a.
year ago. Since September 30, 1872, the
close of the fiscal year. there has been
steady and encouraging Improvement,
both as to volume and prices obtained
The unfinished orders on hand are . per
cent in excess OF a year ago and book
ings for the first three months of the
new fiscal year are 30 per cent in excess
OF the same period OF the preceding
year"
other explanation of the severe break. |
1t was stated there is no new financing
in contemplation. The directors meet for |
the dividend action on the preferred |
dividend shortly after the first Of the |
year. but rumors that preferred rate
would be reduced received no Official |
Evidence is coming to hand pointing |
strongly to the buying of Amalgamated |
Copper by Standard Oil interests or fol- |
lowers. The big purchase of copper |
metal seems to be looked upon as in
sicating radical reduction OF stocks by |
large consumers buying.
With the exchanges closed to-day and !
the money market likely to continue in |
B. very uncertain condition the balance |
Of the week, the tendency undoubtedly |
will be to await the decisions which are |
expected from the Supreme Court in the
big railroad rate cases. and on the terms
for dissolving the Union Pacific merger
when 1t reconvenes on Monday.
Thus there is no prospect of anything
better than the continuance of a mar
row and irregular traders market until
those decisions are announced.
The quantity of copper purchased BY
the United States Corporation, reported
10 be $500. 900 pounds, is exasxerated.
The corporation bought several million
pounds Of the metal, and 1t is probable
that this was due to the low stocks in
Europe and also in this country. There
has been such a small amount OF copper
'btainable under 17x that it is possible
that the corporation paid the top price
FOR the amount 1t purchased.
Jersey centrars November gross in
crease was slo7A; net increase, S,342
The subtreasury lost s5os, 900 from the
banks yesterday, and since Friday has
ost SCI ,oo0
Missouri, Kansas and Texas's operating
revenue for November increased 500, As;
Total net increase. s52, rs; operating in