The Washington herald., 1913-10-07
WALL STREET GOSSIP

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The deeper important financial inter-
ests go into the tariff. the less disturbed
| they appear TO be over the change in
duties, according to our Investigations.
The worse is expected to be known, as
relates to the new tarifr and the steel
trade, within few weeks.
Persistent rumors current are that
something definite will be made known
J during the current week regarding the
financial affairs Of Union Pacific.
International sources are responsible
| for the statement that st. Paul and
Great Northern will be bought freely on
any setback Of consequence.
A flood OF new capital issues is
threatening to disturb money conditions
in London. says the journal OF Com
| merce.
All South America faces a money crisis
Financial stress in India may be only
beginning, says The Herald.
Times-There is little prospect now Of
an early improvement in the investment
situation.
Herald-The biggest bull point on the
business and financial position Is the
| fact that the tarin bill Is in force
American-The countries financial lead
ers are not bulls on stocks.
iSun-The security market reflects little
or nothing which can be traced directly
to the epoch-making change in the coun-
try's economic policy. 4
Norfolk and Western, for August. total
operating revenue, increase. s57s55: net
income, decrease. S229,Oet
New York, Ontario and Western, Au-
gust gross decrease. $40, 3S3: net decrease,
s'a,341: surplus. decrease. s76,7s.
The Unexpectedly unfavorable bank
statement following the unsettling steel
tariff reports, coming on top OF decreas-
ing railroad earnings, will probably re-
suit in some liquidation in the stock
market today. On weakness after de-
clines in the standard railroad list We
would seek buying opportunities, for
turns. Weakness in Steel stocks is ex-
pected. 1t will be utilized TO buy good
copper shares. 81. Paul, Southern Pa
cific, Great Northern, and Erie will be
bought on a scale down.
Childs-The market took lot of selling
at opening. Aside from Steel they look
pretty good. but ! am afraid We will see
a further attack on Steel. which will up
set the market. Manning sold Steel and
bought Reading and Union.
Subtreasury gained N.4sl.OoO from the
banks Saturday, and since Friday has
gained tl,796,OOO
The foreign exchange market opened
easier, with demand sterling on ) points
from Saturdays close.
Bull tip out on Can common. Spe-
cialist says il is acting we'll and there
is very little stock for sale, but gem
eral conditions are not right yet for any
sustained rise.
The Attorney General said that he had
in mind special attorney TO conduct
the suit against the Southern Pacific,
which is TO be brought to compel that
company to give up its holdings OF Cen
trail Pacific. He said. however. that he
was not certain that he could obtain the
services OF the man he had in view. and
for that reason would not give his name
Although IL is admitted that the steel
price situation just now is not nearly as
concessions have been made to obtain
desirable business, the leading steel au-
thoTities claim that reports of drastic
cuts are incorrect and suggest that they
come from inspired sources, probably
from consumers who are anxious to
force the hands of manufacturers.
1t is said on the floor that Winslow |
and other traders who have been heavy
sellers OF Steel were selling on orders !
and not for their own account. indie |
pendent steel manufacturers are maxi |
ing reductions in steel prices especially |
in New York and eastern markets
E. & C. Randolph to W. B. Hibbs & |
Co.-The market opened active and weak, |
new low figures for the present decline be- |
ing made in many issues. The main pres
sure continued. as for some time past, to /
be eNerted against Steel, of which the sup
ply seems unending, and this stock was
forced steadily down to S. 3-s, or over
ten points below the price it sold some
six weeks ago. At no time has il shown
any rally. Declines of to points were
general through the active list. Pressure
has now been relieved, but stocks show
no tendency TO rally and as a rule are
within small fractions of their lowest OF
The morning. There was no special news
70 account for the decline, and the market
seems TO be falling of its own weight.
bank statement which was
much poorer than expected. may have
had some slight sentimental effect.
The market showed more weakness
rom the opening yesterday than for some
line past. This was due to more pres
ure Of real liquidation OF long stock.
The conditions have been against the
development OF any genuine bull market
or some time. The market is now re-
lecting the anxiety over the diminished
prospects for the currency bill being
'assed by the present session of Con-
,ress. which brings the other unfavorable
more to the front again in dis
ussing the speculative position in the
ear future course Of prices.
Unless something transpires at the
Meeting of the executive committee of
he Union Pacific or the regular directors
Meeting scheduled for Thursday to con-
rm the expectations OF large extra
ash dividend for Union stockholders, the
eneral market will probably go lower.
II. X. Evansville market seems TO be
agging of its own weight. There is no :
quotation in volume but stocks keep
oming on the market and the only rallies
axe place when II becomes oversold and !
horts cover in a hurry. 1t looks to me /
5 If prices would work lower. I