The Washington herald., 1913-09-19

1s13-Surplus after charges, N,1eS, ,669; de-
crease. $106, ,719.
1t is reported that the Dutch syndicate
has decided not TO take over the Califor-
mia Petroleum.
John ]. Mitchell president of the ILL.,
nois Trust and Savings Bank, OF Chicago,
who is director of the Rock Island
states that the receivership stories were
preposterous. He declares that the road
is earning more than its preferred divi-
dend. which makes the interest payment
on the collateral trust Is certain
Elbert H. Gary, chairman of the board
of directors of the Steel Corporation. ar
rived yesterday morning on the Impera-
tor. Mr. Gary returned quite optimistic
over the business outlook and said that
there seemed to be a better spirit in
America today in regard to general busi-
ness conditions. and that in his opinion
there !cbuld not be much trouble in Z
country that took 5000, 10000 worth of
crops out of the ground in a single year.
Traders said that II Reading could not
respond to such an annual report as has
Just been published it would be useless
to expect any development OF a suffi-
ciently bullish nature to put the whole
market up. They did not say what
would happen Il, after its present hesi-
tation, Reading resumed its advance.
In quarters where usually there is good
information on such matters, 1t was said
that the bill imposing a tax on cotton
futures would be killed and that the
Hoke Smith amendment. adopting the
New Orleans standard of grading would
be enacted. This would probably pro-
mote a better sentiment in speculative
quarters generally.
London copper closed down Is Cd from
early morning.
subtreasury lost s2ss.OOO to the banks
yesterday. and since Friday has gained
a,5s2,0O0 net.
The American Ice Company has de-
clared a dividend of S-4 of l per cent
on its preferred stock. This makes l 1-2
per cent declared on the preferred stock
this year.
Business for foreign account was less
than 5000 shares all told. and was nearly
all on the selling side.
There was a fair volume of activity
at the opening, but stocks were irregu-
lar and inclined to be weak, and, in
spite Of rallies during the morning. the
tone as a whole has been heavy. Union
has been the strongest of the active
issues, and even in this stock the ad-
vance was confined to fractions. Read
ing failed to benefit by the remark
able annual report which was made
public, and has ruled soft The r. 1.
issues, after a moderate recovery, sold
down to a new low record, and New
anIH trrn nnfnfa ha-
low the low price touched yesterday.
Among the specialties the Petroleum
stocks showed marked weakness. Can
was heavy, and, from the action of the
Can stocks and the r. ]. issues, traders
are inclined to believe that Mr.. Reid is
not much interested in the bull side OF
the market. Although the market acts
as IL a fair amount of distribution had
taken place, its action is still incon-
elusive. and some bulls contend the re-
action is only normal after the ad-
vance which stocks have lately had.
The market continues to act as II a
good deal of distributing had taken
place, and as IL 1t was still going on.
Every day some one leading issue
makes a great show of strength while
the general list fails to advance, and
yesterday even declined quite sharply.
The market, however, does not seem to
be overbought, and there is nothing in
sight to cause any serious decline at
present The actual announcement of
the beginning of gold imports, which
probably will occur before long should
be a stimulus, although the market
may decline somewhat further previous
to this announcement.
The German Steel Works Association
reduced the price of steel beams and
half-finished steel products by about
81 rs for the years quarter. The Span
ish strike involves 10000 laborers at
the Rio Tinto works.