The Washington herald., 1913-08-16

The decline in Wabash issues was due
to foreign selling. and an alleged dis
agreement at a meeting of opposing re-
organization interests.
Conservatives feel that purchases of
Rock Island. Northern Pacific, and other
stocks depressed by crop damage reports
should result in very fair speculative
profits later on. -,
Banking circles are stated to Comment
ifayorably on the gradual STRENGTHENING
bof the financial situation and the rising
ktendency OF various railway bonds and
kShort term notes.
nbuld have been held yesterday was put
H8 until next week, and no reason given.
knord-Buytng by Riordan, Gilbert,
Lay, and shorts, advanced the market
Fuld sell on any further bulge.
kEh1ds says: An opinion generally held
4U the door Is that the market is having
p natural reaction and will soon resume
HtS up-swing. This seems rea asonable and
tthe important question is how much of a
lreactton are We going to get. In my
opinion the market may rally somewhat
from these prices, but will react to
points before going back to the high
prices Of Wednesday.
n. K. Evans-The market has now had
a fair sized reaction and it doesn't seem
as If under present circumstances this
reaction will go much farther. as strong
people are interested in keeping a good
market. pending the termination of the
Southern Pacific syndicate. / favor buy
Ing stocks for a turn today.
Standard on On. J), declares usual
dividend of Der cent a share.
Copper exports for week ending August
"A: Increase. s2.49s; month to date, in
crease. S5,S6.
The Federal Mining and Smelling Com
pany has declared its usual quarterly
dividend of IL per cent on preferred |
stock
Leland wires from Chicago-Some of
the big. longs have taken good profits in
corn Phillips, supposed TO be a big
seller; Armour, said to have sold: Pat
ten is said TO be bullish. The weather
continues bot and dry in the corn belt,
and many reports are coming in saying
aims now would do no good as the
larger part of the loss is irreparable.
The loss of one point in Rock Island
was probably caused by selling by West
ern houses, and was apparently based
on the deterioration of the corn crop.
Brokers watching the trading in Union
Pacific thought there was quiet accumu-
lation in that stock because of the man
ner in which it was taken after the OPEN
ing decline. London was a moderate
buyer of Union Pacific, Steel, and Cop
per at early recessions, but ceased buying
on the upturn.
A period of readjustment of prices of
steel is still apparent. and while leading
manufacturers show strong optimism re-
garding the future and believe that with
a recovery of buying this fall values will
react to normal. there are continued re-
ports of new prices coming out. Plates
and structural steel. owing to competi-
ton in the East, lowered 81 a ton.
500 Line declares regular semi-annual
dividends of L. on common and pre-
ferred.
Moler-Reactionist sentiment is becom- |
ing more pronounced in responsible |
quarters. The recent advance is now re- /
sarded to have been too much of a |
forced character, and also carried too |
far for crop conditions and extent of |
the public interest in the market. 1t is |
now believed to have forced in so much !
of the recent short interest that the mar |
ket's technical speculative position is |
much less favorable. and further set
back to prices is considered necessary |
before any fresh upturn of Importance is |
to be expected.
s. B. Chaplin & Co. to W. B.
Hibbs & Co.-The further sharp rise !
in corn. with the drought in Ne |
braska. Missouri. Kansas, and Oklahoma |
continuing unbr2ken, forced more atten-
ton to be paid in Wall Street to the seri- |
Gus damage still going on to the crops.
The result was that further efforts to
continue the bull movement in the gen.
eral stock market were unsuccessful
On the contrary, there was more pres
sure to liquidate recent speculative hold
ings and take the other side of the mar
ket
The market now looks to be in a posi-
ton whereby any extensive liquidating
could easily cause a sharp break, and as
consequence reactionary sentiment is
becoming more pronounced. and the dis
position is to favor taking profits and
wait for some good setback before COM
ing in again on the long. side.