The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-06-04
WALL Street GOSSIP

WALL Street GOSSIP
Su scriptions by share holders OF Pond
Creek Coal Company. at Boston, which
recently issued 100000 convertible per
cent bonds. closed last night. Stock
holders have taken the entire issue, I'M
derwriters getting nCne.
Sears-Roebuck has declared a regular
quarterly dividend OF / "a per cent on
preferred stock. payable July to stock
of record June II.
]. W. Lapsley.-opr market is show
ing satisfactory strength. encouraged by
cessation of foreign selling. There may
be a few more rails, but unless affairs
abroad get bad again. we should have
further Improvement.
Missouri. Kansas and Texas April net
increase sll.s29, ten months, net increase.
s.. So, 59I.
TI.. break in Smelters looks like
bear raid. II did not affect the balance
Of market. which shows a good tone.
There was an entire absence of foreign
selling yesterday morning. This has en-
couraged a fair amount of real buying
and good deal OF short covering. Beet
Sugar, after opening at y, rallied sharply
with no news TO account for the advance.
Weakness in the stock market has It's
inevitable depressing influence upon the
copper market, and demand for the metal
has about reached the vanishing point.
In view of the strong technical position
OF copper the big sellers are unwilling to
reduce their Is 3-i cents asking price.
but in the words of a representative of
large agency the market is rs "a
cents a pound asked, and nothing bid"
An offer was made on Monday of 10000
pounds of the metal at Is Ii cents
pound. cash. New York. June delivery.
but was not accepted.
London cables say prospect for friendly
settlement of Balkan allies quarrels i'm
proving. Government customs receipts
fell of more than 100000 during May,
compared with May last year. Ana
condas May output of copper $500 600
pounds. Steel pools had approval of late
Senator Hoar. 4 Trainer Of Sherman law.
The prices for wire and wire nails
have been reduced 81 per ton by the
larger producers The new prices are
1T5 per 100 pounds for wire and 81. 50
for nails. New prices apply largely on
large orders.
Atchison preferred declared regular
semi-annual dividend of 1-2 per cent.
George Wilson, of Newport. Wilson &
Co, assigns as the reason of assignment
fai he
West and the failure of the Thompson
Investment Company. curb house. Mr..
Wilson hopes that the firm will be able
to settle up its affairs without the neces-
sity of a receivership. as II owes little
on the exchange. The firm has been
doing a very large curb business.
The untitled tonnage of the Steel Cor
poration for May, TO be announced next
Tuesday, will show a decrease OF about
the same as that reported for April. or
something like 10000 tons.
After the usual weekly meeting of the
executive committee of the Union Pacific
Tuesday morning il was stated that an
effort is now being made to get the Cir
cult Court Judges together, probably in
St Paul. and arrange for a day in the
near future on which the new plans OF
the Union Pacific may be presented for
their approval. Probably the only direc-
tor of the company who will go to ST.
Paul will be Judge Lovett, who will be
accompanied by n. H. Loomis, general
solicitor. and Counsel General Clark. of
the company. The plans will be pre-
scented to the Circuit Court judges for
their perusal. after which they will set
a day for a public hearing regarding the
same Sefore they express their approval
or disspproval. At that time any argu-
ment for or against the plans will be
heard by the circuit judges.
Gov. Sulzer has signed the Levy bill,
increasing the rate of interest on future
New York State bonds to 1-2 per cent.
report this weekSto the Senate by
the finance committee on tariff bill is
now regarded as improbable.
Potts-Traders are inclined to be optl-
mistic for the immediate future. For
eign liquidation has apparently run its
course for the present, and ii is thought
the late decline in prices has about dis
counted all unfavorable features. Stocks
are probably purchase for a turn. but
we will undoubtedly see much lower
prices later in the year. and l strongly
advise selling on all good rallies.
terday morning dismissed the two suits
in equity brought by the Continental
Securities Company against the Inter-
boro Rapid Transit Company and the
Interboro Metropolitan Company and
others. alleging that the merger Of these
companies was in violation of the State
antitrust act. These suits were brought
on the ground that the merger of these
companies constituted monopoly.
Judge Hough. in his opinion, said that
the Continental Securities Company had
shown no cause of action, because the
mortgage was valid, and that there was
no ground for the filing of the action.
The National Tube Company has issued
a new discount on boiler tubes, reducing
the discount on three and three and
three and one-quarter-inch and on three
and one-half to four and one-half-inch
merchant steel boiler tubes one point.
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