The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-06-12
WALL STREET GOSSIP

The approach OF the fortnightly settle
ment in London Friday. combined with
the heavy liquidation OF American stocks.
has put the London market in a very
nervous condition. A Servian attack on
Bulgarian force is reported.
The Western Union has declared the
regular quarterly dividend of "a OF per
cent.
The Michigan Central Railroad has de-
clared the usual semi-annual dividend OF
3 per cent. The Lake Shore and Michi-
gan Southern Railroad Company has de-
clared the usual semi-annual dividend of
per cent. The Canada Southern has
declared the usual semi-annual dividend
of $50 a share.
Baltimore and Ohio has sold to Kuhn,
Loeb & Co. and Speyer & Co. $4,000
coo one-year 5 per cent secured notes
due July l. 1914 These notes are issues
Ito provide funds to retire sl,SJ7OO0
Cincinnati. Hamilton and Dayton Rail-
road Company collateral trust purchase
money per cent notes, maturing July
l, 1913. guaranteed by the Baltimore and
Ohio Railroad Company for corporate
purposes"
The foreign exchange market opened
heavy. with demand sterling or %
points.
London copper steady; up IS Sd.
Lots of people would bull them. but
they are afraid.
Bache & Co.-Little interest is shown in
the copper metal market at the moment.
the large producers and consumers alike
being disposed to follow a waiting policy.
While there have been no marked recess
sions in prices by large selling interests
dealers continue to make the market and
their prices are around Is cents for small
tonnages. For some days past there have
been rumors in the trade that some OF
the large handlers of the metal were
likely to lower prices, but inquiry among
the large interests fails to reveal any
such intention.
Hartman & Co.-The Steel market Is
depressed and manufacturers are getting
more eager for new business. New or
ders are few and far between, actually
running more than so per cent below the
shipments of the mills. The Steel Cor
poration is receiving new business at the
rate of about 10000 tons a day, compar-
ing with shipments of 4, 900 tons a day
Under these conditions a falling of in
production in the near future Is looked
for. A shrinkage in earnings will natur-
ally follow decline in production.
The heavy decreases in untitled tonnage
reported by the Steel Corporation over
the last two months have restricted buy
ing. consumers believing that there will
be a material recession in prices before |
the summer is over.
S. B. Chaplin & Co-The market opened |
in sympathy with higher London prices |
and was somewhat irregular. The eombin- |
ed influence of the Minnesota rate decision,
heavy decrease in steel construction ton
mage, the strained position in the Lon
don market, together with extravagant
pessimism in Wall Street, forced the
low point in the market The situation |
is apparently discounting anything of an
nature that may occur, and
liquidation was more drastic than for
some days. Undoubtedly these abnor-
mally low prices of securities have at
tracted a good deal of investment buy
ing, but the liquidation is so steady that
this is readily filled. There is no i'm
provement in the bond market, EXCEPT
possibly a less pressure to sell. Time
money is harder. There is a large bor-
lowing demand for Canadian.
Randolph-When the hysteria over the
Minnesota rate case wears of it will be
found the decision is not as bad as the
heavy sellers of securities yesterday be-
ieved, and We quote from SO good an
as former President Taft. who
'ays: The rate case is a railway vic
DRY; 1t points the way for final Federal
So much has been made and SO much
expected OF this decision that its i'm
'ortance has been over-estimated.
Yesterdays prices should be bargain
,rices, for little while anyway, because
here was more public buying and a
anger outside interest in Wall Street.
han We have had for some time. SomeI
Importance should be attached to the
normous odd lots buying all day yes
erday.
Missouri Kansas and Taxas aarninrsl