The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-10-09
WALL Street GOSSIP

Western Union year ended June 50.
| 1913, surplus available for dividends
SS'l26'2So; decrease, SST,275.
| Rock Island Railroad reports for year
balance increase S2OSl9i. Rock Island
| Company surplus increase, $24,O6l. st.
Louis. Southwestern reports for year
surplus, after dividends, increase $l6s. 100.
| The Pittsburgh correspondent of the
American Metal Market reports a reduc-
ton Of 50 cents per ton in wire rods to
$3.50.
: Trippe-Market upset by weakness in
! Union Pacific. General opinion is that
no action will be taken on an extra dis
bursement at present time, owing to
Judge Lovett's departure for the West.
| OF course the market is largely profess
siOnal. with no signs as yet Of urgent
liquidation. 1t is possible that market is
| Oversold.
The Northern Pacific Railroad is re-
ported to have placed AN order for 2O,Oo
tons OF steel rails with the United States
Steel Corporation. The Central of New
Jersey has purchased GOOO tons of rails.
| Simmons & Slade-Rumors OF an in
| junction against Union Pacific restrain
ing it from parting with its assets are
responsible for present weakness. Most
people feel that the Union Pacific assets
should not be disposed of TO stockholders
/ The retiring of some bonds would be
the biggest bull card for the stock. Con-
tent is a big seller OF Steel
Nearly all the interest in the first hour
was attached to Union Pacific. That
stock was at first sold in large volume
| by London. but even at the opening
many selling orders from various sources
were executed. with Content r. II. Bis
sci. Harris Winthrop and Shearson Ham,
mil x Co. prominent among the sellers
! The downward movement reached many
! large selling orders and the execution OF
these caused the lowest prices reached
20 far On the recession. The principal
! specialist in the crowd said that he
heard no story which could explain the
| selling. There was much talk outside
Of the exchange. however. that after
the adjournment of the executive COM
mttee meeting 1t became known that no
extra distribution was at present in
prospect, but there was nothing in the
way OF official information.
London-Of the Ei6O.OOO Vancouver
City loan 81 per cent was returned TO the
! underwriters unsubsCribed.
c. J. Housemann-Every day is re-
hash from the day before. viii the
Union Pacific do anything at its next
meeting or will il not? Will the tariff
| hurt Steel much. or will it not?
Coppers should he bought whenever
weak on the strong position of the metal
not affected by crops.
! The market at all time continues
professional. so il gets itself down to a
e III
| the Interstate Commerce Commission
hands down its decision on rate adj
vances before We get a real market?
S b Chaplin & Co. to W. b.
Hibbs & Co.-There was more pres
sure Of real liquidation in all the
leading and most active stocks than for
long time past 1t developed from the
| disappointment at the failure of an
nOuncement to be made by the executive
committee of the Union Pacific at their
meeting Yesterday. regarding the prob
ability OF a distribution OF any large
cash dividend from the recent sale of its
Southern Pacific stock holdings.
1t was not until after Steel had broken
through 81 and Union Pacific sold at
l53 10 and A c. P. % 5-S that enough
TO check the slump and cause a partial
rally later.
We still believe the market is more
likely to continue its dragging tendency,
and We would. therefore. favor purchases
only on further declines and then only
for moderate turns.
Illinois ContraI-September gross in
crease, $31O,923; three months gross in
crease, S240oe.
Evansville rally was very disappoint-
ing. considering the extent of the decline
in some of the leading issues and il
does not look now as il it would go much
farther. The tendency seems to he to-
ward a lower level.
+. 4 c. RandOlph-lnterGst centered
Yesterday morning IN Union Pacific. This
stock had been quite heavily sold in Lon
don before our opening. and London in
its turn was large seller here. The rest
of the market resisted for a while the
effect of the Union Pacific break. but as
the weakness in this continued IL spread
to the entire list, and before long stocks
were declining all around The room. This
pressure was kept up pretty steadily dur
ing the first two hours. and declines of
one to two points were common. Later
the market became steady and duh. but
showed some slight signs of rallying. hut
the huying seems to come almost entirely
from the short interest. OF course. the
decline in Union Pacific instantly started
the story that at the executive commit
tee meeting Yesterday it had been de-
cided to do nothing in regard to cutting
the long-talked-of melon. The persistence
shown by MIR. Wilson in forcing the cur
renCy bill through the Senate is ascribed
in some quarters as having something to
do with the liquidation. as most bankers