The Washington herald., 1913-03-14

on its perferred stock.
London copper easy, off ) shillings.
The foreign exchange market opened
very weak with demand sterling off Is
points from Wednesdays close.
Proportion of the Bank of England re-
serve to liabilities is now 4l.50 per cent
against 4s.Gs per cent last week, and
compares with an advance of from II 50
to 4 per cent in this week last year.
Iron Age says pig iron situation has
changed to one of larger inquiry in
nearly all selling centers.
Missouri. Kansas and Texas sold $ln.-
Ooo.oCO two-year per cent notes to Speyer
Il Co.
American Wooden Company has declar-
ed the regular quarterly dividend of l 3-4
per cent on the preferred stock.
HalIgarten & Co. will ship 10000 gold
to Hamburg on Saturday.
! The American Agricultural Chemical
COMPANY declared regular quarterly divi-
dends Of - per cent on its preferred
and 1 per cent on its common stock, pay
able April Is.
Attorney General McReynolds said yes
terday that the Union Pacific interests
We're still at work with the hope Of formu-
lating a plan To overcome the difficulties
confronting them. hut that inasmuch as
the syndicate which was to underwrite
the securities in the deal will eyr'rc sat
urday night, he did ..,,t see how it
was to he A.. .lHplished by that time
Ma.swrfi warts called upon Mr.. McReyn-
i 6lds Yesterday, hut mostly upon other
matters, it was stated. The Standard
ION and American Tobacco cases have re-
lceved little If any consideration. and the
Attorney General had nothing to say re-
Garding them.
| At the conclusion Of a meeting of the
Union Pacific directors yesterday. a di-
rector said: The dissolution plan Is still
up in the air. II is impossible to state
anything Of Il definite character as Yet.
There is still a possibility Of the syndi-
cate plan being carried through. In or
der that IL may become effective II viii
be necessary TO obtain the approval Of
the California State railroad commission
and the court. There is stiu chance
/ of securing such approval between now
and midnight Saturday night.
| The mills Of the Republic Iron and
Steel Company are operating full, and
orders show an increase. Increased book
Iings of the company are due to the heavy
demand for steel bars. which Is the larg
est product of the Republic. Earnings
/ are said TO he running at the annual rate
Of per cent on the preferred and more
than 10 per cent on the common. Should
earnings continue to improve It is more
than likely that cumulative dividends on
1.-THE preferred stock amounting to about
| ; II per cent will be paid off before the
end of the year.
PittsburE-Westingho Air Brake de-
clared regular dividend OF > per cent.
an extra of per cent and per
| cent stock dividend. all payable April
Is to stock of record March 81.
The miscellaneous short interest has
| covered to some extent. Private bOr-
rowing continues to reflect a large short
interest.
| Opinion prevails in well-informed quar-
tors that money rates will go higher to-
ward the end of the month.
| Convertible bonds are reported in much
| better demand for account of investors.
Foreign investors are making moderate
| purchases OF standard stocks.
4 large banking interest says the new
! taxes to be levied upon foreign capital
| will drive capital to America.
| California Petroleum is being bought
| by people who look for no political in
| reference with the company and on re-
| ports of good earnings.
s. r. Chaplin Il Co.-The one most note
| worthy feature which developed from
| , hn trad h, aFal r.
| kpt was the renewal Of activity in COW
| ering shorts. with most room traders
! and local operators taking the long side
| again for a turn on the temperance Of
| support from some of the largest in
| terests. This was believed to have been
| influenced by the better European po-
| IiticaI news and the higher money rates.
| as to lessen the volume of gold export
! erkagements by Saturdays steamer to-
| a much smaller amount than indicated
earlier in the week.
| Evans-The reserves of national banks
| in this country, those of England. banks
| of France and Germany are all lower
| than at any time within more than ten
years. considerably lower even than in
! the panic year of 1897. The bond mar
| ket is lower and with bonds more diff
| ficult to sell than at any time since that
| panic. There is one thing that study
of speculation and of general business
conditions proves conclusiveiy, and that
| is that such conditions as these spell
| liquidation. 1t is taking place in the
stock market at present: it will take
place in general business later unless
all previous experience is absolutely. at
| fault. Under such conditions anything
like a permanent improvement in the
stock market is, to my mind. out of the
question. Before any real improvement
in the market comes, bank reserves will
have to be built up and a bond market
developed before any real buying starts
in the market Until then all advances
will be merely turns on an over-eXtend-
ed short interest.
w. B. Hibbs e. Co.-Information from
the executive sessions of the Ways and
Means Committee relates rapid progress 1
in shaping up the tariff bill for presenta-
ton to a caucus of Democrats of the 4
House for final ratification before intro I
duction and report.
All the schedules will be completed. |
and the bill can be reported to the House [
in one measure, or in separate bills, as
the Judgment of the ma jority dictates.
Free sugar will be recommended with 1
the certainty that the Senate will en-
deavor to put on duty. Sugar win be |
one of the items to trade" upon. be-
tween the two Houses. small revenue |
duty will be provided on wool and the :