The Washington herald., 1913-05-07
CURB MARKET.

.
United Cigar Stores pfd.............. 100 III
WALL Street GOSSIP
Chicago-Clarence S. Funk. of them
ternational Harvester Company, has ten
ltatively accepted the presidency of the
NJ. Rumley Company. Some of the Chi
cago banks have agreed to extend Rum
ley notes held, but three or four others
have not.
There is still a large bear party in the
market and it Is entirely reasonable to
| believe that it will endeavor to use
Union Pacific and Southern Pacific TO
hold down the general list. There is
sufficient mystery in these stocks to
make them a useful club In the hands of
those trying to depress the general level
, of prices.
! Frisco lines. for change total operat'
ing revenue increase s1.,6S9. Operating
income, increase, $s049o.
Southern Pacific is weak because ii is
believed over here that the Union Paci-
fic has no more of a plan now than
they ever had.
Paris cable-"Market firm. but sensi-
tive and awaiting developments.
It was rumored that Union Pacific and
Southern Pacific interests were in con-
! ference endeavoring to reach a solution
of the segregation difficulty, but that
| they were not hopeful of reaching def
mite results on account of the Central
Pacific problem. Southern Pacific car
hardly afford to keep the Central Pa
| cific in view of the opposition of thf
Department of Justice, and Union Pa
cific cannot afford to pay a high price
| for it on account of the attitude OF the
railroad commission of California. One
of the factors tending to make the
traders bearish was the widespread eX-
pectation of further gold exports tc
Paris 1t was argued that on account
of the position of the French capital
no further reduction, of the Bank OF
| England rate could be expected in the
near future
Argument in the suit brought by the
Continental Securities Company for the
dissolution of the Interboro- Metro. Cor
poration on the ground that It is
an illegal corporation was continued
in the United States District Court be-
fore Judge Hough by J. Aspinwall
Hodge counsel for the Continental Sc
curities Company, Judge Hough inter
rupted the argument to say that
ii appeared from the evidence that
the merger was illegal, and that it did
not matter whether or not majority OF
the stockholders favored the suit Con-
tinuing. Judge Hough denounced the
-
boro- metropolitan, saying that it was
worse than the Northern securities COM
pany's case or the American Tobacco
Company case. both OF which have been
dissolved by the government.
The American Cotton OH Company has
declared the regular semi-annual divi-
dend of per cent on its preferred stock
No action was taken on the question OF
a dividend on the common stock.
w. s. Hibbs & Co.-Opponents of the
pending tariff legislation are preparing a
campaign of delay in the Senate, with
the view of affording opportunity for fur
Their protests to come from the country
The fdn extent of the reduction in
duties was not realized by manufacturer
and producers until they had studied this
text Of the bill, less than a month ago
Only now are they beginning to be heard
from.
The protectionists believe that pressure
can be brought to change some of tho
drastic reductions, if sufficient time is
given for the protests to come in.
They are seeking to secure long hear
ings before the Senate Finance Commit
tee, and failing, that they will attempt to
prolong debate when the bill comes up
in the Senate.
The policy of the administration is to
railroad the bill as rapidly as the lack
of rules in the Senate will permit, real
izing that every days delay menaces the
bill.
E. & c. Randolph.-Foreign bourses
were extremely cheerful yesterday morn
ing, and ii was generally expected before
our opening the market here would re-
feet the optimism prevailing abroad. On
the contrary, however, prices opened
somewhat lower. and almost from the
start heavy selling in the Hartman
stocks tended to depress sentiment not
only in regard to these stocks, but else
where throughout the list. The selling of
Union and Southern Pacific was persist
ent from opening to close. and both OF
these issues lost nearly points The
weakness which centered In the Harri-
mans extended to the rest of the list,
and in the afternoon the tone was weak
throughout, with losses of from I to 2
points prevailing. 81.
There was no special news for the
selling of the Harriman's except the APP
parent impossibility of finding any way
~ disnoSiu1 NJ fha RIOS On 0n0 NJ Sot,fh.