The Washington herald., 1913-09-12
WALL STREET GOSSIP

WALL STREET GOSSIP
| Proportion of the Bank Of England re-
serve to liabilities is now 60.5O per cent
against $3.50 last week. and compares
with an advance from 40 81 to 20 SIS per
cent in this week last year.
| Leader Underwood said yesterday aft
ernoon he expects the tariff conference
to continue two weeks. Possibly three.
as some of the items at issue are i'm
| pOrtant.
Western houses bought Union Pacific
on decline.
! Lansburgh &, Hallgarten bought Vir-
ginia Chemical. The market acts well,
| and many expect Steel will sell at 10 be-
fore 81. Union Pacific is the main fea-
ture for gossip. A cash dividend may
put it to 10. Sugar has Jagged behind
the market. but a buying movement ap-
pears to be in order. and 1t will probably
go higher
London copper closed dull: off IS. Cd
from yesterday morning.
At the conclusion of yesterday morn
! ing's meeting OF the board Of directors
! OF the Union Pacific Chairman Lovett
/ said that only routine business vas
I transacted. lie stated that the report
appearing in Wall street yesterday that
he said that the question OF a cash bonus
to stockholders of the Union Pacific would
be discussed was absolutely Incorrect. Il
said nothing of the sort" stated Mr..
I.Ovett. What ! did say was that |
! could not discuss the subject at this
time"
Chapman < Seaman selling Union Pa
cinc.
Moler-Galveston had seven and three
eighths inches of rain over night. and it
is still raining there on the official re-
port. san Antonio has had one and one
eighth inches. and II is also still raining
there against .0l Of an inch at Corpus
Christi and .ul at Abilene. 1t is cloudy
all over the Southwest The bulls. es-
pecally the recent most active. will
doubtless regard the above as very bull
ish. as much heavy rains are damaging
with the cotton all open In the fields II
remains 10 be seen. however. how far
such rain has extended outside of the
Galveston district.
Several changes in quotations for Steel
are ltppIlSl, llGllulns a rGbuC-
tion of - cents a ton on open hearth
bilIcts at Pittsburgh and a reduction of
81 ton on iron bars. steel beams, and
angles. Pittsburgh shipment Angles and
beams are now quoted at $40 per huE-
dred pounds. compared with Sl4j per
hundred pounds week ago, and are still |
s. per ton higher than a year ago. Pig !
iron prices are firm. however. at the old |
levels.
The Phelps Dodge Company. incorrorat- !
-. declared the regular quarterly divi- :
drud of $50 a share and an extra dIy!- !!
dcnd of s. a share. /
Subtreasurv lost $1,000 to the banks |
, rsterday and since Friday has gained ,
$2,52.0UJ net.
c. D. Barney selling Union Pacific.
ChiIds-FI0or is inclined to favor the !
bear side, and selling has been largely !
by traders. There is no signs Of inside |
liquidation. and covering Of shorts should !
start rally. as there doesn't appear to
Le much stock pressing for sale.
Herad-With publication OF the crop re-
port and the Srnate's passage of the
tariff bill there is nothing left in sight TO
alarm investors.
CommerCial-One reason for tho mar
ket's strength is the return 10 these
shores of several of the men whose in
fuence, II cNerted. counts heavily on the
stock market.
Suu-Short covering undoubtedly con-
tributes largely TO the movement OF
prices. but there is an appearance Of
new buying.
Amcrican-Speculativ interests show a
tendency to expand. strength and ac-
tiviry may he expected to continue.
L. x 9. Randolph to W. E. IIibbs x +
Co.-Thr opening was dull. with no inI-
portant price changes A. a rule. although
/ mon PaCihc was heavy on dcnials that
any extra dividend action WAS cuutCm-
plated in the near future. The market
WAS a good deal quietcr Wednesday aft
although cOnSidCrdbl" strength
WAS manifested in many quarters dur
ing the first hour. Reading, steel. and
Canadian all selling higher. Among the
specialties the sugar storks were lar
tIcularI.- strong. the theory being that
now that the tariff bill was passed, the
worst that could happen was known.
Later the market turned somewhat
heavy. but there was not much pres
sure. The market sagEed off apparent
" because the superficial short interest I
was driven in on the rise yesterday, and
buying Union Pacific led the decline, !
selling of about H. points from last
nights close
The American Locomotive Company r
has declared the usual quarterly divi- I
deud Of 81 per cent on its preferred
stock.
Market seems TO he meeting stock on
the strong spots. S n. Warren & Co. :
have sold about 1000 United States
steel Uuon Pacific seems to come in
tbove ii. J. d. Smith II Co. have been I
selling Baltimore and Ohio. The selling {
# Southern Pacific has been mostly :
against certificates of interest, buying i
being very scattered so far. The realiz- :
nC seems To have been well taken. y
II
BOSTON COPPERS.