The Washington herald., 1914-01-13
WALL Street GOSSIP.

A canvass Of commission-house senti-
ment shows a strong undercurrent Ct
optimism on the general market
Big wire houses have increased their
business to considerable extent. COM
paratively speaking. and are bullish.
There is a transfer of some holders of
stock Of Southern Pacific, Union Pacific.
and Baltimore and Ohio into the con-
vertible bonds of those companies.
Reports from some of the best Informed
floor brokers say that the realizing has
been exceptionally well taken, and that
much Of the new buying is for outside
account.
Southern Pacific and Union Pacific are
again being taken on direct orders from
London.
The Iron Trade Review publishes a re-
view OF the steel trade depression and
states that 100000 men in the ircn, steel
and metal industries and Ii blast fur
naces are idle. 1t further says that at
the December rate of closing down of
works, shops, factories and foundries the
number of idle workmen will reach
l,2J0.0o0 before the end Of January, 1914.
Conditions prevailing in the ccpper
metal market show little or no change
from those ruling at the close of last
week. While some inquiries are being
made they fail to develop into real BUSH
ness, so that the market is practically at
a standstili. Sc far as can be learned
the leading producers and selling COM
y nj
trolytic on the basis Of about Il l-2 cents.
but second hands are shading that figure.
On the other side. conditions are prac-
tically the same as those prevailing in
the domestic market.
Cotton Letter to y. l. Carpenter-Liyer-
pool cotton was disappointing, which
brought out liquidation by commission
houses and selling by brokers closely iden-
titled with some of the spot interests The
same brokers have continued to sell
March, but bought July against a large
portion OF it. General business Is light
and sentiment seems TO favor lower
prices. in the absence of bullish specu-
lation. Spot demand south, however is
reported better and IL this inquiry con-
tinues this market will probably react
from the result of bearish tactics on the
part OF local traders. The course of
prices depends entirely on the spinner
and should he come into the market
futures should be a purchase on a scale
down.
The market saged off in the afternoon
on selling. This brought out considerable
liquidation. and the support was scatter
ed. When this class of selling was over,
however, the market steadied up again
around close, most of which looked to
be short covering by Wall street oper-
ators. Sentiment continues bearish, and
il will take further developments in the
spot situation TO change this feeling.
Z. & c. Randolph to W. b. Hibbs &
Co.-The overnight news was favorable
and the market responded by a general
advance. with Steel the feature Else
where the advance was quite orderly, ex-
cept in some specialties like Texas Oil, |
which rose some seven points The mar
ket, after the opening. moved within mar
row limits. showing generally strong |
tone, but buyers refused to follow price,
up. New York Central was an exception |
and declined to the lowest price touched |
on this movement. The decline was helped |
by reports from Washington of a pro-
posed investigation into the interlockingl
on the New York Central
and controlled lines. Actual trade con-
ditions are bad. There are loo 900 men
out of employment in the iron and steel |
trades alone. Railroads are laying men
Off daily. and railroad net earnings are
decreasing with alarming rapidity. The
hopeful part Of the situation is that these |
conditions must maintain before things
can get better. and always mark the ap-
proach of the end of cycle. The first
evidence Of financial improvement IL in
the bond market. which Is now with us
and cannot be denied. Another is the
of funds owing to busi-
ness contraction In a word, the outlook
seems to favor better and not worse