The Washington herald., 1914-07-08
TORONTO QUOTATIONS.
WALL STREET GOSSIP.

| The news that Paul Warburg had with
drawn his name from consideration as
candidate for the Federal Reserve Board
was the cause Of great disappointment
in the Street yesterday. Mr. warburG
was regarded as the most fortunate Of
the Presidents selections for this all
important board. Commenting on this
one expert said:
| MIR. Warburg Is easily the best quail
flied man that could be appointed on the
board. He is prepared to resign from
the firm Of Kuhn, Loeb & Co. thereby
giving up an enormous income, to ac-
cept a salary Of $1,000 a year because
he believes he can be OF service 10 the
country
The success Of the new French gov
ernmeut loan. which has been over
subscribed about twenty times. was
hailed as a most encouraging sign. re-
! leasing as il does millions OF boarded
gold. This makes II certain that ou-
gold export movement to Europe is over.
One financial observer yeHerday de-
clared: The weeks events here will
all he favorable for the continuance Of
a conservative trading position on the
bull side of the market. These include
a favorable government crop report to-
morrow afternoon and better statements
on copper stocks for the month and also
the probability that the United states
Steel Corporations statement of untitled
orders will show an increase for he
first time since last February. with the
semi-monthly statement on the surplus
OF freight cars also likely to show 4
decrease. II the Interstate Commerc"
Commission decision on the increase in
freight rates should be announced this
week and prove as favorable as ex-
pected there certainly would be a EO0G
basis for stronger and higher genera!
stock market
Said James speyer. Of Speyer & Co.
yesterday:
Il look for an era of renewed activity
in business and commercial and financial
affairs beginning with the announcement
of the rate decision"
Weather conditions for wheat improved
in the United States. though private ad-
vices frcm Canada were to the effect that
drought in certain sections was damag-
ing the crop. The possibility OF trouble
with the July wheat arises over the rail-
road labor troubles in the West The
following report on grain conditions was
received by W. 3. Hibbs & Co. of Wash
ington. yesterday:
Grain-Wheat: Weather Northwest cool
and clear this morning. which is un-
favorable Tor the development OF rust.
However. there is considerable rain in
Nebraska and Missouri. which may re-
tard the movement OF winter wheat tenn
porarily. Foreign crop summary is less
satisfactory. At present the extensive
cash business and the uncertainty in
regard to spring wheat conditions should
offset the big winter wheat yield and give
a tow-sided market
corn-Cash demand fair. Offerings
from the country continuS light Wealth
er favorable, with good Trains in some
sections Market acts heavy. but is en-
titled to a temporary rally as selling
has been pretty general.
Jacob Schiff has resigned as director
of the National City Bank.
Receiver for the Wabash reports a de-
felt Of s1,5oo.ooO for the first ten months
operations under the receivership.
The Pacific Mail Steamship company
reports net income for year ending April
30 of s7lo.s4o. as against stSo.6ss for thel
previous year.
]. P. Morgan Co. and the First Ma
tional Bank will begin today offering
2oOoO,o00 Northern Pacific refundin1I
and Improvement 1-2 per cent bonds at