The Washington herald., 1914-04-15
WALL STREET GOSSIP.

Directors of the AmaIgamated Copper
| Company meet tomorrow for dividend
action. No change in the regular quar-
terly rate of 1 1-2 per cent Is expected.
The directors Of the National City Bank
yesterday voted to take the 5000 shares
in new Federal reserve system. This re-
quires an eventual payment of 100000.
OF this, one-sixth Is payable at once.
Oficlals of Pierce Oil Corporation say
reports of damage to company's property
are greatly exaggerated. kilograms re-
ceived by company from superintendent
at Tampico state that one tank contain
| ing 5000 barrels of oil was set on fire by
! shells from Federal gunboat, but the fire
was extinguished- A few small shells
struclSthe refinery. but no serious dam
| age resulted.
Fighting having ceased rehneries will
be able to resume operation Immediately.
President Maren, Of the Sloss-Sheffield
Steel and Iron Company. who has re-
turned from Birmingham. says business
could not well be more depressed and
that until reaction In Europe has run
its course, there can be no recovery
| here.
That Is the great trouble with the
tariff" he added. 1T makes this coun-
try subservient to Europe. The minute
! business picks up here they will ship
their goods in and underbid us until
their home market improves. Just now
markets abroad are weak.
Il look for at least eight months more
depression. Steel men cannot see any
hope in the outlook now. We must wait
until we hear from the Congressional
elections next November
Some of the larger New York trust
companies have reduced their interest
rate on fixed deposits. This Is the usual
procedure when the money market be-
! comes surfeited with loanable funds The
New York Life Insurance and Trust
Company has reduced the interest rate
on those accounts formerly carrying j
per cent to 2l-2 per cent. The Bankers
Trust Company has done likewise. Sew
eral trust companies have not taken
definite action yet in this respect. but
intend to do so II the money market
does not improve.
The statement of Controller Prendergast
regarding the sale OF S5UN.OO OF 4l-+
per cent bonds today was the SUBJECT OF
much comment and discussion in bond
circles The opinion appears TO be unani-
nous that the offering will prove great
d
subscribed. It is pointed out that, with
III. complete success OF the sale, both
bond and stock market conditions should
respond and show immediate betterment.
Judge I,ovett has issued the following
statement: 1T is manlfestly proper that
the next regular dividend on Inion
Pacific should he at the rate OF per
cont per annum. There seems to per
H. ding ROC "a T9I
the dividend policy Of this company.
when the extra dividend was declared
last wear il was distinctly stated that as
stockholders would receive return OF
26l per cent per annum from Baltimore
and Ohio stock and cash distributed the
regular dividend would be reduced 10
s per cent per annum. While actual pay
ment of extra dividend has been post
poned owing to litigation the condition
remains the same that when the extra
dividend is paid it will be to stockholders
OF record March /. and will carry with
il all dividends paid on Baltimore and
Ohio stock after April !. and interest
from the date of the cash part OF the
dividend. As stockholders Will thus
eventually receive these acCretions II is
manifestlv proper that the next regular
dividend IN the common stock OF this
company should be at the rate OF per
cent per annum."
E W. Backus, president Minnesota and
Ontario Power Company. Minneapolis,
says:
In my opinion the antitrust legisla-
ton contemplated by our present Con-
gress, including that relating to inter
Il cking directorates' will not accomplish
the ends anticipated by II. / believe the
effort of such legislation will be detri-
Dta1 tn
cral good will result from it.
The wonderful growth of this country
il largely due to the present methods OF
financing and management of large bust
ness enterprises. The abuse OF these me-
thods has brought disaster in some in
stances. but the net result is success,
prosperity. and happiness among all
classes of our people TO a degree not
eGUaled in any other important nation
in the world.
Conservatism in legislation should be
he nf al