The Washington herald., 1912-03-26
WALL STREET NEWS
Eew High Records Made in Mar
ket Full of Bustle and Heavy
Buying.
BY THOMAS C. sHoTwELL.

New York, March 2.-wall street got
its new high records to-day just as called
for by the technical condition Of the
market and the general condition Of
business. American Can, Smelters, and
Amalgamated were the leaders. Lehigh
Valley Coal rose live points, and there
was great activity in most or the indus
trials. The standard railroads were
quiet, although strong.
Copper metal went to l57s cents a pound.
The report was current that American
Smelling would increase its dividend to
per cent and Amalgamated to 4 per
cent. Can preferred dividend was in
creased to per cent, and-.the accumu-
lated dividend OF % per cent is to be
paid on, thus letting the common have
a chance at a dividend.
Missouri Pacific attracted much stten-
ton with a move of more than three
points to the highest price recently
touched by that issue. The movement is
in anticipation Of the prosperity that
good management seems to be insuring
for the property. The Missouri Pacific
territory is virgin field for railroad
enterprise. Once the road gets a start
IL viii move rapidly.
wen
Not only was the volume Of trading
large, but it was well distributed among
the various stocks and brokers. RealiZ-
ing sales were heavy, but were absorbed
with a speed that was reminiscent OF
real bull markets such as the street has
not seen for many months. The profess
sionals sold out in the morning and re-
purchased when they saw how stocks
in great quantities. and as a result there
were many thousand shares stopped
at the opening. Perhaps the actual trad
ing was a hundred thousand shares
more than the tape reported Many
customers also came in person TO the
street. Some brokerage houses went so
far as to telegraph clients, urging them
10 buy by return wire lest the bargains
be all gone. 1t was proved beyond a
doubt that the speculative spirit is still
alive.
On the curb market there was an Incl
dent of more than ordinary importance
when MarcOni stock rose sharply follow
ing announcement by the United States
Court that the Marconi and the United
States Wireless had merged. II this
merger puts an end to the swindles that
have been carried on the last ten years
in the name of wireless telegraphy, il
will be well for the public. MarcOni and
other leading lights pleaded innocence.
but the swindlers have always been of
such character that they could have
stopped them had they been so minded.
The stocks may be of great value. but
there is always the danger of betrayal
by the same men who proved unworthy
in the past
Increased Dividend on Can.
Tuesday is always reaction day in a
bull market, and for that reason some
setback is expected tomorrow. The an
nouncement of the increased dividend on
Can preferred was not until after the
close Of the market. so that the making
good of the rumors regarding that is
sue may cut short the general reaction
for tomorrow. 1t is thoroughly under
stood that both Amalgamated and Smell
ters must increase their dividends also.
The market is approaching the time
when it will have to be tested on the
basis of fundamentals. Persons familiar
with fundamentals in the textile, steel,
and copper trades say the test will be
satisfactory. The other favorable fea-
ture is the constantly increa sing num-
Der Of new buyers in the market. The
very rich and the very small stockhold-
ers have been carrying the bulk of Sc
curities. That great body of traders and
investors able to take from a hundred
to a thousand shares has been absent.
These are the people that are now
returning, TO the great joy of those who
had faith and were prepared to receive
them.