The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1912-07-02
MARKET LIVENED
BY TOBACCO DEALS
New High Records Made by Sew
eral of the Stocks on
Change.
OTHERWISE DAY WAS DULL
D. nARRoN sERv1cE.


New York, July 1.-The steady upward
climbing OF American. Tobacco again TO-
day was the main feature Of a dull
spurtS OF activity and broadening ten
denotes to distract the trades from polit-
zeal discussions. but as q whole activity
was confined to a very few issues. Brook
lYa Rapid Transit stock advanced because
Of the ratification Of the new subway's
plans by the courts. New high records
were made by LigEett & Myers, American
Suuh, and other tobacco stocks. Ameri-
can Tobacco at the top price OF the day
showed q gain OF over eighty points
within five months. United States Real
" and Improvement stock attracted at
tention b. its sudden rise after long
period OF small activity. The advance
was due to reports Of excellent earnings,
and the general good condition Of the
building trade. American Can sagged
3 little under the influence of Daniel
Reds departure for Europe. There was
early strength in Steel due to the Rssrmp-
ton that recent buying has been for
large Interests said to Nave taken all
that has been offered on every reaction
recently. Texas Company made another
record for the year. and Is within ten
points Of its best mark made in 1911. The
Pennsylvania Railroads total earning Of
all lines for May showing an increase OF
100000 IN gross and 1000 in net was
considered favorable, but had little mar
ket effect, while the New York Central
report showing S.O00,0OO decrease in gross
and $4,000 decrease in net for the month
was considered fair, but did not show In
stock transactions
The National City Company, subsidiary
Of the National City Bank of New York,
declared an initial dividend Of 5 per cent
on its stock, but it did not state for what
term, making it payable July l to stock
Of record, June @. The stock of the
company is all held by National City
Bank stockholders, the title to the shares
being stamped on each share Of the Ma
tional City Bank stock in the proportion
Of one-quarter of a share of the COM
pany to each share of the bank. The
formation Of this company precipitated
the Money Trust inquiry, as it was
claimed that the formation Of the sub
sidiaTy had taken place TO enable the
bank 10 gain control of stock of other
banks What the activities of the COM
pany have been is not known, save that
Morgan W. ShUster, the ex-minister Of
finance in Persia, has been sent to South
America by it. The declaration of the
initial dividend by the National City
Company comes within a few weeks after
the temporary POSSIBLY permanently ad-
vestigating the Money Trust" and it
might have been held up because of that
committees activities The company was
formed over a year ago.
The corporations Of this country issued
S2ll, lSS0G0 new securities in June, an in
crease Of S27,1SS,OOO in new financing, as
compared with June, 1911 For the six
months TO June 30 new financing this year
has totaled Sl,3i6, 4O4, 900, as compared with
$S93, 356.0O0 for the six months a year ago
LaZard Freres shipped another 100000
in gold to Paris to-day, making IS. 900 900
on the present movement. and $4,000 900
sent by that firm since January / A ship
ment at this time will be too late for the
Berlin half yearly settlement, whence
the previous 100000 was reported to
have gone, and deepens the mystery of the
ultimate destination of the gold Pre-
vious shipments of S12.O0O,OOO were re-
ported to have eventually gone to Italy
for war use, and these later shipments
may have gone to the same destination.
With the further decrease Of loo tons
in visible stocks of copper abroad, the
statistical position Of the metal is still
further strengthened. There are now only
1850 tons Of copper on hand or in sight
In Europe. as against 1890 tons two
weeks ago.
The Eureka Pipe Line. a Standard OIL
eX-subsidiary, has declared the same
4iN4lGAluS s4U per SNARE as three months
ago. This practically assures stockhoId-
ers that the subsidiaries will pay quar-
terry dividends, as this is the twelfth
company Of the group to declare a sec
ond dividend so far. Some Of the largest
earners Of the group formerly conpris-
ing the 'oil trust have not made any
payments yet.
The Pere Marquette receivers default
ed payment on both the principal and
interest Of 100000 per cent deben-
lures due to-day. This issue was given
TO preferred and common stockholders
in 1901 and 1908 for subscription by those
participating in the reorganization then
subscription was given at par TO the
extent OF 50 per cent OF holdings.
Gross earnings of thirty-fve railroads
for the third week Of June were 136a7.-
1S2, an increase Of S912,O56, or 1T per
cent as compared with earnings for the
same week IN 19u.
June stock exchange transactions to-
tailed 7,l54,737 shares OF stock. a decrease
OF AzlSo54 shares, as compared with
June, 1911, while sales ot~bonds decreased
to t55sz2.Foo Cor June, 1872, from Ss1, 81
GO sales IN June, 1911. The falling on
was due almost solely to political events.