The Washington herald., 1912-05-23
WALL STREET NEWS
Primary Results in Ohio Leaves
Operators in Good Humor and
Market Strong.
By THOMAS c. sHoTwELL.


New York. May 2z.-Another Roosevelt
bargain sale left wan. street IN good
humor tonight. for some cheap stocks
we're secured on the break forced By
misguided spectators In celebration Of
the Ohio primaries The market opened
strong, London having paid no atten-
ton to Ohio. After half an hour heavy
selling carried the list down rather
sharply in some departments. The
coslers, Steel, and Union Pacific were
under pressure and some specialties went
down. It was late in the afternoon be-
fore the traders discovered that the
really important interests were not
alarmed at the Roosevelt victory and
then there began quiet advance that
was in fun swing at the close. The
reaction was no more than should have
come after the rise of Saturday and
Monday even IL there had been no news
and it Is hardly fair TO say it was
caused by anything other than technical
conditions.
News Optimistic.
News of the day was extremely opti-
mistic. Weather reports were good and
crops show marked improvement in all
sections Of the country. The reports
from steel and copper trades were bet
ter even than the good ones that have
been coming along from day to day
The steel mills are operating at fun
capacity with premiums being paid for
Immediate deliveries that run from a
dollar TO two dollars a ton. The United
States Steel Corporation. with a capacity
OF about 1900 tons of finished products
a day. has been receiving orders at the
rate OF nearly 5000 tons a day.
The copper situation is so good that
an increase Of the Anaconda dividend is
almost certain for the next time. Ana
conda is producing about 800 000. 900
pounds Of copper a year.
The attack on the hard coalers was
futile because II was based on earnings
for April As the mines were closed
dcwn all OF the month, the earnings nat
urally fell on. But now that the miners
have signed for four years more the
coalers will begin to make up the April
losses rapidly, and the June figures
should be record-breakers- Both Read
ing and Lehigh Valley show signs Of
having been accumulated on a large
scale.
Denies Liquidation Reports.
The street was fun again of reports
OF Daniel C. Reid Liquidation. but early
in the day the tickers printed a state
ment in which Mr.. Reid declared him
sell very optimistic ana called parucu-
lar attention to the great fruit crop that
the wet spring has assured. American
Can began to slip higher soon after, and
the street decided that Can, at least,
was not being sold.
Tobacco stocks were all buoyant.
Cigar Stores stock attracted most atten-
tion with a new high record at 21e with
demand for all offerings near that fig
ure. Ligget and Myers went from 100
TO 194 on a few transactions fsnd Ameri-
can Tobacco rose from so to 267 3-S.
Sears-Roebuck made a further advance
TO a new high price at 194 IL. Its prizes
TO farmers have reused general inter-
est in the company. for ii has proved
that il has a wide-awake management.
The pool in Bag and Paper decided to-
day TO begin taking stock, and the
shares came to a bottom at p Pittsburg
Coal was also strong, and for reasons
well known to the street. international
Paper sold up to new high record.