The Washington herald., 1912-08-23
COPPER STOCKS
AND METAL GO UP
Railroad Issues Heavy on the Prob
ability Of the Passage Of
Panama Bill.
SITUATION IN WALL STREET
ny RARRoN SERVICE.

New York, Aug. 2-The market was
heavy to-day, excepting for one or two
short spurts of bullish activity in few
issues Railroad issues were the heavi-
est. the excuse being given that the
Panama bill would probably be made .
law OF the larger issues the strongest
was American Beet Sugar, which went
up over a point on pool operations. aided
by The good crop prospects and the fan
ure of the legislation on sugar tariff
schedules, although American Beet
Sugar common did not show any activ-
ity. Amalgama.ed Copper made new
high record for the year. although SELL
ing was very heavy for this issue. The
further advance in copper metal prices
: in Europe aided this stock and other
copper securities. American Tobacco was
very weak on selling by outside interests
Canadian Pacific was erratic. losing
three points during the first half hour.
and then soon recovering most Of it.,
Louisville and Nashville suffered from
profit taking. Pittsburg Coal was one OF
the strongest of the specialties- Lehigh
Valley, Reading. Union Pacific. Steel
common, and other important issues
were weak during most of the day. In
the afternoon prices succumbed 20 Dear
pressure in several instances where they
Amalgamated. which lost point from
the high of the day.
There is a contest on in the reorganiza-
tion committee of the Wabash Railroad
as to whether an assessment Of $40
share. as originally proposed, or so a
share, as advocated by some members,
shall be levied on the preferred and
common stock of the road in reorganizing
It. The Stubbs report made for the COM
mittee calls for the expenditure of S3S,-
ooo.0oo on the property up to 1871, and
some OF the money has been used for ex-
penses under this proposal. The tenta-
tive plan for a $40 assessment on the
stock will probably go through, although
it may be several months before an
agreement is reached. Although the
Wabash sank SO 100000 in the Wabash
Pitsburg terminal property, which has
been in receivers hands for four years.
that property will be reorganiZed
eventually separately.
The Lehigh Valley would probably not
have earned the liza per cent on Its
common stock for the 1872 fiscal year II 1t
had not been for the fact that for the
first time It received returns from the
money used to develop the Lehigh Valley
Coal Sales Company. Although the
years earnings We're sso0.Oo0 in excess Of
dividends, the profit and loss surplus only
amounted to 3,444,7 7O3 at the end of the
year. as compared with So. s3o.6f7 at the
beginning, due to the 10 per cent special
dividend given in February. This was
used to pay for the stock OF the Coal
Sales Company, which stock was given
TO the railroads stockholders as bonus.
The coal company paid Sz,5S,SsO to the
road in settlement OF interest arrears,
which enabled the road to earn its divi-
dends and n little over.
1t has been predicted that the Bal
tirnore and Ohio would show $1oo.0oo0Oo
gross for the fiscal year to June 80.
1913. and the July return of sSo52,sso
would indicate that this Is probable.
July gross showed an increase of s731.l2S
over the same month in 1911. while the
net of g. 392. al net showed an increase
Of s1is.7l2.
Officials of the Pullman Company do