The Washington herald., 1912-05-16
WALL STREET NEWS
Lehigh Valley and Canadian Pa
ciao Follow Upward Trend of
American Car.
By THOMAS c. sHoTwELL.


New York, May 15.-wan Street had q
me too market to-day. A dozen cute
little stocks stuck up their heads and
called on the traders 20 watch them DO
what American Can. had done. The
strange feature of tile session was that
they really made brave showing. and
II their hackers have nerve enough the
ticker tape win look like a barnyard IN
a few days Many OF these little stocks
have merit but they are In the class that
Wall Street denominates cats and dogs
Can having been graduated from that
class. all the others are inspired with q
desire 20 become standard securities.
Such stocks usually become active At the
end OF an upward movement In the gen
eraI market, but underlying conditions
are so strong that it looks as II this
year would furnish an exception
LehIgh's New Record.
OF the standard stocks TO make good
showings, Lehigh Valley and Canadian
Pacific were chief The former went TO
IFS - a high record. When one adds
twenty-six points to represent the coal
sales stocks recently given as an extra
dividend. It puts Lehigh away across 200.
Judging from the character Of the buy
ing the insiders think Il is cheap at that
price for they are undoubtedly accumulat-
ing IT.
Accompanying Canadian Pacihc's new
high record Of 26s was a report that the
company would start a line Of fruit
steamers from Quebec or Portland to
Porto Rico. Two banking houses were
named as having taken between them
Ss. 900 OF bonds for the subsidiary com
pany that is to operate the new line.
The strength Of the general market was
due largely to the knowledge on the part
Of the bankers that the anthracite miners
would come TO an agreement this week
on a four-year contract. The coal roads
viii make reports of light earnings for
April and May, but June and July will
be record breakers. With four years Of
peace ahead. the stockholders of these
companies are feeling pretty good. In
fact some Of them are so enthusiastic
that ii is hinted they are trying to buy
control of Union Pacific. control being
afoat in the open market
stockholders of coal roads are beginning
to concentrate their buying on Lehigh.
Reading and Lackawanna- The Delaware
and Hudson will be out OF coal in twenty
years, and Erie will be near the bottom
by that time. That viii leave the other
three as masters Of the situation. The
stock market will not wait twenty years
to make an appraisal Of such condi- |
tion. NJ
The coalers are not the only ones be-
ing accomplished. for Steel Trust stock |
and Copper being picked up at what the
insiders consider bargain prices. The |
volume Of steel tonnage is at high record. |
and another advance OF the price is COM
ing in a couple OF weeks. The dividend |
for this year is safe with some surplus.
AmaIEamRted IE FayOrite.
OF the coppers, Amalgamated is the
favorite. There is a strong party that
wants to liquidste the Amalgamsted |
Company. to get rid OF the name that is
a souvenir Of ruin and bad judgment. !
II is merely a holding company anyhow.
its function being to hold Anaconda
stock. Anaconda owning all the proper
ties One proposition is to offer Anal