The Washington herald., 1912-03-21
WALL STREET NEWS
Trading Active and Well Sustained
Causing More Than Dozen
New High Records.
DIV THoMAs c. sHoTMELL.

New York March 20.-More than dog
en- new high records for this movement
were made to-day in the stock market
Trading was active and well sustained
throughout the session and last prices
were the best of the day. The reasons
given for the upward movement were the
settlement OF the British coal strike, the
excellent reports made by the Stee
Corporation and the New York Central
system, the advance in the price of cop
per metal to 10 cents for the first time
since 1907, and the overfiowing rivers in
the West that testified to an abundance
of moisture.
The advance of copper here and
abroad was largely a result of the Bri-
tish strike settlement. 1t was advanc-
ing rapidly when that strike was de-
clared two weeks ago. Much to the sur
prise even of the producers there was
nothing more than a check. No reaction
came. and this action of the metal in
spired them with such confidence that
they are now absolutely confident of
their position. The first result will prob
ably be an advance of the dividend of
Amalgamated.
Rise Due to Tip.
Smelters moved to-day to a new high
record for the year. This was no doubt
the result of the semi-offciaI announce
ment from Washington that the COM
pany is not a trust. The general i'm
provement of the copper situation also
contributed. Utah Copper is expected
TO get an increased dividend soon, and
before that can be done Nevada Consol-
idated must get an advance.
There IS distinct Improvement in the
textile industry of the country. Steel
business continues on greater than aver
age tonnage. The report OF the Steel
Corporation, issued to-day. shows that it
earned its dividend in 1911. and as that
was such a bad year. it would seem the
dividend must be safe. The steel trade
has seen the worst. and an advance of
prices Of products must be expected soon
Some announcement is exected on
prices following the conference which
begins tomorrow between rail producers
and the railroads.
Tobacco and OIL steady.
Tocabbo and Oil shares were steady.
Llggett d Myer stock is being accumu-
lated because of the remarkable popu-
larity of one brand of cigarette the con-
Germ is pushing. An officer of the COM
pany estimated to-day that this one
cigarette would increase the sales of the
year fully $l.JOO.OoO above the greatest
expectations of month ago. There
are also signs of developments in the
Cigar Stores Company. The American
Tobacco Company is considering a dis
tribution OF its Imperial Tobacco Com
pany stock. Such a distribution would
give shareholders a big cash bOnue
The Porto Rico Tobacco Company de-
Clared its first dividend, per cent
quarterly and Conley Foil per cent
quarterly.
The advances in Union Pacific and
Rock Island were the natural results of
improved conditions in the territories
served by those companies Reasons
were found easily for every advance that
was recorded. The fact is the pessimism
Of the public has held the market in
check longer than would have been pos
sible under normal circumstances, and
a large part OF the advance in prices is
merely a belated acknowledgment known
to exist weeks ago. OF course, such
rapid movements as have been seen the
last week cannot continue without re-
actions, but for the present nothing
more serious than reactions need be ex-
peCted.