The Washington herald., 1912-05-24
WALL STREET NEWS
Market as Whole Is Quiet, Although
Few specislties Show Some
Activity.
By THOMAS c. sHoTwELL.


New York, May 2-AIthough some
specialtes were active and made sharp
advances to-day. the market as whole
was quiet Steel and Union Pacific re-
manned quiet, although both showed
small gain at the close Of the day.
American Tobacco advanced more than
six points. Industrial Alcohol and In
ternational Paper moved to new high
records. American Can ran up to Il
and held one point of the advance. Sea-
board Air Line issues were strong for
reasons that viii be given In this coll
umn Saturday.
Along with the advance OF American
Tobacco United Cigar Stores stock ran
up sharply. It sold at 225 which is the
highest price Of the year. 1t is un-
derstcod that deal has been made by
which the British American Tobacco
Company and the Imperial viii hold
Cigar Store stock. The headquarters of
the Tobacco Trust has been transferred
by order Of the United States Supreme
Court from the United States TO Eng
land and the cigar stores continue, 50
Wall Street believes. as the retailing end
Of the concern.
Cause of Advances.
The advance Of Industrial Alcohol Is
due to the earnings, which are said to
be now at the rate of 5 per cent on the
common stock. The DistiIlers Company
owns one-half OF the S12,OoO,00O Of COM
mon stock, but the parent company
made little response to-day TO this move
ment The advance in International Pa
per Is the natural result of the improved
trade conditions due to the expiration
of some improbable longtime contracts
calls for the use Of great quantities of
paper.
Formal announcement is made OF new
financing to be done by the American
Ice Company. Tlis announcement was
made in this column about a week ago,
but the details have yet to be made pub
lie Sale Of the bonds was arranged at
the time the original announcement was
made. The return Of Charles W. Morse
mas no connection whatever with the
recent activity of American Ice stock,
as he is out OF the company. and will
stay out The company is very pros
porous and unless the politicians raid II
again this summer the stock will be
considered a very good speculation.
Rubber Heavy Again.
Rubber was heavy again. The street
does not Ike the new financial plan.
Some of the stockholders are objecting
TO il also. Considering all the charges
that will be created by the new stock
per cent interest for the 100000 TO be
raised.
II this money were raised outside of
the company this would be an absurd
price to pay on money that can be had
for the asking at 4l-2 per cent. But this
interest is to be paid TO the stockholders
themselves, and since T. is all in the
family it is difficult to see why anybody
should care.
Reports from 9 per cent of all the
railroad mileage in the United States for
the month Of March show a material in
crease of business as compared with a
year ago. The operating revenue is Sl2,-
6Si,90 above the same month last year.
The operating expenses, however, are
greater by s12. .152, ,394. leaving a net gain
Of only s5Os,5O7. The great volume of
this business explains in a measure. the
heavy tonnage Of steel, for with these
figures at hand nobody can question the
activity Of business. Crop reports con-
tinue favorable.