The Washington herald., 1912-04-27
WALL STREET NEWS
Market Activity Marked by New
Record Prices in Railroad and
Industrial Stocks.
b THOMAS c. sHoTWELI.


New York. April 2s.-stocks became
more active to-day and more new high
records were recorded IN Wall Street.
The Mexican situation was either ignored
or looked upon as an argument for bet
ter prices. Reading was the leader
throughout the day and almost frighten-
ed its followers by the rapidity OF It's
advance. It was the upward movement
Of more than six points IN Reading that
induced traders 10 take profits late In
the day and thus bring about a slight
reaction at the close But even with this
reaction the market had a frm under
tone. and final prices. although under
the best OF the day, showed net gains
In most issues.
Reading sold higher than for several
years, touching 175 Is Jersey Central.
which Reading controls by ownership OF
q majority Of the stock. rose four points
to sS2. which is within three points OF
the highest price ever touched by that
stock. The usual talk OF Increased divi-
dends on Reading or of some segrega-
don OF assets was heard. but a banker
who Is perhaps the leading stockhoider
OF the company denied that anything at
all would be done until the Supreme
Court at Washington hands down the
decision in the coal cases. II Is be-
heved by expert accountants that Read
ing is worth 800 share. at least in the
event Of segregation, which would dis
close many concealed assets. Jersey
Central also has some concealed assets
which would fall into the hands OF
Reading stockholders
Next to Reading. Union Pacific sur
prised the street the most by an advance
TO 175 IN the face of reports of earnings
for the month OF March, showing a de-
crease by Union Pacific Of s47S,Ss4. and
SoutherR Pacific 81. 81. Perhaps the irea-
son the stock did not decline Is the
knowledge that since April earnings on
al Western roads have increased ma
teriaIiy.
Canadian Pacific Rises.
Canadian Pacific moved up TO 2Ss, the
highest price in the history Of the com
pany. This movement is explained party
by the announcement in this column sew
eral days ago that the company would
expend S1O0. 900 double tracking and re-
dueing grades in the Rocky Mountains
between Calgary and Vancouver. An
nouncement was also made to-day that
the company has set aside $4,000 to be
loaned to young married farmers who
will take homesteads on Canadian Pa
ctfic lands, paying for the land out of
the crops and being financed by the rail-
lean Congress trying TO shut American
ships out Of the Panama Canal in favor
Of ships owned by Canadian railroads
Among industrfals. American Can. Rub
Der, and Beet Sugar were conspicuous be-
cause all made new high records. Rea-
sons for the advance in these stocks are
well known, but the insiders claim that
these reasons have not been discounted
by any means by present prices Msxf-
PefrO1aTrrT7 baI n
at 2 Wall Street has made so much
money in this stock recently that profit
taking is beginning to make its appear
ance and the bankers are not so ag-
gressive in buying It. However. this is
the greatest oil company in the world
next the Standard OIL, according to its
statements OF assets.
The coppers were quiet but strong
Amalgamated showed the most gain. II
not only made its dividend Of per cent,
put added fraction TO and thereby estab-
hshed new high record for the year
anaconda was only fractionalIy higher,
because the forthcoming annual report
VIII show that II operated for the year
lsll at slight deficit. But Copper was
at low price during most Of the year.
ana Anaconda Is making handsome
profits for its surplus account now.
Utah Copper shows Surplus.
Utah Copper in its report for fast
year, showed a surplus over dividends of
d,SS4.s0s. As forecasted in this column
week ago, the company shows an i'm
mense addition made to its ore brought
into sight. the amount being estimated
at about 10oOOo.00O tons.
Shorts IN Steel were punished when
the stock rose TO q 3-4. The shorts have
been warned by officers of the company
that they were engaged in dangerous
business IN selling Steel short, for the
time has passed to be pessimistic or
the steel business. The worst pos.
sible report Of earnings for the first
quarter has been discounted in the mar