The Washington herald., 1912-08-13
STRENGTH SHOWN
ON WALL STREET
Specialties in Demand and Make
New High Records on Excel
lent Buying.
RYAN A BULL ON COPPER
by BARRON SERVICE.

by BARRON SERVICE.
New York, Aug. PA genuine old.
fashioned Monday opening developed i'm.
mediately after the 10 o'clock gong
struck on the stock exchange to-day fol-
lowing a higher list for American shares
cabled from London. Specialists were
taken In hand and, one after another.
advanced to new high record levels. Ex-
cellent buying appeared in Union Pacific
and ST. Paul, Standard Oil interests be-
ing credited with picking up the latter
stock. Last weeks rumors of possible
increases in capital stock seemed to lend
circumstantial corroboration to the re-
port that both Louisville & Nashville
and General Chemical would soon cut
MELONS for the benefit of stockholders.
Equipment stocks figured Among the
strong shares with Pullman the most
noticeable feature. Central Leather re-
sponded to good buying on the knowledge
that the leather trade had materially
improved and that higher prices for the
company's products were inevitable. In
the outside market Standard Oil of
Kansas crossed $500 a share for the first
time which represents a rise of 800 a
share since Friday Atlantic Refining
Company also made a new high record
at $50 which showed a gain In three
DAYS OF $40. Prospective increase in
cap>Sal stock by both of these companies
were Tn main factors of the strength.
London boc-St about 1000 shares in
this market, the orders being well dis
tributed throughout the standard list.
There was heavy liquidation in cotton.
particularly during the first half hour Of
trading. when the October option dropped
s1.2o bale.
HuIIish on Copper.
John D. Ryan, president of the Anal
gsmated Copper Company. appeared at
mis- Offices to-day for the first time in ten
weeks. having just returned from a ten
weeks tour of Europe. Before he left
for the other side, Mr.. Ryan had been
one of the most bullish exponents or
copper metal. and his journey abroad
gave him an opportunity TO study Euro
pesn conditions at first hand. As re-
suit, his bullish enthusiasm on the metal
has increased materially. Bumper crops
all over Europe he said. are practically
assured. Regarding copper. Mr.. Ryan
said: I'm Europe the copper business is
at top notch. and there are no immediate
signs that the increase in consumption
will not continue. Uses of copper metal
in European countries through which
travelled, including France, Italy, Austria,
German, and England are increasing. and
Ine demand IOT the metal Is RTONlnk pro-
portionately. Business in France. Eng
land. and other European countries is
exceedingly good. but Germany is out
stripping the world in manufactures of
all sorts
''Germany's big copper requirements
are not only for home consumption. but
for export goods also. Her manufactures
are going all over the world. Large de-
mand for German products are coming
farta
increase in production will be necessary
before the supply will equal the de-
mand"
Shortage of Labor.
What has been generally known for
some time past-big American crops
has been greatly emphasized by Presi-
dent Howard Elliot, of the Northern
Pacific, which operates through big crop
territory. Along the company's lines the
harvesting of hay. rye. and harley has
been completed, he said. while the
farmers have started to gather in oats
and wheat. Shortage of labor has been
one OF the difficulties against which the
Northern Pacific country has had to con-
tend, notwithsta nding which fact Mr..
Elliot believes the greater part Of the
grain will be harvested. The railroad
company has also had some difficulties
in keeping up its track work, owing to
insufficient labor. The fiscal year just
started. Mr.. Elliot said. will undoubt-
edly show better gross and net earnings
than in the twelve months ended June
30 1872.
Some new records were established by
the Norfolk and Western in its fiscal
year just ended. In brief, the period
was notable for the largest gross and net
and per share carr ngs in the company'g
history. Furthermore, the establishment
of a per cent dividend rate and a new
high price for the common stock was re-
corded. The big earnings were all the
O00,c0 more stock was outstanding than
in the earlier period. Norfolk earned 10.3
on sS3. 900 common. whereas in the 1911
period, with INT s74. coo common stock
there was earned but 80
per cent. Gross amounted to S39. T35, ,237.
q gain of lis per cent over the S35.551, SO
earned In the preceding year. while net
increased SO per cent to sl5,120, ,9S7. Sur
plus after charges applicable to all divi-
dends. gained 22.6 per cent. The road has
a record which but few can duplicate in
the fact that for every dollar distributed
10 stockholders more than a dollar has
gone into property.
Many spectators have been deferred
of late from operating on the bull side of
the market by fear of a decision by the
arbitration board, which Is considering
the demands of the Eastern engineers
The prevailing impression among the rank
and file is that the decision will favor the
men. But how II t should be other
wise? Or even II. instead of the II per
cent demand, the men should get say
per cent. would the increase be a bear
fsctor7 Anyway the decision is not like
~ TO be rendered for some weeks
Taking into consideration all products
the present year will break all previous
records in the matter Of production from
the soil. In weight and bulk the harvest,
II has been estimated, will yield fully
irg for decreased market values in cot
ton ard grain the estimates indicate an
ticFease OF total crop production of sS17.-
o10o0 Of which amount S3so. 10000, or
more than half. will come from ten crops