The Washington herald., 1912-08-14
SOAR
TO HIGH RECORDS
United States Motor Preferred Sells
Up to 21. but Later
Reacts to ID.
COPPER STOCKS ARE FIRM
COPPER STOCKS ARE FIRM
BY BARRON SERVICE.

| New York. Aug. 1S-Further new high
| records were made in specialties in to-
DAYS trading in spite of the fact that
serious attempts were made IN some
quarters to break the market. United
States Motor preferred. which recentiy
| broke to IS a share, sold up TO Il To-Day
on reports that it would be merged with
! the Studebaker Company, but denial
| from latter sources brought apout
action to le Further advances IN steel
mates were announced. but the eject
on United States Steel shares was hardly
notfceable Copper stocks were nrm on
the strong metal condition. Crop reports
| from the West continued very optiihisoc'
Canadian Pacific scored a furtner ao-
vance accompanied by a statement tnat
800. 900 new stock would snoroy oe
authorized. .u..
rejected the strength In copper metal,
which has been firmly established on
17Z cent level. 1t has been matter
of much comment that the copper stocks
had not moved up in sympathy with the
leading railroad and industrial stocks.
and IL is understood, to bring about this
condition, prominent banking interests
prominently identified with this class OF
securities have been laying plans for
putting copper shares on plane more
commensurate with actual worth. The
low cost producers, such as Utah, Chino.
Miami, and Ray Consolidated have. dur
ing the past few months, been earning
far in excess of dividend requirements:
even those companies which operate at a
higher cost, including the Amalgamated
Properties, have likewise been reaping
substantial profits on 17& cent metal.
While dividends on copper shares have
in some instances been increased of late
the occasions have been comparatively
few, leaving open for action further ad-
vances in returns to stockholders.
BuIIixh on American stocks.
Judging from private mail advices just
received by Wall Street bankers. Euro
pean investors have again become ex-
tremely bulIish on the United States and
American stocks. Trading in American
shares on the London Stock Exchange
for new account began Monday noon ana
purcha ses made now will not have to be
paid for until August g. On the Amster-
dam Stock Exchange, according TO these
advices, there has been fair buying OF
American securities likewise. Notwith-
standing the existing good feeling on the
part of European spectators and Invest
ors it would seem that the New YORK
Stock Exchange will not share in mucn
of the business likely to result. owing TO
restrictions now being enforced on arbi-
trage trading.
The old adage the tape tells the
truth" has been hauled forth from its
resting place and polished up to do ser
vice in connection with Louisville and
Nashville affairs. The revival of ru-
NOR of a stock increase to slOeVooVo
with possible rights" or melon cut
ting" has followed an advance in the
stock to new high price levels. Louisville
and Nashville. paying per cent divi-
dends, returns at current quotations a
trife more than 4 per cent on the In
vestment. Should the plan considered
some months ago by the directors of
increasing the capital from s6O.O00,oo0 to
$780, OO0, 900 and issuing seo.ooO,0Oo bonds
materiaIize, the rights would be worth
about q. should the new stock be offer
ed for subscription at par. Further tape
evidence has appeared in substantial
advance in Atlantic Coast Line railroad
collateral trust per cent bonds. 1t Is
this company which has for some time
held stock control of the Louisville and
Nashville property.