The Washington herald., 1912-06-27
BULLS HAVE HALF
Of ONE INNING
Then They Rested, Waiting for
Political Developments at
Baltimore.
UNITED CIGAR STORES JUMP
Nv BARRON SERVICE.

New York, June 26-Several stocks made
new high records or touched the highest
point Of the year in a market that was
very strong and active until around noon,
when II became dull. The shorts were
driven to cover on several stocks by the
rise, and after accomplishing this, the
bull leaders were content to rest for the
rest Of the day and await political de-
velopments at Baltimore. American To-
bacco Company advanced to the highest
point OF the year on the assumption that
the extra dividend would be declared in
the afternoon when the directors meet
but It was given out early in the morning
that there would not be any such action
taken to-day. Traders and the public
have awaited this disbursement for
months. and they have been assured that
It will come to them before the end Of
the year. Anaconda opened lower, reflect
ing the disappointment Of shareholders
who expected an increase in the dividend
rate yesterday afternoon.
Norfolk Western made a new high
record based upon its increased earnings
Texas Company touched the highest point
Of the year with a gain Of four points
for the day upon the expectation that the
directors will call a special meeting soon
TO increase the dividend rate as earn
ings have been increased nearly 30 per
cent since the recent advance in oil
prices. There was good buying and bull
ish sentiment toward Steel common.
Union Pacific, Reading. and other stand
ard issues were strong. SlOss Sheffield
and United States Industrial Alcohol
were strong specialties, the former touch
ing the high Of the year, and the latter
the highest point on record.
On the outside market United Cigar
Stores advanced six points to new high
for the year upon its prospects OF
melon cutting. This has been expected
for several weeks and is rumored to call
for 200 per cent in stock.
The shipment Of 100000 more gold by
Lazard Freres to Paris to go on the La
Provence Thursday makes 100000 this
week, and Sl6,OOO,OOO sent TO Paris by that
nrm so far in 1872
President Percival H. Hill resigned as
president Of the American Cigar Com
pany to become chairman of the board
Of directors. This is in order that he
may devote all of his time to the af-
fairs Of the American Tobacco Company,
Of which he is also president. A. L. Syl-
vester. formerly q Cigar Company vice
president, was elected president
The sustentation Of the court permit
ting the Pere Marquette receivers to is
sue S35OOOOO certificates will be followed
by their sale within a few weeks. The
courts order will be made final in the
meantime
The Berlin bank rate Will be reduced
within few weeks. according to bank
ers having foreign connections, and will
be followed by the return TO this country
o. funds borrowed here recently by Ber-
lin bankers. In making the semi-annual
settlements in Germany the last days Of
June, little trouble is looked for, as ample
funds are on hand. and it is thought that
the shipment Of 100000 gold early in
the week and the later shipment are
intended for the German settlement. The
gold will not arrive in time, but may
lave been advanced pending arrival
The steel manufacturers have again ad-
vsnced the prices of the leading I'm
ished steel products, plates, bars, and
structurals. 81 per ton to go into effect
July l. This will bring steel prices
back 20 nearly the level of a year ago.
The steel companies will now have
reached a price that will enable them 10
make a fair profit on their products,
while during the last year, following
the drastic cuts last summer, there has
been little profit. II any, for even the
largest companies. Steel production is
now at the highest level in the history
CT the industry, and with new orders
heavier than IS usual for this time Of
year, steel makers look for a continua-
tion Of prosperity well into 1913 The
earnings Of the United Staes Steel Cor
pOration will be increased to about S12S-
oOOO0O q year, with the new prices If
business continues for a twelfthmonth
as heavy as it has been