Show Financial and L- L Commercial BY THOMAS C. C SHOTWELL New York TIO May 20 26 I. h When n Stel common made mado Its dally daily high record commo Wall Is street began to Ret today at nt GU Wal the tile stocks Reading was hammered l by reaction reaction reaction and a a. respectable professionals n tion wa was to forced reed on It I after vcr very hard lard to decline do de work Tho Tire general list refused cline and a L few tew specialties moved mo cd up lip up- ward vard Perhaps the tho most Important reason for tor strength of or the tho market was wa th tIle the to disclosure that an end has como come railroad building In the tile competitive Northwest Official announcement wa was made by tho the Union Pacific that an agreement has been reach reached d whereby Union Pacific and Orf Great t Northern will wil use tracks of the tho Northern Pacific through tho the Portland gateway ate va Track Track- ago embraced In tho the agreement Is that het between weon South Tacoma and Vancouver Wash Tho The Columbia river bridge Is 18 Tints This also made a Joint highway miles of or Northern Pacific rl right ht of or way ay mies will be bo tracked double immediately wil of or Penn Penn- and built up to the standard sylvania buit Tho Tile Union Pacific will wil suspend sus SUS' all building operations In that p pond pend nd 01 territory and it la IS understood that litigation lit litigation lit lit- ft- ft Hill and between the Hil lines linen will wil bo be withdrawn from the tho courts court of or this important features Two ver very agreement appeal to Wall Val street street Tire The Theone one ono that overwhelms all al bear arguments arguments ments for ca' ca tho the present Is this absolute fol proof that competitive e railroad building build build- bull bull- The log ing Is Js ended In ti tins this Is country countr election of oC J. J P. P Morgan Jr to succeed electon H H. II Rogers In the tho directorate or ot the tho Steel I. I trust In Indicated a 0 closer relationship relation and Rockefeller sill ship between Mor Morgan an Interests In the In industrial world This hl agreement regarding the tho Portland gateway is oC official proof pro of or community of or Interest in tho railroad world Xo No o More New en Ilond It is evidently tho the intention of the tire leading I e financiers to quit building new qui leading roads hu but t to develop In a a friendly manner those already alread constructed Tins This means th that t there will bo be no wasteful Il outlay f c-f r now tere capital and that al almoney all al money motley raised c on railroad financing In Inthe tho the l immediate future will wil be put Into Improvement of or exl existing lines Improvement The Tho other important feature of or th the tho agreement is that Northern Pacific ha has enough cash on hand han to construct this IGO miles of or new road and will wi no not have hn e mies to issue an any securities This Tills i Is almost equivalent to the cutting of ot a amelon amelon amelon almot melon for Its stockholders The rIle Improvement Improvement Im Im- irn- irn is provement will be capitalized later and andI It brings out wil o of hiding several mil mil- mi- mi I of conceaLed assets It I explains the tire recent strength Hill Hil stocks which has attracted attention O It I also accounts for tor much of ot tho strength of ot Union Pacific although the anI only thing thing that needs accounting for tor in Union Pacific Is 18 tIle the fact tact that it docs does not soil sell up to a price that a ten per cent stork stok stoke k kin in a two per cent mone money market ought to reach e E It H. H Harriman was at his Iris office today for or a short time and Is not ex expected there thoro again until his return from Europe Announcement of or tins till agreement with wih the roads in Sn re regard r r.- r. gard garel to tIre the Portland gateway Is significant coming comins on the eve of or Ia liar Ilai- 1 departure for Europe It I N I- the first announcement In a series serle that will startle Wall Vall street and the tho ho who who- wi 01 financial world before tho the year ear It Is I err ended cUlled tied A X I ev W Smelter Copper metal was WS advanced another eighth of or a cent ent a pound and l large large- r sales Rales wore were reported Tho Tine copper trade trado Is working Itself Into a state of great enthusiasm Part of or this Is due lue to the competition promised between between between be be- be- be tween tire the International Smelting company company com coin pany parry and the American Smelting The smelting concern Is promoting several porphyry coppers and report today was as that a lar large e smelter would beor beor be bo or elected by It In the Arizona district to I tho tile ores o of f the tire na Ray an and Miami camps camps- campsAs As both smelting combinations com corn are represented In these camps ver very favorable o terms aro are ex expected ex- ex by tho the mining companies In Interests In- In Identified with wih the International International Smelting company arc ano In n markot Jn In n j New York jork tot for ro California oh oil l l R. R but tho the street Is unable unable- to see any conciliation between smelting and oil 01 unless there Is a proposition to u use oil 01 as ns fuel Speculative e Interests ts have havo h been n making lino profits tho tire last week eek buying buyIng buy buy- u In Ing wheat and selling stocks In equal volume Tola Today tho tine most daring of ot these plungers was reported 1 closing cosing out his iris contracts In both hoth markets Liquidation of 01 wheat cau caught ht some stop slop loss orders hut but tire the drive In un stocks did not uncover man many because tho tine shorts took advantage e of or tire the sellIng sellIng MelIng sell sell- Mel Mel- Ing movement to cover their commit commit- nl ments eats In Iii II tl the flue Street Number of shares shares told toh toda today 52 H against a year ear ago Par value of or bonds sold today 36 a year r ago Range of or James A. A Po lock Co bankers cr and nd brokers 6 G West Vest Second South street street turn furnish Ish tho the received over their thel private wire I ii H. H I L. L I Sales Atchison Ant Am C. C 56 55 55 Ann Am Loco 58 57 57 2000 Aria Ana Copper 51 50 50 Am Smelt 93 92 92 B. B R H. Trans 78 2500 B. B and O 1141 1133 1131 11 1 2000 Cop SIl Can Pacific 1793 1791 1793 1791 N. N Y Cent 1301 12 1293 2000 C C. F. F and I. I 40 C and Ohio 77 D. D and R. R G. G 50 Erie 33 7 Con Gas 1121 1421 2600 I Gt at Nor pfd 1471 1461 5 III Ill Cent 1461 M. M K and T. T Preferred 00 I. I L. L and N 1381 1381 Nat Lend Lead 86 Mo Pac 73 2100 N. N and Western 91 91 91 21 Ol 21 1 1 1300 Nor Poe Pac 1473 1462 1464 47 N. N Y V. O. O and W. W 49 40 Pennsylvania 1343 1311 1341 5 Peoples People's Gas 1141 1131 13 Rock Island I Preferred 2300 Rep I. I and S. S 29 28 28 1900 Reading 56 1531 1541 Sugar 12 Jo 1331 2100 So Pacific ona 1221 1 9 So Railway 31 31 St. St Patti 1503 1491 Tenn Copper 41 Union Pac lac 88 31 U. U S. S Steel GOJ Preferred 1192 1191 2100 LT Copper soar 50 1000 Money closed 13 8 2 per cent Total sales |