The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-04-10
NEW LOW LEVELS
MADE BY STOCK
Later, They Rally and Close the
Day With Net
Gains.
SPEECH HAS EFFECT
-------------------
Wall Street Tries Hard to Mini
l11izc Importance OF Wick
crsllam Address.
SPEECH HAS EFFECT
ESPECIAL 10 The NEUTRALITY-SUSPICIOUS.

v
New York. April 0.--Stocks made a
new low level for the movement to-!
day In the first hour, thcn rallied and
closed the day with net gains. Good
support was noted throughout the list,
ard an attempt was made to minimize
the Importance OF Attorney General
Netherlands address. Advance copies
of the address were evidently in the
street. Gold to the amount of $4,000
600 was actually engaged for export
next Wednesday, and banlscrs expect
sij.oo0.1O0 to 20. The bank state
cash in the average statement. but the
actual stat ement recorded a loss OF
less than si,000.oo0. In the actual
statement the surplus reserve Is in.
creased :l,500.ooo.
The financial world has been won.
dering how to describe the deadlock
that has existed for several weeks. At
torney- General wickersham has found
the correct description. 1t is Apo
rnattox and reconstruction" But he
says that President Taft has a harder
task than President Lincoln, for It is
easier to reconstruct country torn
with physical strife than ono under
control Of vast accumulations OF CAPT.
tai in q few hands.
Gets Line on Speech.
Wall Street got line on this speech
OF Mr. Wickershani in advance OF the
general public. and the stock market
closed weak and feverish al a result
Ths full efrec. OF Wiclkersham's an
nouncement that President Taft would
insist on the fulfilment OF all pledges
made In the Republican PLATFORM can
only be known wien the general pub
lie gets an opportunity on Monday to
express It's opinion in the stock mar
ket. Leading bankers seem to feel that
tho effect viii! not be very severe after
The first shock. for they arc willing
TO let President Taft have his reforms
on condition that the tariff is handled
with extreme caution
Most disturbing of Wickersham's
statements is that in which lie ex-
presses confidence that the government
will win both the Tobacco and the
standard OIL cases, and announces that
ne Is proceeding to bring more prose-
buttons against corporations. Securit.-
holders must take into account the
we'll known habit of all lawyers in
claiming to have won every case
arsued--unt!l the court gives Its de-
ctslon. The Supreme Court s,ill has
something to say in both the Tobacco
and Standard OIL cases. and con-
servatiye decision may cause even Mr.
"icktrsham to modify his plans
mo government crop report for
April shows a serious deterioration
IN winter wheat. the condition being
SOS compared with e5.s in December
and s2.2 year ago The ten.year
average is SO. Tho yield is estimated
az is1boo.ooo bushels against 1880
600 bushels harvested in 1909
Tho Copper Producers Association
.ty n tNor
hand amounting to ls,ss5.sso MOUNDS
on April /, compared with March 1 4
reduction In stocks had been generally
expected.
Were Confident OF Decision.
Although the best informed hanksrr
did not expect decision last Mondar
from the Supreme Court. there was a
remarkable expectation on the part O..
the public that decision would be
given then For an hour before the
time at which the decision was ex-
pected. great activity prevailed in tho
stock market. American Tobacco rose
s2s share. and the general list ad :
vanced two points When 1t became
known that the decision would not be
rendered. tobacco fell to the leve! from
which 1t had risen. and the entire stock
market sank back. The activity that
developed later in tho week was nearly
all on declining quotations,
A unanimous report of a bill maxi
inS It a crime to deal In options In
cotton was destructive OF public con.
fidence. It was taken S showing a
disposition on the part of Congress 20
deal unfairly with business men. OPP
tions on cotton are exactly the same
ss those on grain and manufactured
goods. which form large part OF all
business transactions. To prohibit
transactions in cotton alone is too
serious to be called merely absurd
Numerous oil stocks applied for
listing on the New York curb mar.
ket, but wero rejected. Tho activity OF
oil stock promoters indicates fTwild
market in the near future for that class
OF securities Several really worthy
companies are coon to be brought out,
and brokers are warning their clients
TO beware OF the get-rtch-auick plan
promoters who are planning to operate
in oil stocks.
Tho Curb Market.
Curb stocks suffered to-day as re-
pult Of the copper producers reports.
Losses extended from small fractions
to as much as So a share. Butte Coah-
ton, Miami. Nevada Consolidated. Ray
ConSolldateds SH'i'o aau
also down.
American Tobacco was steady, as
was Intercontinental Rubber. The
close was above the low figures OF the
day.
In the street.
Number OF shares sold to-day
sos,2ea: a year ago. holiday. Par
value Of bonds sold to-day. s1,4ss,oo0
O year ago, holiday.
FIRE destroyed large section Of Tbs
Goldheld Consolidated mill, at COIN
field. to-day. The Goldfeld Consol1,
dated for March extracted S950,00C
Of metal. at not profit Of s7So.2so,
The report OF the I.ackawanna Steel
Company for the Quarter ending March
ST shows that tho company has COM
pletely recovered from the depression
of 1908 and part Of 1909, Ihe com
pany's earnings are now equal to what