Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-04-04
PLUNGE IN TOBACCO
Advance of rs Points Per-
pIexes Wall Street.
DAY OF GREAT SUSPENSE
Interest Only in Anticipation Of
Court Decision.
STOCK is NOT PLENTIFUL
Prices Remain Firm, and Even Ad-
vance, in Face Of Important
Selling.
STOCK Is NOT PLENTIFUL
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, April 4-During prac-
tically the whole OF the forenoon trad
ing nothing occurred to break the even
and monotonous tenor OF irregular
dizziness in the stock market nor to
give point and interest to the happen
inss therein.
The opening was quiet at an average
fractional decline, but in the subsequent
dealings prices hardened somewhat ana
although Southern Pacific, Southern rail-
way, Northern Pacific and Consolidated
Gas showed some heaviness the list was
without important feature.
Around the noon hour there was sud
den outbreak of activity on the buying
side, in which prices were jerked up
sharply all around, Union Pacific lead
ing with a precipitous advance OF two
points. and American Tobacco rising
rapidly more than twenty-five points on
the curb
Naturally, this turned the attention OF
the stock market community to the SEES
sion of the Supreme Court at Washing
ton. although 1t hardly needed stimulus
in that direction, having done little else
during the morning than try to guess
whether or not the American Tobacco
decision would be forthcoming today.
Market Held Its Breath.
AS minutes passed and no news came
from Washington to account for the alb
rupt upward movement in stocks, quo
tations receded slowly, without. however,
going back to their former level. and
business fell away to almost nothing.
The Washington bulletins were followed
with anxious scrutiny, and around
clock the stock market seemed to be al
most holding its breath until it became q
question how long II could stand the
strain.
One thing seemed to be demonstrated
by the noon squirt. which was that stocks
were in comparatively scanty supply. OBJ
viously the sharp advance which took
place was the result of q maneuver skill
fully timed to take advantage OF Wall
streets state Of expectancy, but whether
it was a little speculative coup or
measure adopted to test the market, 1t
seemed to intimate what might hapen on
the rendering of the long-aWaited ruling
from the Supreme Court.
The consequence was to make shorts
nervous, but they stood their ground
well. especially as supply OF stocks
WAS hurried into the market from oHe
or two important quarters, which had
the effect, probably intended, OF check
ing the rise.
More Gold for Export.
Up to midday there had not been much
furnished to the stock market following
calculated to influence dealings In stocks.
AZ a matter. OF fact IL 1t were not for the
pressure of the expense account upon
Wall street interests there has not for
weeks been any reason why stocks should
be anything else than dull and compare
lively stationary.
About the middle Of the day the engage
ment of 100000 in gold coin for export
was announced In addition to the ship
ments last week and the foreign exchange
market seemed to be Sravitating more
strongly toward a legitimate export basis
Demands sterling sold at a new high
price for the year. early In the forenoon
reaching 4.S7.9Oa4. S705. then reacing
under the bills drawn against gold ex-
ports apd then making a sharp recovery.
At the same time the new South African
gold laid down in London was absorbed
without changing the price of bars, so
that London's demand for the yellow
metal Is not obviously urgent at the mo.
ment Rather curiously, the banks showed
since Friday a gain Of $4,000 cash from
the subtreasury, but the money market
was on little frmer basis today. as
result probably of the foreign exchange
situation Call money ruled at 3 per
cent and there was some talk Of calling