The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-04-13
WALL STREET NEWS
Reaction Follows the FURRY
Over Court Decisions.
HEAVY SALES IN AFTERNOON
PrOht-tnlSins In AmaIRamated Cop
per, Anaconda, and American
Smelling and Refining Shares and
Operators Had Less Inclination to
Cover Their short Contracts.

New York. April 12--After the first
hour Of business on the stock exchange
to-day a period OF sober reaction fol-
lowed the hilarity and enthusiasm dis
played by the majority OF Wall street
spectators, when yesterday the United
state Supreme Court ordered rearg,i-
ment Of the suits brought against the
American Tobacco and Standard oil
companies.
Heavy speculative purchases Of stock
prompted by the postponement Of the
cases, were made on the first hour.
Thereafter the market became gradually
less active as even the most enthusiastic
Of the buyers realized that the further
long delay in an already long awaited de-
cision cannot be considered an unmixed
blessing
In consequence Of this realization there
was heavy selling this afternoon by
traders who had bought stocks soon
after the announcement Of the Supreme
Courts action, and operators who prior
10 that time had sold the market short
had less inclination TO cover their short
contracts.
Leaders of Profit-tnkinE.
In the active stocks the reactionary
movement. which began with proft-tak-
ing sales, was pronounced in the shares
OF the Amalgamated Copper. Anaconda.
and American Smelling and Refining
companies These companies or COM
panies associated and allied with them
have been considered in the plans for
the long discussed big merger OF copper
companies. and It was realized that CON
summation Of these plans must be held
much longer in allegiance. now that CON
struction Of the sherman act is much
longer delayed.
The weakness Of these shares may also
have been due to the decline in the
copper metal market whence there were
reported sales Of Electrolytic Copper At
Is cents free offerings of the metal at
that figure. and some few sales a shade
below 10 cents
OF the other active stocks, trading cen
tered principally on the United States
Steel common shares. in which sales
were more than 10000 shares out OF a
total turnover Of 10000.
Increased dividend hepOrta.
Interest in this stock was kent at
white heat by a revival Of the predictions
that the dividend rate would be increased
20 3 per cent at the quarterly meeting
Of the directors on the last Tuesday Of
the present month. and by the satisfac-
tory arrangements which the company is
making with its employees In the way OF
abolishing Sunday work to as great an
extent as possible.
In the late trading the stock displayed
the same tendency as did the other active
speculative shares. but held its advance
much more firmly than did most of the
others. Among the railroad stocks, New
York Central was conspicuously strong.
II being semi-officially announced that the
Lake Shore and Michigan Southern had
sold I'm Paris 100000 one-year notes.
and the news coming -ut in the late az
ternOon that the dominant company and
its employees had agreed TO submit ques-
tons Of increases IN wages 10 arbitration.
81 was believed that the exchange made
by the sale Of these Lake Shore notes
abroad was effective in preventing a fur
Their advance in the foreign exchange
market and preventing greater ship
meuts Of gold than the S4oOO,O0O which
will be- shipped 10 London to-day.