The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-03-12
WALL STgEET NEWS
Ramor Of ergan'S Illness
Used 70 DepTeSS Market.
wEAKEEss IN COPPER SHARES
81 csasr ef nv .Osses of TIVE or
1Iora Fofute 49, scored an ANAL
semasea. ear saa Foundry, Sugar,
81. Peaf and Number OF other
Market Leaae sale of Bonds.

New York, March lit was neither
unnatural or unexpected that stock
should sell of to-day after an advance
so long continued and so sturdiiy main
tanned as that which has been witnessed
in recent weeks. A decidedly artificial
character was, however, impaired to the
reaction by the circulation OF entirely
unfounded and entirely false reports re-
garding the health Of ]. Pierpont Nor
gan who Is now abroad
It was the FIRST time in many months
that this ancient expedient had been re-
sorted to by professional operators and
it is probable that greater success than
might otherwise have been expected was
attained by It for the reason that the
large number Of inexperienced specula-
tors at present in the market are IN
accustomed to it It was noted that these
new spectators parted with their hold
ings in a mood of extreme timidity or
fright, but II was not noted that either
the report of illness or other bearish
arguments of the day produced any par
ticularly improvement liquidation and the
briskness of the rally in the late trading
indicated that professional operators for
the decline found it easier to depress
prices than to get their stocks back or
cover their short commitments.
Copper shares Weak.
From the very opening the shares of
tho Copper companies. including Amalga-
mated and American Smelling and Re-
hning were very weak Ia accordance
with unfavorable deductions from the re-
port of the Copper Producers Association
made public yesterday.
The reactionary movement in these
shares was not stayed by the announced
increase in the dividend of the Utah Cop
per Company, for this increase had been
oficlally promised by the management
in accordance with the attempted alb
sorpton OF the Nevada Consolidated
Company, and as an encouragement TO
Nevada stockholders to accept the
merger terms. But the continuing weak
ness of the copper shares in the face Of
the increase dividend seemed to encour-
age aggressive operations for the decline
at midday, and these were prosecuted
vigorously.
AT the close losses OF two or more
points were scored in such standard
stocks as Amalgamated Copper, Car and
Foundry, American Locomotive, Sugar,
St. Paul, Erie second preferred. Great
Northern, Union Pacific, Reading, and
Westinghouse. OF all the active stocks
the sturdiest resistance was displayed by
Steel common.
Active Sales of Bonds.
The days news developments of mar
ket Importance related principally to the
numerous offerings of bonds and the
active sales of securities of this class
both on the stock exchange and over the
counter. In addition to several minor Of
ferings. there was put out an issue of
ss.O0OOOO bonds OF the Public Service Cor
poration of New Jersey, and II was an
nounced that 100000 notes Of the St.
Louis and San Francisco had been dis
posed of almost Immediately after the
subscriptions were opened The feature
Of the day was an Improvement IN the
American demand for bonds common
surate with that abroad
AS a contrast TO the continuing favor
able trend Of the bond market. the week
Iy compilations Of wheat exports showed
a continuance of the unfavorable trend
in the country's export grain trade.
Wheat exports were $4,000 bushels be-
low last week and $1,000 bushels below
last year. The exchange made By heavy
sales OF bonds abroad this week has thus
been counteracted to some extent by the
decreased sales OF wheat