New-York tribune., 1910-04-12
FINANCIAL MARKET
Bear Element in Stocks Almost
in a Panic.

The decision Of the Supreme Court
70 order a reargument Of the American
Tobacco and Standard oil cases was
responsible for an excited and violent
advance in stock market prices fol-
lowing a period IF dulness in trading
and a heavy tone in quotations in the
first two hours Of business 4 wild
scramble for stocks on The part OF the
shorts carried Reading and Union Pacific
= points above the low levels Of the
morning. while other prominent issues
rose from - 10 points on the same sort
Of buying. and although the movement
attracted heavy realizing substantial
proportion of the advance was shown
I'm the final figures. The Street assumed
with good reason that the two suits
would not come up for reargUment be-
fore autumn. and that upward # a year
would pass before a judgment would be
handed down. Il also assumed that
number of the justices OF the Supreme
Court must have been i'm favor OF the
companies the natural inference being
that the court was So evenly divided
alternative but a reuea7ing Many Wall
Street houses, following the announce
ment OF The action OF the Supreme
. Court rushed TO the conclusion that a big
bull market should develop, and so sd-
. Nised customers. but in conservative cir
. c,es the removal Tor time of one ele-
ment ~ uncertainty. in view Of other
| factors of a bearish character. was not
r thought 70 warrant the accumulation Of
. heavy lines Of stocks on borrowed
money. The immediate future Of the
market depends entirely upon the ex-
tent t. which the short interest has
= been covered and the sort Of response
the public VIII give 20 Yesterdays ad-
vance. The money market certainly is
not 81 a position 20 finance sustained
+ ban activity IN stocks. In lesJcl days
curb market American Tobacco common
and STANDARD Ou enjoyed marked
strength. but American Tobacco pre-
feI.cd on the Stock Exchange showed
4 only a srlan advance.
The extent Of the operations in the
exchange market involving tho ship
ment of gold has ezcrted a distinct i'm
preston upon the money market. but
Tie amount reported 10 have been en-
gagged yesterday and the prospects that
upward ~ SlJ.prl0t0 viii go out he
fore the end Of the month have not
. exercised a material influence upon stock
market prices Stocks hold remar5a bly,
we'll. and the absence II liquidation yes
teroav ir the face II Attorney General
WickerSnam's Chicago speech naturally
. encouraged d more optimistic sentiment
iu speculative quarters. The fact that
the Street received the words Of the
Attorney General With perfect cquanim-
+ it- suggests that inancia! circles are
. becoming convinced that there is nothing
. IN the aGmnistration's policies that VIII
. uIs st business conditions. and that II
q corporation is a combination in re-
straint yf trade The sooner that cor
poration is compelled to conform to the
law the better Tor TIE cogntry's in
Cu-triss.
Reports yesterday of further gold ex-
. port engaCemeuts were Offset To some
extent from "A sentimental point Of
view by the evidence ~ Improvement in
our foreign trade. as reflected I'm the
March statement - exports - domestic
products f-"m the couutr,. showing a
total u,,ly Jrino under thc figures FOR
a., sau., month last ycar and upward
.f SfrHts.p under the coTroSl onding
l,rI.d ia i,u~ ENpurts Il cotton Irc-
s,uf,5 au increase over 'hase in March.
1900 o. tne >alHe 81 SGs11.a.G. while
exports cd orraastuns declined To ;he
value of s2.1.,o.4G4 Tr, total snip
moafs of hr...dstun-. cotton. mca; and
lairy products. cattle. hogs and min.ral
oils r,aDs,d Nslae ~ S59u47 ..i;;G. COM
pared eit1 SG0.9>.Gi6 in March. 1899
The full statement "f the countrys f0r-
eigH trade lu the month Il March. how
ever. is not expected To show much ~
an excess II any. II exports over i'm
ports. year ago there was an excess
= exports 10 the value u 81 80 I23,
agclnat an excess IN the preceding year
~ 50, .J32 The tendency u tine
money rates is distinctly nrncr. with
th" market practically on -. per cent
lass. -sA for long IGaturities 4iz