The Washington herald., 1910-04-27
WALL STREET NEWS
Speculative PrOft-taking Is
Feature of Day.
GRAIN QUOTATIONS TUMBLE
Stock Prices Irregular, Market
Opening Considerably Higher Than
Monday and Continuing Strong
Until "A Saying Movement set In,
TO he Followed by Rally Mt Close.

New York, April 26.-Most OF the time
to-day in all the couAtry's stock and
commodity markets. the movement OF
s<ices was in reverse 10 yesterday, specu-
Rtive proht-talSing being the feature OF
business. Quotations for grain fell heavily
as the result of selling by former specu-
lators. for the rise. accompanied nc
doubt by a renewal OF short selling and
genuine liquidation upon emphasis LAID
3IeTnight upon the fact-which was, OF
curse, entirely perceptible TO all sober
minded people yesterday-that the West
ern frosts, however seriously It might
have damaged fruit, had injured wheat
and other staple grains. but little il al
all.
The recession on the cotton market
was less, for in that commodity there
IS no doubt that the prospects OF a large
crop this season have been IN a certain
degree modified by the freezing tenn
peratures. A small percentage or the
early planted cotton has been killed
stock Market Irregular.
The stock market taking the day as
n whole. moved irregularly, but even
here the dominant influence OF the day,
at least up TO the last three quarters
OF an hour Of the stock exchange busi-
ness. was OF stocks sold yesterday by
operators for fall.
The market opened at a level consld-
erably higher than that at which II
closed yesterday and was for several
hours thereafter decidedly strong, and
more than one Of the leading stocks
touched as high figures as those reached
on the day before Then sagging move
ment set in. which. in the final hour
OF tho market, was rapidly accelerated
so that in most issues yesterdays low
prices were once more recorded.
From this in turn there was another
rally. so that at the end prices OF the
Union Pacific, United States steel. Anal
gamated Copper. American Smelling and
Refining. Northern Pacific. Reading. and
nearly all the prominent shares left OF
a point or more higher than they did
yesterday. or course, speculation was
much influenced throughout the day by
the usual feverishness OF Wall street
feeling incident 10 the fact that after
business hours We're over the directors OF
the Steel Corporation would meet and
take action on the quarterly dividend
upon the United States steel common
shares
Action Not Surprising.
There was practically no dissent any
where IN the financial district from the
opinion that the dividend distribution to
he thus declared would be at the increased
rate Of 8 per cent and the official an
nouncement. when II came in due course
when this action had been taken. was,
therefore, IN no way surprising.
The earnings Of the United States Steel
Corporation for the March quarter are
rather less than It was supposed they
would be. They are S3Z6lG.S76. although
recent estimates have been generally TO
the effect that they would be between
SS90oo,00O and $4Qo09000 The directors
accompanied the statement with the i'm
portant declaration that in the opinion
Of the members Of the present finance
committee. increases hereafter, If any. in
the dividend distribution on the common
stock would be in the shape Of extra
distributions: that is TO say. that the
United States Steel common stock here
after should be considered as a regular 3
per cent dividend-paying stock. with pos
sible extras from time 10 time rather
than as a stock paying, perhaps. a higher
regular dividend.