The Washington herald., 1910-04-05
WALL STREET NEWS
Market Is Dull Awaiting the
Tobacco Decision.
FEW NET CHANGES IN PRICES
FInrry at Noontime Lasts but "a
short Time and Market Is What Is
Known as "Bare of stocks''-Grain
Prices Decline and Cotton Options
at the Close Are weak.

New York. April 4-The only matter
so-day differentiating the colorless, non
committal. and utterly torpid character OF
the current stock market from that which
has been recently maintained was that
inasmuch as the day was one upon which
decisions are usually handed down by the
Supreme Court OF the United States. there
was little furry IN the market around
midday, or decision time" based upon
the idea that the action Of the court one
way or the other in the American Tobacco
case was about 10 be announced. The
decision Of the court was not announced,
and probably there were only a very
small number of people in Wall street
who expected that il would be.
A few stocks at this time of compare
tive excitement rose sharply, the course
OF prices lending some substance TO the
theory that the market was what is
known as bare of stocks" and that in
general, a constructive rather than a
destructive decision of the Supreme Court
will be looked for. Before this and after
it the market was about as dead as could
be imagined, and as it was the days total
transactions in stocks only amounted to
s4L700 shares, making the smallest full
days volume Of the business, with two
exceptions, and those OF recent occur
renee, in the present year.
Few Changes IN Prices.
At the close net changes in prices as
great as a point were shown in only one
Of the active stocks-the Consolidated Gas
shares-and the records Of fractional fuc-
tuations were about evenly divided be-
tween advances and declines. In general,
the market was stronger in the fore part
of the day than in the latter. due, doubt
less 10 the vague antiCipatiOns of the
Supreme Court decision that resulted in
the brief upturn at the noon hour. On the
curb market American Tobacco stock
rose sharply in the forenoon. and in the
afternoon quickly reeeded.
Among the active securities on the stock
exchange a further break OF six and
three-quarters points in the Federal Min
ing and Smelling preferred shares at
tracted some little attention, and this
only because the Federal Smelling Com
pany is controlled and practically owned
indirectly by the American Smelling and
Refining Company.
The distinct weakness shown by the
American Telephone and Telegraph shares
on Saturday was not repeated. and the
strength showed, if anything. a moderate
tendency toward recovering. Among the
prominent stocks the Reading stocks
seemed relatively higher. but on the other
hand Union Pacific and United States
Steel stocks were firm.
Cotton Options Close Weak.
Grain prices declined slightly and the
cotton options were at first firm. but
afterward turned weak Weather condl-
tons are still the ruling factor in prices
in these lines. as they naturally must be
from now on. and in the main sentiment
was more hopefully inclined as regards
crop prospects. on account OF the fall Of
needed rain over the West and South
west Probably the decline in grain would
have been greater had 1t not been for
the Issuance Of several unfavorable State
crop reports, which, on the whole indi-
Gated that the winter wheat crop this
year was not likely to be much in ex-
cess Of that of 1903 At the same time.
q constant influence in this regard is the
marketing now daily going on of a con-
siderable portion of the large reserve
stores of wheat held heretofore in farm
ers' hands.