The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-05-12
WALL STREET NEWS
Moderate Reaction Comes:
Prices Remain Firm.
PROFIT-TAKING IS A FACTOR
irregular Mixture of Declines and
Advances Exhibited, the Leading
stocks Closing Slightly Lower
Than on acknowledgements in
Copper Trade shown TO BE at End.

New York, May 11.-There was pretty
nearly a consensus among trading spec
ulators in the stock market to-day TO
the effect that a moderate reaction in
prices ought TO be looked for. the basis
for this feeling being that the present
Z market is undoubtedly a narrow one. and
that in the last three business days il
had risen continually without suffering
any recession whatever. Realizing sales
by operators Of this description. as well
also by London houses that We're large
buyers OF stocks a week or ten DAYS ago
were, therefore. heavy in the forepart Of
to-day's session. but to this liquidation
the market presented much stronger
front than it was generally expected 1t
would. At relatively small declines from
yesterdays close stubborn resistance was
made against whatever further pressure
was applied to values and later on the
market rallied with a good deal of vim.
rising in fact to the highest prices for
the larger number OF stocks shown in
the course of the present upward move
ment.
In the final dealings profit-taking was
once more a prominent factor. and al
though at the end an irregular mixture Of
declines and advances was exhibited. the
leading stocks closed lower as a rule
than they did on the preceding day.
Copper Prices Advance.
Prominent features OF the market we're
the Amalgamated Copper and Brooklyn
Rapid Transit stocks. In the case of
Amalgamated Copper a matter Of interest
10 this special stock, and 70 the entire
business situation generally. was the
admitted fact that at the low prices M
which copper metal was lately offered
there were very heavy takings OF the
commodity for domestic use Estimates
or these purchases ran to-day 20 In the
reighborhood OF 100000 pounds. a fur
Their result OF these purchases being an
advance from the lowest figures recorded
CT nearly half cent in the price Of cop
FER metal itself
All this may not mean, OF course. that
the depression In the copper trade Is over.
Tut Il attests what has all along been
Cerlared by experienced persons to be
likely. that in the vicinity Of current
quotations for the metal a large buying
movement in II would be stimulated. and
also that a curtailment OF copper pro-
duction would be brought about. Much
the same state OF affairs is now being
witnessed in the pig iron trade, where
low prices have at last placed a large
restriction upon the production OF the
metal and also made a market for It.
Metal Trade Stronger.
In consequence Of both OF these events
a stronger feeling Is manifesting itself
In the metal trade generally. and has
naturally been communicated 10 the Sc
curity market. II was perhaps more evil
dent to-day than at any previous time
that sentiment in the entire financial COM
munity has suffered a decided increase Of
cheerfulness lately.
The sterling market here was again
weaker. making a net fall for the dav Of
Is Of l per cent and Of nearly two cents
on the pound from the price OF two weeks
ago For the first time to-day there ap-
peared in the sterling market actual bills
drawn against recent sales Of our securi-
ties abroad