The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-04-13
DEAR|SH TREND
IN STOCK MARKET
Buoyant Feeling of Previous
Day Slowly Disappears
EARLY GAINS ARE LOST
Bullish Influences of the Action of the
Supreme Court in the Trust Cases
Wears Away and Prices
Fail to Advance

New York, April 12-The action of the
stock market today was watched with
curiosity and some anxiety for indica-
lions of the wider effects of yesterdays
action of the supreme court and the eff
feet it will have in delaying the final set
Element of the antitrust cases.
Definite conclusions were not arrived at
by the close observers of the market
but enough occurred to modify the first
enthusiasm of the more strictly profess
sional element of stock operators yester-
day 1t was evident for instance. that
the violent rise in prices yesterday had
brought into the market large selling
orders both for home and foreign account.
Side by side with these was an influx of
further buying orders. The latter were
believed to be largely for short account,
including much of the buying through
commission houses, the bears having be-
come alarmed on the sudden prices of
yesterday. 1t first became manifest that
the new business thus invited was pretty
well cleared up by the noon hour without
marked effect on the price level The in
fiuence of the new position of the anti
speculation was thus disappointing to
those who had counted on an immediate
expansion in the dealings to the volume
OF past active periods in the speculation.
The toning down of the first effects of
the supreme courts action was due to
the more conservative view taken of its
effect by the financial and business COM
munity at large than by the stock market
element 1t is believed that every large
corporation will feel itself restricted in
its plans and in the scope of its activi-
ties until the question at issue in the
antitrust cases shall be definitely set
tied. In several specific instances def
mite projects already formulated must be
held in allegiance until the supreme court
decision in these cases is handed down.
An early decision would have been pre-
ferred therefore to the indefinite post
ponement involved in the rehearing of
the cases. There remains an apprehen-
sion that a repressve influence of the
same kind will extend to general bust
ness activities and will join with the
effect of the political campaign restrict
ing commercial and industrial activity.
Other news developments were mixed.
The resort to arbitration of the parties
to the New York Central's wage dispute
was VI tie report ludl ldDOf
troubles would find settlement with
out widespread strikes this year. The
prospect of agreements in the soft coal
mining controversies deepened this con-
viction. The rising tide over the immi-
grafton figures was accepted as evidence
of promising industrial outlook
/. The public announcements of the ex-
ecutive heads of the United States Steel
corporation and the Amalgamated Cop
per company processing satisfaction with
trade conditions seem to be taken with
reserve. President Ryans hopeful analysis
of copper trade conditions encountered
the falling price of copper metal in that
market and Chairman Gary's incidental
reference TO the falling off in untitled
orders ON hand to be shown at the be-
ginning of the new quarter received as
much attention as his claim for a rising
scale of orders in the current business of
the corporation. There was perceptible
moderated confidence in predictions of an
increase in the next dividend on United
States Steel.
The gold engagements for tomorrows
steamer did not rise above $4,000,000, which
was considerably less than last weeks
estimate. There was a corresponding
decrease of apprehension over possible
lhepletion Of the bank reserve from this
cause.
Bonds were irregular. Total sales, par
value, H.677.00O.
United States bonds were unchanged on
ira11