The Washington herald., 1912-03-12
WALL STREET NEWS
Optimism Gets Setback on the Stock
Exchange-Alarm Over the
British Coal Strike.
By THOMAS c. sHoTwELL.

New York, March I1.-Optimism got a
setback in the last hour Of trading on
the stock exchange to-day. When 1t was
announced that the Supreme Court would
not render its decision in the coal trust
Uase before the market closed, profit
taking was INDUCED in by professionals
to such an extent that a reaction of a
point came over the list The close
was active and weak, but the bull party
had not abandoned its position. The
move was permitted to shake out weak
following and to encourage the building
up of more of short interest
Early. in the day reports from London
forecast a quick settlement of the coal
miners strike. This. encouraged some
buying of stocks, but later these reports
were denied.
The addition of 10000 German miners
10 the ranks of the strikers caused a
change of sentiment So that the street
was ready for a reaction when the de-
lay of the Supreme Court gave an ex-
cuse.
Cotton and Grain Strong.
Another reason for hesitation was the
strength Of cotton and grain, all due to
bad weather. Grain went to the highest
prices of the year and Wall street trad
ers are short n it.
American financiers cannot understand
the delay in settling the British strike
1t appears on the surface that the oper-
ators have offered practically all the
men asked for. The situation looks like
one prolonged for an Interior purpose. 1t
begins to reflect on the ability of the
British government and trade demoral-
ization will come fast with continuance
Of the strike. 1t will hit Americans first
through the copper industry. II foreign
consumption of the metal drops of, due
to the closing OF factories in Great Brit
ain and Germany. the surplus in the
hands of American producers will begin
TO grow and the speculative market for
the Copper shares which has been care.
fully nursed into life will be threatened.
a weak spot developed in the Coppers
might spread to other departments.
The reaction that came in the Wall
street market this morning was not
sufficient TO cause any alarm, for the
recent advance has been such as TO
make a reaction desirable. 1t may
have been nothing more than the usual
compliment that the market pays TO
the goings and cOmings of a certain
important operator who started on
vacation to-day. This operator was
said to have cashed in 10000 shares OF
Steel. II this is true the stock was
taken remarkably well. That much
Steel would have nattened out the
whole list month ago.
harvesting Machinery Needed.
Before the market turned weak the
advance of International Harvester
showed the belief in big crops. Wheth-
er the harvester trust is smashed or
not, it will sell more machinery this
year than ever before. II the trust does
not get the business the fragments will.
and the Standard Oil fragments have
had fairly good picking.
Low priced shares are active. Amer
lean Can was prominent among those
going to the highest price touched
in many months. The preferred of
that company is in a strong position,
and should get an increase of divi-
dend this year; but. as there is about
80 points of accumulated dividends to
its credit ahead of the common, il is
hard to figure out much for the COM
mon. LOrillard and Liggett-Meyers
stocks were up on good reports of evil
inEs
Confidence in the return of prosper
ity is indicated by the great number OF
new enterprises in reparation. Some
mergers of import nee are to be an
nounced soon. i,-he Rubber Tire mer-
ger. on which. the Goodrich people have
been working for months, is finally
completed, and will be announced in a
few days.