The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1908-02-11
POLITICS IN MARKET
Approaching Campaign Has
Effect OH Wall Street.
LITTLE MOVEMENT OF PRICES
Inertia Seems 90 Govern New York
stock ExchanGe-OtheF Countries
show Abatement of Activity for
Various Causes-MOrOccan Troubles
Affect Conditions in France.

New York, Feb. 10.-The growing pessl-
mistic tendencies in the financial com
munity were largely, If not wholly, re-
sponsible for an urgent selling of stocks
which brought the market for securities
to the point of decentralization last week
The break in Pacifics was the most Sc
riOus seen in one stock exchange session
thus far during the present year or. in
deed. since the violent times OF the clos
ing months of 1907. and il must be adj
mitted that while spectators for the fall
were active in their attacks upon values,
as they always are on such occasions,
the genuine reason for the decline in the
market appeared To be the recurrence Of
liquidation in large volume. The fall
was general. embracing securities in all
quarters of the stock exchange, and ran,
as rule, to between two and three
points in the leading shares. The pre-
ceding movement, too, was carried on
in an unDrOken manner until the last
hour Of business, when a rally set IN.
Recovery Is Feeble.
But this recovery was feeble and hes
itating, and before the end Of the session
the market again yielded. so that final
prices were usually but little above the
lowest
The weakness Of the local market was
undoubtedly assisted by what were mo-
mentarily. at least, unfavorable condi-
tons abroad. Matters in Paris were af-
fected by the Moroccan situation; in Ber-
lin there was reported enforced liquida-
ton for the account Of a large stock mar
ket operator while in London prices
were specifically depressed by the an
nouncement of the failure of a large
shipbuildng firm in the north Of England.
and by the banking crisis in Copenhagen.
All this, taken in conjunction with the
adverse circumstances peculiar TO our
home affairs led to the selling here, as
soon as possible after the opening Of bust
ness as was estimated. over 10000 shares
Of stocks for London houses. One or two
Of the principal stocks opened here at
quotations that were point below their
Saturdays close. and at no time during
the day did any resistance or active buy
ing power seem TO be excited in the mar
ket by the lower level to which prices
constantly fell.
No Room for Comparison,
Save for the operation Of the general
causes, Of which mention has been made,
the stock market seemed TO decline to-
day, for no direct or special reason.
which caused constant comparison to be
made between the action of the market
and that of March of last year.
The stock market is on the verge, APP
parently, of a political campaign, in
which all sorts of business harassments,
schemes for suppTesEing dealings IN
stocks and the Ike, and particularly pro-
jects looking forward to the stoppage Of
developments of the country's railway
systems, appears 10 be complicated by
the willingness Of labor IN many impor-
tant lines Of business to accept an abso-
lutely necessary reduction IN its rate of
compensation from the level fixed in the
boom times of last year.
All that can be said upon this last
named subject is. of course, that the rail-
roads and great manufacturing establish
ments cannot afford to pay, in the pre-
vailing state of business. the same wages
that they paid last year and the year be-
fore.