The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-02-22
WALL STREET NEWS
Many Brokers Out of City
and Day a Dull One.
DEMAND FOR IRON NOT BRISK
Enlargement of Equipment Orders
for Railway Company Is Crafty
inE-King's Speech from the Throne
Has Little Effect on Marketable
cisiOns Handed Down Unimportant.

New York, Feb. IA dull and listless
stock market to-day was, under the cir
cumstauces. practically inevitable. In
view OF to-morrow's holiday, there was
} general indisposition on the part OF spec
Naiators TO extend their commitments one
way or the other, and. In fact. a fairly
large number of the members of the
stock exchange left town at the end Of
last week for three or four day holiday.
The general condition of the stock mar
ket itself also favored a resting spell.
Recently. fluctuations in stocks have been
unusually violent for the time OF year.
and a prevailing feeling is among large
and small financial interests alike that
the present IS a favorable time for in
action in a financial sense.
The business situation proper has be-
come more two-sided than it was at the
beginning of the year; and although the
outlook here is at the moment more
pleasing than It has been lately. signs of
& let-up are stiu numerous enough in
important quarters 10 suggest the advisa-
bility Of a more moderate pace in the
stock market itself.
Iron Demand Not Brisk.
L seems to be the case. as regards the
from and steel industry. that the produc-
ton Of pig iron is somewhat outrunning
the consumption thereof. and also, as re-
CARDS steel manufactures. that the de-
mand for several OF the more important
articles IN this class is not quite as brisk
as it was formerly.
Nevertheless, however, there has been
in the last ten days one highly crafty
ing occurrence I'm the iron and steel bust
ness, namely. an enlargement of equip
ment orders by the railway companies
and plain signs that even greater orders
may be placed in the near future. The
heads of these companies make no secret
of the fact that they are short OF this
equipment, and it Is undoubted that those
deficiencies have been emphasized by the
unusually severe winter weather OF the
season. especially in the Western States.
Were the bond market a little more
active than it is now it is beyond ques-
ton that railway orders would pour into
the iron and steel companies at a rate
which would equal that of last summer;
and as it is, the absolute necessities Of
the railway companies are compelling the.
placing of a certain amount Of these or
ders, anyway.
In the main to-day the market suffered
during the morning hours of business
from a continuation of the same nquida-
ting tendencies which We're so distinctly
in evidence in Saturdays half session Of
the stock exchange,
A desire TO take profits was obviously
the leading motive Of a large number Of
professional operators. The selling move
ment was not very severe, but it was
strong enough TO cause declines of more
than a point, usually in the more promi-
nent stocks. After midday the market
recovered and thereafter held with a
hrmness. even, although. transactions
were so diminished that the general as
poet Of the market was one that was at a
standstill
Day a Dull One.
Final quotations in all but a few of
the more inactive stocks were in the
main. but little changed from those of
the last business day. Both so far as
regards the volume of dealings and the
general character of business. the day
was the dullest Of the year. From this, il
followed as a matter of course that the
Gays budget of financial news was un-
interesting and unimportant
The labor disturbance in Philadelphia
was little needed. In London all the mar
kets were holding their breath in ex-
pectancy Of the Kings speech from the
throne at the opening Of parliament
which was to be supposedly of great
political interest. But the speech turned
out 10 be. or was, at least. interpreted by
bankers here as being Of a noncommittal
character.
a batch Of decisions was handed down
by our Supreme Court some of them
bearing upon financial matters. but which
did not seem to be, nevertheless, of any
extraordinary Importance
a dividend of 50 cents a share was an
nounced on the Great Northern ore Ger
tincates. The distribution was, perhaps,
somewhat less than had been anticipated,
and the price Of the certificates declined
slightly.