The Washington herald., 1910-04-21
WALL STREET NEWS
Market Is Affected by the
Political Upheaval.
CLOSES LOWEST OF THE DAY
selling of Stocks Due 10 Fear OF
more Radical Measures in Con-
sress-Recent Advance Made Mar
ket Weak and Depression IL in
Part Ascribed to This Condition.

New York. April 20.-Although money
rates remained unperturbed, and so far
as time money was concerned. even
moved in the direction OF greater ease
although the declining movement IN
grain, which is admittedly a favorable
stock market factor still continued. at
least in the fore part of the day. and, al
though according to all competent OBJ
servauon, a good share OF such selling
OF stocks as occurred was for the ac-
count OF SPECTATORS. for the fall, vet
nevertheless the general security market
. was to-day from start TO finish, weaker
than it has been az any time during the
last ten days.
II opened much below its yesterdays
close but Immediately developed weak
ness From then on the receding move
ment was hardly at any time interrupted
and seemed to gather force as the day
advanced. Final quotations were in
nearly all instances at the lowest. and at
declines in the leading shares. varying
from one 70 almost three points. The
direct cause OF all this was seemingly
The depressing effects upon sentiment Of
the result Of the important Congressional
election held in this State yesterday.
which again resulted, as in the recent
event in Massachusetts. in the return 20
Congress Of a candidate put forward by
the party in opposition. by a majority
which ostensibly attended an extraOrdi-
nary reversal OF the political views en-
tertained by a greater portion OF the
electorate from those held In the cleo
ton contest two years ago
Congressional Changes Seen.
Whether or not Wall street judged
rightly IN the matter, its current judg-
ment was plainly enough to-day. 10 the
effect that these signs portended a COM
ing change. or at least. great alteration
in the political control of the country, so
far as this could be affected at the gener-
al Congressional elections that are 70
take place this fall: and this apprehen-
sion was increased by the recent an
nouncement that two Of the most dis
tinguished and conservative members Of
the upper House of Congress. whose in
huence has been as strong, IL not strong
or. than that OF any other two men In
repressins radical legislation in Congress
IN recent years. had signined their inten-
ton Of retiring from active political life
at the end Of their Senatorial terms a
year hence.
The general effect Of all this was 10
inspire a feeling that extreme views and
measures affecting the countrys business
were likely 10 receive less checks from
Washington IN the near future than they
. have done in the past
II IS doubtless true to-day that the
market stood in what is commonly
known as a weak technical position.
owing 10 the fact that the short interest
was largely eliminated by the sharp ad-
vances that eliminated on the first day
Of the week. At that time a running
e net gain Of over seven points without
any intermediate reaction whatsoever
was recorded in the quotation for United
States Steel common shares and ad-
vanCes Of like extent were shown in
other active stocks.
This left the market more exposed TO
cay than II usually is TO the shock Of
such adverse news as it received. and
It must be said that in view Of the ex-
tent Of to-day's fall. cautious market
operators were not strongly inclined 70
the opinIon- that any large further de-
cline was 10 be looked for at the mo-
mcnt II there Is anything that the
history Of the last few weeks has de-
m0nstrated. il is that the present market
IS a narrow one; and therefore cover
ing" of speculative contracts for the de-
cline may be expected to set in at any
time