The Washington herald., 1910-04-26
WALL STREET NEWS
Cold Wave Has Only Slight
Effect on the Market.
IMPORTANT STOCKS HEAVY
ConsOIs in London Fall To Low
Record Price since the Financial
Trouble of 10O7-WeaISness Due 10
Meeting of Steel Corporation Di-
rectOrs To-day-shnres Are Heavy.

New York, April 25.-Among those who
sold stocks to-day, either in the course
Of genuine liquidation or OF speculative
selling for the decline, there we're prob
ably few individuals who really believed
that the freezing weather over a large
area OF the West that developed over
Sunday brought any serious damage 20
the country's staple crops. Low tempera-
lures usually cause little injury to winter
wheat at his season. and neither spring
wheat nor corn are yet out OF the
ground.
Much harm has undoubtedly been done
TO the fruit crop in the West but this
is a crop that is always precarious, and
even widespread damage TO It does not
usually abate railway earnings in any
material degree. nor cut any large figure
in the sum total OF the country's pros
perlty. Nevertheless. tho Western cold
snap was undoubtedly to-day stock
market factor, because any unpropitious
weather frOn an agricultural point OF
view is just now looked at askance in
the financial district
stock Markets Heavy.
All the important stock markets Of the
world to-day were heavy and weak.
ConsOls in London fell to the low record
price touched IN the financial trouble OF
1907. and on the Paris and Berlin bourses
selling OF securities was the feature OF
business. In our own markets selling Of
stocks FOR London account, said TO be
IN connection with the forthcoming finan-
cial settlement there. accompanied with
further pressure brought 20 bear upon
prices from home sources. made an open
ing level for stocks we'll below that re-
corded at the close on Saturday
The prices made In the first hour OF
business were. however. the lowest seen
until the last hour. and during this in
term. the prevailing tendency Of the
market was upward. But In the final
hour declining movement set I'm which
gained rapidly in volume and intensity,
and ended with a scene OF greater mar
ket decentralization than any other in the
present month. Stop loss orders appeared
to be caught in nearly all the prominent
issues. and quotations left off at the
lowest OF the day and at declines running
from one 10 over three points in every
prominent stock
VIII Declare Dividend.
There were many critics and observers
OF the market who professed to find
the chief reason for the weakness shown
IN matters connected with the meet
ing tomorrow OF the directors of the
United States Steel Corporation. when &C
ton will be taken as to the corporation S
dividend rate upon It's common stock
for the first quarter OF the year.
In the last two weeks the opinion has
become very general in the financial COM
munity that this dividend would be at
the increased rate Of per cent. To-
day this opinion seemed TO be held more
firmly than ever. Nevertheless, the United
States Steel common shares We're one
Of the heaviest stocks on the list so
that finally a good portion Of specula-
tive Wall street reviewing the entire stu
alton made up its mind that an INCREASE
I'm the dividend on the steel common
shares. even II II did take place, would
fall fat. and the pessimistic view OF the
market thus engendered was not at all
helped by the circulation Of reports OF
further unsettlement in the iron and
steel business. especially since the first
OF the present month.