The Washington herald., 1910-01-11
WALL STREET NEWS
Prices Decline and Close at
Lowest Point of the Day.
TAFTS MESSAGE DISAPPOINTS
Greater Firmness in Cali Money May
Account for Part OF the Recession
Given Greater Power In Dealing
with COal-carrying Roads.

New York, Jan. 10.-Daily changes in
the prevailing market tendency have
been frequent recently. and to-days
market proved no exception to the rule.
Prices were at the beginning Of bust
ness about as they stood at the close Of
market on Saturday, At the end of the
week, however. the market had risen for
three days in succession; and even if
the net gains made were small, they
were such as to invite profit-taking by
the minor class Of spectators.
Therefore to-day, shortly after the
opening of the stock exchange session,
the instructive movement Of the market
seemed to be to sag slowly to a lower
level Nevertheless, declines made be-
fore noon, although general. were by no
means heavy, and the market from then
on until the last half or three quarters
OF an hour OF business was practically
stationary.
The dullness in this period was so pro
nounced as To make transactions for the
first hours Of business only about one
half those seen in the same length of
time on most Of the business days in the
present year.
Continued Weak 10 Close.
Finally and seemingly because Of a
gradually spreading conviction that the
market was being overhung by Hquida-
ton prices broke with no little violence
and continued weak until the end of the
day. Most of the active stocks closed at
their lowest and showed losses generally
Of more than a point
1t may be that one cause of the days
recession was a rather greater hrmness
IN call money than had been looked for,
especially after last weeks highly en-
couraging bank statement with its reve-
lation Of surplus Of nearly Sl5000.00o IN
the actual figures Of the bank return
The bulk Of the days loans. however,
negotiated at 5la per cent. and no small
amount Of money was put out at per
cent. If funds were more freely offered
by lenders than they were a week ago,
the demand for money appeared also to
be decidedly increased; and 1t was said
that applications 10 the money market
by managers of syndicates. which had
postponed their requirements for assist
ance until the present time. was one OF
the reasons for the increase in the de-
mand for money noted No doubt, Eng
lish money lenders are not particularly
anxious 10 extend their commitments. in
view of the approaching parliamentary
election
Message n Disappointment.
Presumably, too. to-day a certain
amount of sOftness I'm the market was
engendered through the general disap-
poiHtment expressed in financial circles
over the character OF President Tafrs
message 10 Congress and the possibility
that many of the Presidents recon-
mendauons, increasing the scope of gov
eminent regulation Of the country's
transportation system may become law.
It was announced in the afternoon that
the Supreme Court of the United States
I'm the case of the United States against
the Illinois Central and other railroad
companies had handed down a decision
upholdins in a sweeping way the power
of the Interstate Commerce Commission
TO direct the distribution Of cars in the
interest Of the independent coal carry
ing companies.
No further details regarding the de-
cision We're available in Wall street dur
ing business hours but the inference
seemed to be that the Supreme Court
had upheld the claim of the Interstate
Commerce Commission TO a much wider
control over railway management than
has hitherto been legally accorded.