The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-03-15
WALL STREET NEWS
Confused MedleyOfInfi
at Work in Market.
THRILLING CHANGES IN PRICES
Position OF Money Market Cannot
BE Called Threatening, Nor Yet
EnccuraEing-Bank Cash Reserves
Smaller IA New York and in Lon
don-LabOr Situation Improving.

New York March 1.-THE course fol-
lowed by stock market prices to-day was
such as to bear witness with considerable
emphasis to the confused medley OF fav-
orabls and unfavorable influences now
present in the general situation. Looked
at from the point OF view Of the imme-
date market. the net result Of this may
not be sufficient to afford a reasonable
basis for pessimism; but they do suggest
rather distinctly the ACCESSIBILITY for the
time being of caution and conservatism
in market ventures.
Such, at any rate, was the view SEEM
ingly taken Of the position OF affairs
-by speculative interests to-day, and the
consequence was a dull and inactive Sc
curity market with trifllng changes in
price IN fluctuations. IT is obvious TO
begin with that there has been ever
since the middle OF last week. when a
rise eliminated approximating IS a share
in the price OF the leading railway and
Industrial stocks, a large marketing Of
stocks representing proflt-taking by the
fortunate buyers OF a few weeks since;
and Il appears that whatever may be
the nero optimistic outlook now. as COM
pared with that which prevailed IN the
fore part OF February, there is as yet no
sign OF en- intense public desire 20 buy
stocks at the ruling level of quotations.
Money Market Firm.
The position Of the money market,
while hardly what could be called threat
ening is, on the other hand. by no means
encouraging. Last Saturdays bank state
ment reported the actual surplus re-
serve Of the clearing house institutions
as being but $7,7OO.OOO. as compared with
SS6,0T7,200 on January .. and the average
surplus S10.006 $50. as against S33. $50, 80
at the end OF January. This is a season
of the year when. as is well known.
money moves to the West in large GUAM
titles for agricultural use The move
ment is now in full swing and there is
no reason for believing that it will be
interrupted for several weeks to come.
Beyond this. a similar diminution OF
bank cash reserves is visibly going on in
London, leading TO indications, believed
OF be positive in some quarters, that the
Bank Of England's discount rate viii be
advanced IN the present week Here
time money rates are decidedly firmer
than they were q fortnight or even a
week ago. and although no money
squeeze is TO be apprehended. yet the
point is apparently not far away when a
decidedly closer ratio will assert itself
than has IN the recent past between the
rates for the use Of money IN the open
markets and the interest yield on Sc
cuTlties.
Affairs Somewhat Mixed.
In the business world the condition Of
affairs seems again mixed, evidence Of
accommodating copper and pig iron stocks,
with low prices for basic commodities.
conflicting. on the other hand. with
somewhat greater activity in the manu-
faoture Of finished products.
Labor troubles are less feared in Wall
street than they were a little time ago
partly because events in Philadelphia
have proved that efforts 20 get up
sympathetic strike are unavailing. and
partly because IL is obvious that disputes
between employer and employe in the
railway world are in the way generally
of being settled by arbitration.
An unpleasant phase OF the general
status is that our exports of staple
products stu continues 20 diminish, and
that our foreign trade balance shows no
signs Of getting into stronger shape.
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