The Washington herald., 1910-04-23
WALL STREET NEWS
Stock Prices Fall and Day Is
One of Dizziness.
COMMODITIES NONE BETTER
for the Fall Join Move
ment in Securities and Again Orer
Freely for Sale the Stocks Which
They bought the Day Before in the
Process Of Retiring short Interest.

New York. April Z--Had the announce
ment made in the newspapers this morn
ing OF the steps taken as a matter Of
necessity toward the reorganization Of an
old and well-known dry goods commission
NE1n come at any other time than the
present It would undoubtedly have been
regarded as a matter OF but little general
financial interest
The event is one that has been impend-
ing for many years. the general causes
being the evolution that set in Two dec
AIDES ago in the manner OF conducting the
wholesale dry goods business. Under pres
ent conditions. however, Wall street was.
of course, disposed to regard the affair
as directly related TO the current confu-
sion in the cotton trade, which. in turn.
IS due as is a matter of common knowl-
edge to the ruling high price Of cotton
and the great shortage in last years cot
ton crop. Therefore. spectators made
haste TO draw differences which were. OF
course, greatly exaggerated as not ad-
verse effect upon the national business
status as a whole Of the general cotton
trouble.
More Serious Development.
II IS to be admitted, however that the
effect Of tO-day's development was In
creased by various matters connected
with the recent failure OF a large spot
cotton house in the South. which
has involved It seems. number OF
cotton commission firms doing business in
Liverpool At any rate, foreigners were
disposed 20 consider this development as
pointing to a more serious condition OF
affairs here than in fact exists. and sell
ing Of securities by foreign houses early
became a feature Of the days stock ex'
change business.
Spectators for the fall Joined the move
ment. and again offered freely for sale
the stocks which they bought on the day
before IN the process OF retiring their
short contracts.
Whether 1t was IN any way an inluen-
tial factor in the stock market, grain
prices were to-day inclined TO strengthen
primarily because q very considerable
short interest in the grain options has
accumulated in the course OF the recent
decline. and. secondly. because prevailing
reports as to the state OF the crops. these
having reference chiefly to the develop
ment Of harmful insect life. were no
quite so favorable as they lately have
been.
New Fall in Stocks.
All this resulted in a renewed fall IN thu
stock market. which by midday amounted
10 between one and two points In th'
leading shares. During the rest = TIT
day business on the stock exchange wa!
very dull. but with a general tendency
plainly noticeable toward a recovery o.
stocks previously sold. but the close had
the effect Of wiping out about One-half oi
the early losses.
If the commodity markets to-day, or, a
least the grain market. did not have a.
cheerful a story 10 tell as they did in N,
fore part Of the week. ease in the none,
market again manifested itself. and III
indications were pronounced that receipt
Of cash at this center from the interio
of the country were rather more thar
counterbaIancing losses OF funds through
gold exports.