The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-04-09
WALL STREET NEWS
Market Disturbed by Unset
tied Political Conditions.
GENERAL DECLINE IN PRICES
Following Week of StagnatiOn,
Stocks show Weakness, and in
Large Volume of Trading the FAN
Is Larger Than for a Fortnight.
Wickersham's speech Feared.

New York. April s.-The unfavorable
values that have been in evidence for
long time past. and which have, in the
last week. been productive OF stagnation
rather than weakness in the stock mar
ket pressed to-day more heavily upon
the minds of people in Wall street than
they have lately done and, intensified
by other unwelcome developments in the
days news, resulted not only in large
increase in the volume of market trans
actions, but greater declines in prices
than have been seen in any one day for
a fortnight. The unsettled political out
look was further disturbed by rumors Of
dissenions In the Presidents Cabinet
Emphasis as regards a closer working
of the money situation was lent by The
preliminary forecasts OF tomorrow
bank statement, which Indicated cash
loss by the banks of over S6,5o0,o0o, which
was sufficient, on the face Of things, TO
wipe out the total quantity Of the bank
surplus, as shown in last Saturday s
statement Of the actual clearing house
condition.
It will. OF course. be surprising If so
great a diminution is shown and the
course of money rates to-day did not
indicate that to-morrows return would
exhibit the surplus as in fact wiped out
Although no further gold engagements
were made. it was generally understood
that this was the cause to-morrow's
steamer. available for metal remittance.
is a slow boat and that a substitution
for exp-its tomorrow of increased ship
ments ON the fast sailing Mauritania
next Wednesday would prove the more
proftble form Of transaction.
Copper Report UnfavOrable.
The March report OF the Copper pro-
ducers' Association was much more UNI
favorable than had been expected, show
ing an increase Of the amount of copper
stocks on hand of over 16.5o0o0o pounds
Yesterdays announcement that the Erie
Railroad had made a large reduction Of
the working hours Of its shopmen and
employees engaged in repair work was
perhaps, generally looked upon as bear
ing witness to an exceptional state Of af-
fairs
But it was to-day officially stated that
the New York. New Haven and Hartford
had also made a reduction in the work
Ing hours Of the men in its locomotive re-
pair shops, and Wall street was plainly
inclined TO look upon these developments
as an indication that railroad business,
al least upon certain Eastern lines, was
not as fiOurishing as il was some time
since.
The government crops report seemed 10
exert little influence upon sentiment in
either Wall street proper or in the grain
trade. lnasmuch as the report was of the
same sort that anticipation had made
out The grain market at first fell sharp
ly upon the report, but later on recovered
substantially all Of the decline
Fear Wickersham's speech.
A decisive factor in the course Of the
security market during the day was
rumors that a high government officer
in a speech 10 be made tomorrow even
ing in Chicago would represent the ma
tional administration as taking a much
more radical stand upon the antitrust
question than it has done hitherto. As
The net result of all these factors. and the
seemingly accumulated consequences
thereof. the security market. which open
ed distinctly lower all around than il
closed yesterday and developed a plainly
sacging tendency in the morning hours OF
business, broke with violence in the aft
ernoon, and left off with declines aver
aging more than two points in stocks OF
the United States Steel. Union Pacific.
and Reading class. Closing quotations
were in the main but little above the
lowest Of the day, the market exhibiting
small rallying power.