The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-01-05
WALL STREET NEWS
Declines Experienced in the
Morning Hours.
CALL MONEY RATE IS LOWER
Alarm over Taft's Position on Rail-
way Rate Regulation Is Ended aud
Nothing Drastic Now Expected.
Southern Pacific Up as Increase to
Per Cent Basis Is Looked For.

New York. jan 4.-During the morn
ing hour OF stock exchange business IN,
stock market was still obviously suffer
ing from the effects of yesterdays agita
ton and unsettlement During this period
further declines, varying from one to one
and half points in the AmalgamateC
Copper, Heading, United States Stee
common, Union Pacific. and other promi-
aent stocks, were generally shown.
The call money rate opened as high
- 9 per cent, and this was regarded by
many spectators as affordlng some IN
dicatiOn that yesterdays money strin-
gency again might be repeated. This
rate proved. however. to be the highest
OF the day. and gradually eased off until
II touched 81 per cent. As soon as the
threatening aspect OF the money situa-
ton became relieved the security market
began TO take heart. and q rise set in
which was continued with a brief set
back, until the end OF business. Yester-
days break in values. in the light OF to-
days reflection. appeared to have been
caused in the first place by something
resembling Lnild CONSERVATION over the
abrupt rise 81 money rates TO II per cent.
and secondly. by pessimistic discussion
regarding the character OF President
Taft's messages on the antitrust and
interstate commerce questions soon to be
sent to Congress-
No Cause for Alarm.
So far as the tightening of money was
concerned, it was IN all probability due
TO more temporary circumstances, Wall
street forgot seemingly that in addition
TO the usual Withdrawing OF money for
speculative uses incident to the first day
OF the new year. the date was also one
when payments on several large bond
issues had 10 be made
Out-of-town money was offered here
to-day in volume at the relatively high
rates prevailing, and the fair presumption
is that through the rest Of the month, at
least. the trend OF money viii be down.
ward-that is to say, until the level is
reached approximately which prevailed
during December
Whether much alarm was really felt in
the financial district yesterday and to-day
over the prospect Of President Taft's
message to the national lawmaking body
is more or less uncertain.
The Chief Executive has been decidedly
frank and free in his advance statements
TO the public upon matters Of this kind,
and it is extremely doubtful IL the Presi-
dents coming recommendation TO Con-
gress will be found when they are for
maIly disclosed to contain anything of
novelty. II is also obvious that the pro-
gramme OF legislation that the President
has outlined is an exceedingly large one,
and that it is BY no means likely to be
carried out IN detail.
Seven Per Cent Basis Probable.
one reason for the rise to-day in South
ern Pacific stock and the strong advancing |
tendency that the stock has shown re-
Gently is a possibility that early in the
present year the stock may be placed upon
a per cent basis.
The dividend rate on Norfolk and West
ern common stock has. Of course. lately
been raised 10 per cent, and the earn
ings OF the road seem TO be such as to
wholly justify the payment
Another especially strong stock in the
market to-day was international Har-
vester common which rose six and one
half points, not only because initial divf- |
dends upon the stock are expected, but by |
reason of a rumOr that a large extra |
stock dividend may also be declared rep /
resenting either a distribution Of profits |
pure and simple, or the capitalization Of |
the company's ownership Of plants 10 |
Gated in Europe. The commodity markets |
to-day moved irregularly.