The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-03-20
WALL STREET NEWS
End of the Week Sees De-
cline of Stock Prices.
LITTLE EFFECT FROM CAPITAL
Good News from the Farms Gives
Tone OF Optimism, Though Future
Values Are Generally Ciouded-
Sharp Break I'm Lehigh Valley Has
It's Influence ON the Market.

New York. March 19.-Prices OF stocks
declined to-day, as was perhaps only
natural at the end Of tbs week. and after
a rather sharp uplift in the two days I'M
mediately preceding. The general atti-
tude OF the market was one seemingly of
hesitation, and an instructive desire 70
move cautiously under the many con-
hicting factors in the present situation
became clearly defined. Quotations at the
opening were rather above those Of yes
terday's close, bur a liquidating tendency
at once asserted itself and prices ended
at or near the lowest of the day with
declines running TO a point or more in
the prominent issues.
The ultimate effect from a financial
point of view OF current Developments
in the House Of Representatives was per
haps more carefully considered to-day in
Wall street than it was yesterday, as
we're also all gathering indications Of a
higher money market A sharp break
in the price of Lehigh Valley stock in
Philadelphia was not without its infiu-
ence, and there appeared to be especial
pressure. or what was such relatively, to
sell the Chicago, Milwaukee and ST. Paul
common shares. No reason for this was
manifested other than the existence or a
general feeling that the labor troubles
on the ST. Paul lines are somewhat more
acute than elsewhere.
Good News from Farms.
Pleasing incidents Of the day. on the
other hand, were the receipts OF news
that rains were falling in Kansas. where
the winter wheat crop has been suffering
more or less from lack Of moisture, and
the announcement of a large oVersub-
scription for the preferred shares of the
Underwood Typewriter Company, offered
to the public this morning. The figures
of the weekly hank statement showed
very considerable discrepancy between
the average and actual figures of the re-
turn. The average bank loans decreased
S1573O0a, and the amount of bank cash
similarly calculated decreased over ST.
100000 In the actual statement. how
ever. a decrease in loans of nearly ST.
100000 was reported, which. with an in
crease of nearly s.. 0O0,00O in cash made
an increase in the actual bank surplus
of s7,22S,OOO as compared with a decrease
of $50, 900 in the average surplus.
Prices of stocks declined rather sharp
y in the early part of the present week
and recovered later on, leaving on not
greatly changed from the figures Of Sat
urday week ago. Toward the end of
the week activity in the market was no
ticeably less. and there was a disposition
among SPECTATORS to limit their opera
tions on either side Of the account.
Future of values CIOuded.
This undoubtedly was because many
people habitually operating in the mar
ket have become impressed with the fact
that the immediate future of values is
rather more clouded than it usually is
There is much to be said in favor Of the
stock market and good deal to be said
against it, Convictions. therefore. as TO
the immediate tendency Of values are by
no means positive. At least this COM
mentary must be made that reviewing
the events of the week Il cannot be said,
as Il often is. that the period was one
without any important happenings in q
stock market sense.
Nevertheless. all these occurrences
seemed to be Of sort whose force one
way or the other had been already dis
counted. Argument was heard before the
Supreme Court in the Standard Oil case,
leaving opinions as 10 the result thereof
still no less uncertain than they have
previously been. Labor troubles during
the week were perhaps more in evidence
than formerly. But the Philadelphia
strike almost disappeared this week, as a
stock market factor, and although reports
come from almost every State in the
Union Of demands OF railway employees
for increased pay and reduced hours of
labor, indications were strong that all
these disputes will be amicably adjusted.