The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-05-01
WALL STREET NEWS
Speculative Pressure Causes
Decline i'll Stocks.
ACTIVITY GREATLY INCREASED
AmalgnmRted Copper and Union Pa
cinc Common shares Fall More
10 Poor Earnings as shown by
the Monthly Statement.

New York. April SO.-Having fallen vio-
lently on Thursday and risen TO an equal
extent on Friday. the thing for the stock
market to do to-day apparently was to
again decline moderately. Prices would
probably have followed this course In a
normal way. that is. without accomplish
ing any great decline, had II not been
for the fact that special pressure, it may
be OF speculative sort. was brought 10
bear against two prominent stocks. the
Amalgamated Copper and Union Pacific
common shares.
This set in in the last hour of business
and resulted in a net decline in these
stocks OF 33s points each. The first named
fell 10 lower point than II did on Thurs
day. or at any time previously in the
year. and the reason for the movement
was ascribed to the present unsatisfac-
tory state of the copper metal market
and the current indications that the
stocks Of copper will show another large
increase in the report for the month
when submitted by the Copper Produc-
ers' Association.
Poor Earnings Only blame.
No particular explanation was offered
for the break in Union Pacific, beyond
reference to the rather poor earnings
statement OF the company for March.
published yesterday. which exhibited an
increase in gross earnings of S9S5,OO0
turned into a net decrease Of $4,000.
1 The whole market. affected by the selling
in these two stocks. closed at declines
IN the neighborhood of points in the
- "a. rrrt-
ment was rather more unfavorable than
" had been generally looked for. Both
the actual and average figures Of the
surplus reserve decreased more than
100000, reducing the total actual surplus
TO A,5SS,1j0, and the total average sur
plus 20 S174.450 In both instances the
fall IN reserves appeared TO be due to
the cash losses sustained by the banks
through the weeks gold exports.
Activity in the market decidedly in
creased; but. on the other hand the move
ment Of prices was lower The market
has been webbing for several weeks
without disclosing any definite tendency
and this weeks bad news, at any rate in
a speculative sense. such as the frost
damage in the West and South, enormous
gold exports, the rise in the price OF call
money 70 a comparatively high level and
general perturbation as to the eventual
result Of the speculative situation in cot
ton combined TO produce an outbreak OF
bear selling and more or less general
liquidation I'm stocks.
Railroad Earnings Keep Up.
Railroad earnings keep up despite talk
OF diminished general business, They are
now u per cent in excess Of last year.
on Friday most OF the larger Western
rCilroad companies filed with the Inter
state Commerce Commission notice Of
their intention 20 make an advance In
freight rates on June /. averaging about
IS per cent on the face Of things, such
increased compensation for carrying
freight as IS secured will result in largely
augmented railway earnings; but the
question remaining TO be settled IS
whether the increased compensation will
be allowed.
There Is general. though vague. idea
that the Interstate Commerce Commission
regard with at least partial favor the ac-
ton taken by the railway companies.
Whether shipping interests viii readily
consent TO it is another matter. and there
IS some fear that the higher freight
charges made by the railroads will in
fiuence O curtailment Of the volume of |
freight itself Few people in the railway
world seem to. have any certainty as to |
the upshot Of the movement FOR higher /
tariffs. while contending nevertheless that |
the advance In freghts IS justified by I
every consideration Of reason and fair
business dealing.