The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-02-20
WALL STREET NEWS
Irregular Market Leaves a
Doubt as to Strength.
SHARP DECLINE At CLOSE
Selling Representa- More Than Usual
Volume of Weekend Profit TAX
Ing and Ooinion Is General Buying
viii Increase IL Prices FAN 10 II
Lower Level Than that Of To-day.

New York. Feb. 19-Prices of stocks at
the close Of business to-day were so
irregular as to leave it more or less open
10 question whether the general market
had advanced or declined. Declines IN
general were more numerous than ad-
vances. but advances were made In so
many specific issues that X could best be
said perhaps that the market LETT or al
about an even balance. It held strongly
throughout the day until the last nan
hour of business, when II receded rather
sharply.
Reading stock, which has been the fea-
ture of the rise Of late, fell over points
The Steel common shares. the leader
among the industrials, closed unchanged
Union Pacific was of IL points, St Paul
IL and so on The selling that occurred
probably represented no more than the
usual volume Of end-of-the-week pron'
taking. The opinion commonly expressed
by the heads of commission houses was
that the quantity of public buying in the
market was likely 10 be increased II
prices fell TO a somewhat lower level, and
that the general run OF customers OF
these houses seemed unwilling to follow
with any eagerness such a continued rise
in the market as has gone on in the last
two weeks.
Cotton Futures Break.
Beyond the weekly bank statement the
only development OF financial interest was
a gratifying break in cotton futures, Tn
der heavy speculative liquidation and the
disclosure Of a weaker tendency In Lon
don because Of more or less vivid uncer-
tainty that has arisen there as to matters
of English politics A large and perma-
nent decline in the price Of cotton and
wheat as well would undoubtedly exercise
a permanently favorable influence upor
the general financial situation. but the
fall here thus far has largely confined
itself to the speculation options, and the
price of cash cotton and wheat remains
substantially unchanged The wheat mar
ket to-day was higher. The weekly banl
statement was again notable for the di
vergence shown between the average and
actual figures Of the return.
The average figures represented an In
crease IN loans Of 1907. 800 which, with al
increase in cash Of slightly less thar
100000, caused an increase Of $1,50Z27I
in the banks surplus In the actual fig
ures loans increased S1S,44S,O0O and cash
decreased $4,000, therefore the actual
cash reserve decreased S5,039,575. The
difference in the figures was attributed
as il often is "a the influence Of "syndi-
cate" operations toward the close Of the
week These might very we'll have beer
the borrowings TO make an installment
payment upon the Chicago Great Western
reorganization plan.
Repetition In Daily Market.
Prices rose Yearly every day this week
and advanced on the three last days o.
the week preceding. This continually ad
vancing process cannot 80 on without
pause, ana sooner or later the marke
viii necessarily suffer a reaction which
may be proportioned TO the extent of it:
late advance. Moreover, account is u
be taken of the fact that IL has not ye
become demonstrated as a matter Of alb
solute certainty that the actual genera
movement of prices just now is in an up
financial district who maintain that ii I!
by no means settled that the low price!
Of stocks have yet been seen. Allowing
for the usual ebb and flow of prices du'
10 the operation Of speculative forces
pure and simple. it must be held that tn,
intrinsic state Of affairs is much NOR,
satisfactory than it was six weeks ago
Money rates have fallen TO a level tina
invite not only speculative buying. bu
purchases of stocks for investment.
IS unquestionable that Europe has latel!
been a heavy buyer of our securities, snC
also that when prices were at their low
est. on February and 5, there was
great accumulation OF stocks by insid,
interests. The financial agencies at tn,
end Of the week reported a better out
look for business than they did a weel
ago, and the promise Of the crops con
tinues excellent