The Washington herald., 1910-02-27
WALL STREET NEWS
Spectators Hold AlOOf ON
Day of RecessiOns.
LABOR WAR HAS INFLUENCE
General Feeling Is that Values VIII
Go Up When Winter Holiday Sea-
son Is Over and Agricultural Pur-
suits Are Taken Up for the Spring.
Lowest Rates Have Passed.

New York. Feb. 26.-An that the stock
market did to-day was to sag. De-
elines were not great the market closed
above the lowest OF the day. and the
action OF prices was no more than might
have been expected in view of the fact
that in the main through the week the
tendency of values has been, if any
thing, slightly upward, and that to-day
was the natural time for traders reali-
cations. Nevertheless general feeling
was very noticeable during the morning
that whatever harder undertOne had been
witnessed in the security market during
the week had been due to the favorable
result on net balance of purely profess
sional operations, and that there were
no signs that the large financial inter-
ests were at the moment in any way
responsible for the trend of values.
Il may be that reflections of this sort
more or less accelerated the days re-
cessions. The failure announced yester-
day afternoon of a small banking firm
that had been engaged in the exploita-
ton of a minor railway enterprise in
this State and consequent receivership
for the railway itself was OF course a
trivial matter, but it did not serve TO
encourage speculative sentiment.
Influence of Labor Wars.
An adverse influence was also exerted
by the numerous signs of restessness on
on the part of labor. American Smelling
and Refining stock was particularly weak
because, doubtless, OF the fall in the
price of silver in the foreign markets in
the last two days. due 60 the stlll unex-
planned action of the government of
India in increasing the import tax upon
silver brought into that country.
Neither the Norfolk and Western nor
the Pennsylvania shares appeared to Ne
measurably affected by the general un-
derstanding that the recent advance in
Norfolk stock had been due to the acqui-
sitiOn by the Pennsylvania of a complete
majority control of the issue. The Eng
lish stock market appeared to have pass
ed into an attitude of allegiance pending
what is felt to be something of re-
newed political crisis in the country So
far as could be seen a factor in the mar
ket was in no way the expectations of
an UnfsvorabIe bank statement which
part.
Under both actual and average forms
of the return a loss in cash was shown
and a surprisingly heavy increase in
loans which resulted in both returns in
a further reduction in the bank surplus.
What seems to be going on in this re-
gard is a beginning of the movement OF
money to the interior of the country that
often puts In an appearance around the
present date. The surplus still stands at
a very comfortable figure.
Lowest Rates Have Passed.
Yet. in consideration of the notable
movement against this country in the
foreign exchange market this week, re-
suIting in further exports of gold and the
approaching withdrawal of money from
this center for use in the interior Incl
dent to spring agricultural operations. 1t
may be questioned whether it is not at
least clear that as low rates for money
have recently been seen as will be seen
for period of several months to come.
The movement Of prices in the stock
market was compressed within such small
limits this week that there was practi-
calIy no change of importance in any one
leading stock.
Neither, also, have there been any
noteworthy developments I'm either the
business or the financial world. For one
thing II is to be remembered that the
winter vacation season is now at its
height and that the number of prominent
men now absent from the financial dis
trict is larger than it will be probably at
any time during the year