The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-01-08
WALL STREET NEWS
Irregular Trading; Slight
Gains at Close.
TAFTS MESSAGE GRATIFYING
Consensus of streets Opinion Not
Yet FeIt-Bank Statements DO Not
show Any Great Change in Sur
plus ReEerve-Despite storms, the
Trade Reports Are Favorable.

New York, Jan THE stock market
displayed no Initiative to-day, fiuctuating
in pendulum fashion monOtonously back
ward and forward. 1t so happened that
the last swing was an upward move
ment which left the majority Of the
active stocks with fractional gains on
the day. but many others showed losses,
and the late trading was as irregular
and indecsive as all the other move
Inents Of the day.
The action of the market after the pub
lication OF the Presidents special mes
sage on railroad and industrial corpora
lions was no more Illuminating than It's
course before. though avowedly the finan-
ciaI community had awaited that event
as the circumstance most likely to de-
termine the course Of the market for some
time 70 come
Apparently, the market was Indifferent
to the message. In no single stock or
group of stocks under the control OF
any Of the important financial interests
was there a decided movement in either
direction after its publication. But it
was probably perplexity rather than in
difference that impelled spectators and
investors to refrain from large commit
ments on either side of the market
Pleased with ItssTOne.
Men interested In larga4ahfairs were
pleased that its tone was conservative
but after going through the message with
some care perceived that a proper under
standing Of the effect of the Recommended
tn ri al
porations required careful analysis Of
its working and thorough appreciation Of
the status OF the big corporations in case
the recommendations are adopted. II
is. accordingly, probably the case that the
market, instead OF passing over the mes
sage with no apparent concern, has not
yet felt the consensus Of Wall street
opinion regarding it. Ideas as to the
Interpretation and purport Of many Of
the most important recommendations
were to-day very much confused in circles
where ordinarily a matter of market i'm
portance is appraised instantly, and II
may be some days before a positive pre-
dominant opinion is formed. Rarely has
the financial community been so perplexed
on a matter OF Interpretation,
The day brought no other news that
might be construed as of market i'm
portance. Forecasts Of the first bank
statement OF the year indicated no great
change in the surplus reserve. The ex-
periences OF some Of the larger banks
have been curiously at variance. From
some of them a substantial curtailment
OF loans and increase in cash might be
prophesied, while the condition of others
equally important is quite the reverse.
The majority Of them. however, reported
free return Of the January interest and
dividend disbursements, and such a steady
dividend disbursements and such
steadily increasing flow Of money from
the interior as 20 warrant the prediction
Of a call money rate well below per
cent next week.
The ruling rate for call loans to-day
was IA per cent. which is lower than
the prevailing rate on any other day Of
the week Another favorable indication
Of the course OF money was supplied by
further decline in foreign exchange.
The weekly trade reviews reported sea
sonable dullness in retail trade and a
check tn distribution on account of the
storms in many sections OF the country,
but held that the year nevertheless opened
with as favorable an outlook as any
other or the decade.