The Washington herald., 1911-03-07
WALL STREET NEWS
Slump in Volume of Trans.
actions Is Welcomed.
EXTRA SESSION DISCOUNTED
Present Price Level Considerably
I'm Advance of that at Which the
Market Last Rested After Similar
Decline-Pending Trust Case De-
cLSions Deter Professionals.

New York, March 6.-After last weeks
more or less excited dealings in stocks
the falling off in the volume of transac-
tions to-day was welcomed by most peo-
pie, even if it led to a variety of COM
ment regarding the exact cause therefor.
The reasonable probability is that from
the point of view of speculative Wall
street the supposedly unfavorable influ-
enCe of an extra session of Congress has
been discounted, at least in so far as any
pessimism can be excited, in advance of
the actual meeting of Congress itself.
Matter Given Much Thought.
There was naturally over Sunday a more
careful taking of thought concerning
the matter, and people began to remem-
Der that even conceding the possibility
that a radical low tariff bill might pass
the new House of Representatives the
President and the Senate are known to
be decidedly opposed to any general pro-
gramme of tariff "overhauling.' 1t is, of
course, hard to map out programmes in
advance, and yet, however considered, the
chances must seem to reasonable people
TO be altogether against anything more
than a reduction of customs duties on a
few leading commodities at the extra ses-
sion Of Congress, a development which,
If popular opinion, as expressed concern
ing the Canadian reciprocity measure, is
any guide, would be accepted by Wall
street as a favorable stock market fac
tor, rather than the reverse.
Hold Mt Good Level.
Another way Of looking at to-day's
strong il dull security market was that
It had passed into a state of equilibrium
following a sharp decline and that as the
present level of prices is considerably
above that at which the market last
rested after a similar break the fact in
dicated that the general course of prices
was advancing. Whether this conclusion
is right or not only time and event can
tell
There was the usual unwiIlingness on
the part of professional spectators TO
make commitments to-day before they
learned whether any decisions in the
trust cases would be forthcoming from
the Supreme Court in Washington. 1t
was observed, however, that anxiety or
even talk regarding this matter was less
than it had been at any time since the
argument in the cases was concluded
and there were those who professed TO
find in this quieting down of feeling a
sign that public interest in the matter has
grown considerably less. At least this
much may be said regarding this time
worn subject that people generally are
coming more and more to the belief that
the construction of to antitrust law by
the Supreme Court when it is made will
not prove to be destructive to popular
rights and viii allow business to go on
in the country very much in the same
manner as before
Most Notable FIuctuatiOn.
The most notable fuctuation of any
sort in to-day's security market was in
the Virginia deferred debt certificates is
sued by Messrs. Brown Brothers & Co.,
which made a violent rise after the an
nOunCement that the Supreme Court had
decided that the State OF West Virginia
was equitably obliged to pay something
over $780, 900 toward the payment of the
principal of the public debt of the parent
State of Virginia before West Virginia
attained status as a separate State.
This, Of course, made the outstanding
Virginia debt certificates more valuable
even if several matters in controversy
between the two States still remain to
be settled.