The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1911-03-22
WALL STREET NEWS
Market Drifts Idly Back and
Forth ALI Day.
MISSOURI PACIFIC IS ACTIVE
Decline Comes After Announcement
of Board Meeting-Wheat and Cot
ton Markets Contribute to Lower
ing of Commodity Professionalism
Oil ut New High Figure for Year.

New York, March G.-About half Of
to-day's business in stock was done III
the first hour. and in that hour the turn
over totaled but 10000 shares and none
of the price movements was particularly
impressive. During the remainder of the
session the market drifted idly forward
and back in accordance with the various
and infrequent transactions of profes-
sion3l operators and a few room traders.
In the ordinary active stocks the bulk
Of the business was of professional
origin, representing little more than an
effort to make profits in fractions of a
point on the fluctuations: the rest seem
ingly stood for little more than a re-
tiremont of commitments made in the
course of yesterdays advance. AS a
result Of such transactions the market
reacted in the afternoon, and in the
late trading, though transactions were
not at all large or frequent, sold off
rather easily with the net result for the
day that the greater part of yesterdays
gain was wiped out
Advances in Morning.
On the active stocks Missouri Pacific
moved in wider range than any of the
others. advancing sharply in the morn
10 a price nearly points below the high
price of the day. The decline came after
the announcements from the Missouri
Pacific board meeting, but could not be
attributed to dissatisfaction with the de-
EelOpments at the meeting. Undoubtedly
experienced Spectators were simply ad-
herring to the old custom of realizing on
good news.
AS concerns Missouri Pacific alone the
MIA fjnO n tho I'd h.
long agreed upon and generally under
stood exactly as it took place and there
is, of course, no doubt whatever that the
transfer of control to strong and adept
hands is regarded in the financial COM
munity as one of the most beneficial
railroad developments Of the year.
But to-day the satisfaction over the
formal ratification OF the agreement for
the transfer of control was augmented by
the introduction Of representatives of
strong banking interests into the dircc-
tOrate of other Gould roads
Several Roads Affected.
The roads directly affected by these
changes in directorate were St Louis
and Iron Mountain, Texas and Pacific,
and Denver and Rio Grande, but indi-
recly though effectively the changes con
Germ all of the Western Gould lines. The
securities of Texas and Pacific, and Den
yer and Rio Grande, advanced on small
transactions after these changes were an
nounced-
Both the wheat and cotton markets
contributed A little toward the lowering
of commodity prices Money continued
easy. with rates unchanged and the offer
ings liberal The demand for new secur-
tiles, especially for short term notes, was
again brisk, with interior institutions
and foreign houses and investors buying
heavily.
One new issue Of bonds was announced
in the course OF the day in the sale TO
a banking syndicate of 100000 first mort
gage ) per cent bonds. of the Bush
Terminal Company. On the curb Stand
ard Oil stock sold up to 6U, another new
high record for the year. and precedent
established by the initial sale of the
forthcoming Panama Canal 3 per cent
bonds when issued at 1G-