The Washington herald., 1911-03-30
WALL STREET NEWS
Prices Again Decline, but in
Moderate Fashion.
RAILROADS SHOW STRENGTH
Canadian Pacific Group, Illinois
Central, and National Biscuit Rise.
1y Weak-Iron Trade for the Week
Is Reported as Unchanged.

New York, March CATER the rise in
prices yesterday and the day before
an advance which was small absolutely,
but large relatively, considering the
present extreme dmlncSs of the market
it was entirely natural that prices should
TO-DAY decline. and decline they did, al
though in moderate fashion. Distinct
strength was once more shown by the
Canadian Pacific group-thiS including,
besides Canadian Pacific stock. the
shares Of the Wisconsin Central; Du-
luth, South Shore. and Atlantic. and
Minnes polls. st. Paul, and Sault Ste
Marie companies-and also by various
other particular issues. such as Ma
tional Biscuit Stock, and Illinois Cen
trail.
American Wooden Stocks Weak.
On the other hand, the American
Wooden common and preferred shares
were the subject of especial weakness,
possibly because of the universal and
what seems TO be just criticism di
rectod against the recent action of the
directors OF the company in retiring at
private sale very large proportion OF
the Company's common stock. The
terms a which this sale was con-
summated remain entirely unknown.
and. although no evidence has yet
been brought forward TO justify
charge that the transaction was i'm
proper. the affair is one that in the in
t"resIs of the company ought to be
cleared up by 4 full and frank state
ment by the directors as to the prices
paid for the stock and the names of
the individuals from whom the stock
was acquired.
Railroads Win Fare Case.
Mention. perhaps should be made of
the fact that the decline in the market
in the late afternoon was connected in
stock exchange gossip with a story TO
the effect that the United States Circuit
Court of Appeals in ST. Louis had de-
cIared against the railroad compani-s in
tho application of these companies to have
the 2-cent fare law of Oklahoma declared
COnfScatOry and unconstitutional. The
first announcement OF the decision was. in
deed. put in rather vague form. but I was
even then apparent upon careful reading
that tn" railroads had won their case in
stead OF being defeated. y clearer state
ment of the matter was made later. al
though not until just as the stock "X-
change was closing The victory Of the
railroads. appeared to he complete, and
their triumph was none the less >iGniti-
cant because the judges sitting in the
case are the same aS those who have I'M
der consideration the Union Pacific
Southern Pacific merger case.
Iron Trade nchnnGed.
TIL" Iron Age and Iron Trade Review
reports Of the iron and steel business dur
ing the week told of practically unchanc-
Cd conditions. Business has doubtless
slackened somewhat since February, but !
tho spring trade in many products, prin- !
ripaIy in wire goods. has gone beyond
expectations. Railroad earnings again !
bore rather favorable witness to the Sue
cess that is attending the efforts Of rail !
way managers to keep down expenses
and to change decrease in gross into
smaller decreases in net. Sterling
change during the day Was Quit" weak. /
possibly in connection with financial trans .
actions incident to the April ! diStrihu ,
ton. And a fall NOR" violent than has ,
taken place for ten days past occurred
in the grain market. based upon renewed
,.rop reports. In cotton. however, some !
thing of a driv-. is obviously being made |
against whatever short interest there is !
that has accumulated in the May option. |