The Washington herald., 1911-02-18
WALL STREET NEWS
Sudden Break i'm the Market
Remains Unexplained.
RUSSIAN NEWS NO FACTOR
Diplomatic Difficulties with China
Fail to Affect London Stock EK-
chanEe-Stocks Sell Rapidly at
Opening, but Prices Harden and
the Market Closes BuOyant.

New York, Feb. I7.-Wall street to-day
in talking over the probable reasons for
yesterdays more or less unexpected
break in the market came no nearer to
satisfactory conclusions in the matter
than it I'D after the close of business
yesterday, when the idea generally held
was that one or two large speculative
traders who had accumulated heavy lines
of stocks made up their minds to take
profits. that their selling caught stop loss
orders in considerable quantities, and
that the declining movement was mate
rally helped along by speculative sales
for the fall.
At any rate, there was no news de-
velopment overnight or during the day
that at all accounted for yesterday S
weakness. Mr.. William Rockefeller was
reported sick at his home, but his ILL
ness was said not to be serious, and even
If the sickness of the gentleman was
serious, it is well understood that he has
not been active in the security market
for a long period. Other rumOrs which
were ostensible causes of disturbance on
Thursday vanished into thin air.
Russian News No Factor.
On the London stock exchange no i'm
preston at all was made by the diplo-
matte difficulties which have arisen be-
tween Russia and China, and whatever
slight weakness in security prices was
witnessed there to-day was properly as
cTibed as due to preparations for the ap-
preaching fortnightly financial settlement.
1t appears that there has been some
real apprehension lately on the part of
people engaged in business in the COM
modify markets that a bill prohibiting
dealings in options in cotton that had
passed the Lower House of Congress
might pass the Senate and become a law
before the session of Congress ends on
March 4. This is a bill that has been
allowed to pass the House of Repre-
sentatives once before always on the
theory of the smaller class of demagogue
politicians in Washington that it would
be promptly killed in the Senate or We
tOed by the President.
Public Sentiment Lacking.
There is no substantial public senti-
ment in this country as yet in favor of
a measure of this sort. and very little
public debate concerning it. OF course
it became evident to-day that there was
no chance of the bill becoming a law
in the few weeks yet remaining of Con-
gressional life. Therefore, this source of
trouble was stopped up. 1t must be ad-
mitted that il is still a fair subject of
inquiry from a speculative point of view
whether or not there is likely 10 be an
extra session of Congress called imme-
diately after the adjournment of the
present body, to pass the Canadian reCi-
prOCity measure.
The indications are, so far as they can
be gathered, that the President is deter
mined to call such an extra session if
the measure does not become a law at
the present session. Ii appears equally
obvious, however. that neither political
party is Yet prepared for any general
reOpening of the tariff debate; so that
the strong probabilities are that even
should an extra session occur il would
practically cOntne its business to the
discussion OF the Canadian reciprocity
mattel.
In the morning to-day there was some
further rapid selling OF stocks of the
kind witnessed yesterday, and transac-
uons were at rate, which if it had been
continued would have resulted in a
million-share day. support. however, of
sort not at all seen yesterday was
present in the market. and after the
first hour a hardening tendency of prices
was visible, which grew later on to
distinct strength. The market closed
buoyant and at considerable net ad-
Vances. The one and only important de
VelOpment of the day beyond a general
quieting down of financial sentiment was
the news just before the close of busi-
ness of d resumption of dividends on
the preferred stock of the Southern Rail
way Company.