The Washington herald., 1911-02-24

New York, Feb. 2a-Stock exchange
activity to-day was on a scale as reduced
as that witnessed previous to yesterdays
holiday, and the stock market in all the
leading shares was utterly nominal
Possibly one specific reason for the
days dullness was the prevalence of a
rumor that the Interstate Commerce
Commissions decision in the railway
freight rate cases might be handed down
at Washington shortly after the close
OF business hours. Pending definite news
the natural policy Of spectators was
to stop trading. 1t might perhaps have
been argued from the quiescence of the
market under such circumstances both
that the Importance of the decision itself
was somewhat less than has been COM
monty estimated and that general belief
was very strong that even if the decision
should be against the railway companies
it would not have much effect upon
market price.
Market Continues Strong.
At any rate nervouness regarding the
matter was prominent by its absence.
Lifeless as the stock market was, how
ever, it was still characterized by the
same underlying strength that has at
tended it ever since the beginning of the
year and by advancing movements in
various quarters.
All the Gould issues, Missouri Pacific,
Denver and Rio Grande and the Wabash,
were bought in a quiet, but convincing
way from the beginning of the stock ex-
change session, and the Wabash refund
ing per cent bonds again made
considerable net advance for the day
upon large transactions.
Buying that was comparatively heavy
for such a torpid market went on in
Nirginia-C Carolina Chemical American
Agricultural Chemical, and the other So
called fertilizer stocks, based presumably
upon the now indiSputable fact that the
common crop Of the present season is
much larger than was thought likely last
year, and that ii is a practical certainty
that cotton-planting operations requiring
an enlarged use of fertilizer material will
be greater this year than ever before
known. Canadian Pacific stock again
rose sharply, and considerable net gains
were shown in the American Canning
preferred. American Beet Sugar stocks,
and various other specialties.
Conditions Still Improving.
1t could only be said of the days fnan-
cial and business developments that, al
though they were slight, they were along
the lines of improving conditions Cot
ton prices rallied with some vigor, but
almost solely because according to all
appearances of a recovery Of contracts
for the fall by SPECTATORS
\ great decline has occurred in the !
price of cotton within few weeks, and
speculative interest in the staple is now |
undoubtedly becoming as .bearish'' as it |
was publish two months ago At the
same time, it is to be admitted that
there are substantial reasons for this
feeling. and that signs of an upward
movement in cotton, based upon supply
and demand conditions, are still remote.
On the other hand, a general break
occurred in the grain markets, perhaps
because of a sharp decline in the price
of wheat in the Argentine Republic.
where crop prospects are said to be ex-
cellent, and. also. perhaps, because of the
highly favorable circumstances that have
attended the growth of winter wheat in
our own country in the agricultural year
to date.