The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1911-03-24
WALL STREET NEWS
Low Record in Point of Vol
ume Feature of Day.
DEALINGS IN BANK STOCKS
"Acquirement of Interest" and Con-
solicitations Chief Topic of CONVEX
Report Shows Loan Expansion.
Present Dizziness Unprecedented.

New York, March 3-The wearisome
nature of spells of dizziness in the stock
market naturally becomes accumulated as
the dullness Itself is prolonged. The i'm
patience engendered by it in the minds
of spectators gets TO be cumulative.
To-day therefore, the mere statement
that dealings in stocks again made
low record in point of volume for the en-
tire year but poorly represents the feel
ing of disgust that spread itself through
out the financial district. or at least in
those quarters of Wall street which con-
Germ themselves with daily fluctuations
N prices.
This, at least could have been said of
the market of yesterday that there was
pcrccptible quantity of interest shown
in a few inactive stocks To-day the only
part of the market in which there APP
pearcd to be anything going on whatever
was in bank stocks, particularly the Ma
tional Bank of Commerce shares.
strongly advancing tendency was shown
here and was accompanied by more talk
of which much has been heard in recent
weeks of bank consultations or ''ac
ouirements of interest in bank organiza-
tons by other banking companies and the
like.
Move in Narrow Range.
In the general stock market fluctuations
in most active stocks, such as Union
Pacific. United States Steel, and Reading.
barely covered the range of half a point
and left prices either unchanged for the
day or at trifling advances and declines.
The day on the stock exchange was
more barren of interest and Importance
than any that has been seen for many
months; and. indeed it may be doubted
whether in the last decade there has
been longer period of dullness than has
been seen since the 1st of the present
month. The absolutely low record day
OF stock exchange dealings in point of
volume was touched many years since.
but even the stock market did not hold
for so long a time within such narrow
limits as it has lately.
The Bank Of England's weekly report
showed d loan expansion Of over $1,000.
0O for the week. which resulted despite
an increase in gold coin and bullion of a
a slight decrease in the bank surplus
This was brought about. Of course. BY
the preparations for the April l settle
ments abroad. and forces of the same
nature here were again in evidence in the
renewed drain Of cash from the sub
treasury for shipments to Western and
out-Cf-town banks.
Opposes Inheritance Tax.
1t must he said that an encouraging do
velopment Of the day was the news that
the governor Of the State had sent a spe-
Cial message to the legislature urging
the repeal of the law commonly known
the Hughes inheritance tax measure.
which has unQuestiCnably served the pur-
pose OF depicting the general and funda-
mental sources of revenue provided under
the normal course of affairs for the
State treasury.
Furthermore. it was a gratifying an
nOunCement to-day that the clearing
house banks were taking under con-
sderation the matter OF such a further
supervision by local authorities of local
banking institutions as TO tend to make
a repetition OF the Carnegie Trust scan
dial impossible