The Washington herald., 1909-05-11
MARKET IS CONFUSED
Plays Medley of PrOft-tak'
ing and Buying.
DECLINES ARE NOT IMPORTANT
Days Business Not Especially In
teresting, as Traders soon Lost
AmaIEamatcd Copper Declines
After Being Strong Last Week.

New York, Nay IA medley Of profit
taking sales and Of new buying Of stocks
excited over Sunday by the general ap-
probation OF the favorable character Of
conditions affecting values made to-day's
stock market most OF the time unusually
confused.
Later or the weight of realization
proved superior 10 the impulses In an up
ward direction. afforded By the publ,
buying, and stocks closed rather generally
a. net declines.
Most OF the declines, however. were not
very important, and The market presented
the appearance Of one in which an or
dinary traders reaction had occurred De
clInIng movements Of this sort have been
extremely common IN the advance Of the
last six weeks, so much so that the rise
n prices, taken as a whole. has been
accomplished with great deHberation-
Day HOt Interesting.
The days business was Of an un3uteT-
esting sort. there being no features Of
notable special movements IN prices one
way or the other. and there was certain
tance IN the news.
The downward tendency received an
initial stimulus from the sales OF nearly
50co0 shares Of stock for the account
N London. and hesitation and frregulzriJy
was pronounced IN the London stock
market. owing. as II seemed. 10 various
new issues Of securities there. prominent
a7cong these being the London county
councils loan OF S1-15o0l0. 10 the immi-
nence OF the new financial settlement, and
20 a general hiving OF profits by specu-
lstors-
Here special strength was displayed
from time 10 time by the AtChison. Rock
Island. St Paul. Erie. Consolidated Gas.
American Cotton Oh. American Can. and
the various local traction shares. On the
other hand. AnaIsamated Copper stock,
which was exceedingly strong al the end
OF last week. declined to-day rather more
than any other prominent issues, perhaps
because the report Of the Copper Pro
ducers' Association OF the amount Of cop
per stocks on hand on May l was for
mally issued. and hence could no longer
be anticipated" in the market as a help
ful speculative influence
Report Not Favorable.
This report was. on the face or things.
not quite as favorable as had been looked
for. because If did not show the decrease
IN copper stocks that had been predicted.
II did show, however, that the increase in
stocks during April had been but slSe61
pounds, as compared with an increase OF
9.ooaOl0 pounds IN March. and 2aop0oo0 in
February The report is also 10 be read
IN the light OF the essential fact that nav
igation or the Great Lakes did not open
Until May 3. and that in the neiChborhood
OF 100000 pounds OF copper rests on
the Lake Superior docks that has already
been sold and is awaiting shipment Cop
Per producers. OF course. prefer 10 make
shipments by lake freight. rather than
by rail on account Of the sreat saving in
cost Of the former method Of transporta-
tion, and II the particular quantity Of
copper described were taken out Of TO-
days figures Of stocks these figures would
be heavily reduced.
There was only one other incident Of the
day that attracted any considerable
financial notice. and that was a. decline
IN the wheat market. owing 70 the receiDt
q favorable news regarding crop condi-
tons in the West and Southwest.