The Washington herald., 1911-05-10

New York. May s-Although activir,
IN the stock market at present Is a little
greater than it was a month ago when
the extremity Of lethargy was witnessed
the movement OF prices latterly has been
on as narrow scale as at any previous
time during the year.
Last Friday these prices-that is. the
stocks comprised in the list most common.
ly used for purposes OF comparison-va-
ried .o2 Of a full point, on Saturday .o3
and to-day .01. This is about as neal
to the point of utter lifelessness for these
i stocks as can ever be approximated. and
although a somewhat more lively show
: ing has been made in the industrial shares
. the condition stated certainly Indicates
well-nigh perfect equilibrium.
Optimists regarding the market aSser,
, that this is favorable exhibit. inasmuct
as 1t shows that prices are maintaining
themselves. without any effort whatever.
on a level that represents but a trivial re-
action from somewhat pronounced pre-
Yious rise.
Pessmistic observers. on the other hand.
Tint out that the market is once more
sinking into absolute dullness with the
average price for the leading stocks
considerably below that at which sim
liar equilibrium was reached in April
Supreme Court Watched.
II Is conceded by every one. however.
that II is not fair to draw inferences as
to the general condition. Of the marke,
itself with the day near at hand when
the Supreme Court will once more con-
vene and may very likely announce a
determination of the antitrust cases.
An impression has made considerable
headway in Wall street, though upon
what grounds no one seems to know,
that the action Of the court in this mat
ter may be announced on Monday next
A subject that is agitating many people
Is the probable course that the stock
market will take until the court adjourns
for its long midsummer recess on May
20 without announcing any decision what
ever.
A year ago. when it was known that
judgment on the cases would be indefi-
nitely postponed, the stock market ral-
lied vigorously, upon the idea that the
whole difficulty was at an end for the
time being; but It is highly doubtful If
this year Wall street would look at the
matter as cheerfully as IL did before.
There was utterly no feature to-day to
dealings in stocks. the Canadian Pacific
and International Harvester shares be-
ing the only active securities in which
there were fluctuations of a full point
Ut more.
The great majority Of net changes In
prices were in eighths and quarters.
Railroad May Borrow.
OF the so-called market leaders. Union
Pacific perhaps betrayed some little
heaviness. while United States Steel COM
mon was not so pressed for sale as
recently. There were stories in the case
Of Union Pacific that the company might
soon announce some financing arrange
ments to take care of its double track
ing programme and other proposed ex-
penditures. of which details were made
public several months ago; but 1t was
stated on trustworthy authority that the |
Union Pacific has at present all the |
money in hand that 1t needs for any i'm |
provement or other outlays that it pur- |
poses TO make during the present year.
Some little buying of United States |
Steel might have been caused by re-
ports in trade circles that orders for new
materials were being placed TO a larger |
extent by railroad companies; but there |
appears to be no doubt that in the month |
of May thus far steel orders have been |
pretty small. with the likelihood that the |
steel corporation will make a poor show |
ing Of untitled business at the usual time |
for such disclosures, on the 10th instant
At their full meeting to-day, the men, |
bers of the Clearing House Association |
voted almost unanimously to admit to |
the privileges Of their body all trust COM
panies which would agree to meet the ad- |
mission requirements.
Wheat was weaker and cotton stronger. |