The Washington herald., 1911-05-07
WALL STREET NEWS
SpeculatOrs Seek Rest from
Weeks Activity.
BUSINESS WHOLLY ROUTINE
Golf Links Lure Brokers-Stock Mar
ket Steady-Prices Change Little.
Dry Goods Imports Increase-Cold
Weather Retards Trade-Wheat
and Cotton Are Quiet.

New York, May e.-Only the most mod
crate amount of interest was displayed
to-day in stock exchange transactions,
the attractions of the golf links and
other diversions of out-of-door life prov
ing superior to those Of business with
the great majority Of the professional
speculative element whose operations
have lately constituted the great bulk Of
dealings in stocks.
The stock market itself displayed
steadiness on thu whole. although in the
first hour the undertone was weaker.
Net changes In prices We're small
The United States Rubber common
shares fell sharply. and remained de-
pressed during the day by reason of the
publication of the company's annual re-
port for last year, showing a large re-
duction in the earnings applicable to divi-
dends on the stock.
Western Maryland. on the other hand.
was strong feature, as was Northern
Pacific and the other Hill stocks
News of the day was wholly Of routine
sort.
The figures Of the idle car surplus for
the last fortnight showed a trivial IN
crease OF $50 cars.
Imports of dry goods at the port of
New York for the last week were COLI
sderably in excess of those for the same
week last year, and the Chesapeake and
Ohio for the fourth week in April re-
ported the comparatively large decrease
in gross earnings of S121,000.
Wheat Is Dull.
There was little doing in the wheat and
cotton markets, and the average and
actual compilations of the weekly bank
statement varied between a decrease in
the reserve OF S1,S74,OOO in the first named
and an increase of s1,1S7,OOo in the last.
The present week ends with somewhat
more irregularity showing in financial and
business conditions than was displayed
at the same time seven days ago Colder
weather over the country, while it has
not been hurtful to the crops, has re-
tarded retail trade, and the commercial
agencies report that in general there was
less doing in all lines of trade and in
dustry last week than in the week pre-
ceding.
The stock market, taken as a whole,
presented a less encouraging aspect. part
of which was due to the affect upon
prices of natural realizing sales made
after previous brisk upward movement,
and part also by a renewal of specula-
tive operations for the fall and by a
revival of apprehension over various dis
Quieting features of the situation. which
perhaps engendered by the mere
fall in prices itself.
Seemingly the security market, although
still presenting a fairly firm undertone,
has not yet been taken IN hand by large
financial interests, nor does its daily
course Indicate anything more than the
buying and selling of a few stock ex-
change room traders and one or two large
professional operators who are bullish
ono day and bearish the next.
Crop Outlook Good.
The general crop outlook during the
week has, if anything, improved, although
more rain is needed by the spring wheat
crop which has just been planted in the
Northwest and some damage has been
done TO the new cotton crop by too much
rain in the South. Still Wall street is
looking forward confidently to the gov
eminent May crop report that will be
published on Monday as one that will
show an unusually high average agricul-
tural condition.
A further let-up in the iron and steel
business has to be reported, giving re-
newed emphasis to the idea that before
this trade is again in position for a sus-
tained upward movement a general re-
duction of iron and steel prices must be
made. The view entertained in many
quarters is that the necessity for such
reduction is perfectly we'll understood in
influential circles, but the hope there is
that existing prices can be substantially
held until later date in the year, when
a reduction can take place
Money rates continue to show a falling
tendency; but somehow this fact and the
bright agricultural outlook, which are the
Two strongly favorable features of the
situation. do not result in any stimulation
OF business.