The Washington herald., 1911-04-06
WALL STREET NEWS.
Irregular Prices Accompany
Enlarged Volume.
CHICAGO GAS ON ToBoGGAN
Outcome OF Election, with Possible
ity of 5O-cent Product Resulting,
Causes Sharp DecIine-B. & O.
Stock Advances with Vigor-De-
cided Strength in Grain Market.

New York, April "a considerable en-
largement of the volume of stock ex-
change business to-day was accompanied
by rather curiously irregular move
ment in prices and most of the changes
of importance in quotations that were
noted were due, as has been the case
during most of the time recently. TO
specific influences affecting individual
stocks rather than to any general wave
of buying or selling.
Thus there was a sharp decline to-day
in the stock of the Peoples Gas Com
pany-a concern that not a few people
havo forgotten is the great gas lighting
organization of Chicago-because, pre-
sumably, of the choice of a mayor at the
local election in that city, held yesterday,
who has announced that he will en-
deavor to bring about a 7e-cent price for
gas in his municipality.
Reduction Is ProblematicaL
1t is wholly uncertain whether Mayor
Harrison can accomplish this purpose,
inasmuch as the reduction in the price of
gas referred to seems to depend upon the
results of certain technical Investigations
that are in no way determined by the
son. Changes in the price of the Peoples
Gas shares. however. have become of
practically no importance to our own
stock market Formerly these shares
constituted one of the most active stocks
dealt in on the New York stock eX-
change; but long since they have passed
into the strictly inactive list
contrast to the course followed by
Peoples Gas to-day afforded by Baltimore
and Ohio stock. which rose with vigor
and continued its advance until the end
of business hours. The explanation Of
fered for the rise was a rumor heard
everywhere to the effect that bid at a
price considerably above the market had
been made by certain" railroad interests
for a large block of Baltimore and Ohio
common stock held by banking interests;
but it was doubtful if any one really
took this rumOr seriously. At one time
during the day Union Pacific common and
preferred shares were very strong. giving
rise to a story, which it is believed was
quite unfounded. that financing arrange
nents by the Union Pacific management
are imminent. with a resultant offer OF
suhscription rights to the Company's
shareholders.
American Can Is Strong.
Another particularly strong stock was
American Canning preferred, and the buy
ing here appeared to be of substantial
character. 1t is trustworthily understood
that the business of the American Can
ming Company has been exceedingly re-
munerative in the fiscal year to date, and
that there has been such a large increase
in the company,s net profits as logically
to lead TO expectation of an increase in
the dividend distribution upon the pre-
ferred stock.
Decided strength was shown in the grain
market. despite the heavy rain and snow
fall in the present week over the entire
agricultural section. from Canada south
ward to the Gulf, which has made con-
ditions practically ideal for winter wneat
and for spring planting operations. A
great decline has. however. occurred in
the price of wheat in recent months, with
the natural result no doubt, of the crca-
ton of a large and vulnerable short in
terest in il: and to-day'S advance was
universally and properly attributed to
temporarily oversold condition of the COM
modify.