The Washington herald., 1911-04-25
WALL STREET NEWS
Brisk Advance Turns Long
Period of Decline.
BUYING FOLLOWS SELLING
Market Rallied EasfIy-Suprc m
Court Adjourns-Tempora Relief.
Attack Steel COmmon-Trust Trade
lncreases-Many Structural Com
Observation-Disclosures Extend.


after the opening of the stock market
to-day, and throughout the morning hours
of business, a declining movement in
stocks went on similar in its general char
acter to that which took place in the
latter portion of last week.
Then the selling movement lost force
although apparently attempts were made
to revive it; and the concluding portion
of the day was devoted to a brisk ad-
vance. which carried prices quite gener-
ally above those made at the close on
Saturday. Doubtless the recovering
movement was due to no other cause
than the buying back of stocks sold
earlier in the day and perhaps last week
by Spectators for the decline.
1t was noticeable that the market rallied
very easily, and an inference was per-
haps fair that the pressure that has been
brought to bear against values has con-
sisted more of short sales than OF
actual liquidation. The news of the day
at any rate was not such as TO afford
a basis for a campaign against values.
In Washington the Supreme Court, al
though handing down none of the long
waited decisions in the trust cases, an
nounCed that next Monday, May l. II
will adjourn until May 10, and again on
May Is, until May 29, when the time OF
adjournment for the summer will occur.
This means, seemingly, that Wall street
will have only three more possible De
cision Mondays" confronting it. and al
through ii is, of course, hoped by every
body in the financial district that the
Supreme Court will its way clear to
settling in the immediate future the
great issue that ii is now considering.
yet a suspension of these decisions until
the coming autumn would unquestiOn-
ably he held by many people at
least a temporary relief from anxiety.
and the fair probability is that the
trust decisions would for the time being
Tass out of the mind of Wall street as
4 financial factor if it were known posi-
lively that they could not be made at
least for six months to come.
Steel Trade Improves.
Rather curiously enough. while specu-
l2tors were particularly engaged this
morning in attacking in the stock market
the common shares OF the Steel Corpora
ton on the ground that business pros
poets of the corporation were turning
from bad to worse. authoritative state
mentS were made as to conditions in az
least one great branch Of the steel trade
/ encouraging
for long time.
1t appears that contracts are being ne
gctiated for the largest quantity of in
dividual structural work in the history of
the steel business in our country. These
contracts comprise orders for in the
neishbOrhOOd of 100000 tons of fabricated
steel to be used in providing terminals
for thirteen railroads at Kansas City and
O.heT contracts.
l. is also stated that the unusual acti.:-
it, Of the whole steel structural trade,
stimulated hy present low prices. makes
q grand total of new tonnage at the mo-
mcnt of nearly lHD.o00 tons. 1t may be.
perhaps, that knowledge of this matter
had something to do with mitigating the
extreme pessimism regarding the steel
business that certain prominent stock eX-
change operators have lately professed.
Further to-day there waS no lessening
<Cf the present splendid crop prospects,
On the other hand. more poor reports
We're sent is as to agricultural condi-
tiCns on tn, other side Ol the Atlantic.
chiefly in Germany and Hungary.
Wheat Outlook.
On these wheat prices to-day for a
time were strong. although they sank
later under the weight OF liquidation.
based upon the brilliant promise OF large
crops now held out in Dur own land. 1t
is undoubtedly this rosy state Of affairs
agriCulturally that has led in the last
fortnight to some Improvement. even if
s. ght. in general Western business affairs
which has begun to be noted in mercan-
tile circles. and has exhibited itself es-
TeCially in a decrease surplus of idle
freight cars.
Finally. to-day there were plain signs
that the inCrea sing plethora of money
in the banks was having its natural ef-
feet of disCOUraging the use of short
term notes by the railroad companies
rs means of raising funds and Of en-
C"Uraging the buying Of investment is
sues of Old-fashiOned kind.