The Washington herald., 1911-05-19

! New York, May E-The character of
the stock market seemed to differ a
little to-day from that Of yesterday or
the day before. Market transactions, in
| stead Of being spread somewhat evenly
throughout the stock exchange session.
were largely concentrated in the first
two hours Of business. After this the
dealings heavily fell OF and although
closing prices were still almost without
an exception at an advance over those
Of the preceding day the gains recorded
were usually smaller.
All this may indicate that the rising
tide In the market is meeting with pro-
ht-taking sales for the account Of the
bold Spectators. who brought freely and
heavily in London as we'll as in this
country. as soon as they first became
aware Of the significance of the Supreme
Court decision in the trust cases; and
also with liquidation by permanent hold
ers Of stocks, who think that the market
has advanced rapidly enough for the time
being.
On the other hand. II is clear that up
TO the present time the buying impulse
in the market has been greater than the
force Of liquidation: and there were
stories to-day. seemingly well authenti-
Gated. of the formation Of new specula-
tive pools for the rise Of a magnitude
that recalled the great operations of two
years ago.
1t is also to be pointed out that, ac-
cording to all observation, Wall street
at the moment rather abounds with peo-
pie who have either already taken prof
its on their stocks during the course of
the present week or hesitated to buy
since the news of the decision, but who
are now anxious to replace their hold
ings or make original purchases on any
moderate reaction.
Sometimes it happens that when q
great development either for or against
the market occurs prices continue to
move in any upward or downward direc-
ton. as the case may be, without any
considerable reaction whatever for
period rather longer than the majority Of
people are inclined to expect.
OF course, one thing is evident, that
sooner or later such an impulse in the
market as has been experienced since
last Tuesday will diminish in force. and
that then, naturally enough, the mar
ket will decline under a weight of reali-
zetions. which, temporarily at least. will
be superior to the force OF new buying.
Busfness Will Improve.
cumstances that people will begin to look
for specific and indisputable indications
of picking up in business; and it is not
unlikely that when an inspection process
of this sort does begin ardent spectators
for the rise in Wall street will be found
protesting disappointment that business
has not improved as rapidly as did the
stock market
1t will also doubtless be discovered in
due season that with the trust cases
out of the way and the possibility of |
acuIon upon the tarin De- |
coming more and more doubtful, the |
one factor in the situation is the agrl- |
cultural prospect, concerning which. !
after all, hopefulness cannot really be- |
come definite for some time to come.
To-day, as yesterday, important fnan- |
cial news was still lacking. Strength
In the Standard Oil and American To-
bacco stocks still continued in the curb
market and dealings in bonds were
again very large and generally at ad-
vancing prices. On the produce ex-
change quotations for grain declined
upon the receipt OF a highly favorable
crop news in the shape of rains in the
In the cotton market quo
tations again rose sharply upon what
was obviously a renewal of manipula-
ton for the rise by spectators who
are now understood to hold pracllcally
in their control the bulk of the present
open market" supplies from last years
crop.
The situation IN cotton is becoming
highly interesting There is no doubt
that the rise in prices there has been
pushed to such limits that a violent
break at any moment would not be at
all surprising At the same time the
statistical condition of the cotton mar
ket continues very strong, and Is sus-
tanned by the fiourishing state of the
cotton business in every country Of the
world except our own.