The Washington herald., 1911-05-09
WALL STREET NEWS
American Can Shares Lead
in Days Trading.
THE uNDERroNE HEAVIER
Ouuness Marks Market-Atchison
Common Takes Leaderehip-PrO-
fessional Dealing Influenced by
Supreme CONGRATULATIONS Re-
port Shows Deterioration in Wheat

New York. May s.-whatever tendency
at all was disclosed in the stock market
to-day was toward a relapse into dull
ness. This condition was paralleled to
some extent by the course Of affairs n
the London stock market, where activity
has lately been ruling. but where, within
the last week or so, liquidation has been
evident
Here the only stocks that were In any
way active and strong in the morning
stock exchange dealings were the Amer
ian Can shares-securities which under
normal circumstances are little dealt in.
In the afternoon transactions in the Can
shares were less, and Atchison common
assumed the leadership Of the market,
closing the day with a net rise Of one
and a half points, which was attended
by repetition Of old stories concerning
a possible listing Of the stock in the
Paris market in the near future. There
is no doubt that arrangements looking
forward to this end have been for some
time in the making, whether or not they
have been concluded and upon what
terms does not yet seem to be a matter
for definite statement.
Toward the close of the day the gen.
eral undertone of the market became
heavier. and most stocks left off with
small net losses. To-day's dealings were
of strictly professional sort, and were
doubtless Influenced to a considerable
extent by a feeling that nothing can be
looked for in the market until next
Monday, when there is thought to be
strong chance that the decisions of the
Supreme Court in the American To-
bacco and Standard Oil cases may be
handed down.
Copper Report Short.
There were several important de-
velopments to-day. even if these were
of the so-called routine class. The re-
port of the Copper Producers Associa-
tion, showing stocks of copper on hand
on May 1, was published. The stocks
were put at 165. $685. ,9OS pounds. There
was an increase here of 3.547,0O0 pounds
as compared with the April l exhibit.
This was in one respect disappointing.
because there has lately been a wide
spread belief that copper production
had been curtailed during April and
that there had been also an increase In
copper exports and in domestic con-
sumption.
1t seems that the use of copper in
the country was considerably less in
April than il was in March, falling off.
in fact, to a greater extent than at any
less. foreign buying of the commodity
apparently increased, and there was a
decided curtailment of production.
Therefore, although these factors re-
suited in an increase in copper stocks
during April. the increase was smaller
than for the preceding month.
So. also, the government agricultural
report, which appeared this afternoon,
giving conditions as they were on the
lst of the present month. was of two
sided character. The condition of win
ter wheat was officially stated as being
SCI as against S3.3 on April /. This is
about what was expected. and was de-
cidedly encouraging. inasmuch as April
is almost invariably a month when
some deterioration takes place.
Winter Wheat Increases.
But, as offsetting this. Il reduction re-
ported in the winter wheat area from
that shown on December l was rather
more than was looked for, being 3,11s,OcI
acres, where the prevailing anticipation
had Leen for a decrease of not more
than 2,o00,o00 acres. AT the same time.
however, the promise of winter wheat
just now is still for crop that has been
exceeded only once before in the cour
try's HISTORY.
A thoroughly discouraging incident cf
the Gay was the announcement that tho
American Woolen Company. having just
CEtalned. after considerable controversy,
a ratification by its stockholders of its
programme of spending $4,000 in can
ceiling a large quantity Of its common
shares. which pay no dividends, had just
borrowed 100000 upon ~ per cent.
short-term notes. The ex: -aordinary na-
ture Of these occurrences is in no way
modified by the fact that the American
%oolen Company did not itself borrow
the money referred to, but only guar
anteed the notes of one of its Sub |
s!diary corporations.
Public comment on these transactions |
based or matters that hav. become sub !
ject to open knowledge necessarily runs |
tC the effect that either soma sort of n |
scandal remains TO be uncovered here |
or that some exceedingly poor financial |
Judgment has been INDUCED in