The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1911-04-22
WALL STREET NEWS
Record of Sales Lowest in
Markets History.
COTTON OIL ON DECLINE
Days Activity Forgotten French
Investors Sell-LOw Record for
Fluctuations Are Few-Cotton Ir-
regular-Wheat Remains Strong.

New 1ork, April Zl--AltnouSh tnere
have been many occasions in the past
month when dealings in stock were less
than they were to-day, yet the total vol
ume of stock exchange business was,
nevertheless. but little more than one
quarter of what it was last Tuesday
when the market experienced something
like an outburst of activity.
The day added one more to the new low
records of various descriptions that
have accumulated during the present
spring in a showing of only 5000 shares of
stock dealt in between l and o'clock,
which is the smallest hours business of
regular sessions that anybody with
ordinary memory recalls.
If the obvious tendency of the stock
market was once more toward a state
of stagnation, following its brief enliven-
ment early in the week, its equally OBJ
vious trend also was toward lower
prices.
The feature of the trading was again
pronounced weakness in the American
Cotton Oil and Virginia Carolina Chemi-
cal shares, due presumably to the same
causes that common rumor has assigned
as those responsible for the decline in
continues to be expressed as to the like
hhood of a semi-ann1al dividend distri-
button at the regular time fixed therefor
on cotton oil common at the current
rate; as regards Virginia. Carolina Chemi-
cal common, it IS now said that there has
been selling OF this stock lately in this
market for the account of French in
vestors who took a considerable block OF
the stock when 1t was listed in Paris
inn hn
listed in Paris were made convertible in
to stock available for delivery in our
own market.
Cut in Ore.
Beyond fluctuations in these two quar-
tiers to-day, the stock market was an
utterly noncommittal affair save that. as
stated, it was in the, main heavy. The
Iron and Steel trade continued to be the
subject of adverse rumors and report
was generally circulated that a cut of 20
cents ton had been made in iron ore
prices on account of the large accumu-
lated Unsold stocks of the commodity
1t was said that this was equivalent TO
a reduction of 81 a ton on pig iron and
the natural query was raised as to the
effect this might have on prices for fin
ished sell material
Affairs were much more interesting to-
day on the produce and cotton exchanges
than in the stock market, but price move
ments in these quarters were highly ir-
regular. Cotton fiuctuated back and forth
IN rather feVerish way, but closed not
little higher
For some weeks past the cotton market
has shown an Enthusiastically frmer under
tone and the basis of this strength is a
higher statistical condition. continued
good cotton manufacturing business
abroad, and some fears mostly of specu-
lative order that there has been latterly
too much rainfall in the South for the
current seasons crop.
The sustaining force in wheat seems 10
Re tie heavy shortage of the staple that
has been built up in the course of the
prolonged decline in prices accompanied
with rather unfavorablo crop news from
abroad. This has offset for the time be-
ing the extremely favorable reports as to
crop prospects in our own country.
Business Slack
Dun's and Bradstreet's advance reports
Of the state Of general business this week
were not highly encouraging both telling
Of volume of trade spotted and not up
to expectations, of collections rather slow.
and. in the main, of a general slackening
in business.
Failures during the week were notably
in excess OF those in the corresponding
week last year.
\ favOTab BILE element of the situation
however, which may or may not be due
10 the moderated pace of commercial, and
industrial affairs as just outlined is the
constant p:ling up of mOney al financial
Centers. Forecasts of to-morrow's bank
state ment indicated an increase of be-
twes n $4,000 and 100000 in cash held
by the clearing house institutions