The Washington herald., 1911-05-14
WALL STREET NEWS
Fluctuations in Prices Fol-
low Moderate Operations.
BANKS SHOW BIG GAINS
Restless Spectators Cause Slight
nation-Bond Market IL Favorable.
Stock Prices Change Little-Iron
and Steel Business Continues Dull.

| New York. May IA sparse attendance
on the floor Of the stock exchange, and
no important news developments, resulted
| to-day in nominal transactions in stocks
and net changes in prices that in few
notable instances were more than a
quarter Of 1 per cent. The weekly bank
statement showed a large gain in both
the actual and average surplus reserve
chiefly owing in each instance to
heavy decrease in loans.
Were II not seemingly for the restless
ness of a certain number Of professional
SPECTATORS, who cannot restrain them
selves from buying or selling stocks for
more than a month or so at the utmost.
| 1t is altogether probable that the stock
market would now be in a condition
| Of absolute stagnation, a state which
has been indeed approximately reached.
AS 1t is fluctuations in prices OF stocks
are brought about only by moderate
operations for the advance on the part
| Of the spectators referred to- who gen.
| orally find when quotations have risen
one or two points that no one is buying
stocks except themselves.
| Then the market declines on selling by
the same disappointed spectators, who.
| after they have carried prices down
/ very short way, find no liquidation other
than their own is taking place.
| OF course. in the bond market more
| encouraging conditions exist inasmuch
as a genuine and fair sized investment
demand is still in progress there even II
| this is not as large as II was sometime
since.
Changes Are Small.
! In stocks the oscillations in prices last
with the market obviously tending to the
same equilibrium that was reached h
| month ago, but at a lower level of prices
and the strongest statement that can
be made about the market is that It
seems to hold firmly despite the receipt
of unfavorable news.
The United States Steel Corporations
statement of untitled orders on May
made poorer showing than any one ex-
pected, the decrease in untitled orders
during April being 22S,0O0 tons.
1t has been said that in the last two
weeks the iron and steel business las
picked up a little, but If so it must have
been very little. because no outward in
dications OF the fact appeared.
The Canadian copper producers asso-
citation on Monday reported that in April
stocks Of unsold copper had increased
3,547,0O0 pounds, which was gratifying in
one respect because II was the smalles,
increase of the kind in any month of
the year The figures showed. however.
that domestic consumption of copper was
not enlarged
The governments May crop report.
pointing to the second largest winter
wheat yield on record, did not exert
much influence in the grain market, be-
cause it had been pretty thoroughly dis
counted. Since the first OF the month
1
moisture in the spring wheat regions
and also that the maturing winter wheat
crop in certain portions of the South
west is visibly showing the effect of the
poor agricultural conditions that prevail
ed last fall.
Crop Report Good.
In the last few days. however. plenty
of rain has fallen in the Northwest, and
the general crop promise is still excel
lent for the time of year. Crop conoI-
tions. too. do not appear to be overfav-
orable abroad, and manipulation of the
old crop options both in wheat and cot
ton tends to hold prices of these commod-
tiles firm
The governments compilation, pub
lished on Thursday, of our exports of
Agricultural products last month was
not of course. as favorable as it was
for the month before, or, for that matter,
in the preceding months for long time.
The increase of our exports of farm
commodities over those of April a year
ago was, in fact, but s2.Jo0.00o. and the
movement of these staples was charac-
terized by great falling off in cotton.
From now on until the new crops move
it Is reasonably clear that the country
must secure a favorable foreign trade
balance If at all true diminished imports
or increased exports of other than agri-
cultural commodities.
At the moment It must be confessed
that imports are not falling off as much
as many people would like to see them.
At the port of New York for the week
ending May 6 imports were S16,300000. as
against s16,0O00O0 In the corresponding
week last year. At the same time there
is no doubt that the imports of the
whole country did decline considerably In
April. and that a general excess Of ex-
ports over imports for all commodities
will be shown when the full April figures
appear.
In Wall street less interest was con-
tinually shown in the tariff discussion
at Washington, since 1t Is becoming al
most certain that nothing but the Cana
dian reciprocity bill. and possibly not
that, will be passed at the extra session
Of Congress-
But the financial and business situation
is still clouded, and very heavily, by
anxiety concerning the decisions of the
Supreme Court in the trust cases. This
apprehension concerns itself fully as
much with the possibility that the Su-
preme Court may adjourn until October |
without deciding the cases at all as with |
the possibility of a severely unfavorable |
decision itself.