The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-20
FINANCIAL NEWS
And COMMENT
Firm Close in Stocks After an
Irregular Price
Movement.
DEALINGS PROFESSIONAL
Gold Coin Taken for Export
Unfavorable Foreign
Trade Statement.
DEALINGS PROFESSIONAL

Quoted values fuctuated irregulariy In
confused fashion In yesterdays stock
market, which was largely "a see-saw OF
operations by professional traders. The
session was approached with some indl-
cations Of fsA'ing that reaction was In
order. and as Il happened newe OF some-
what mixed character. but mainly In
keeping with reactionary sentiment. en-
couraged some early selling operations.
During the greater part OF the day prices
yielded fractionally. with one or tw.
sharp declines. but the uadertone Of the
list appeared strong and It was observed
by the traders that pressure was lacking
except such as they themselves applied.
This indicated that II reaction took
place Il might have TO be a reaction with
out stocks. and In the late dealings there
was general and rather abrupt recovery
on tho retirement OF trading contracts
for the decline. Chesapeake and Ohio
was slngularly illustrative OF the days
movement II tell pcrpendlcularly in the
early transactions following its relapse OF
Mohday. Tie selling suggested doubts
about the declaration OF an unchanged
dividend at the forthcoming meeting, but
the ease with which the stock rebounded
IN the afternoon seemed to denote a more
hopeful View Of the dividend prospects OF
the shares.
Western Maryland was weak again
General Motors continued TO display
strength. The Wabash per cent. bonds
were actively strong on the reorganization
plan. The Rock Island collateral A.
displayed renewed hcaviness on the UNI
ceTtai!1ties connected with the readJust-
! nent Of tho compan!'s affairs. Tile 1g-
ercssive iirmness of United States Steel
and Reading provided the leadership toI
/ the general recovery toward the close
/ business was ON q contracted scale and
I ffrIal prices showed Irregular changes, al
| though the close was strong.
The character OF the days marketwls,
/ news was probably more q cause OF dul
| Less than III Influence over price move
! ments Contingencies involved I'm the re
/ sumption Of the New Haven inquiry wer,
presumably q restraining factor. and tn,
I indefinite state OF Missouri Pacific Affairs
had an uninistakaoic effect In limiting
I Wall Street disposition 10 action.
Explicit Information was difficult TO oh
! tain, but there were signs that the out
| look for an agreement between the man
ugement and the bankers for the perma
nrnt Arrangement OF Missouri Pacih
| Mondays meeting Of the directors TIL
addition which was published overnight
/ to the notice to the holders OF the note
due IN June urging the Importance OF ~
sent 70 tn. proposed extension was take'
to corroborate rumors current that IN
bankers supplementary terms Tor IN
| Missouri Pacific readiustInent had prove
unacceptable to dominating interests i
the management II - not however
easy to see how any satisfactory pro
vision for Missouri Pacific could be mad
along other than immediate terms
drastic severity. and recognition or I'M
fact may compel the necessary agree
! mont In the near future.
II Is doubtful II the engagement; Q
$4,000. 900 gold coin for export 10 Pari
figured much in the stock market reckon
ing, Tor II makes no great dinerenc
whether gold goes out in the form OF col
or bars. and In the present circumstance
of the money market gold exports are nc
obyi J4s,y detrimental At the same tim
shi-..eats OF coin show how much IN
foreign exchanges have turned again'
the United States and reveal IN uEsati:
factory international position. Denan
sterling closed last night only shGo
below 4.SoLl and was quoted AT the hlgf
est level since November, 1907.
. An illustrative commentary on the fol
eign exchange situation was furnished
the April foreign trade statement, WnlC
contained cold comfort for those politics
, soothsayers who have professed that u
revised tariff was conducive 10 health
business development Not only did O.
, ports decreas. almost s3i500,o00 Ia
, month, i'm comparison with the CORE
spending month IN 1913, but imports e'
banded to the largest April total on re
ord, being almost s265O0,Oo0 above Il
. Imports In April last year.
.NtTHh n
lows a gain OF about the same amount
March. and 1t can hardly DO disputed no
that tariff reduction has helped forele
= business at the expense of domestic II
. dustry As result OF last month
Z changes In trade movements there was
I import balance Of Sl0,2T2.000. the FIR
: monthly import excess In more than thr
= years and n half. as compared with
[ export balance In April, 1913, OF not q
: from s54.000.000.
European dispatches were somewh
: negative and inconcusive. The Lond'
= stock market was firm In tone but du
r Mexican matters usurped all the ate
: ton devoted to Washington advices b
Q there was no obvious change IN the Me
n lean crisis. The New Haven railroad r
: ported for the March quarter showing
n deficit OF more than sl,900O00 ar,
O charges an increase OF 100000. Mott
e was directed TO the crop situation by
: advance OF n cent q bushel In wheat
d the accompaniment OF reports OF lnss
z damage and by the weekly weather I
port. which said that conditions had be
In some respects too cool and dry
growing crops, but there was nothing
indicate that any serious impairment