New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-04-23
REVIEW OF THE
STOCK MARKET
Late Upturn After Uncertain
and Irregular Day-De-
mand Sterling Up.

Trading in yesterdays securities
market was irregular and uncertain
until the late afternoon. when prices
again hardened. making small frac-
tional gains general among the market
leaders. The volume of business
shrank to less than 100000 shares.
Foreign selling here was fairly brisK'
The bond market was rather active AT
generally firm prices, though state and
city obligations were easier, New YORK
state 4las closing I point lower. at
1OSss.
The start OF actual hostilities In Mex
leo had apparently more direct effect
on foreign bourses than here. Lon
don generally marked down quota
tions. and sent prices for American
securities from a 10 Is below Tues
DAYS close. Here the market opened
for the most part fractionally higher.
but selling pressure soon developed,
causing breaks Of from p to over
point. Thereafter trading Jagged until
the upturn toward the close.
Canadian Pacific was under pressure
the greater part Of the day, and at the
low mark Of 1945s reached was over D
points below the final figure OF the day
before. on the late rally, however, 1t
made up nearly . points of this decline.
Steel Reading and Union Pacific made
small fractional gains. Lehigh Valley,
after selling down TO 1927. was only
shade off az the close.
American Smelling and Refining and
Mexican Petroleum gained nearly ,
points on the day, though the latter de-
clined 10 points to 81 and the former
over points to 63a. in the forenoon.
Lehigh Valley was a shade off at the
close. Delaware & Hudson, on rather
light trading, declined over . points.
Losses Of from to / points were made
by a number Of issues not generally
traded in, such as American Writing
Paper preferred, J. I. Case preferred,
Loose-Wiles first preferred and New
York Air Brake. the strong support
given 10 market leaders not extending
throughout the list.
Mexican developments were received
with interest, but with little direct
market effect. Reports Of the resigna-
tion OF Secretary Bryan and assassine-
ton of Charge O'Shaughnessy were de-
MED Before the market closed word
had been received Of the fall Of Vera
cruz and Of landing marines at Tam
pico.
other news OF market interest was OF
a mixed character. Trade publications
reported reduced operations by steel
mills with a cut in price Of steel pipe.
The United States Steel Corporation,
however. ordered $500 steel cars at a
cost Of about 50. 100000. The Ameri-
can Bank Note Company cut It's quar-
terly dividend from IL 10 per cent.
Decision Of directors Of the Missouri
Kansas &, Texas 10 pass the dividend
on the preferred was not announced
until after trading hours, but the stock
had receded to It's lowest mark for
about ten years. The drouth Of last
summer and the severe floods IN Texas
in the winter. 1t was announced. had
seriously interrupted traffic and in
creased expenditures for operations
and repairs.
The Southern Pacific issue Of 500
100000 > per cent convertible bonds
was. II was announced, practically all
taken by stockholders Of the company,
and around three-quarters Of the re-
cent offering of S400OO.OoO New York
Central AIS have been taken by the
public. Money rates here were little
changed Funds for call loans were in
ample supply, with renewals at 1si per
cent, but time accommodation was
frmer. Demand sterling closed %
points mp on higher discounts in Lon
dor.