New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-05-02
REVIEW OF THE
STOCK MARKET
Further Advance, with
Hope of Higher Freight
Rates Soon.

With renewed hope OF relief for the
railroads IN the freight rate case. the
stock market yesterday was strong
throughout the day, with general gains
Of 10 points among the issues most
conspicuous in the trading. The vol
ume OF business increased to over 4oO.-
600 shares. and bonds were more ao-
tive Mt rather firmer prices.
Closing argument on the application
OF the Eastern railroads for rate ad-
vance was heard in Washington. ana
the Street was filled with rumors OF ia
vorable action by the Interstate Com
merce Commission. These insisted that
tho decision would not only hold that
the revenues Of the roads were INSULT
Client but would indicate that they
were to be augmented by increased
charges. though when date for this ar
gument was set II was understood that
only q question OF the adequacy Of
railroad income would be considered.
Admission by the special counsel to tho
commission that the revenues were In
adequate was received with favor, but
little attention was paid to his advice
that income might be increased with
out recourse to the horizontal rise of
rates, which he termed unsound anC
largely illegal. Reports Of immediate
relief were so insistent that Chairman
Harlan finally was quoted as say
ing that IT would be the last OF the
month at least before action could oe
expected.
With the London market closed FOR
the May Day bank holiday there was
little London buying in this market to
strengthen prices at the opening. but
the initial quotations were fractionally
bove Thursdays close. Early trading
was rather quiet until the market was
enlivened by Union Pacif1c's gain on
word that the Appellate Division had
decided in its favor the suit brought
by the Equitable Life as holder of pre-
ferred stock TO restrain the road from
distributing the extra dividend of $780,
100000 TO common stockholders. Union
Pacific advanced steadily TO 1861, clos
ing II lower, with O net gain of 2ts
points. Baltimore & Ohio on fear that
the distribution Of Union Pacific
holdings might increase the floating
supply unduly broke IL points and
closed with a fractional loss on the
day.
Missouri Pacific was again heavily
traded in and closed 1ss higher, at 1875.
though no definite announcement as TO
it's financial arrangements came to the
market. The bonds shared in the ad-
vance. the convertible 5s closing at 20,
20 points higher and the is at 50. a
gain Of 112. Rock Island bonds were
f1rIner as formal announcement was
made Of the default on the collateral A.
New York Central made q gain Of Ia.
points on the day. the coming consoli-
dalton with the Lake Shore apparently
being considered Of more importance
than the March loss Of over $4,000
gross and $4,000 net. The Pennsyl-
vania Systems. return for March gave
a decrease Of $4,000 in gross con-
verted into an increase of SOL 900 in
net because of the floods Of year
ago.
Commercial agencies reported little
buying for future wants. with failures
again more than IN the same week Of
last year. Bank clearings. however.
continued TO increase largely because
OF New ork financing. The known
movements Of currency indicated a
cash gain of some S1S,O00OOO in to-
days Clearing House statement. Money
continued easy, with rates for call
loans from IL to per cent and re-
newals until Monday at 1s. per cent.