The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-07
FINANCIAL NEWS
And COMMENT
Holiday Prospect Helps to
Make the Stock Mar
kct Very Dull.
PRICES SHOW FIRMNESS
Expectations Of To-day's Crop
Report q Supporting
Influence.

With no more tendency than the trad.
Ing has shown lately II was hardly to be
expected that yesterdays stock market at
the outset Of a week that was going to
end In q protracted holiday recess would
DO anything more than the inert affair
which II turned out to be. The same stu.
alton was noted abroad. although on the
European continent prices were rather
heavy In contrast with the stendiness at
London and the frmness displayed here.
Business having become SO much a mat.
ter OF extremely professional effort the
small volume OF Wall Street dealings was
hardly surprising under the circum-
stances. No incentive came from abroad.
London being preOccupied with Its set
Element. and there wore practically no for.
eign transactions on this side. During
most of the day quoted values drftcd
quietly upward and closed at small
average Of gain.
The principal movements were In sps-
cialties such as Great Northern Ore. which
was weak. and In Goodrich. which was
strong. The customary leaders ruled at
fractional gains. the most pronounced in.
dIcation toward advance being In the cop
per metal issues. They had the support
OF expectations that the forthcoming pro-
ducers' report would show very heavy
exports for March, although II Is admit
ted that domestic Inquiry Is feeble and
foreign demands are likely to fall of.
The extent To which selling seems TO
have run It's course In the stock market
unless stimulated by fresh unfavorable
Developments of particular and general
significance was illustrated by the firm
ness OF the Rumeiy shares. despite the an
nual report showing loss OF more than
S3.5O0.OGO on last years operations and a
total profit and loss deficit of about
s4.50o, OO0 an increase OF almost $4,000
600. Another corporation engaged in deal
ings with farmers the J. l. Case Com
psny. reported decrease of not far from
81. 600 900 In net profits for the year past.
a decline OF about AZ per cent.
In some degree perhaps the share limit
reflected the sustaining influence OF the
Government crop report TO be published
this afternoon. This IL expected 10 show
an almost record breaking position OF
winter wheat nj the beginning OF the
month and indicate n huge crop, already
privately estimated nj from 100000. goo
bushels up. compared with the record yield
OF sea. 600. 900 bushels last year.
Although crop prospects so early In the
season are not particularly trustworthy
II Is somewhat provocative OF optimism
to know that agricultural conditions at
the moment are SO proptious. The Mis-
souri, state report on winter wheat yes
terday made the condition almost 100 per
cent Spring work in the principal farm
ing sections OF the country Is we'll ad-
vanccd also,
Whether or not crop considerations can
have any lasting marketwise influence at
the moment Is doubtful in view OF the
engagement OF attention with other mat
tiers, such as the depressed state OF trade
and industry and the depressing state OF
bar With fha raIatinp nf n1l-
ltics to general business illustrated By the
hopes which are hanging on the railroad
rate case. The statement which Newman
Frb put ont yesterday, asserting that
since the Interstate Commerce Commits
sion was empowered In 1906 to fix rail-
road rates there had been shrlukage Of
more than s3.o00.000.000 In the market
value OF railroad securities. was force
full notice Of the important issues involved
IN the inquiry with which the Interstate
Commerce Commission Is still procrasti-
mating.
The further railroad returns for Feb
ruary carried along the wretched show
ing which has been generally exhibited
The Great Northern Railway lost Ssoa 900
In gross. decrease Of s725,000 in net
earnings resulting
Other aspects OF the political factor
Warr emphasized by tine analysts e tarih
effects published in THE SUN yesterday
morning. mo declines III exports Or
manufactured articles and in imports az
materials for manufacturing purposes
accompanying Increased i'nportat,ons Of
finished manufactured goods have not
attained impressive dimensions as vet.
but they have been proportionate to the
general slackcnlng Of trade all aver the
world and denote a tendency likely to
become more pronounced on efforts to re-
cover activity.
About as interesting piece Of informa-
tion as was contained in foreign res-
patches was tho announcement Of large
and early oversubscriptlon TO- the por-
tion OF the Austrian Government ~ per
cent. loan issued In London. rhe Invest
mont market all over the world n better
than any other kind of market just
now. hut its Implications for general hus-
ness and FOR stock markets 1r. not so
favorable. Investment inquiry seems to
run more and more toward securities
which combine maximum OF safety
both OF principal and yield. and such
inquiry Ia apt to DO measure md
forecast Of trade and Industrial contrac-
ton All the signs are that on account
OF the trend Of the investment market
the approaching Offering OF New FORK
city bonds will be heavily oversubscribed