The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-19
FINANCIAL NEWS
AND COMMENT
United States steel Shares
Lead in Another Display
Of Strength.
SOME LAGGARD ISSUES
European Buying Noted--For-
eign Exchange Goes
Still Higher.

Occasional intervals OF rather brisk
trading yesterday gave the stock market
an appearance Of greater animation than
might be inferred from the total Of trans
actions which was only on about the
average scale Of recent volumes Of busi-
ness The appearance OF activity was
heightened by the strength OF prices, al
though the share list lacked uniformity in
this respect There were certain drag
eing features, notably Amalgamated Cop
per, Reading, Missouri Pacific and New
Haven, and there was weakness In few
issues. especially Chesapeake and Ohio.
Still the Significance OF the session
seemed to be provided by the stocks that
advanced, ana IN this respect United
States Steel exercised influential leader
ship over the whole market. The ease
with which the Steel shares continued to
rise testified, no doubt, to the further
retirement OF the short interest which
has been credited with an overextended
position In Steel, but there was indicated
also n persistence OF new buying for the
long account In this and other quarters.
Union Pacific, St Paul. Canadian Pacific.
New York Central, Baltimore and Ohio
and Westinghouse advanced firmly and
profit taking sales by traders produced
little impression on standard stocks
Certain symptoms suggested that proc
ess OF switching positions from one stock
TO another might be going on. but infer
encss OF that sort are not apt to be par
ticularly trustworthy. Some fairly heavy
buying was reported for foreign account,
and recent dispatches from abroad have
intimated that European interests might
be engaged In the constructive possibill-
ties of American securities. The tone OF
Ia ri al sha nf tho
new week vas described as firm, but
there we're apprehensions OF a recurrence
OF liquldating GALES for various troubled
centres.
The Wall Street afternoon was quiet
for the most part, with some increase OF
irregularity In the price movement. There
was little upward squirt In the last hour
but realizing by traders was enough to
end II. The market closed firrI for the
days leaders but somewhat unsteady for
the issues which had been laggard
throughout the day. The railroad depart
ment was stronger than the Industrial
list, doubtless because Of the stimulus de-
rived from q fresh repetition OF hopeful
rumors advertised as authoritative re-
gardlng the probable outcome OF the East
ern rate case.
wall Street Is persuaded that a de-
cislon favoring the railroad contention Is
more likely than not but It has been i'm
piled by the restrained fashion OF re-
covery in quoted values lately that there
is no reckless disposition 70 discount the
commissions findings. Another optimistic
Impulse toward stock market express
sion OF optimism was. furnished by the
news over the ~veek end that steel plants
In the bridge line were expanding their
operations, and various reports agreed that
general business seemed to be picking up.
To the extent that news about the
ali fnnfOr In the WALL
Street day Il could be counted among tho
constructive influences. but II would seem
TO bs n mistake to anticipate Mexican
events on the score OF any one days de-
velopments. In financial opinion, how
ever, there Is too much potential buying
awaiting n favorable opportunity for the
share list to suffer any prolonged set
back OF pronounced severity as result
OF occurrences in the Mexican imbrcglio
making peace more improbable than 1t
Is now.
There were enough detrimental matters
| in the budget OF marketwise coneidera-
tons to account for the cautious char
acter OF buying movements. The fnan-
| cal district did not sec any reason for
expecting much business batting leglsla-
! ton to pass in the remaining months OF
| the, present session OF Congress, but the
character of legislation proposed Is not
| helpful to sentiment. The issues OF the
New Haven inquiry are awaited with
| some uncertainty and Wan Street would
| fike to know more about the probable
| determination OF other corporate prob
| lens Of Importance. including the future
| Of the Missouri Pacific.
There was some half hearted frmnees
| In the wheat market on reports OF insect
damage. but there were not enough facts
| In tho reports circulated to inspire I'M
| easiness about the growing crop. II was
| recognized that now II ever was tho sea :
| son for grain SPECTATORS 20 mako the
most use Of possibilities of harm TO win
| ter wheat
A frner tone was reported IL time
money and commercial paper, but tho i'm
portant feature OF the money market was
the slight additional rise IN foreign ex'
change with demand sterling at 4.ss4t
| and francs at a correspondingly hiEt
| level all that Is needed TO draw gold coir
| L. ..,,tficiarat u,,irar<aa