New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-04-03
REVIEW OF THE
STOCK MARKET
Security List Firm--Bonds
Improve - Missouri
Pacific Recedes.

terday, with a little more activity at
the opening, followed by dull trading
until toward the close. The list con-
tinued narrow and price changes gem
orally were small. The bond market
was rather broad, with investment
issues changing hands at somewhat
improved prices, though the volume OF
business was less than on Wednesday.
Missouri Pacific was again actively
dealt in, reaching 2S1s in the first few
minutes of trading, but it receded to -
on word that negotiations involving
change of control had been broken off,
In the last three days, since the ru-
mors regarding Missouri Pacific had
been in circulation. around 5000
shares have changed hands on the
Stock Exchange, for the most part at
enhanced prices. Denver preferred
finished the day unchanged. Wabash
refunding is, after opening at 557s,
went TO 51l4, closing 4 of point
lower, with a net gain of 12s on the
day. Wabash common, however
touched IA, its lowest price for some
years. Following the decision of the
federal court in Cleveland that share
holders of Wheeling & Lake Erie might
have four months TO redeem their obli-
cations before the property should be
sold to bondholders. gains Of over
point were made on small transactions
in the common and first and second
preferred.
Refusal by the state Supreme Court
to grant to the Equitable Life. as own
ers OF preferred stock, an injunction
restraining the Union Pacific from dis
tributing its Baltimore & Ohio holdings
among common shareholders was re-
sponsible for a sharp advance in Union
Pacific and a decline in Baltimore &
Ohio. Union Pacific went to 1908, IL
points above the opening, closing at
1907, a net gain of p. Baltimore &
Ohio went TO S912, two points below its
first quotation, and ended the day at
9Ols, Ia points down. The court up
held the contention Of the Union Pacific
directors that holders of the preferred
though entitled to preference as to as
sets in case of liquidation, could not
expect to share with common stock
holders in distribution of surplus earn
ings accrued in the course of business
Copper stocks continued firm, with
general fractional gains on the day.
Goodrich. on rather heavy buying, ad-
vanced points. Interborough pre-
ferred was strong in the late trading.
Rock Island As receded further to
new low point of So. Studebaker made
further decline. Reading was less
active than usual, and finished the day
unchanged from Wednesdays close.
Steel lost IS Of point.
Requirements of April settlements
were apparent in the returns of the
great official banks abroad Gold hold
ings decreased II $40 900 in London, s.
100000 francs in Paris and 100000
marks in Berlin. Decreased deposits
and augmented loans were returned by
all three banks. The proportion OF re
serve TO liability reported by the Bank
of England this week was Al. 43 APP
preaching the figure of year ago at
this time. Last week it was 1916 AS
had been expected, the rate of discount
of the Bank of England remained I'M
changed at 3 per cent. Word came
from London that the British Columbia
issue OF 100000 had been less than
one-half subscribed for. The Ceylon
t1,OOO,O00 loan, however was oversub-
scribed, as was the 900, 100000 Greek
loan, though few applications for the
latter were received here.
Sterling exchange here was firmer
influenced by the weaker position Of
the Bank of England and the harden
ing of London open market discount
rates. Call loans were renewed a shade
lower, at rs per cent. There was
further receipt of S575,0OO gold from
Canada, making $4,000 so far this
week The loss of the banks through
Sub-Treasury operations is 1862 900
since Friday.