The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-02
FINANCIAL NEWS
AND COMMENT
Weak Close in Stocks Here
After a Day Of Con-
tracted Dealings.
MOP TROUBLE AvERTED
Washington Influences Affect
Wall Street Sentiment
Adversely.

Aithough assured early In the day that
there would DO no Missouri Pacific re-
ceivership and that thereby one Of me
matters OF stock market concern would
be happily eliminated Wall Street was
not at all cheerful yesterday. News over
the week end added little to the considera-
TONS which were uppermost before the holl-
day recess. hut the days budget OF mar
ketwise Information seemed to be such
as to direct rather exclusive attention to
the political influences operating on values
ana the share list seemed to suffer from
too much Washington. Dealings were on
contracted scale and quoted values al
though steady enough during the greater
part OF the session, lacked real strength
and II was perhaps not surprising that in
the late trading tho market weakened all
around.
Aggressive firmness in specialties. like
Texas OIL and American Beet Sugar did
not provide a general stimulus and the
renewal OF marked weakness in New
Haven was much moro effective over other
issues. Union Pacific and United states
Steel. selling eN dividend, reacted with tho
rest OF the list toward tho close, and
AmalgAmaiod Copper and Reading Joined
The other leaders In the downward move-
ment Final prices were the lowest OF
the day and the close was weak The holl-
day suspension OF business abroad did
not seem to be any factor In wall street
our stock market inactivties has been in
considerable lately. although IL is clearly
the case that improvement abroad would
probably furnish support to the situation
here.
The vote in the Senate to shelve the
proposition for a New York Central in
duiry by referring the matter to a COM
mlttee was the sole piece OF encouraging
news which came from Washington.
Otherwise sentiment was depressed by the
delay OF decision in the Eastern rate case
while scandal mongers sought to ventilass
mistakes OF railroad conduct In the par
and by President Wilson's further dis.
course on business psychology in connec-
ton with his programme 10 compel a
further readjustment OF trade and Indus
try to new conditions of statutory enact
nent. There was in the financial district
a good deal OF opinion that Col Roose-
Nelts statement about the status OF the
so-called trust question constituted a
challenge to the Administration which
was likely to assure the passage OF the
proposed laws which the business com
munity has found so disturbing In the
prospect
1t did not appear that President Will
sons supplementary remarks on the ma
ture and extent of the business reaction
the causes thereof and the cure therefor
.wer, likely TO make any more convincing
and bankers of the country than did his
declaration last week that the present
slackness OF business was all in their
minds anyway. What the President had
to say about the responsibility of the rail-
roads for the slowing down OF business
might have been taken as a reference to
the possibilities OF the Eastern rate case.
but the general bearings Of the Presiden-
tai utterance were what Wall Street
chiefly regarded. and II did not construe
them as indicating an adequate apprecia-
ton at Washington of the forces which
have impaired financial and business con-
idence.
The announcement made after the close
OF business that the Missouri Pacific d.
rectors had voted to make the note sx-
tension plan operative had been expected
after the developments since the middle
OF last week. The outcome IL evidence
that a considerable degree OF common
sense is prevalent In the corporate world,
as well as among bankers and investors.
but It is recognized that the affairs Of
the Missouri Pacific and other distressed
! corporations still offer problems of no
little difficulty which call for more than
temporary solutions. This phase of the
financial situation was also illustrated by
the decline OF New Haven almost TO It's
previous low level while curiosity was re-
vived as to the chances for avoiding trouble
| In the d,sintegration of the New Haven
! combination which the management has
been forced by Washington to agree upon,
/ The Mexican crisis did not obviously en-
ter the Wall Street reckoning TO any
greater degres than of late.
A violent display Of continued strength
IN cotton was the response OF the marke,
for that 6tapie TO tho Government report
showing a condition OF 743 week ago
This compared with a ten year average
I OF e0t and only two lower conditions
for the corresponding period have ever
been reported In each case the cotton
crop OF the year was disappointing. The
unfavorable weather with which cotton
has had to contend has not however
absolutely spoiled the outlook for a salts
factory yidd. and the cotton report was
fairly we'll offset by Shows estimates or
other crop positions. on this authority''
figures a winter wheat crop OF 647, 900 o0t
| bushels Is possible, with a total wheat
harvest this year OF 5000. 900 bushels
Deterioration last month Is Offset In ths
| Judgment OF some experts by the belief
that the winter wheat acreage IL larger
than the Government has estimated.
Some important returns OF railroad
earnings were made for April, but mos'
Of them showed beeer control over ex,
peilses, SO that net earnings gained ovei
last year The ST. Paul reported a gross
decrease OF $4,000 and net increase
OF sSl3.300. On the Pennsylvania lines
a loss of Sl,54s.O00 in net was moro than
overcome by economies and a net gain OF
si,tll, 900 resulted. On the other hand
the New York Central Lines reported a
decline of 1909. 900 In net earnings. the
falling OFF In gross earnings being little
more than twice that amount.
The principal feature of the day In
money was the announced engagement OF
32,oooooo more gold for shipment TO Paris
making total exports OF sls,500.00O
| on this rnoyement Foreign exchange re-