The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-18
FINANCIAL NEWS
And COMMENT
Sharp Breaks in Lehigh Valley,
Missouri Pacific and
American Can.
GENERAL LIST UPSET
COuntry's Imports Gain Further
Over Exports In Foreign
Trade Movement.


ket situation puzzled Wall Street than
that which has been continuously pre-
scented for almost n fortnight. While
there are adverse factors making for
weakness in stocks there are opposing
influences which provide a good deal of
support but a set of special causes seems
to have been more effective in the last
few days than any general considera-
! tons
There IL no doubt that there has been
a rather large renewal OF liquidation in
particular quarters. but the market has
| presented the appearance also OF a very
substantial proportion Of purely specvla-
| tive pressure which is unexpectedly and
| inexpicably effective In view OF what
was supposed to be the technical posi-
| ton of corporate shares. That there has
been raidng of the market is obvious, but
| the liquidation which has been induced
| has made ii difficult for the Wall Street
| community to take courage from the de-
cded resistance to pressure which a good
many important ISSUES have offered, even
though they have declined somewhat. The
result has been a renewed depression nf
! sentiment and much unsettlemcnt OF opin-
ion which were intensified last night by
| yesterdays session.
The market in the early forenoon
showed every disposition to pursue the
| rally which was in progress at the close
on Thursday Recovering tendencies were
checked. however by the outbreak uf
heavy selling In Missouri Pacific. under
which n decline OF more than five points
took place in the price of the stock. The
general market exhibited no inclination
to reflect this particular movement. but
In the afternoon extensive weakness was
provoked by a rapid break in Lehgh Val
ley equal to the fall in Missouri Paciiic
a. h.s ala .lt.,, t,. eli
few shares showed net gains at the
close. but final prices We're for the most
part the lowest of the session and the
market in the late dealings was very
feverish. Total transactions were on "A
large scale measured by the volumes
which prevailed until this months down
ward price movement began. but a few
stocks contributed disproportionately to
the aggregate. About third OF the
trading was in Lehigh Valley. Missouri
Pacific and American Can alone
The unfavorable turn OF Mexican affairs
reported in the afternoon probably helped
to accelerate the selling Of stocks.
although 1t can still be said of the Mexi-
can situation that the financial district
finds il hard 10 translate |; into n factor
OF value The fashion in which Mexican
relations have been handled at Washing
ton this week In the most deplorable
feature from the financial point of view
So far as the market itself gave any
indications the only influences TO which
it responded were those which were pro-
vided by the concentrated pressure and
weakness in stocks noted. The Govern
ment litigation was invoked to explain
the collapse of American Can. The politi-
cal troubles environng the anthracite
railroads We're spoken of as one reason
for the weakness IN T.ehigh Valley. but
doubts were frankly expressed about the
maintenance OF the company's dividend at
fuh ,f..l.
il has been paying The Denver and Eio
Grarde stocks weakened with Missouri
Pacific and there was no market for the
Missouri Pacific notes which are due on
June l. Definite information was not
obtsinable during the day as TO the Mis-
souri, Pacifc's prospects for making the
arrangements necessary to meet its I'M
pending financial requirements. hut il was
taken for granted from the action OF Mis-
souri, Pacific securities that negotiate
TO that end had so far proved incon-
elusive.
change OF control OF the Missouri Pacific
is under way could not he learned but this
was one OF the days conjectures. The
chances of a receivership for the Mis-
souri, Pacific were openly discussed and
il may he said on this score that receiver
ship for some distressed corporations is
far from being the worst thing that could
happen for the general securities market.
Arrangements for the New Haven financ-
ing are understood to he progressing salts
factorily. and the New Haven shares
acted as though tho terms would make
a good impression on the shareholders.
A better tone was reported in the
foreign markets. but otherwise nothing
In foreign advices seemed to bear on the
Wall Street prospect. Practically every
thing in the domestic news budget was
adverse to values or to financial senti-
ment, ranging from the status OF the
Mexican complication to President Will
sons efforts to hurry antitrust legisla-
ton. II was noted that the new pas
senger tariffs filed with the Inter-
state Commerce Commission would prob
ably result in "a reduction OF railroad
revenues and that the Federal reserve
organization committee was taking on
itself the decision which belongs to the
Federal Reserve Board relative to the
establishment OF branch banks.
one item OF business news was the
passing OF the preferred stock dividend
by the Pennsylvania Steel Company di-
rectors. As bearing on the tariff posi-
ton of trade and industry. the country's
foreign trade statement for March was
very significant. Imports increased s26.-
500. 600, while exports did not quite hold
their own in comparison with the CORE /
spending month last year The state |
ment emphasized the exhibit which the /
returns OF recent months have made dem
ons,rating the stimulus OF tariff re-
duCtion on the import movement, while
exports have tended to decrease.
ON the known movement OF money
the local banks have made n cash gain .
this week estimated at about $4,000, 0O0 .
The chief feature OF the money market
was the further strength OF foreign eN-
change Demand sterling sold around
n - ~ and ia pOinti ing A