Evening star., 1914-05-03
GAIN Of THE WEEK
|SPART|ALLYLOST
Reaction in Stock REGARDED
as Natural, Following
Strong Advance.
SECURITIES FIND BUYERS
AT CONCESSION IN PRICE
Strong Interests Believed to Be TAX
ing on Stocks, Expecting
Another Uplift.

NEW YORK. May a SLOW decline
III stocks today took off the edge of the
weeks advance. The movement was
downward from first to last. but there
was no real weakness and in majority
of cases losses We're small.
After such an upturn as occurred this
week the reaction came in natural Sc
quence. The advance of the last few
days put the popular shares = to )
points higher Not for months had the
bulls seen such profits in a week. Selling
today was principally realizing on
speculative profits, and there were no ag-
Sressive operations on the bear side.
Offerings were accepted readily at con
cessions and it was evident that strong
faction was taking on stocks In the ex-
pectation of a further upturn. provided
no unforeseen change should occur in
the Mexican situation.
Coalers and Coppers We're heaviest
These stocks We're affected by labor
troubles in the bitumnous fields and less
favorable conditions in the copper trade
Steel held up fairly we'll until the late
trading, when it gave way reports of
further cuts i'll prices of pig iron and
certain steel products. The financial
problems of Rock Island were reflected
IN a further decline in these securities.
Both common and preferred stock made
new low marks.
The gold export movement. discussed as
a possibility for some time. began today
with the engagement of S1.01po0 for
Paris.
The bank statement was disappoint-
ment. although il showed All actual cash
gain of more than S5.W0,oD and a still
larger increase in surplus. a cash gain
of S2o.ot0 0oo had been predicted.
Bonds We're irregular. Total sales
si.So0OOo. United States Is declined "a,
and Panama IS L on call on the week
Form Reversal General.
The hopes Of settlement of the Mexi-
can problem held out by the offices
rendered by the three South American
republics caused a complete reversal of
the form of speculation in stocks This
was supplemented iii the course of the
week by the growing ease of money. the
splendid promise for the country's crops
and increasing confidence that the inter-
state commerce commission would sane
ton an advance in freight rates. The
Improvement in London, owing to the
likelihood of an agreement on the home
rule question. also benefited this market
Misgivings persisted over some important
features of the situation, but it was
obvious that necessitous covering opera
tionS were adding substantially to the
markets strength.
Resumption of railroad buying would
fill up the principal hiatus in the present
demand for steel. Industrial stocks,
therefore, shared in the benefit from the
expected relief to railroads through high
er rates. This tendency offset the in
fiuence of the poor showing of United
States Steel earnings for the first quarter
of the year and of reports that April
business was still worse. Railroad earn
ings for March showed Improvement over
February, and in many cases over March
of last year. when floods caused heavy
losses
The reserve still maintained by capital |
presents difficulties for corporations of
inferior credit with maturing obliga- |
tfons, number of which We're acutely |
weak In the market. Financing of these |
however, made progress.
Money ease was helped by foreign pur-
chases of stocks here by reduction of re-
serve requirements under a new state
law for non-cle1ring house banks and by |
the easing of tension over the Mexican
situation
Steel Orders Not ENCOURAGING.
DEVELOPMENTS in the steel trade during |
the week were not encouraging to the |
mills. Orders for rolled products were |
small. estimated about 10 per cent of |
capacity. while specifications against con-
tracts continued 10 fall off. resulting in