The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-29
FINANCIAL NEWS
AND COMMENT
Stock Market Resists Early
Pressure on United States
Steel Shares.
CASH LOSS BY THE BANKS
Railroad Developments Here
and British Political Crisis
Features Of the Week.


Although there was an early outburst
40 ..v,n. q, ,,s .,oc, r,.rLe, Yesterday.
81, -. 49,, All, -, ~.
tne snare is' "iu hot "ct o"u'y '' VIZ
whole. Quoted values generally y'eioeu
only moderately in sympathy with such
~..tn..s M w.a manifested including A
-. .....,s,, a., -, ,no,.r,ia, an
e'"e' 80 ,,. 80, re- a..
Issue rs ohiteu St@'Ts ''ee,, eie '
end OF the first hour selling ACTIVITY
ceased when II was seen that liquidation
90 %. h..r .,,,r,,a,od aud 1, tho last
~, -, h,r,.,tr.
hour there was 'u'' p"''' ""'
which left the marker showing iair'y
hrm tone az the close'
Pressure on United states steer csrr'eo
that stock 10 the lowest price III many
weeks. II seemed 10 DC eiec'lVe III WI
covering stop loss orders ON the long sue,
but the professional community showed
no disposition TO ATTACK the hharke, oI,
account OF the movement OF the s'esl
shares. AS matter of tact there nave
been indications iateiy tha' u'splte NV
depression or speculative coIuit'ohs he
inclination or traders was ralh'i 10 ous
than to sell The demohs'rat vi
strength which have been making w sre-
ciaities ana were continued !es.eruss
have suggested some degree OF ou'iisn III
terest and cnort
Even though there has been a rrepon-
derance or what Ia called BAD news the
Wall Street feeling about the market IA
that II IS rejecting the belief mat current
unfavorable developments are the result
Of past causes since The convection eS-
lists that herailroads VIII sooner or later
get concession OF Increased freight rates
speculative opinion has been that the mar
ket was more apt TO discount constructive
possibilities than respond TO Immediately
adverse considerato ns ohuef o'ner sli
cumstances, for example. some weakening
effect might have been PRODUCED on prices
yesterday by the announcement tha' the
underwriting syndicate, has had 20 TAKE
80 per cent OF the orering or western
Union stock sold by the American Icie-
phone and Telegraph COMPANY
The weekly bank statement contalnea
something OF surprise in It's eshih't OF
cash loss arproN mating s'ooo o"o
Loans increased s3.7oo.OOO ana deposits
fell s1oSooon0. The surplus reserve was
cut by 100000.
One o. the important features or the
financial week was the DISTURBING uevei-
opment OF an exceedingly dircult poi'ti-
cal situation In Great Britain. European
stock markets took their cue from LONDON
which displayed "a strong undertono De.
spite the political upheaval ana wan
Street was not inpclled TO borrow 'roun'e
On foreign account as long as the lonnon
market man.fested SO murh iorti'une ne
.VsS's.'
little by process % relieving the eco
nomic strain N Brazi which PARIS oank-
ers instituted and by me not'on that Next
can affairs were apProach M a stage
which would facilitate sTne saNs,actory
solution. ALTHOUGH II was impossin'e 20
draw any definite conclusion from the
fighting around Torreon.
Views about conditions abroad were,
however. qualified by FOOD deal or dount
respecting the outcome or the br'tish
Parliamentry Crisis IL was assumed tha'
both the Conservative ana Liberal par
ties would try to avoid general eiecton
which might lend Itself to more eSces-
sive radical demonstration tlan Great
Britain has had to endure In modern
times. but the prospect OF general elec-
ton was regarded as restraining rae
tor over foreign financial and business
activities.
The leading Items ot domestic news
which attracted r!ost Wall street a'ten-
don were provided D. "1Veooments ar
fecting the railroad situation. c.necl'Vv MS
bearing on the application OF the Eastern
lines for permission to make rate adj
varces Earnings reported Tor FEBRUARY
showed large losses In gross and net The
Atchison lost $l'652ooo ana *554ooo net.
The Baltimore and Ohio shr,nkages were
Si.oa6.0oo cross and s46S,o0o net In
general declines In net earnings reported
oy the large systems ranged around s5oo'-
VVV.
The railroad position was moro forc'-
by Illustrated however. by further
change In dividend distributions notably
ne reduction OF the disbursements or
the Panhandle preferred and common
shares, ana by the revelation or extensive
retrenchments involving large reduction
Of railroad working forces and curta'lmen'
Of train service. Meanwhile an announce
ment by the Interstate Commerce Com
mission that an additional hearing woulo
Be granted to the railroads was ac-
companied by Washington interpretation
which suggested the improbability or a
ruling In the Eastern rate case much be
I fore tho end OF May.