The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-12
FINANCIAL NEWS
AND COMMENT
Stock Market Firm Despite
Dulness and Some For
eign Pressure.
MORE EXPORTS OF GOLD
Indications That Coin May Go
10 Relieve Strain
Abroad.

Street approached the stock market yes
terday with forebod'ngs OF reaction de.
spite the comparative steadiness OF
Vrices and lack Of pressure on Saturday.
Advices over the week end relating to
the Mexican crisis and affairs abroad in
spired some forebodings Of at least SEN
timentai depression. and the tons Of for
eign finance at the outset of the new week
was anything but cheerful. Neverthe-
less. and despite several matters which
would not ordinarily contribute to market
strength the share list yesterday was
nrn.
Stocks ware not ~ agyressfveiy strong
- ON the preceding Monday. but the mar
ket gave an excellent account OF itself
The session was rather duh. but dulness
seemed to cause no drag on quoted values
and the early selling disposition OF the
traders was quickly converted to interest
on the constructive side Union Pacific
and Reading provided influential leader
chip. but there was q fair distribution OF
| buying. apparently OF an investment Or
| der. in shares OF such standing as Ameri-
| can Sugar Refining. Atchison. Interna-
t'onal Harvester and Lehigh Valley.
The opening of the market was post
| poned for All hour by way Of recognizing
tho memorial services for the nation s
dead at Vera Cruz. and doubtless the post
ponement served to slacken the pace OF
trading when dealings began. Business
seemed still to be OF dominant profe.-
sionsl nature. but prices rose easily and
maintained their advance without diff
Guilty. The range OF quotations estab-
lished IN London for American shares
was at = substantial average OF decline
| from Saturdays close and foreign selling
came In later. but other pressure was not
obvious. The refusal of the market to
Follow the London quotations and the
display OF frmness at the recovery was a
somewhat impressive token Of tho ex-
ceeding strength Of tho technical position
or stocks. although this OF course does
not render the list immune TO disturb
ances which may be communicated on
various accounts.
Moreover. the comparative Indifference
or tho market to somewhat unsatisfactory
considerations and Information was evil
dence of the underlying change In flnan-
cial opinion which has been in progress
lately because OF the excellence OF present
agricultural conditions. the state OF sound
ness TO which the markets and general
business have been reduced by liquida-
| ton and the indications which have been
afforded OF n more or less imminent turn
| for the better In politics. Not the leas'
| OF these last named indications is the AS
surance enanating from Washington OF a
long respite from governmental unsettle-
ment of business after tho present ses-
sion of Congress has completed It's labors
The Missouri Pacific situation engaged
much attention. but without any trouble
some marketwise reflection. This was
almost wholly because OF the letter Of
Kuhn Loeb q Co. TO tho Missouri Pa
cifc management in which the require
ments and possibilities of tho property
were treated in a manner that was OF
| hopeful augury for the future. The letter
Qff1iek nntA In American
finance. and II the lines of policy therein
| suggested should come TO prevail In the
| banking relations OF corporate manage
menis generally the eoundness Of our
economic development would be guarsn-
| teed as IL has never been In the past
| II il a. question, however, n Wall Street
entertained a conviction that the Mis-
souri, Pacific mana cement would measure
up TO the opportunities offered, although
there vas an indefinite feeling that the
Missouri Pacific problem might IN some
way temporarily be adjusted.
Provision for the 2j,00o.O0n OF notes
due In June comes first, OF course. II the
management Is successful IN taking care
of them, a basis may then exist for neEo-
tiating the whole problem OF the Missouri
Paciflc's future. Consolidated Gas shares
made q poor response to the news OF the
new financing In tho form Of $4,000, ooc
Of Ave year 6 per cent. bonds convertible
1t IL doubtful II the decline in the eha ret
had any particular Significance
Neither the Mexican crisis nor politi
cal routine at Washington obviously en-
tered into the influences Of tho financia
day except as they compelled lack o.
activity. News about crop conditions wal
highly satisfactory, but trade reports wer'
the contrary, although the dulness snt
lheaviness Of copper metal are now some
what familiar and the shrinkage Of thu
United States Steel Corporations unhlle'
orders to tho level OF the fall Of 1911 hat
been pretty we'll discounted In current re
views OF tho steel trade.
The most striking feature Of tn
budget OF market news was the expansion
Of gold export engagements and tho FUR
! ther sharp rise In foreign exchange. In
GLIDING tho 100000 engagement an
nounced on Saturday a total of $4.OO0.0 o'
of gold exports for the week was arranged
making $1,000, 900 IN all on the new move
| ment This exhausts the supply or avail
able gold bars, but the course OF exchang
suggests the early probability OF ship
ments Of coin. Demand sterling close'
last night at 4.sSls, which 10 certainl,
within q half cent OF the level at whic
coin will go out without special induce
ments.
An interesting fact about the new on
gaeements OF gold IL that s1,0o0,ooo q
the total was made for shipment to Berlin
but IL WAS understood that this consign
\ ment will probably go to ct. Petersburg
} Here Is the first direct effect which Ne'
York has felt of the scramble for gol
IN which Russia has been competing wit
France, and the circumstance was In
way emphatic notice or the rather trouble
some positions abroad which constitute
the moment the most adverse FACTOR !
the whole financial outlook. London DE
spatches told OF some uneasy appreher
sion respecting the market development
of the next few days and there was ger
eral heavness OH the European bourse
D., Live stock Market.
!. Receipts Of beeves for two daye were o.
Steer. were in fair demand ana nrm to 10
higher; fat bulls full steady; bologna hul
| hrm 30 . ahad, higher; cows steady 20
!, shade higher. The yards werc cleared Con