The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-22
FINANCIAL NEWS
AND COMMENT
Setback i'm Steels Under the
Leadership of Standard
Shares.
MARKET MORE ACTIVE
New Haven Inquiry Affects
Sentiment Adversely-For-
eign Exchange Strong.
VI RkET MORE ACT

After half week Of rectionary talk
the stock market Yesterday did proceed
to turn down rather sharply. United
States steel, Amalgamated Copper. Union
Pacif, and Reading were the leaders in
decline and while there vere Indications
Of professional effort to depress prices.
there were also signs OF scattered selling
for long accounts which represented prob
ably a combination of WEAKNESS over the
stagnation Of the list In the last few
days, with some speculative uneasinees
provoked by various developments and
considerations of the week.
Possibly the patience OF Wall Street
has been little overtsxed by the dlsap-
pointment OF hope that the Interstate
Commerce Commission would have be-
fore this announced some conclusion In
the Eastern rate case. Otherwise techni-
cal causes for a reaction could most
probably be assigned. other matters being
moro IN the nature OF acceleratins in
fuences.
The dealings for the day expanded a
little on the development OF decline.
which did not occur until the afternoon.
and the close was heavy around the low
est figures. The session started with
downward impulses communicated from
abroad, and there was some moderate for
eign selling
The renewed manifestation of debility
in the Western Maryland securities, the
gloomy aspect OF Missouri Pacific affairs
and the tragic portents OF the New Haven
| inquiry all figured In the Wall Street
reckoning. Missouri Pacific shares we're
steadier but there was poor market for
| the notes and Junior bonds II was
| thought In some quarters that tho Mis-
souri, Pacific situation was sufficiently
| desperate to assure the probability OF an
agreement between tho management and
| me bankers to save II. but the DISPOSE
ton was wanting TO risk any commit
Inents on that score. The fact that an
| other Western Maryland Reimbursement
! seemed impending after 80 recent n reor-
ganizatlon had a distressing influence out
or proportion TO the Importance OF the
property.
! 1t was in all likelihood the adverse i'm.
preston widely made by the Mellen testi-
! mony in the New Haven Investigation
| that affected stock market sentiment
/ most. The financial community is not at
all inclined to deceive itself as to the
public construction likely to be placed on
the New Haven record as narrated nv
Mr. Mellen. even though American cor
porate enterprise does not generally de-
serve TO have so dark shadow cast
over II. At least pretext for selling
| United States Steel was found I'm the
refusal OF the Interstate Commerce Conn
| mission to reopen hearing In the in
dustrial plant line cases affecting steel
! makers chiefly. and the unsatisfactory
state OF the copper metal market. together
with the recent disappointing exhibits of
earnings by some of the copper compa-
MES, served to stimulate sales of the
copper shares once they began to Yield
t'haNlhlaLa nd 4. -
prospect was subject OF much discus
sion during the day. but II was not
until after the close OF the market that
announcement OF the declaration OF the
regular rate established In the previous
quarter was made. Favorable comment
was elected by the details OF the Wabash
organization plan. which accompl she $
the very desirable result OF scaling down
the total volume of securities on the
property by more than $4,000. 900 while
reducing fixed charges by almost $4,000
0O0 and providing the company with over
s5,000,000 cash above Its pressing needs.
Dispatches from abroad were not en-
couraging and suggested conditions likely
to strengthen the tendency toward gold
exports in volume. The foreign exchange
market was very strong. demand sterling
| rising to a new high price OF 4SSS. and
| expectations OF substantial shipments
next week were entertained. Mexican
matters entered into the days market
opinion through the rather disquieting
revelation In magazine article of Presi-
dent Wilson's attitude OF aggressive
sympathy with the land grabbing fea-
lures OF the Mexican revolution.
In other respects there was some rather
favorable news. The Baltimore and Ohio
Railroad reported for April a gross in
crease OF $4,000, while net earnings
increased about ss54,OO0. Although the
| cotton market was strong all grains
turned weak under the leadership of
wheat, which fell n cent and half a
bushel. its decline being accompanied by
reports showing that rust and insect
damage TO tho growing crop had been
exaggerated.