The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-04
FINANCIAL NEWS
AND COMMENT
Another Stagnant Stock Market
Session, With Irregular
Price Changes.
SIGNS OF REACTION ABROAD
General Business Conditions
Come In for Increased
Amount Of Attention.
SIGNS OF REACTION ABROAD

storm conditions was rejected IN the con-
tinued stagnation OF the stock market
yesterday. Trading was on only n slightly
larger scale than on Tuesday and price
movements were narrow. The close was
irregular. with fractional changes in
the general list and some substa ntial gains
In specialties Offset by material losses
In special quarters.
1t was the judgment Of experienced
observers that the market would have
tended toward pronounced dulness this
week anyway, even II the violent snow
storm had not interrupted communica-
tons and laid an embargo on trading.
Wall Street had shown accommodating
signs OF "a disposition 10 await Develop
ments in respect to many important in
fiuences, and there IL feeling that
more than anything else at the moment
the state OF general business is likely
to be the controlling factor as 1t Is
defined In the next few weeks In spring
advances. with tokens of a renewal
OF business betterment. instead OF with
proof of the protrs ction of the reaction
airy movement noted after the middle Of
February. II Is expected that quoted values
will resume their rise. Otherwise the list
may not be able to withstand the drag
caused by commercial and Industrial ac-
tivit.cs below normal Allowance Is
unfavorable possibilities in politics. do
nestle and international. as well as for
whatever turn Is taken by economic
affairs abroad. where react.onary sig
nails are again displayed.
So far as yesterday was concerned.
there was nothing In the news to over
come the inertia resulting from the storm
obstruction OF business Marketwise In
formation was in the main of an adj
verse or doubtful sort. Foreign dealings
were still ON the selling side and Cana
dian Pacific weakness may have de-
noted especial foreign pressure. The New
Haven shares sold q shade below the low
record price made toward the middle OF
last September. and the convertible
per cent bonds OF the company were
conspicuously heavy. Tho New Haven
statement OF earnings for january showed
gross decrease Of $4,000 and a net
decline OF $4,000. The shrinkage In
operating income for the first seven
months OF the fiscal year was almost
$3.500.000. The Boston and Maine made
a similarly unsatisfactory report although
both OF these hard pressed carriers have
evidently been able to assert n measure
OF greater control over operating ex-
pense.
Other returns OF railroad earnings were
not altogether AS bad as most OF the
January exhibits. The Missouri Pacific
reported u net Increase OF $1,000, al
| though gross earnings fell $25l,0o0. The
! 81. Paul disclosed fail of s3.l,o00 in
gross, but n gain Of $4,000 in net. The
Adams and American Express companies
showed substantial curtai.ment OF income
| In the first Ave months Of the fiscal year.
and their reports were peculiarly inter-
estlng because OF the intimations that the
| United States Express Company contem-
plated liquidation. The financial com
, munity displayed lively curiosity in
/ this matter. as II was recognized that
such a step would compel political head
quarters TO face sluarely certain issues
OF pubic policy which II had been ham
ding by indirect and evasive processes.
The affairs OF industrial corporations came
In for notice because OF some rather de-
pressing annual reports the most promi-
nent being that OF the American Wooden
Company. which sustained a loss OF al
most 100000 on last years operations.
Tho difficulties of the Rumely Company
we're advertised by the warning given
that the current default OF note interest
could not be adjusted unless during the
grace period to March IL an extension OF
the notes was agreed upon.
Mexican matters imposed their re-
straints on stock market endeayor. II
was hard to tell whether or not the sit
uation looked any more promising. al
though It was not obviously complcate ted
BY Sir Edward Grey's statement in the
British House OF Commons which did
not appear to lend itself to any alarmist
construction. The Mexican imbroglo was
one OF several causes alleged for heaviness
| or weakness in the foreign stock markets
including particularly London and Berlin.
1t seemed that the Paris position was
still provoking uneas.ness and foreign
finance seemed inclined to make reac-
tionary excuses OF tho Brazilian economic
crisis as we'll as Of Ulster politics In the
United Kingdom and of Balkan politics
In eastern Europe. The Bank of Ger.
many'a weekly report exhibited some de-
terioration. but this was accounted for
by the shifting OF !tems incidental to the
turn OF tho month and continental dis
counts were easier II anything. although
money had a harder tone In London. The
Canadian Government loan was reported
rs practical failure In London md
some of the selling of securities In the
foreign market was the consequence OF
necessities OF underwriting syndicates
which have had TO take an increasing
proportion Of recent Rotations.
General domestic trade conditions pro-
vided subject for much Wall Street
discussion and conjecture, A reduction
was reported In Cope metal to l45
cents and estimates Of the United States
Steel Corporations forward tonnage state
ment to be published next week under
went some modification from the round
figures lately predicted The anarchic
labor demonstra lions which are being con-
Quoted under the auspices OF the Indus
trial Workers OF the World were a source
Of irritation. but did not appear to affect
financial sentiment The principal feat
ure OF the money market was the Arm
ness Of foreign exchange around 4.s595