The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-25
FINANCIAL NEWS
And COMMENT
Stagnant Session on the Stock
EXchange-Slight Sag
Of Prices.
SOME WEAK SPEC1ALTIES
Expectations Of Early Decision
In the Railroad Rate Case
Not Rewarded.
SOME WEAK SPEC1ALTIES

IOsSIDiy Dc'tuSs Iiptlt Va tH' iuNtIebt-
Ing rumors % Monday materialized into
fact over night the stock market came to
an early standstill yesterday and event
ually closed with slight sagglng ten
Disney In the general list Trading was
practically all done In the first three
hours. The market was almost stagnant
during the greater part OF the afternoon.
and one obtained from It the impression
that professional dealers, having put
prices up little, we're waiting for pur-
chasers to come along and take their con-
tracts OF their hands. There was nothing
10 show that the essential conditions of the
list were at all changed from those which
have held the average range OF prices
within narrow limits for many weeks
past. There was quite as obviously a
lack Of pressure as there WAS Of disposi-
ton TO buy. although this may have beer,
merely In keeping with the tokens that II,
the last ten days or 20 the sentiment OF
the professional community. having turned
bullieh. had already expressed itself In as
much engagement for the rise as was In
It's power or inclination to make without
substantial outside or public support.
some spccialtes displayed aggressive
strength, notably General Motors. Studc-
baker and Pacific Telephone. The stand
ard shares huctuated feebly and In tho
end reacted fractionally. Tho principal
price changes OF tine day We're noted In
industrial specialtes. including May De-
partment Stores. which reflected the com
pany's somewhat unsatisfactory report
just published; Virginia Carolina Chem
icaL which receded in response to definite
runiorS about u coming bond issue
Rumely preferred. which was affected by
the remaining difficulties OF rcadjusting
the co.npany's position. and Central
Leather. on which 10 dividend was de-
ciarcd, although there had been mod =
crate amount of expectation tina; the di-
quarter.
The Corn Products stocks broke sharply
on statements -ade at the company's an
nual meeting. Tnese were elected In rela-
ZION 10 the sherman law litigation In
which the company Is involved with the
Government. and the declaration was
made that in the event of u forced dis
solution OF the Corn Products prop.rtie.
the common stock would be worth moth
ing and the preferred worth little. A
proposal to reduce the share capitalize ton
was also entertained at the meeting
Foreign advices might have furnished
some stimulus to advancing activity in
Wall street. hut the local speculative
community seemed Indifferent TO the firm
ness displayed In London under the lead
ership OF British consols. which made q
further rally. Perhaps this was because
wall street has not been overscnsit!ve IA
IN. Ulster affhir at any time. Perhaps
y was because Of some important doubts
about the ultimate outcome of the Ulster
episode The Immediate satisfaction re-
Elected in the London stock market may
AZ f. ole -.
rather bad thing for any country when
the army takes charge of the settlement
Of political and social Questions. and the
upshot OF the Ulster afiair may Dc Il gen
'r2l Parlia meEtary election after q cam
paign OF highly inflammatory agitation.
Some OF the moro commonplace facts
o. foreign dispatches Were the announce
ment OF sSo.0O0,oc0 additional Offering
of Belgian Government 3 per cent bonds
in London. III. issuing price being so:
me continuation of continental ABSORPTION
OF the bulk OF the New South African
gold laid down IN LONDON. and the reve-
latton of comparatively small account
either way at the London stock market
settlement. Possibly the most striking
feature OF this last disclosure was the
relative !nsigniiicanc- OF bearish posi-
tions. This might betoken exaggcra ton
IN current estimates of the Wall street
short interest. for during long time
past the worlds leading security mar
kets have had many features in com.
mon.
As coutrasted with tho wild reports ir
circulation on Monday about an early
decision In the Eastern rate case. II wa.
curious to note the actual announce
ment which the Interstate Commerce
Commission did make yesterday. This
provided for taking additional railroad
testimony next Monday and Tuesday, anL
there were Implications in the statement
of more extended delay In reaching &
conclusion In the rate case than Wal
Street had considered probable In the las,
few days IL is still believed. however
that Il ruling may be rendered before tho
end OF May. The political factors III
most immediate WALL Street regard wer,
represented Iy the clash OF arms in Mex.
leo, with possibilities tending towart
some breaking OF the deadlock in Wash.
ington relations toward the Mexican cri,
sis. and by the approaching test Of tn,
Administration involved In the Panama
Canal tolls dispute. This last matte,
is recognized as of nomentous cons"
quence. not only because OF the etfec'
which II may have on fortunes OF the
Administration but on account Of the
great international issues and importan,
economic questions that are at stake
Routine domestic news included som,
moderately depressing observations fror
{. VI. Schwab about the effect OF
tariff change on the steel industry an,
some reports of increased cutting OF
prices In the steel trade. All the circum
stances Of the money market pointed ra
ther to increasing relaxation than to am
hardening OF rates. The tone OF tn,
commercial paper market was described
rs soft, What is more, foreign exchany.
fell away from its recent level OF adj
vance. demand sterling closing unde,
i,S6l.. having been lower during thC
ga,.