Evening star., 1914-04-19
FLOOD Of SELLING
CUTSSTOCK PRICES
Heavy Unloading of Favorites
Features Opening of
Halliday Session.
SEVERAL WEAK ISSUES
ARE ACCORDED SUPPORT
Uncertainty as to Railroad Rate In
crease and Steel Situation Strong
Market Factors.

NEW YORK. April 1s.-The heavy sell
ing movement of the week came to an
end with another vigorous drive early in
tedaySs market. The favorite stocks were
unloateu in large amounts. and in sew
eral cases prices were hammered down
! to- points. Union Pacific Reading.
Steei arrt Can sold at the lowest figures
Of the YEAR.
This happened in the first half hour of
trading. Then followed a quiet recovery.
which proceeded steadily to the close.
In the heiief that the selling movement
had run it's course for the time being
the bulls took on stocks for turn and
succeeded in running up prices to point
which brought the market about on a
level with the preceding close. In spite
of the rally. there were no indications
of uneaslness on the short side.
Weak Issues Supported.
LeAigh Valley and Missouri Pacific.
whose weakness yesterday approached
Generalization, met with support today.
These stocks were in keen demand from
the shorts. and made net gains of more
than a point each
Announcements of plans for caring for
the New Haven and Missouri Pacific
notes which soon fall due strengthened
situation was dismissed as market
factor for the time being. pending more
definite developments.
The bank statement reflected the iinanc-
ing incidental to hotation of New York
city's S65,oo0,000 loan this week. There
was an actual loan increase of more
than S2s.0o0.0oo The expected return
flow of money following the April l in
terest and dividend payments was an off
setting influence. The cash gain was un-
eNpectedly large. amounting to nearly
Sl",o1ooo". and in spite of the loan ex-
pansion the surplus was increased by
nearly s3.oo0.oo0.
Bonds were steady.
Total sales. par value s1015.C0p. Gov
rrnmeEt bonds declined a 10 l point on
'all on the week.
Mexico Active Influence.
The crisis in the country's relations
With Mexico was an active agent in this
weeks stock declines, but predisposng
causes made the market vulnerable
Financially. the principal effect of the
Mexican condition is reflected from Paris
and London. where holdings of Mexican
securities are complicated with heavy
Brazilian liabilities.
Conditions in the steel trade offered no
hope of immediate relief. Continuance
of outgo in excess of new orders cut
down further the margin of future bus-
ness. Unfavorable estimates of United
states Steers earnings for the first quar-
ter were coupled with predictions of a
worse showing for the second quarter.
Diminished domestic buying weakened
the price of copper
There were fresh fears of delay in the
freight rates case, and of possible un-
legislation disspated the impression that |
rhe matter was to lapse at this session |
of Congress. 4t.
The New York city bondo sale. while |
not euualins some hopes. clearly regis-I
tered substantial Improvements in invest |
ment demand. This loan. the New York
Central bond sale and steps in sundry
congratulations represented solid achieve
inents toward meeting the financial prob
lens pressing:
Abroad the Russian demand for gold
held money rates firm.
Railroad earnings. while still falling
Off, began to compare favorably owing
to last years flood damages and to re-
treichment- Reports OF insect damage
gave warning of possible modification
of favorable crop prospects.
Iron and Steel.
The iron and steel business was ex-
ceptiona1ly dull this week. but cheer
fulness pervades the trade Everybody
appears to be counting on a flood of
orders coming with the freight rate
decision.
ne Nulet gave time 1or users TO sur
vey markets. There were recurring in
stances of offers to buy foreign steel
for no other purpose than to ascertain
real prices. and then to learn whether
shortcomings were likely to develop
liz connection with the delivery, size,
exc Manufacturers and jobbers do not
believe there has been any importation
except in such lines as have commonly
enjoyed some business such as the
larger rounds. on which European mills
charge no extras.
Buyers express an intention to keen
purchases within the country whenever
POSSIBLE. so that much buying from
Europe is likely to happen only with a
large spread between American and