New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-04-09
REVIEW OF THE
STOCK MARKET
Shares Go Fractionally
Lower-C Canadian Pacihc S
Sharp Decline.

In the present state Of the se0u''
ties market, the news YESTERDAY
seemed to exert most influence
reduction Of freight rates by s''
eminent commission in Canaoa az
time when Increased rates were oe'"s
sought in this country. Ou'siue -"
velopments of the day, though =,
mixed character. contained much '""'
ordinarily would have been cons'o
cred encouraging Europe again az
reared as a seller in this Market ",u'
despite some profit taking to"aIu '"'
latter part OF London tradlns N''''
sales for foreign account in TINS ma
ket probably amounted TO more '''"''
1000 shares on balance.
tons for the day were made III HOo1
900 600 shares, over twice the Voiuine
of Tuesday, but no great price uenu
developed Such movement as ""'
shown was downward, lowest prizes
being generally made around ING
close.
The Canadian Railway Commissions
action in reducing freight rates
standardizing tariff and divioihs i''
territory west of the lakes into zones
was a manifestation Of government
control little expected. The reductioh
in rates west Of Winnipeg were Pu'
at from . to 30 per cent, though the
railroads OF the Dominion 70 the norm
are facing decreases in net and gross
earnings similar 10 those reported III
this country.
Before New York trading hours
cable reports showed Canadian IA
cifc down 4 points in London and IN
tbe first hour here it was under great
pressure. which continued 70 consid-
cradle extent through the day me
low point touched at 1899 was points
and a small fraction below Tuesday
close. On realizing the stock rallied
about . points and then closed at wv
Minneapolis. ST. Paul and Sault ste
Marie. a subsidiary Of Canadian Pa
cifc. soon after the opening, sold
down . points TO 121, but rallied TO
1913 at the close. In this country the
principal news Of direct bearing on
the railroad situation was an increase
Of over 1860 idle freight cars.
The record crop OF winter wheat
indicated in the government report OF
Tuesday, was apparently forgotten.
The Federal courts decision in favor
of the Lackawanna in the coal case
brought under the commodities clause
Of the interstate commerce and Sher-
man antitrust laws produced little
upward movement IN securities Of the
anthracite roads. The courts opin-
ion that there was no legal objection
TO control through stock ownership,
II upheld by the Supreme Court. will
be blow 10 the position taken by
Attorney General McReynolds. He
made known his belief that such con-
troll Of competing concerns was lie
gal before he took Office, and this con-
viction has guided him In his con-
duct OF ell antitrust cases under the
present administration.
Favorable condition Of the copper
industry in this country. as shown
by the report Of the Copper Produc-
I ers' Association for March. had been
apparently discounted and copper
shares declined with the rest OF the
market Stocks Of the metal were re-
duced over 100000 pounds, though
production, instead Of falling off as
IT had the month before, increased
100000 pounds. Domestic deliver
les made an advance Of 90 10000
pounds Exports again showed the
effect OF depleted European stocks.
increasing over 100000 pounds.
Low priced railroad issues made
further declines, Rock Island shares
touching 81 for the preferred and ga
for the common. Wabash, common.
went below 81 and Missouri, Kansas
and Texas, commbn and preferred, de-
clined over point each on small
transactions.
Money conditions continued favor
able, though call loans renewed
shade higher at II. per cent. Time
accommodation was easier for the
shorter maturities. Since Friday the
banks have lost S4O57OOO 10 the Sub