The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-28
FINANCIAL NEWS
AND COMMENT
Stock Market Tends Toward
StagnatiOn-Prices
Rather Heavy.
SOME SHARP DECLINES
Railroad Affairs Furnish the
Chief Influence Over
the Dealings.

Increasing dulnsss was the principal
feature Of the stock market yesterday.
The dealings fell to about half the vol
une OF the scale of transactions which
has been maintained on the average OF
late The market was so stagnant in
deed that traders were afraid to risk ven-
lures In 1t one way or the other.
This made the pressure which appeared
look less like speculative ra,dins than
liquidation. The secondary feature Of
the day was the downward drift of prices.
declines being substantial in number
OF issues ranging all tho way from spe-
cialties to standard Issues. The general
list was rather heavy. although the Gus
range and closed at only fractional de-
clines.
Reading and Union Pacific were y
down. United States Steel was /. Oft and
Amalgamated Copper was unchanged
Material losses were shown In American
Sugar Refining. American Telephone.
Canadian Pacific. General Motors. Lehigh
Valley. Northern Pacific. International
Harvester and the Panhandle stocks.
In most cases the reasons for any
weakness displayed were sufficiently IA
millar. having been furnished by recent
developments. Tho movement Of Lehigh
Valley was somewhat exceptional. but
this stock seems To have been subject to
quiet persistent liquidation Of late Its
high dividend rate and its current shrink
age OF earnings together with the Gov
eminent litigation In which the company
has just become involved account per-
haps for some of the selling.
II was known in the last hour that
President Wilson had won IA victory in
the first test vote In the House of Repre-
sentatives on the repeal Of the free tolls
clause OF the Panama Canal act The
fact seemed TO have no reelection market
wise, although the ultimate triumph OF tho
Administration In this matter appears to
be something highly favorable for values.
Possibly the judgment OF the financial
community Is somewhat confused by the
considerations involved in the split which
the movement for repeal has caused In
the administration party.
In any case there ara other restraints
on stock market reflection of developments
encouraging or discouraglnE Probably
tho share list owed Its generally heavy
aspect to the increasing evidence OF rail.
road distress
The Norfolk and Southern. which has
been paying dividends for three years,
passed Its distribution yesterday and the
accounts OF extensive railroad retrench-
but in the operation of trains. were hardly
calculated to promote aggressive firm
ness In quoted values. The further state
inents OF railroad earnings for February
were all In line with the exhibits already
Published The Union Pacific showed q
decline OF $565.O00 In gross the loss In
net being S51oo00. Tho decreases on the
Chicago and Northwestern were $4,000
and S3O5,000.
Tho aspects Of railroad news. as meas.
urlng the inactive condition Of genera
business. undoubtedly served to depres,
Wall Street sentiment and presumably I,
stimulate some selling The underlyine
stcadiness OF the stock market was un
questionably an expression OF the con
victon that the facts OF the railross
business and OF industry generally wer,
| steadily Improving the chances for an ul
Innate concession of rate increases.
on the other hand the interval which
must apparently elapse before the Inter
| state Commerce Commission renders tn.
inevitable ruling imposes a strain or
stock market positions all the more be
| cause OF the percentage OF uncertainty
as TO just what the commission will Il,
| In the end The Irritation OF the com
mission with theories about the servic,
charges on industrial plant lines. aut
the politicians who are still trying Il
! capitalize expiring hostility TO railroad
| fortitude.
Worldwide and growing relaxation II
| the money market AT the end OF the frs
| quarter OF the year Is In uncommon con
| trast with the customary phase OF money
at this season. II IL stimulating a d.
version OF funds into the safest kind OF
! securities, having regard for principal
and yield. and according to foreign ad
vices the influence OF cheap money dis
played itself overnight In the underlying
| irmness of the European stock mar.
kets.
In other respects the highly disturbing
| British Parliamentary crisis controlled
foreign stock market considerations anc
there was good deal of surface heavi.
ness. The chance OF a general election II
| Great Britain with Its assurance of Il
campaign Of almost incendiary agitation
| could hardly fall to have any other effect
ON the known movements OF money
| the local banks seem to have gained up
wards OF 100000 cash this week, bu,
| all the circumstances of money are oi
| consequence now only as tokens of gen