New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-05-23
REVIEW OF THE
STOCK MARKET
Small Price Movement in
Quietest Day of Year
More Gold to Paris.

Tho selling movement that endea
Thursdays trading did not appear IN
Yesterdays market. but instead opera
,ions on the floor fell away to the
ouietest since the duh days OF last NO
vember. and fluctuations in prices, save
in two or three issues, were insignih-
cant. At the close an upturn OF
fraction followed some short covering
The volume OF business around SZ,Vo
shares was some 5000 shares less than
the former low record for the year.
made when the March blizzard tied up
traffic and interrupted telegraph SER
vice. and the list Of securities traded
in was unusually narrow. Bonds, while
dealt in TO small total. included
a fairly large number OF active Is
sues, but price movement was even
less than I'm stocks.
Little came to the market in outside
news. From Washington word was
received that the administration hal
become disturbed at the latest atrocity
Of its protege, Villa, in which he had
executed Federal officers taken as pris-
oners Of war. and had begun 70 ques-
ton whether after all he was the man
TO work out the solution Of Mexico's
land problem Representatives Of the
smaller banks of the state met here to
prepare for nominations of directors
for the Federal Reserve Bank Of this
district, and appointed committees who,
il is believed. will insure the selection
Of men fit to represent the Empire
State as we'll as this great financial
centre.
Expressions Of confidence IN a recov-
cry in the steel trade were made by
the president Of the United States Steel
Corporation on his arrival from Europe
and by the chairman Of the board In an
address TO the American Iron and Steel
Institute. This optimism had little eff
feet on the traders. Steel moved in a
range Of y of a point and ended the
day a small fraction higher, at 81.
Commercial agencies told of some in
crease in distribution Of seasonable
merchandise through appearance Of
summer weather. Bank clearings were
reported little better than in 1918,
but weekly gross earnings Of railroads
for May show a considerable decline.
Mercantile failures for the week were
again greater in number than for the
week before or for the corresponding
week last year.
Lehigh Valleys report OF net earn
ings for April showed q loss in oper-
ating income, but the stock was COM
paratively steady, with a small frac-
tional decline on the day. New Haven
advanced over a point in the afternoon
and closed with a net gain Of q.
traders apparently attaching more sig
nifcance TO Chairman Elliott's an
nouncement Of improved earnings than
to ex-President Mellen's testimony Of
former financial Irregularities. Chesa-
peako &c Ohio responded TO the dec
laration Of the regular dividend with a
gain Of over a point. Missouri Pacific
Some 100000 Of the S25,OOO,OO
notes to be deposited by Monday under
the extension agreement have been
turned IN, but question as 10 the final
outcome persists as a discouraging in
fiuence on speculative activity.
Further engagement Of 100000 in
gold for Paris, OF which S1,5OOOO0 was
in coin, accounted for the easier ten
dency shown in exchange rates at
Thursdays close and in the early hours
yesterday. Despite loss Of 100000 in
gold to Europe In the week. known
movements of currency indicate a cash
gain by the banks of around 81, OOO. 600
Money rates continued low, demand
loans renewing over the week end at
~ per cent, and fixed date funds were
easier