The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-03
FINANCIAL NEWS
AND COMMENT
Little Change in the Stock Mar
ket-Firm Tone
Maintained.
L. P. DIVIDEND RULING
Preferred Stockholders Fail to
EnjOin Extra Dis
tributiOn.

Although the financial community Is
quoted values in the future will be ex.
ercsed by the railroad rate decision. ami
although II IL nlso persuaded that the
railroads must under tho circumstan noes
which have been created obtain n deci-
sion at least partially In their favor the
stock market continues to be restrained
by the element of uncertainty In the
matter. Furthermore tho depression Of
general business and the all around sus.
pension OF new enterprise on any rim.
portant scale are q drag upon the share
list. which In the absence of a definite
stimulus TO Improvement remains In a
narrow range between the opposing In
t1uences OF present facts and hopeful ex-
pectation. The market yesterday huctl-
ated irrsgularly and closed with prac-
tically no change on the average. Tradins
was on about the same volume as II.
recent weeks. The tone in the late deal
ings was firm in the main.
Union Pacific responded by a show OF
hrmness to the decision In the extra
dividend litigation. but made no response
OF aggressive strength. The leaders were
on the whole steady. but material adj
vances were limited to speciaities. Lon
don dealt on both sides OF the account
There was some late pressure on Amerl.
can Smelling and the Rock Island col.
lateral trust IS declined to q new low
price.
Missouri Pacific. in which there has
been some speculative activity in the last
few days sold of l''tle on reports that
negotiations Tor the sale OF the Gould in
terest have been terminated. but such a
conclusion would not necessarily stop
whatever efforts have been making to pro-
vide for the financial future OF tho Mis-
souri, Pacific and allied properties Bal
! tmore and Ohio declined much more
sharply than Union Pacific advanced on
the courts decision which denied an in
Junction TO the preferred ste ckholders
who protested that the proposed distrlbu.
ton of about SIS. 000. 900 of Baltimore and
ohio common and preferred shares TO the
Union Pacific common stock holders was
really distribution OF assets and there
fore violative OF the rights OF the pre-
ferred stock.
The court held that preference in the
distribution OF assets was limited TO a
distribution in winding up the affairs OF
the company. The presumption OF an APP
peal doubtless prevented n more decided
response by Union Pacific in the stock
market. but did not seem TO check bear
ish disposition to sell Baltimore and Ohio
oC the theory that the Union Pacific
extra dividend meant speedy Increase
In the market supply OF Baltimore and Ohio
stock.
No influences were communicated TO
Wall Street by foreign Developments. The
weekly returns OF the great European CEN
trail banks showed extensive changes on
account Of the quarterly settlements, but
were devoid OF significance for the money
market The Lohdon stock market was
generally steady but quiet.
Little account was taken of anything
In the domestic news budget unless II
re.ated TO the railroad rate case. The
further testimony given yesterday seemed
materially to clinch the argument of the
railroads as 10 the imperative necessity Of
relief. About the most important state
mcnt OF earnings published for February
WAS that of the New Haven. showing a
decrease OF $4,000 In gross and de-
cline OF 1921. 900 in net.
Tho money market was characterized
by signs OF a renewed weakening In COM
mercal paper. which was quoted at 3ia
10 per cent. Foreign exchange dis
played renewed Armness. demand ster-
ling rising TO 4.s6+5 The inflow of gold
from Canada was maintained.