The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-30
FINANCIAL NEWS
AND COMMENT
Stocks Generally Firm in a Dull
SessiOn-SOme Weak
Features. r
GOULD SECURITIES UP
Political Developments Get In
creased Wall Street
Discussion.

Although the stock market acted very
well In respect to the hrfnness of prices
yesterday, considering the quantity OF
adverse or disappointing news there has
been In the last few days, the session was
extremely quiet. 1t was hardly to be
expected that the dealings would be any
thing else than dull in continuation Of
the relative stagnation that has again
overcome Wall Street. and especially in
view of the various overhangng uncer-
tainties with a holiday recess Immediately
ahead The London stock market has
closed until Tuesday. and when trading
at all centres has become professional. as
Of late, stock markets are not likely to
have any significant movement without .
highly exciting or stimulating cause.
There was an average of small frao-
tional recession in the Wall Street share
list. but the close was steady. Special
ties. with Texas Oil leading. provided the
prevailing features Of strength, but more
importance was attached to the firm
ness of the securities in the Gould group
of railroads, particularly the bonds. notes
and stocks OF the Missouri Pacific. When
the day ended Wall Street was without
any trustworthy information as to what
was likely to happen next week. when
$25, 00O, 900 OF Missouri Pacific notes fall
due. About 100000, 900 Of the notes had
been deposited for extension by the close
of business. and there was an underlying
feeling that arrangements would be made
to avoid default because OF non-assent-
ing noteholders At the same time there
was certain amount of apprehension
that the new week might b>gin with
disturbances on Missouri Pacific account
The weak spots In the share list in
cluded Canadian Pacific, which was af-
fected by the terrible disaster in the St
Lawrence River. New Haven was sub
jected TO renewed selling pressure In con-
sequence OF pessimlstic views expressed
in New England regarding the unfortu-
nate position of the New Haven railroad
and the Boston and Maine, although II is
doubtful IL these views were anything but
a reflection OF the political pursuit OF the
New Haven properties.
Politics in general came in for a good
| deal of marketwise discussion because OF
! the new inquisitor1al crusades directed
against the railroads and because of the
| astonishing attitude of the Administra-
| ton toward the plea OF depressed buei-
! ness for temporary relief from political
| agitation. 1t was not apparent that the
Interstate Commerce Commissions branch
! line of investigation into the baltimore
| and Otio-Cincinnati, Hamilton and Day
ton deal was likely TO yield any evidence
| preiudicial to the railroad application in
the Eastern rate case. 1t was also fnd1
| Gated that the effort to persist in railroad
Investigations illustrated by the Launching
| OF a fresh attack on the New York Cen
| trail was not commanding ready support
| at Washington.
| Neyertheless, sentiment was not helped
| by political portents. and II was reared
| that general business would be unfavora-
bly, affected by President Wilson's re-
markable assertion that there was
! nothing the matter with trade ana IN
| dustry save an unwarranted state or
mind among men OF affairs regarding the
proiects of politics. It Is about time
| that public men in this country realized
that business IL not wholly matter OF
the way in which facts are regarded.
The way in which facts have 10 be re-
CARED is usually OF much more conse-
| ouence In very recent years we nave
baa illustrations of this. For while
after 1907 II was the fashion TO at
tribute the occurrences of that year 10 a
state OF mind and there followed the so
called sunshine boom In 1909. which came
to grief in 1910 on the discovery thai
something else than psychology was
|, needed to Accommodate anu hiaih'Ni
business expansion.
Tha weekly bank statement was testi'
mony of the extent to which tho none,
market has been rendered abnormallS
easy. Although the exhibit covered th'
month end arrangements, there was
comparatively slight dislocation OF items
The cash loss OF s4,364,000 was barrel,
more than half the total OF gold exports
, for the week. There was loan decrease
Of $4,000, 900, and deposits were cut $lO
600 900 The surplus reserve was re
duced $4,000, 900. but 1t stands at abou
$40 OOO, 900. which Is larger than In tn
corresponding week in 1908.
Foreign exchange relaxed further. al
, though discounts abroad were reported al
showing no declining tendency. Curiosit!
was expressed as to whether or not TN
exchange markets next week would SHOW
that gold shipments must go on at thi
: time. Advices from abroad were feature
, less.