The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-27
FINANCIAL NEWS
AND COMMENT
Increased Stagnation in Stock
Market-Standard Is
sues Steady.
MORE GOLD EXPORTS
Aspects Of New Haven Inquiry
Missouri Pacific Affairs
and Other Factors.
GOLD EXPORTS
MORE

financial considerations seemed yesterday
to constitute increasingly effective reasons
for doing little or nothing In stocks.
There were some aggressively strong
special movements. as In the continuation
Of the remarkable advance in the General
Motors issues and In the International
Mercantile Marine securities. There were
offsetting features Of weakness, such as
New Haven and the Rumely issues. which
declined sharply on moderate profit taxi
ing. Standard shares fuctuated over a
very narrow range
some foreign buying was reported. but
so far as Concerned domestic business
even the professional Spectators mani
rested no confident inclinations TO make
fresh contracts. As a result dealings
fell to lower total than last Fridays
aggregate and came measurably nearer
the recent minimum record made in No.
vember last. The close was steady with
irregular net changes.
The fact that a holiday Is approaching
~ the end OF the weel; which Is likely
to Ue anticipated on Friday by as many
persons rs can readily get away from
the routine OF financial cares has. I'M
doubtedly begun to have some restrain
ing erect over Wall Street ut a time
when there are large number of market
Jay comment ran over all the leading
factors and was unable TO reach definite
conclusions respecting any OF them. This
negative outcome OF discussion was
clearly what the market indicated.
Foreign advlces were rather favorable
The London stock market was described
as exhibiting an improved tone, but Il
was in respect 10 matters nearer home
th2t Wall Street found occasion for
adopting doubtful or at least 4 hestat-
ing attitude. The reports about Mexi-
can mediation were rosy enough, but
their very optimism provoked 4 consid-
erable degree OF scepticisn. The con-
troversy At Washington over the Admins
trations programme Of anti-business leg
islat!on has reached a critical stage. but
there Is no financial disposition TO dis
count the event.
Moreove-. new turn has been given
to the political factor by the programme OF
widening inquiry into railroad affairs,
which has been shaped as sequel to
the New Haven investigation. That little
good can come OF such inquiry Is in
ferential from the political auspices un-
der which II will be conducted, and the
nature OF those auspices is suggested by
the aspects Of the New fIaven case.
Reflective minds were not convinced
that the whole truth about the New
haven would DO told IN such a pro-
| Commission has been conducting. They
were not less convinced when they found
| 1t difficult TO make the Mellen testimony
add up" to use a good old provincial
! phrase. They cannot be convinced by
| the official treatment accorded to Mr..
I Ledyard II is evident that Examiner
/ Folk has found that Mr.. Ledyard's testl-
rnony would spoil the New Haven picture
which Mellen has painted. and the OBJ
| vious reluctance TO let Mr.. Ledyard go
| on the stand IL eloquent OF the notions
| Of public duty which obtain In political
circles.
limitations from Washington that Il
, might be July before the Interstate Com
merce Commission would render deci'
/ sion IN the Eastern rate case were hardly
adapted 10 promote stock market activity
! Nor was Wall Street able 10 discover
overnight THAI the tap line decision BY
the Supreme Court had a practical bear
! ing on the petition OF the Eastern car
riers. The very great uncertainty as I,
the fate Of two important railroads, th'
Boston and Maine and the Missouri Pa
cifc, IN the next few days was perhaps
moro than anything else the inhuenc,
which decreased business IN stocks.
The Boston and Maine matter is o
much less moment than the Missouri Pa
cif7c situation. and OF this II may be sale
| that the prospects for default on the prln
week. presumably involving a receiver
ship Cor the Missouri Pacific. have still
TO be reclSoned with. The management 4
unquestionably Handicapped In It's effor
10 obtain A satisfactory assent to an ex
tension OF the notes by the astorishingl,
prevalent feeling that at the eleventh
hour something will be done TO avert de
fault. even Il several million dollar
OF the notes have not been deposited
SO far as can be discovered by the mos
diligent examination there Is not tn
SLIGHTEST basis FOR this impression.
Earnings reported by the Atchison Rail
road FOR April showed a gross decrease o
s129.500 and q net increase OF s91, 500
The weekly weather report was unfavor
able In respect to cotton chiefly. " wa
in the main satisfactory regarding othe
crops and agricultural conditions. Tn
cotton market WAS very strong. but whea
declined a cent bushel, and wheat a
the moment is the crop which the flnan
cial and business community liz most inter
ested In.
4 renewal rate OF 3 per cent for CA
loans was possibly hint that the swell
Ing out OF gold exports might be evokln
a response from tho money marke
Another engagement of 100000 gol
for shipment to Paris making the ex
ports for the week 100000 and bring
, ing the total for the new outward move
: mont to s16O00,0 900 and the aggregate 10
the year so far to $4,000 00O was &C
compa nled by an advance in foreign eS
change to the highest level In years. De
: mand sterling sold at 4,Ss60. or above III
~. .l-I..