The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-15
FINANCIAL NEWS
AND COMMENT
General Strength IN the Stock
Market, With Some Weak
Features.
GOOD BANK RETURN
Quoted Values Resist the De-
pressing Influences Of
the Week.
BOD BANK RETURN

Strength in yesterdays stock marks,
seemed to be owing to a mixture Of bull.
ish operations and short covering. Deal.
ings were fairly animated. but while 40.
tivity was much at the expense Of the
short interest. Judging from the action OF
Lehigh Valley and other stocks which
have been favored lately by speculative
sellers, there were also tokens Of some
aggressive buying to encourage purchases
for the advance. Wall Street has boon
Med during tho week with an increasing
supply Of bullish rumors. most of them
grotssque, but they contained . sugges-
ton Of more constructive efforts than havs
been noted In some time United statoA
IMPRESS rallied on tho official announce
ment Of tho company's decision to nqui-
data
In tho main speciality movements wers
the most pronounced. but 4 good deal OF
vigorous frmness was displayed by Union
Panifio. which was Of course influential.
ThoughfS Of . spring rise. such a. are
readily engcndered at this tme encour-
aSs hopeful deductions form any dis
play of strength which standard stecks
may make. II did not, however. appear
that the character of tho market had
essentially changed or that dealings were
other than professional. Speculative SEN
timent was rendered q little cheerful by
the reported interview with q prominent
capitalist In which he was quoted ae say
ing thai boom In business depended only
on IN Increase Of railroad rates. Other
Wise there was little or no overnight news
except such ~ was disappointing.
Chesapeake and Ohio shares lost an
early rally on the issuance Of . formal
decree by the United States District
Court In Ohio directing tho dissolution Of
the so-called soft coal trust" within
sixty days New Haven slumped on the
Washington advices telling OF tho stiff
ness Of governmental insistence on COM
plete and early disintegration Of the New
Haven combination of properties. includ.
ing the demand that the railroad sur
render all Of Its water frontages except
such an was necessary to railroad serfce
This last demand was not only novel but
had startling implications OF wide bear
ing which Wall Street did not seem to
appreciate. The resort by tho Rumely
management to n proposal or Increased
indebtedness by way of a bonus award OF
securities to induce assents to note ex-
tension was regarded as rather desper-
ate The share list moved more or less
irregularly in the late dealings. but
strength was the prevailing characteristic
The weekly bank statement was the
best in a month. 1t showed a decline OF
$1,000. 900 in loans and cash gain OF
sG,600.000 The Increase in deposits was
only s6O00.000 and surplus reserves
gained s5.300.000.
During the week there was a large
variety OF marketwise information. Much
OF 1t was at least specifically adverse
to values. but stocks made no particu-
larly depressing response to II. circum-
stance which was bullishly construed.
Foreign advices were anything but cheer
ful. although both British consols and
French rentes rallied somewhat. The As
quith compromise offered in the so-called
Ulster crisis did not seem to be such q
proposal as British finance could regard
IS wholly relieving uneasiness and both
London and Paris were unfavorably af-
fected by the Brazilian and Mexican DIFF
lcultes. The Vienna bank rate went
down from 4ia TO per cent, but Con-
tlnental inquiry for gold stlll persisted
q. London. and South America came in
IS q purchaser of the metal.
Our own foreign exchange rose rather
Smartly and was yesterday at the high
est level OF recovery so far. with de-
mand sterling selling at and above +.s63o.
II is suggested by the relation of the
international markets that an early In
auguration OF gold exports from here
to South America on European account
10 probable. The domestic money market
had q somewhat firmer tone but there
was no very quotable change In rates A
good investment demand was displayed
by high grade bonds, and an interesting
feature OF the week was the Third Ave-
nue. Railways successful sale OF $4,000
600 OF refunding per cent. bonds a
public bidding. Increased dividends were
declared on the American Tobacco. Texas
Company and Western Union shares. and
the American Express dividend was cut
Something like a squeeze OF the short
interest began in cotton. Cheerful con-
lectures about the status OF winter wheat
were INDUCED In. The report Of farm
reserves of cereals on March showed
holdings well below last year. especially
OF corn.
Mexican affairs had no obvious financial
influence here although they were n fac
tor abroad. Good news came from Wash
ington IN the advices that the Admin
istration's programme OF business legisla-
ton was quite certain 10 be vastly modified
Nothing happened in the relations OF the
Government to the railroads which lent
itself to an optimistic construction. but
further evidence was presented by ofiicia
statements and the reports OF earnings
that the railroad need OF increased rates
has not been overstated. Business matters
which attracted financial attention az
forded some basis for hopeful calcula.
lions. The rate OF decline In the coun
try's bank clearings seemed to be
shrinking. There was a large decrease II
idle freight cars in the last half of Febru
airy. Domestic supplies OF copper meta
decreased about 5000. 900 pounds in Feb
Yuary. and the United States Steel Cor
poration reported for last month the un
expectedly large gain Of 4l2.760 ton.
IN untitled orders.
A series OF Industrial corporation re
ports were published for last year show
ing results ranging all the way from tht
Bethlehem Steel Company's ealnings o.
about 27ia per cent on tho common
stock, or four times the return of 1912
10 the American Sugar Refining Com
pany's exhibit OF relatively no earn.
'nes from the business in which It II
engaged, The revenue from sugar opera
.!cns was only enough 20 pay about one
eighth of the dividend requirements bu
the company's banking operations wer,
satisfactory,