The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-09
FINANCIAL NEWS
AND COMMENT
Stock Market Has to Contend
With q Break in Ca.
madam Pacific.
WHOLE LIST Is HEAVY
Attention Directed Toward III
flucnce Of Tariff COndi-
lions on Business.

movement VI heitC co ittf
little or no influence over the Wall Street
stock market. Domestic interest in Cana.
dian Pacific il relatively small. Although
dealings in IL here have increased target,
in recent years. the transactions have
represented chiefly orders executed fol
Europe and for the Dominion.
Accordingly II Is likely that the gen.
eral exhibition Of heaviness. inclining &c
weakness. which the Wall Street shar.
list gave yesterday was only partially
induced by the Canadian Pacific break.
Any effort to relate the decision Of
the Canadian Railway Commission, or.
derng extensive reductions in western
rates in the Dominion, to railroad AFFAIR,
In the United States would seem to b.
far fetched. The simple fact was tina,
Berlin started heavy selling OF Canadian
Pacific overnight In London and the sales
were continued here throughout the day
For the rest the market had TO picl
and choose between n variety OF news
some favorable and some unfavora BILE, IND
To the extent that 1t may lie supposed
to have reflected developments at all Il
responded to the ADVERSE considera tons
Trading was on a rising scale Of &C.
tivity. but the improvement in this re-
49, ~ao at tht cNIe!ise OF values. lie
high Valley displayed some frmness, bu
the United States Circuit Court decision
III the Lackawanna Coal Company case
produced a very limited effect, which wa,
confined largely TO coal company share.
and 70 Lehgh Vall~, Railroad stocks
Inc common moven.c Of prices In tn,
snare list vas downward In the after
noon, after some irregular firmness II
the morning.
Thara
ROCK Island stocks and bonds and I'm TN
wabash issues. but the principal reatur,
or weakness was the token OF a softnes
IN the customary leaders of the list, whicl
maj been altogether unfamiliar Of late.
Inc market looked weaker than /, ha,
appeared for some time after react.ng ;
point or so from one OF It's iitful railie
ana the tone ut the close was rattle
neaVy. The fact that the governors @
the Stock Exchange voted to close O,
rrioay only and against a recess from
Tonight until Monday may have the cor
sequence OF rendering to-day's trading ,
little more significant than It would hay
been if a prolonged suspension OF business
had been decided upon.
Mexican AFFAIRS played some mr.. In m
discussions OF the day and may have ac
coruinSly been a IL ctor In the market be
cause or the new complications introduce,
by the exp,,lsion OF Spaniards from TN
territory occupied by the so-cailed con
stitutionallsts. II this vas the case I
Was only because the stock market com
munity was In mood to tai,e accouu. O
disturbing Influences.
A IL preferred to do SO Il could hay
.,id most emphasis on the good new
Eouchsated. including among other thing
the strikii. decision against the Govern
nent in the Delaware. Lackawanna an,
western suit, IN which the defendant
"a Nh, Il all a, i
hhodities clause % the Hepburn act Tn
courts opinion that 1t was not agains
the law for citizens TO own stock In tyy,
closely connected enterprises can hsrtl,
be satisfactory to malcontent refOrlners de
sirous OF overturning property rights, BIZ
Il Is encouraging to investment interest
everywhere.
other good news was contained IN IN,
COPPER producers report .or March Thu
disclosed record monthly output, hu
stocks OF the metal OH hand were curta!le,
~ more than 100000 pounds as ;
result of fair domestic consuupt on AN,
record breaking export deliveries, wh.cl
tcoii almost .O.u0O,O00 pounds .; coppe
out OF the country.
SIN, there is Il certain amount of die
trust OF the copper statistics as an accu
rate measure OF trade conditions which
may nave accounted for the failure o.
the report TO afford support to quote,
values. Moreover. attention was increas
ingiy engaged with the growing depr.s
sion OF general business. especially Of
basic industry.
creased during the last half Of March
about 1900 cars being added to tn,
net surplus: but It was in respect to til,
steel situation that the least optin,isti,
news came out. The Lackawanna Stee
Company reported for the March uartel
decrease of about s1.367.50O in income
with large deficit over al! charges re-
sulting.
The Iron Age In its weekly review sale
that lower wages were in prospect :,
there was no early change for the bet
ter In demand and In prices for steel. Th,
subject was hardly new. but Ii seemed
to make rather strong impression or
Wall Street because OF the recent ut
terances by steel makers telling Of tn,
difficulties caused by tariff revision.
II was unquestionably the condition.
that tariff reduction has helped to brinf
about In general business which figured
predominantly In the Congre ssiOnal cleo
ton on Tuesday In the Passa!c distric
OF New Jersey. In the financial distric
II was said yesterday that about 40 pei
cent. OF the workingmen OF the dlstric
were out, OF employment. and the canvas.
OF the Administration party seemed ut
terly unable to demonstrate that tariff
change was not primarily responsible FOL
the lack Of work.
The outcome OF the election might hav,
been more encouraging to the stock mar
ket had 1t not been for the uneasy feel
Ing that. even II the tide OF politica
reaction has set In. II will he long Will,
before business can overcome the dlslo
cation OF Its tariff basis.
More pronounced strength In foreign
exchange was the principal feature OF til.
money market Demand sterling solo
up to the highest level OF the year ant
was quoted around 4.8670. There wiz.
a good deal Of conjecture as to whether o.
not this firmness presaged q renewal o
gold exports. but there was no t,crint.
indication that resumption OF the ex,