The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-23
FINANCIAL NEWS
And COMMENT
Firm Close in Stocks After the
Most Stagnant Day
In Six Months.
MORE GOLD FOR EXPORT
Missouri Pacific Affairs Exercise
a Restrictive In
fluence.

Selling activity which developed on
Thursday afternoon was not continued in
yesterdays stock market. On the con-
trary the session was the most stagnant
In ak months. Total transactions came
into comparison with the low record day
toward tho end OF last November when,
rs appeared not long afterward, quoted
values were dragging on bottom levels
The stagnant state of trading was 80
pronounced as TO emphasize the apparent
strength OF the position OF stocks. Left
to itse.f the market manifested no in
cllnation to decline, and 1t was conceded
by observers OF pessimistic prediction
that II had given n good account OF itself
considering the excuses furnished In the
last few days for the application Of weak
ening pressure. A little covering by
traders toward tho end OF the day caused
the market to close at general fractional
advances and the final tone was firm.
Outside n few specialtles the principal
feature was n further recovery in Chesa-
peake and Ohio as a result of the declara-
ton OF tho regular dividend late on Thurs
day afternoon. There was some discus
sion OF the Chesapeake dividend prospects
In the future and stress was laid on the
rigid restrictions of the terms OF the re-
cent new financing. but in this connection
allowance should be made for the effect
OF the pending Eastern rate case decision
and for the development OF general bust
ness later In the year.
The marketwise indications OF the day
only corroborated the Impressions fur
nlshed throughout the week that II there
was little inclination to buy stocks on ad
vances prices were supported by the UNI
DERIVING probability OF n ready absorption
of stocks on any pronounced decline.
Engagement OF 100000 more gold
for export to Europe. making s4.0Oo.OOO
In all this week. was less than might have
been expected considering the strength OF
foreign exchange. Demand sterling eased
of very slightly. however, and present
expectations In banking circles are that
In the next few weeks the export move
ment will attain substantial proportions.
Foreign belief is also that a good deal OF
gold will be received abroad from the
United States. but OF this outlook II may
be said that the gold cure Is precisely
what is needed for contemporary Euro
pean financial maladies. while at no time
In our history nave conditions been quite
SO propitious for large gold shipments
without detriment to our own position.
Preliminary estimates OF the domestic
cash movement during the week pointed
TO another gain by the local banks de-
spite the gold outgo. The flow OF funds
to this centre Is taken as a measure OF
general business slackness. but there has
been no shading OF reports In the last few
days which have indicated some improv-
Ing tendencies in trade An interesting
feature of yesterdays news was the ex-
preston OF hopeful opinion by the presi-
dent OF the United States Steel Corpora
ton on his return from abroad More
authentic reports OF Insect and other
damage to winter wheat were circulated
I,,t at,, ha. ND o l-aa
pear that crop impairment has been at
all ominouS.
Foreign advices struck more or less
detected note. London was described as
entertaining renewed apprehensions re-
garding disclosures at the stock market
settlement next week and there Is no
doubt that foreign markets are at the
present time materially embarrassed by
crippled positions in Balkan. Canadian
and Brazilian among other distressed Sc
curities.
The case OF the New Haven continued
to exercise a depressing influence over
financial sentiment although there IL a
pronounced feeling that the Mellen revela-
| lions do not, after all. increase very much
the reasons which have been supplied for
radical political action In the business
! domain. Moreover. II Is believed that
public opinion will take cognlzance OF
| the fact that corporations arrangements
the last few years which. even without
the imposition of fresh legal restrictions
on corporate conduct. would prevent a
repetition OF the grosser errors of finance
that hourlshed In the extravagant econo-
mic expansion OF the recent past.
Missouri Pacific affairs doomed moro
largely into prominence and their aspect
was gloomy enough to account, without
other causes. for the stagnation OF the
stock market. II IL believed that by
Monday a majority OF the $4,000. 900 Of
notes due In June will have assentcd 10
the proposed note extension. but II is
recognized that the Missouri Pacific and
dependent systems and allied properties
are all in danger OF receivership II this
note extension IL not satisfactorily ar
| ranged. II II IL arranged there Ia a
large probability OF a hopeful resumption
OF negotiations for the permanent f1nan-
cling OF the Missouri Pacific and under the
circumstances II would seem TO be against
the interests OF any notehoder to adopt