The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-10
FINANCIAL NEWS
AND COMMENT
Stocks Show More Firmncss
Despite Signs Of Some
Real Selling.
A VARIETY OF INFLUENCES
Copper Metal Supply Shrinks-
The Morgan Statement
About New Haven.
A VARIETY OF INFLUENCES

jccted in the field Of values last week. the
stock market did not give such a bad
account OF itself yesterday. Prices were
depressed abroad before the Wall Stree.
opening. and during the forenoon here
the list was subjected to a good deal OF
active selling pressure. In the afternoon
tho market was uuierer. and prices
hardened. The movement became irreg-
ular toward the close. when Chesapeake
and Ohio broke to a new low price on an
outburst OF selling but the average Of
final quotations showed a moderate gain
for The session.
Wall Street had. at the outset of the
new week. to face the further effects OF
the unsettlement OF the last few days
caused by the Irritating Rock Island and
New Haven situations. by the terms OF the
new sapeake and Ohio financing. and
by the unnecessary vigor OF the Interstate
Commerce Commissions criticism of the
technical aspects OF railroad accounting
illustrated by the case OF the ST. Paul
railroad. In addition to all this there
had come In after the close Of business
last Saturday a bank statement showing
progressive deterioration of position. In
three months from December 6 cash re-
serves increased $4,000. 900. but loan
expansion was exactly three times that
amount. From abroad came uneasy ai-
/ Vices about the fresh strains originating
/ IN the Brazilian crisis, In Mexican affairs.
| in the French political deadlock and In
I the home rule juncturc OF British politics.
London finance was described as especially
nervous on account of the Ulster pro-
| po.als which Premier Asquith made
yesterday. Wall Street was left during
the day without any way OF determining
how the Asquith statement would be re-
ccised. although (; seemed TO lend Itself
TO a hopeful construction.
The amazing tale Of raid across the
Mexican border by some cowpunching hot
spurs from Texas could not be counted
as conducive TO financial confidence in
view Of the delicate state Of our relations
/ with Mexico. The main problem Of do
! mostic politics was also thrust rather
/ prominently forward by the Information
! from Washington that President Wilson
was becoming restless over the Congress
sonal delay ~ the Administrations pro-
gramine for trust or. more properly, busi-
/ hess legislation. The statement authorized
by the Postnaster-General that Govern
ment ownership Of telephone and telegraph
lines had not yet become an Admnistra-
lion policy was gratifying. but did not
qualify much the implications of the new
departures OF governmental endeavor
which are In prospect.
Altogether IL would not have been sur
prising II heavy public selling had ap-
/ peared In the market during the day. The
/ fact that there seemed to he no large ac-
/ cumuation .. selling orders was a reas-
suring sign, and more encouraging tokens
ware provided by the way In which the
/ market proceeded TO absorb the sales
which did come in. 1t hooked very much
as though real selling or liquidation was
! in much ka~eer proportion to speculative
| or besrish pressure than for many weeks
/ past but the list did not Weld weakly
and when pressure was lifted quoted
values rallied with some little abruptGess
] although recoveries were not particularly
vigorous or extensive There We're in
dications that bear!sh professionals con-
tinu-d to take advantage of the lower
price level 10 retire short contracts and
doubtless this Contributed largely 20 tn,
support which the market received.
The Rock Island collateral trust ~ and
per cent. debcnture bonds sold down
heavily TO new low prices. although there
was pronounced rebound in the IS befor,
the close. There was nothing new In the
Rock Island situation. but some further
tokens were afforded that a degree OF un
pleasant feeling existed somewhere In re
lation to the pending reorganization Thu
aspects OF the Chesapeake and Ohio
financing are all favorable in the long run
but they did not seem TO point any
optimistic conclusions as TO the presen
speculative outlook for stocks OF com
psnies which might have to undergo
similar drastic treatment for mistaken
policies in the past. The ST. Paul affai
looked decidedly less alarming when thu
Interstate Commerce Commissions find
ings with respect TO its financial state
ments came TO be better understood al
chiefly a demonstration by the officia
regulators Of a determination to compe
the acceptance OF prescribed accounting
systems although IL was recognized tina
the commission had created an atmospher
. which was not particularly helpful Il
values at the moment. The ST. Pau
shares were quite strongly held during th
day and Amalgamated Copper. Unitet
States steel and Union Pacific exhibited
influential firmness.
There was some aggressive strength II
specialtios and United States Express
rose spectacularly to a new high level o
recovery in continuation of the advance
which has been explained by the com
pany's announced intention TO go int
liquidation. A dividend OF Pa per cent
was declared on Texas Oil Company stock
which was apparently placed on n 10 pc
, cent. annual basis. as compared with tn
, : per cent. rate hitherto distributed. TIL
Liggett 4 Myers Company published
satisfactory annual report and announced
, in order to provide more working CAPT
; tai, a prospective Increase OF 1856. 0
! in the preferred stock to be offered to a.
7 shareholders for subscription.
one Of the principal Offsets to pess
J mistic considerations Was provided b. III
) clear statement OF its relations with III
. New Haven railroad which the nrm {
! ]. i. Morgan IL Co published Maliciou
: aspersons are absolutely confounded b
. the showing that the firms profits in n
- handling OF 333.000.000 par value OF y,
curities for the New Haven compai
ia amounted to only about one-tenth of y,
S cent on the whole amount In n period
S twenty years. The exhibit should al,
> go far IN ths direction OF eniightening Gu
d rent ignorance about the banking return
Is which accrue In acting AS the fiscal agen
: OF corporations,
< Other matters which engaged attert!c
is related very much to present trade cond
: lions. a good deal OF curiosity was mai
- Tested regarding the statement Of uuilli,
tonnage which the United States Ste
Corporation will publish to-day. Advan,
estimates have been widely at varianc
although II would not be surprising II Il
a. February gain was little or nothing col
y. sderng the falling rate OF new bookinl
- after tho middle OF the month and the II
: creased scale Of production, The copp
producers report for February showed
shriukage Of almost 100000 pounds
domestic stocks OF the metal last mont
=. thanks to an astonishing persistence
- "A large export movement: but que