New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-05-16
REVIEW OF THE
STOCK MARKET
Late Profit Taking Checks
Advance - Fractional
Gains on the Day.

with no further stimulus toward ad-
vanclng security prices and the Next
con question showing marked progress
toward solution. the upward movement
begun On Thursday was halted toward
tho close OF yesterdays trading, when
profit taking sales wiped out large
pa-t OF the gains made earlier In the
cay Europe sold about Ave thousand
shareo here on the advance. Final
prices, however. while near the lowest
u the session. were fractional!y above
those az tbs close OF the day before.
IN. market continued broad and the
vo,ums Of trading was only slightly re-
duced. pcnas were quieter. but the
list was fairly representative one
and prices generally held steady.
The London Exchange gave evidence
Of q better tone arising from Mexican
Developments that had affected this
market on Thursday. American secu-
ritiea while irregular, in the early
trading abroad we're fraction above
parity. Hero the market opened strong
ana fairly active, but as the day ad-
-anced trading slackened and became
dull IN the afternoon. In the last hour
considerable reactionory pressure de-
veioped from realizing.
Steel, proportionatsly less traded in
than on Thursday, gained . Of point
Cd the day Reading made q similar
advance. but Union Pacific kept only
!. OF It's early Improvement. Amalsa-
mated Copper, following the pubica-
ton OF IT'S annual report that showed 1t
had not earned its dividend in the last
fiscal year. was weak, and closed
fraction down. Missouri Pacific was
shade lower. and Rock Island COL
lateral Is ended the day higher, though
no important developments in the
financing Of these roads were made
public.
An instance Of the better conditions
prevailing for floating railroad securi-
ties was seen in the immediate over
subscription Of S35,O0o000 Az one-year
notes Of the Baltimore & Ohio. This
Issue will take up S200000O0 per
cent notes soon TO mature and provide
for construction and betterments now
going on. The Boston & Maine, now
ever. announced an extension or the
1000 600 notes maturing next month.
Included are S10,00O00O Of notes al
ready extended from February.
Trade reports were not particularly
encouraging. Mercantile agencies tod
Of a further Strengthening or conn
dence. but saw only an irregular prog
ress Of business toward better condi-
tions Bank clearings contrasted un-
favorably with those Of last week ana
OF the corresponding week last year.
Gross railroad earnings so FAR reported
for the opening week of May were con-
siderablv under those Of 1918. Agrl-
cultural exports for April, showing
decrease In the face Of greater general
imports. gave additional reason Tor
continued frmness in foreign exchange
In spite Of the shipment Of S4,OpUO
IN gold 10 Europe this week, move
rrents Of currency as reported indl-
Gated a cash gain by the banks OF some
S7OOOOOO. From the interior over
$4,000 900 was received on balance
and a little less than S1,OOo,OOo was
Gained on ordinary Sub-Treasury op-
krations. Time accommodation was
somewhat frmer in the longer matur-
ties. and mercantile paper passed at
the lower rates only for exceptional
names. CAL loans renewed over the
,,eet end again at 12t per cent. Ster-
ling exchange was higher despite
earlier discounts in London demand
dosing At 4. $50.