The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-30
FINANCIAL NEWS
AND COMMENT
Stocks React in Late Dealings,
With Pressure on Cana
dian Pacific.
TRADING LESS ACTIVE
Missouri Pacific and Rock ISL
and Issues Sell at New
Low Prices.

movement of prices on Tuesday the stock
market fell into ~ semi-comatose con-
dltion yesterday and declined In the last
hour. Total transactions were on con-
tracted scale i'm comparison with the
average volume of business in the last
few days, and while there were no In
dications of disposition to purchase
stocks at advances. there was equally n
lack Of selling pressure except In the
afternoon. Early In the day a substantial
amount Of buying was reported for for
eign account. but foreign sales In the late
trading. especially In Canadian Pacific.
seemed to encourage the local professional
element to renew short commitments ex-
perimentally.
There was nothing in the whole move
ment OF quoted values which could not be
accounted for on technical grounds. The
market acted very much as though the re-
covery after Saturday had been chiefly a
natural rebound from the extreme excess
of last weeks depression and re-
Spouse to the rather substantial buying
which came in around the low figures
rather than the result OF new basis for
optimism. Whatever willingness there
| may he to absorb stocks now in periods
of weakness IL not tantamount to con-
victon that the share list has at the
moment factors Of expansion to discoun,
against the prevailing uncertainties OF
various situations. although the position
of securities is believed to lend itself 10
an easy and impressive reflection OF any
encouraging developments.
Profit taking sales on Tuesday as the
short interest retreated prepared the way
for yesterdays relapse. and the lack OF
any strikingly good news of an importan,
character left prices more or less vul-
nerable to the dubious aspects of prcvi-
Gus influences which had made for SC
much unsettlenent recently. The further
realizing in Canadian Pacific by foreign
holders directed attention to the continu-
ing difficulties that have beset foreign
finance. although European advices from
financial centres did not suggest any
fresh causes for disturbance. on the con-
trary, there was some show of strength
in the London securities market led by
consols on hopeful expectations regarding
the outcome of the Ulster problem, but
1t was noted that foreign dispatches still
spoke specifically of the Mexican peace
negotiations.
With respect to the Mexican crisis the
local financial community maintained all
the reserves indicated as prudent by the
peculiar complications which can pre-
vent South American mediation from
reaching a successful result. Probably a
vague feeling that some hitch i'm the medi-
atory undertakings was due accounted
more than anything else for the heaviness
to which the stock market turned in the
afternoon. At the same time there were
other matters which had a reactionary
effect.
New low prices were made by several
of the weaker railroad securities notably
by the Rock Island shares and the coll
lateral trust Is and by Missouri Pacific
stock. No information was Forthcoming
about the status of the Rock Island
property. but II was inferred from the
course of the Rock Island securities that
,lx.... a, l.
week to the protective committees did
not disclose condition any better than
had been apprehended. At the same time
there was nothing TO show that the Rock
Island requirements could not he salts
factorily financed II an agreement could
shortly be arranged between the various
parties in interest.
The fall of Missouri Pacific naturally
provoked more conjecture of an impenl-
ing receivership, but ii is a question II
this guess was not. rather wide of the
mark The dealings In Missouri Pacific
lately might readily denote that n change
of control was being effected through the
stock market. Such change would seem
to be indispensable to any effort to elicit
the necessary financial support for the
immediate and future requirements OF
the Missouri Pacific property.
So far as outward signs went the
| United States Steel Corporations quar-
terly report had beer fully anticipated
| but the days accounts of present con-
ditions In the iron and steel trade might
have given the corporations exhibit a
depressing emphasis. According to au.
thoritative reviews the weakness In the
iron market has become pronounced. witt
sales making at an actual loss Stee
business Is poorer than the average OF
the hrst two months of the year and II,
prospects for improvement are spoken n,
as apparently dependent on the earl,
concession of railroad rate advances
The Colorado labor war seemed to he
come more distinctly a financial irritan,
although of this az of other untowar,
, matters il may be said that stock mark az
wise a degree of discounting of adversit,
has been done which provides safepuard
against depressing events II was sal,
that the copper metal market had becom