The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-29
FINANCIAL NEWS
AND COMMENT
Some Irregularity in Securities
After q Further Display
Of Strength.
GOULD ISSUES FIRMER
RumOrs That the Missouri Pa
cific Note Default Will
Be Avoided.
GOULD ISSUES FIRMER

After a day and n half OF stock market
strength emphasized by dulne.s It was
perhaps to be expected that the list would
soften somewhat as II did yesterday at
ternoon. Business being so largely a mat
ter of dealings by professional traders
the temptation to collect small profits had
attractions hard to resist and the share
list closed with some loss OF firmness.
whilo an irregular array of net changes
was exhibited for tho day. There was a
sufficient amount of news OF one sort and
another to which quoted values might
have made a various response, but II was
not obvious that the general price move
nent was governed by anything but trad
ing considerations.
Missouri Pacific was an exception to
the general run, in that II made another
display OF strength while all OF the secur-
tiles OF the so-called Gould roads hard
ened ON rumors Indicating tho POSSIBLE
ity that default might be avoided on the
SIS. 600. 900 of Missouri Pacific notes due
next week. 1ntimations were circulated
that at the last minute an underwriting
would be arranged 20 pay off the SIS, DOC, 900
or so OF notes which are widely scattered
and for which assents to extension are
not now expected. Such limitations were
not In keeping with tho assurances given
IN the last two weeks In behalf of the
Missouri Pacific management, but II has
been recognized all along that the Mis-
souri, Pacific situation was subject to
ultimate changes, which might bring
powerful banking support to the solution
OF the company's financial problems
AS MISSOURI Pacific rose irregularity
pegaii TO appear In the rest OF the list.
The erratic fluctuations of General Mo-
tors demonstrated the difficulty OF taking
prohts III so narrow market, and the
afternoon trading was generally frac-
tiohai seesaw even among standard
shares. Europe was reported Il seller.
probably on account OF the week end holt.
day. and to some extent holiday antici-
pations induced selling by local trader,
desirous of evening up their commitments.
TOTAL transactions did not attain suffi-
Gent volume to give tho market any great
significance, but in the main its lmplica-
lions were that the list was not disposed
to yield to adverse developments unless
they were startlmgly unfsvorable. while
the line Of least difficulty In tho price
movement was upward.
In the days budget OF marketwise in
formation there was not a little which
could have promoted weakness among
stocks The resolution introduced In the
Senate asking the Attorney General ~
there were not an Illegal consolidation In
tho New York Central system ovnced
the persistence of political willingness to
seek to capitalize attacks OH corporations
otherwise manifested By the character
(which the New Haven inquiry is reveal
Ing. Wall Street did not seem to pay
particular attention to the late news that
the Interstate Commerce Commission
would begin at once series of hearings
intended to show that the petitionins
railroads In the Eastern rate case were
carrying burdens Of financial obligations
which they should not have assumed. but
the announcement raised q question as TO
whether or not the commission was seek
ing justification for decision against the
railroads.
The tale of Washington considerations
was completed by the White House decla-
ration that business depression wag only
| psychological and that business pro-
tests against tho enactment OF the pend =
! ing programme of legislation affecting all
kinds of corporate effort would not be
needed. That the Wall Street share list
was SO unresponsive TO all this seems to
be evidence OF It's very strong position.
Foreign advices were encoura ging, al
though there was 10 striking flnancis u
change abroad. There were indications
that the Bank Of England would have less
interference from the Continent hence
forth in endeavoring to augment Its gold
| supplies and these tokens may have
1 some consequence on foreign exchange
here. The exchange market VAS decid-
| eddy easier yesterday. demand sterling
closing around 4.sSf0. An engagement OF
$4,000 gold for export TO Paris was
| made. and IL was said that bankers were
| negotiating for further shipmento, but at
the moment 1t 10 difficult to tell whether
| the interna tional exchanges Will continue
| unin terruptedly to favor gold exports.