The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-14
FINANCIAL NEWS
And COMMENT
Stocks Decline a Little in
Last Hour Selling
Movement.
STEADY UNTIL THEN
Foreign Exchange Receivers to
the High Level Of
the Year.

There was little change In stock mar
ket aspects yesterday either in the mat
ter OF business or prices. Dulness and
steadiness prevailed until the last hour
when there was some general softening
OF the share list. The pressure then APP
piled looked much like hasty realizing by
traders, accompanied by little foreign
selling. Tho close was steady. but for
the most part at or about the lowest fg-
ures of the day. with irregular differences
from Tuesdays final quotations.
Missouri Pacific was n rather conspicu-
GUS exception to the last hour declining
movement This stock. which had sud-
denly ceased Its feverlsh fluctuations.
started upward just az other issues were
going down. There was nothing In partic-
ular TO account for this change save the
probability that the shares would be at
least temporarily relieved OF some drag
by acceptance OF the managements pro-
posal to extend at higher rate OF interest
the sa5. 900. 900 Of notes due in June. The
likelihood OF assent TO the extension would
seem assured by the consideration that
the noteholders have more to gain by IL
than by refusal.
Utah Copper. leading the copper metal
group, provided IL supporting influence
for quoted values during the bulk Of the
session, although there was nothing In the
trade situation 10 suggest reason for
aggressive strength in the copper issues
General Motors was again a strong spe-
cialty on limited dealing. and reason
for its further advance lately was indi-
Gated by the announcement that the COM
pany had anticipated 100000 OF sink
ing fund obligations which will not ac-
crue until October
The late selling was interesting hut did
not seem TO be particularly significant.
Professional traders alleged as one cause
the report from Washington that the
Senate Banking and Currency Committee
had approved Senator owens bill for the
regulation Of the stock exchanges through
a mail and telegraph censorship.
Another ascribed reason was the circu-
lation of rumors that even though the
Interstate Commerce Commission should
concedc most Of the rate Increases asked
for by the Eastern railroads it was dis
posed to refuse higher tariffs on coal.
Possibly this accounted for the particu-
lar pressure put on Lehgh Valley and
Reading. but II would seem that Wall
Street could hardly have followed the
Interstate Commerce Commissions course
toward the anthracite roads In recent
years il II had discovered any novelty IN
the notion that the commission was OPP
posed to IN advance in anthracite freight
charges
The selling Of Union Pacific might have
been related TO the Equitable Life AS
surancc Society's appeal in I'll" extra
dividend case, but the prospect OF further
delay In the distribution OF tho dividend
was implicit two weeks ago. In the cN-
pectation that such an appeal would be
taken. The late heaviness OF Canadian
Pacific was an intimation that foreign
factors OF depression were moro likely
than not the chief influences In the last
hour OF the stock market session
Ndvlces from Europe We're none too
good regarding financial positions. notably
at continental centres and the conN-
mental bourses were weak. Their" was
talk here about renewed preparation foi
I the belated French Government loan hut
the talk appeared to be premature. Paris
and Berlin were described as additionallS
disturbed by trade and financial troubles
| in Russia and as none too cheerful ove'
the banking situation which has Jos
been salvaged in London.
Mexican affairs continued in an abso
lutely indeterminate condition from IN
! Wall Street point OF view and presumably
therefore contributed to the negative char
! acter OF the stock market. Dispatches
! from washington which told az the ar
| raugements for business batting legsla
ton were saved from an uiisettling cf
feet by the declared purpose To brin'
about an adjournment % Congress NJ
later than July II. A good deal OF atten
ton was attracted TO the fresh turn II
the New Haven inquiry, but the thin
about IL which seemed 20 strike wal
Street most forcibly was the latest indi
cation afforded that all was not harmon,
In Administration circles.
A gratifying item of tho general busi
ness information vouchsated was the re
appearance, according IL the Iron Age
OF more hopeful feel ng In the stet
trade. II was admitted, however. tina
markets We're very dull and prices wer
actually lower both for steel and iron.
Notice directed toward the none
market was focused on foreign exchange
After some early reaction the marhs
hardened and demand sterling at the clos
again reached the highest level Of tn
wear. 4.SslOm4SSl5. The action of IN
exchanges indicated that in the norina
course of things the market will go hig
enough TO force gold coin exports withou
the necessity OF any special inducemcit'
, and this seems TO be the European VIE