The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-14
FINANCIAL NEWS
And COMMENT
Another Weak Day in Stocks,
With U. 8. Steel Still
Leading Decline.
INCREASE OF TRADING
Further Political Developments
Tending to Depress
Sentiment.

trustworthy the stock market yesterday
gave further indications that It had un-
dergone change In the last ten days or
So The share list no 'onger offered pas
sive resistance to pressure and has not.
since early last week. been characterized
by the underlying frmness which made
the market such miracle Of inertia all
through March.
Whether there has been a pronounced
Increase Of liquidation In proportion to
speculative operations for the decline may
be debatable. but the fact remains that
selling has become more effective. So
far this effective selling has been con-
spicuous chiefly In United States Steel
and that stock was again the market
leader In dec.i yesterday. Trading ex-
banded still further. although total trans
actions were still on a moderate scale.
The business done was without assistance
from Europe. where the markets remained
closed for the Easter holidays. The re-
Spouse which Europe makes to-day to the
lowering OF the Wall Street price level
| since the foreign recess began last Thurs
day night will accordingly be all the
more interesting.
There was some dispostior on tho mar,
OF Wall Street traders yesterday after
noon to think that Europe might take
| the buying side for at least a rally. While
! local trading sentiment was rather bear.
ish. II was also thought that an upturn
might be induced on account Of the bank
ing enorts to promote the success of a
good deal OF new financing. including the
city bond sale on Wednesday and the
onering OF New York Central bonds which
- expected to mark fresh beginning or
new security promotions for several rail-
roads including the st. Paul. the New
Haven. the Missouri Pacific. the Baiti.
more and Ohio and the Illinois Central
IT was announced that J. p. Morgan
q co. had bought $40. 900. 900 of New
York Central aus had r,sposed OF s1h
100000 at private sales and had taken an
option on $30.OOO. 900 more. According TO
report. the present issue will be offered
to the public around 80. These bonds are
not based on the New York Central.Lake
shore consolidation. but their position in
'nves'ment regard WAS helped bv the an
nounced approval given to the consolida-
ton by the stockholders involved. includ.
Ing the necessary proportion OF the LAX.
Shore collateral trust bondholders
How much Of an optimistic argumen.
may be contained In the success which
the city bond sale Is expected to achieve
may depend on circumstances There is
as usual In times like these, a tendency
to remember the turning point In financial
markets which has frequently been
''"' nVu ny M eN'TdOT0lfNTtly GptiSfar-
tory BOND subscription At the same time
the edge OF present satisfaction NAV b.,
du'Ied by the consideration that invest.
ment capital Is manfes''ng an unwhole-
some preference for pub'ic securities as
compared with the obligations Of private
cOrporafions
During the morning trading Yesterday
stocks held fa'-'v wei, against the weak
ness In United STATES Steel In the main
'n0uph. tho orlv aggressive fi-mnesa oP
IN" dav was d'so,avad nv Canadian pa
cine and General Motors. There was
'onS..""o"s hesv'""ss IN T'-'on Pacific
end Southern Pacific, as weM ~ IN Cre,,
Northern pra'nrred AND R,,t',rcre ana
ONO. The Rock Island collateral ,-,r.t
80 so'd AZ new low price. OIL stocks
were weak. especially on n. cu's'de MAJ
t"t. where the persis'ent rutt'ro ~ crud.
on nr'c"s ~ stimulating tho l'nuidatior OF
null sh compliments IL oil sh9res How
ever. II was United Ststes Steel which
nominated the wa-ta'. and tho trading In
that issue constituted wore than owe
fh'rd ~ 'hs toto, volume OF business.
TN" ma~te' closed nearly at the lowest
with a weak tome
Some Observers ware very rnuch 90.
"os"d To relate whatever real change
fh"~e was in the markets. rostNn 70 tho
h'Pn'v ""'avo~nhie 'rrpress,or nrod,ced
on frarcia' and business circles a vaoL
ago last Friday when the Federal re-
serve hank organization committee puh-
lished the terms Of it's ge-rvna rde- cf
VI" country for the new BANKING system
THIS wrought distinct impai-rrent Of
confidence In one Of the constructive
FACTORS on which Ont'm'sm had relied ever
since the beginning ~ the wear.
FoloW'ng that came the dsanno,nt
ing intimation from the Interstate Com.
merce Commission that a supplementary
inquiry might he necessary to determine.
how to remedy insufficient earnings bv
the railroads. n the commission con.
cluded on the hear'ngs In the Eastern
rate case that earnings were inadeouate.
After that came the direction OF atteu-
ton to the failure Of general business
70 Improve. and esneciallv the persjs,.
enre OF depressing conditions in the steel
industry illustrated nv apprehension that
steel makers might be unable to main
tain wage scales
II there IL anything in this suryey
II may perhaps no said that yesterdays
stock market was relatively strong in
view NJ the budget Of disturbing news
supplied OVERNIGHT and during the day.
One OF the contents OF the budget vas
the more menacing aspects OF the Next
can imbroR'lo. Another was the Adj
ministnation's determined insistence on
the enactment OF programme OF trust
legislation. SIN another was the Sera.
torial attacks delivered AGAINST the rail. |
roads Nor was any helpful contribution
made to sentiment by Interstate Com
merce Commissioner Clark's rather peey.
ish letter ON the Eastern rate case nor by
several or the supreme Court decisions
which sustained state laws more or less
oppressive to corporate enterprise.
The principal feature Of the monev
market was the rising strength OF for |
eign exchange with demand sterIinx |
around 4.s6s5. The domestic position |