The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-28
FINANCIAL NEWS
AND COMMENT
Stocks Turn Strong on a Mod
crate Buying Movement
in Market.
EUROPE STARTS THE RISE
Various Adverse Influences of
Politics Resisted by
Wall Street.
EUROPE STARTS THE RISE


news OF kind to continue the restraints
which the stock market has been feeling |
quoted values exhibited yesterday de-
gree OF cheerful animation. Trading was
on anything but an active scale. but in
contrast with the dealings since the mid |
die OF last week business was quite brisk. |
The market indeed seemed to be a repeti-
ton OF last Saturday both In respect to
the sudden gain in transactions and In
its display of strength.
Whether u represented anything more
than an effort to impart movement to
prices In the direction which may be the
line OF least resistance Is question
There were those observers who thought
that yesterday offered about the best
opportunity Of a week to do little bust
ness because OF the likelihood that holt
day considerations would govern to-day
and tomorrow. The fact that Canadian
Pacific sells ex dividend to-day and that
Union Pacific and United States Steel sell
ex dividend on Monday figured in the
reckoning, since covering for the short
account can often be induced In impor-
tant stocks before dividends come off.
In any case an impulse to general ad-
vance was communicated from abroad
where stock market Improvement was the
order or the day. especially in London.
PrlNate advlces from Europe said that
financial positions at London and Paris
particularly seemed to be sounder than
for long time past and the markets
looked cleaned up. This afforded a basis
for more hopeful activities, and some en-
couragement was derived from the fact
that the Irish home rule bill was becom-
ing law without any OF the incidental
terrons that had been anticipated from
me aniilty OF the Bank OF England to
take In supply OF the new gold arriving
IN London and from the brighter aspects
or the Mexican situation.
american stocks were bought abroad
before the local opening and a forward
tendency was given 10 the Wall Street
uay' which was continued in the dealings
mere. Speclalties were the leading fea-
lures OF the local trading, although mod
crate advances in Union Pacific and
United States Steel were well maintained
ana stimulated all around lrmness in
standard issues. The afternoon market
was quiet and decidedly duller than the
forenoon session, but the list was firm
at the close
SO far as Wall Street was concerned II
did not attach as much Importance to the
appearance of Mexican affairs as did
europe. Various reserves are insisted on
mere respecting the outcomes of the Next
can crisis. and there Is no disposition to
anticipate the attitude which will he
adopted by the revolutionary forces in
Mexico toward any agreement shaped in
the mediation conference with Huertista
representatives. Whatever share Wan
street had In the price ilrmness OF the
stock market day was rather a refec-
ton or the underlying feeling that any
definite trend of quoted values in the near
future Is likely to be toward improve
ment In response to crop developments
and the decision in the Eastern railroad
rate case.
There is n notion that the outlook for
decision favorable to the railroads has
been enhanced by the Supreme Court ruiz
Ing In the tap line cases. tho idea being
that the commission is now more likely
TO assent to general freight rate increases
and that the commissions findings will
be accelerated Nevertheless optimism is
plainly qualified by degree OF uncer-
talnty as to the conditions which will
be created for the security markets by
the present propaganda at Washington
for the extraction OF, spectacular matter
from Investigations into the history Of
certain railroad corporations following
the New Haven inquiry.
An excellent impression should be pro-
duced on the public mind by the atti-
tude of the Morgan firm toward the new
political lnquisitior. but so far the nquisl-
ton has not won confidence In the fair
ness of its purposes. These and other as
which the stock market had TO overcome
yesterday and the token OF an Admins
| tration surrender to labor union demands
for special privileges in the way OF ex-
emption from the provisions OF the pend
ing antitrust legislation were not OF good
omen for the political conditions surround
| Ing the business prospect.
Neither was there anything very graft
| flying In the business information which
| was vouchsafed to the financial com
the steel trade were described as disap-
pointing and the most hopeful expecta-
tons for the balance of the year were
that volumes would be- better without
much change In prices. Additional rail
road reports for April were of a mixed
character. The Union Pacific showed q
gross decrease OF $4,000 and a net gair
OF $52,40O. but earnings on the whole
are now making a favorable compari
son with III, corresponding period LAS
year. Cotton continued Its remarkable
manifestation OF strength. but there wa
markets.
A firmer tone was reported in tint
money for the longer mlturities which II
presumably a consequence OF the gold ex
port movement Foreign exchange re
taxed, demand sterling closing a
about ASSES, but II is still a
J the gold export level. Temporarily
perhaps, there may be an interval of in
terruption In gold shipments but our posi-
ton in the international money marke
is so adverse on various accounts tina
nothing more than pauses in the gol'
|