The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-27
FINANCIAL NEWS
And COMMENT
Dull Day in stock Market. With
1ncOnclusive Price
Changes.
RAILROAD WORK ATA HALT
Further Reduction in Pcnnsyl-
vania's FOrces-Watch-
ing British Crisis.
RAILROAD WORK ATA HALT

All the movement that was In the stock
market at the beginning OF the week
ended completely yesterday without pref
udice to the possible renewal of activity
one way or the other to-day. The agrre-
gate OF transactions was not contracted
much from the scale OF recent dealings,
but was not fair index to the i.feless
character OF the market.
Prices moved downward in the fore
noon and stayed down until about the
last hour. when there was some harden
ing. What looked like little We aried
liquidation but was commonly supposed
to be bear selling caused the forenoon
recession, which was continued In the
early afternoon by some h,aNin.ss IN the
copper group. There was no active pres
sure most of the-day, although sentiment
lost enough OF it's recent hopefulness to
have inspired some trading operations for
the decline.
United States Steel on account of trade
sdvices was about the most conspicuous
target for sales, but neither in this nor
in any other standard issue did decl NJ y
amount TO much. There were rather
sharp rallies in Panhandle and the Corn
Products stocks. but no swing of prices
exercised any influence over other descrip-
lions. Railway steel Spring dropped
quite sharply Oh the announcement that
there was to be no dividend now, indics :
Ing that there had been some purchases in
expectation of an early distribution.
on the whole. IL was impossible to ORA ~
any differences from the price changes OF
the list. The market seemed To be still
the narrow waiting affair that has pre-
vailed most of the month. susta by
the expectation of freight rate advances
against all the frequent tests OF adverse
happenings and considerations.
Judging from the amount OF attention
= 81.
Of uneasy interest over the British po-
litical crisis. The fact that the London
stock market was duil rather than un-
steady suggested that Wall Street had
no excuse for borrowing trouble from pos
sib!litics Of the British Parliamentary up-
heaval, but there was no inclination 10
form snap judgments on the situation
precipitIted by the extraordinary ella sh
between the British military and civil
authorities. 1t was recognized. however
that the situation conta ned disturbing
possibilities which might have effects COM
plratiug our own prospects
In the routine OF foreign news was
included reports OF assistance rendered
by French bankers TO Brazil ns d result;
of which Brazilian securities rallied
abroad. The economic breakdown in
Brazil continues nevertheless to be =
strain on foreign fiHa nee, especially nj
Paris. Apparently exaggerated accounts
were published OF Wholesale resignation
Of members from the London Stock En-
change because OF the lack Of business
hut the circumstance was significant o.
the widespread shrnkuge OF financial
activities
The Bank Of England publ shed another
weekly statement which exhibited q posi-
ton below the average OF recent years al
this season. but the actual banking con-
dit.ons abroad are better denoted by the
expectations Of a further reduction in
the London bank rate soon. Privat.
scounts are more than point below the
official figure. and the increasing reldxa-
tiun Of foreign credits was reflected yes
terday In the continued easing off Of for
eign exchange. demand sterling falling
TO ebout 1851. Apropos of the none
tsry situation the enactment of the Van
Tuyl banking bill AT Albany furnished
guarantees of Increased capacity to sc-
commodate financial and business expan-
sion whenever expansion becomes again
the order OF the day.
So many lying reports have been forth
coming about happenings IN Mexico that
Wall Street WAS unable to reach any con.
ciusion as to tho probable bearings OF
events ON the imbrogliu which has In
VOWED Washington somewhat to the dis
advantage Ut efforts to anticipate stock
market and business Improvement
The opening OF the debate which is ex-
pected to end In the repeal OF the free
tolls clause of the Panama Canal act con
yeyed no Impulses to the stock market
community. II was noted with interes,
that the senate seemed likely to take
charge OF the Administration programme
for further business legislation with which
little .hesdway has been made by the
House Of Representatives.
Railroad conditions were illustrated by
more returns Of earnings for February
The Lehigh Valley reported a gross de-
crease OF S75s.000 and a net decrease OF
S5S3,O0G. The Southern Pacific decrease.
were 100000 and S46S,000. An ever
more striking illustration was afforded by
the announcement that the Pennsylvania
Railroad had laid of = large number OF
| shopinen at Altoona. Since the begii.-
| ming Of tho year the reduction In Penn.
sylvania Railroad working forces has, /,
is said. aggregated not far from Is, O0C
men.
Dealers described the bond market a,
inquiry for high grade securities, espe,
cially municipal bonds which have beer
enjoying abnormal favor on account oil
their exemption from the Federal income
| tax. There is a possibility here that mu
nicipal borrowing may be accordingly
overestimsted.
II was quite definitely rumored that a
private banking firm had arranged Il
buy s7,50O.0O0 Of two year 8 per cent
notes OF the Chicago. Rock Island anc
Pacific Railway. which will, IL IL said
\ take care Of ALL Dressing financial need,