The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-26
FINANCIAL NEWS
AND COMMENT
Another Dull Day In Stocks
Awaiting Various
Developments.
MOP AFFAIRS IN DOUBT
Supreme Court Makes an In
teresting Decision--More
Gold Exports.

More res sons for inaction we're vouch-
safed TO the stock market community yes
terday and the session was only a little
less stsxnant than last Fridays. The
share list was hardly steady, but nuc-
tustions were OF limited extent and no
particular Significance attached to tho
general price movement. Last Saturdays
trading suggested that the market was in
q position where II could be easily over
sold although Its strength consists moro
In the lack OF any disposition to realize
on long commitments than in any present
inclination to buy without something else
than conJectural cncouragements.
Aggressive advances yesterday were
confined to specialtles for the most part
and soms standard issues we're heavy
International Mercantile Marine securities
rose OH the Supreme Court decision linn
Ting the company's liability for tho RI
tsnio disaster. Apart from general con-
slderations few stocks moved for specific
causes There was some selling OF Bal
timore and Ohio on account OF the re-
ports OF a plan for an Interstate COM
mercs Commission inquiry into tho Gin
cinnati, Hamilton < Dayton acquisition.
The affairs of particular corporations
wero undoubtedly restrictive influence
over w SkTcct uncertainty al
to what would be tho outcome OF tho Bos-
ton and Maine and Missouri Pacific motto
extension programmes did not seem likely
to be resolved for several days. The Mis-
uouri Pacific case especially Is providing
some test of tho stock market because OF
the open discussion OF the question as to
whether or not u receivership WAS i'm
pending for tho Missouri Pacific and as
ISOLATED properties. Enough OF the Mis-
souri, Pacific notes had been deposited at
the close Of business to indicate the prob
ability of obtaining a little more time, al
though the Missouri Pacific problem will
not DO wholly solved by disposition OF
the note issue.
Tho astonishing thing about this sltua-
ton Is that so largo a percentage OF note
holders should so far have failed to as
cent to extension. They have obviously
nothing to gain by holding aloof and the
saise seems to be truo OF the Boston and
Maine situation. No evident progr ess has
been made In tho last few days in tho
matter OF the Rock Island reorganization
and II Is inferred that tho Rock Island
Company stockholders committee has not
made an acceptable proposition to the col
lateral bondholders' committee.
Stock market torpor was temporarily
relieved In the afternoon BY little for
ward squirt on the Supreme Court decision
In the so-called tap line cases. The fret
construction placed on this was that the
decision. being against tho Interstate
Commerce Commission, had q favorable
bearing on the Eastern rate case. Quoted
values soon softened. however. when II
appeared that nobody understood clearly
what effect the decision would have on
the fancy OF the commission for accord
ing relief to tho Eastern railroads through
changes In tho matter Of plant line and
service charges after tho method advo-
Gated by Mr.. Brandeis.
If on analysis 1t appears that tho Su-
preine Court has to any considerable de-
gree shut off that remedy for inadequate
railroad earnings, the chances win pro-
sumably be Increased for allowing gen
eral advance In freight rates. At the
/ same time tho Eastern ratio case has In
tho Wall Street mind become complicated
In tho last few days with other matters
and the financial district Is beginning 10
| be moro concerned over the prospects for
! an early rate case decision than with its
| nature. The New Haven inquiry followed
| by proposals for further inquiries into
| other railroad histories, has provoked y
| feeling that events are creating conditions
| rather unpleassntly conducive TO delay In
| announcing a conclusion on the petition
| of the Eastern carriers,
| The engagement of 81. 00o, 900 more gold
| for export. bringing the total for tho new
movement up to S15,000.000 was accom-
| panied by an astonishngly firm msinton
anco OF foreign exchange around the high
level 80 far reached. ASS. for demand
sterling. Wall Street was ablo 20 regart
the growth of tho gold export movement
| with equanimity for tho moment because
| of tho plethorlc supply OF funds denoted
| by last Saturdays bank statement will
| It's surplus reserve of about s51 900, 900
| That statement was a measure OF declin
| ing general business but 1t has its com
| forting Implications under the crcum
stances OF the International money mar
| ket, although the very excess OF fund
hero Is one OF tho causes of gold ship
| ments.
Another cause was illustrated by tn
relative weakness OF tho bond marke
| yesterday resulting from the persisten
| liquidation of bonds by Europe Advice
from abroad, however, wero somewha
| more cheerful In tone than might hav
| been expected from the fresh disturbanc
| OF the Balkan atmosphere, the Recurrence
OF critical symptoms In tho home rul
controversy in Great Britain and tho like