The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-29
FINANCIAL NEWS
AND COMMENT
Further Recovery in Stocks in
. Steady Upward
Movement.
RAILROAD SHARES LEAD
United States Steel Earnings
Are About What Was
Expected.
SHARES LEAD

Steady strength was The principal fea-
turs Of the stock market yesterday. The
volume of business was large enough In
connection with tho further recovery of
prices to testify to considerable increase
Of buying for the long account. A
further retirement Of short contracts also
contributed to the strength OF the session.
The market from the opening to the close
moved quietly upward without any indi-
cations OF effort to force the pace of
recovery, and pront taking sales were
readily absorbed. with only moderate re-
cessions toward the end Of the day. A
foreign disposition to make purchases was
reported. At tho close a large array OF
substantial gains, ranging from one to
four points. were shown In standard shares
and Specialties alike.
The railroad department was the leader
OF the list perhaps because rails had
been more excessively depressed. al
though the closing stages of the Eastern
rate Inquiry furnished occasion for re-
viving hope Of judgment for the railroads,
and this seemed to be some factor in the
movement of quoted values. A rather
violent break in Missouri Pacific was re-
sisted by the market, which also mani
Tested no inclination to take account Of
any discouraging news or views, includ-
Ing the non-optimistio business forecast
INDUCED In by the president Of the Ma
tional City Bank. The Wall Street feel
ing seemed TO be that at the going level
OF prices the share list had not only
fuily discounted but had overdiscounted
lack OF reasons for optimism and that
events Of the near future offered favor
able possibilities of changes for the better
In sentiment even though Improvement
In trade and industry might be q matter
OF remote conjecture.
United States Steel was more or les.
OF laggard In the days upswing of
prices but II the stock was not aggres-
sively strong neither was II etrikfngly
heavy. TOO much uncertainty surrounds
It's immediate position to warrant signin-
cant differences from its course. After the
close OF business the results Of the last
quarter were made public following the
meeting OF the Steel Corporation direc-
tors. and the exhibit was Just about An
line with advance expectations
Net earnings were q tribe under
yls,OOO.OOO. and although the regular divi-
dend was declared practically none Of the
common dividend was earned during the
quarter, and In the past six months earn
| ings on the common shares have aggre-
| gated only about l per cent. There was
a progressive gain in earnings during the
quarter. hut the present circumstances
| or the steel trade are such as to qualify
encouraging conclusions which nigh,
| otherwise be drawn from tho risins
| monthly revenue from January to the
end OF March. Current reports about the
steel market tell of weakening prices
1t became known yesterday that the
principal selling agencies had cut ths
price OF copper metal TO lax cents but
that SO FAR there was small response II
the way Of buying. At the same tim,
the copper metal group was n conspicu
ously firm feature OF the stock market
/ ha In MAJ fah taf. IN q,
came in for Its due share of attention
and hope was expressed that the des
patch Of Federal troops TO the scene o.
strife would mean the beginning OF
settlement OF these deplorable difficulties
| Undoubtedly official confirmation o
Huertas acceptance of the South Ameri
can proposal for mediation figured in tn.
stock market recovery. but constructiv,
| attitudes toward quoted values have
better basis than that afforded by tn,
possibilities OF the Mexican crisis. :.
far there Is no very trustworthy grount
for stock market encouragement from thu
portents OF Mexican affairs, and the finan
cial district entertains large amour
Of scepticlsm about the satisfactory out
| come OF the present negotiations. Still
| there are many Inducements for agree
NETT, including the weakness OF Huerta'
own position the stand taken by part o
the Constitutionalist faction the aversion
oI tHo 1Hlttu Stttes " Wdl, III
anxiety OF the European Powers to pre-
vent a further disturbance Of the sor
which produced SO much financial unset
Element abroad last week.
There was in yesterdays foreign mar
kets some show Of recovering strength
attributed variously to the better report
about the Austrian Emperor's condition
the turn in the Mexican situation and, Il
London. TO vague rumors about favor
, able development In the Ulster difficult,
French finance seemed to place 10 ad
verse construction on the elections las
Sunday Russia obtained the bulk Of tn
new South African gold laid down in Lon
don, and there was outwardly no Sign tina
European factors, financial and politica
were less or more suspicious than the
had been.
A bit OF good domestic news was cor
tanned in the weekly weather repor
which described propitious conditions owe
large parts of the agricultural area an
noted nothing adverse except some sligf
9 lack of moisture. The grain markets wei
rather heavy.
Probably as result OF the less ALARM
, ing aspects of the Mexican tmbroglio. tin
money softened again. Foreign e,
I change held firmly, but the mooted sol
. export movement still failed to make
. beginning. The bond market did not r.
! cover any OF the strength which II lo'
. on the appearance of crisis In o,
; Mexican relations. and notice that Il
Southern Pacific bond syndicate had
= take 80 per cent. OF the offering dlrecte
Z attention to the somewhat unsatisfactor
= shane into which the conditions or ne
!, financing have begun 20 form themselve
Z. The break In Missouri Pacific shares WI
X commonly related to the supposition TN
x tho companys maturing note issue wou
!. have to be extended on very cost