The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-10
FINANCIAL NEWS
AND COMMENT
Missouri Pacific Moves Up on
Hope Of Arrangement
Tomorrow.
STRENGTH AT BOTTOM
Dan1- I.1n.,l u,
STRENGTH AT BOTTOM
Rock Island Strong on Re.
port to BOndhOlders'
Committee.

While tho buying movement OF week
ago showed no disposition to follow prices
UP there were, on the contrary. signs yes
terday or an absence of important liquida-
ton at the reduced quotations. Prices
opened lower all round. but IL soon be-
caine evident that little stock was coming
TO market and that covering operations
were impeded to some extent by a scarcity
of material. There was excellent support
for Missouri Pacific stock and the notes
improved smartly from the low prices.
Under the circumstances this appeared to
indicate a disposition to await the outcome
OF the meeting of the directors yesterday
morning and the formal refusal by Kuhn,
Loeb & Co. to finance the company's re-
Quirements to be made In a letter to the
company tomorrow before giving up hope
OF an eleventh hour arrangement OF the
matter.
strength in the Rock Island collaterais
and In the bonds Of the railway company
was In response to the publication of the
report to the bondholders committee on
che capital requirements OF the system
with supplementary estimates modifying
In an important way the earlier expert
calculations.
The tonnage statement Of the United
States Steel Corporation with Its decrease
IN untitled orders of 376.157 tons was not
tar enough away from the trade fore
casts to cause particular comment.
The bank figures revealed a strength
kned position In spite of the shipment of
d. 200. 900 gold to Paris during the week.
"A satisfactory feature in this respect was
q further. even II small. decrease in the
loan account. The engagement OF an
other 1000, 900 for export followed as a
matter OF course upon the sharp advance
In sterling exchange on Friday.
Simply from "A market point OF view
the reactionary movement In prices last
week seemed TO be called for by the vio-
lent advance in tho week previous. The
check to the rise followed by the slowly
sagging tendency was more or less typi-
cal of a market In which technical con-
yditions had been weakened.
There was undoubtedly good deal OF
profit taking by Spectators who bought
stocks when the market was damned down
two weeks ago on the war" scare and
also selling by important interests who
lent their support to prices at that time.
These circumstances probably explain the
indifferent reception accorded the extraor-
binary crop report on Thursday. New
ertheless. 1t was obvious that the decline
on Friday struck a rather more lively
gait than might have been looked for.
For this several considerations with a
more immediate bearing upon the situa-
ton seemed to be responsible. The news
of break in the negotiations making
for a clearing up of the Missouri Pacfic's
financing troubles unsettled sentiment. The
more threatening aspect of the Mexican
situation and the development Of renewed
weakness in the foreign markets and par
ticularly at Paris. leading to renewed liq'
,lidation here, were also matters which
inSnired n cautious feeling.
But apart from all these questions the
fact remains that the country Is con
fronted with All agricultural prospect b,
long odds the most brilliant that has evei
been seen. Thursdays Government figures
showed crop conditions actually improved
during the month OF April. which is re
markable even were II not for the fac
that the planted acreage In winter whea
l. the largest ever known. The whea
acreage abandoned was only 81 per cent.
the smallest on record. The indicated
yield of $50. 100000 bushels II realized
will surpass last years record crop b,
over 100000 bushels. The figures
speak for themselves.