New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-05-22
REVIEW OF THE
STOCK MARKET
Selling Pressure in Final
Hour Lowers Prices
Steel Declines.


aged by the uncertain market OF the
last few DAYS. caused losses of a point
or more in active securities in the late
trading Yesterday. After opening frac-
tionally lower the market had been
dull. with some slight tendency toward
ease, though price movement was mar
row. Activity was greatly increased
in the last hours decline, and brought
the total of shares changing hands
over 100000. Bonds were quiet and
comparatively steady.
Steel early in the day Jagged In the
trading, and though heavy showed
small fluctuations in price, but in the
last hour gave way under rather heavy
pressure, declining ~ points to 6l1s'
and closing only a shade above the low
mark. Continued failure Of trade jour
nails TO find definite grounds on which
to base their reports Of optimistic sem
timent in the iron and steel industry,
and the ruling OF the Interstate Com
merce Commission that the Steel Cor
poration must pay railroads for ter
minal services hitherto furnished with
out charge, were arguments used for
the decline.
Reading, the most active security on
the list, after some early weakness
turned strong in the afternoon, but
gave way later and closed l point
down. Union Pacific displayed some
frmness in the, morning, but closed at
its low price Of the day with a loss Of
IL points. Lehigh Valley also de-
ciined. Copper's final price also was
the poorest of the day, and was over
point. below Wednesdays final figure.
Canadian Pacific made a net loss Of
nearly " points.
Chesapeake & Ohio was fairly firm
for the greater part Of the day, and
closed with only a fractional loss. An
nouncement that the usual quarterly
dividend Of / per cent had been de-
/ clared as predicted was not made until
/ after trading hours. Baltimore e. Ohio
was fairly firm, its statement Of April
earnings making the expected favor
able comparison with the food month
Of last year, though the net earnings
were less than for April Of 1912. New
York Central lost nearly a point, and
New Haven was reactionary.
Missouri Pacific, after changing
hands as low as 1873, closed at 1872,
with a net loss Of only 4 Of a point.
Denver refunding 5s sold point lower,
but recovered later. Western Mary
land improved a small fraction on the
day, but the preferred, on a single
transaction. was 10 points lower than
the last previous sale, about q month
ago. and the per cent bonds broke ~
points. Announcement Of the wabash
reorganization plan. which IS to pro-
vide new funds, reduce capitalization
and diminish fixed charges nearly 3d.
100000 a year was without market
effect
The Bank Of England's return was
less favorable than had been expected,
though bullion holdings showed some
| improvement. Deposits were greater
and the loan item was swelled nearly
/ 81, 100000. The proportion Of reserve
TO liability fell from 44.51 to 1880, an
unusually low figure for the time Of
year Here call loans were renewed a
shade lower at ia per cent. The banks
on SubTreasury operations have lost
since Friday $1,292, 600. Foreign ex-
change was a trife easier, demand
sterling ending the day at 4.SS5J.