New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-04-01
REVIEW OF THE
STOCK MARKET
Prices Higher on Freight
Rate Hope and Rumor
of Mo. P. Change.

Action by the Interstate Commerce
Commission to expedite hearings on the
freight rate case resulted In genera
advance of about a point in security
prices in the early trading yesterday
though part Of the improvement was
lost when activity fell off in the AFTER
noon. Business was transacted IN
little over 10000 shares in a rather
narrow list. with trading still largely
unconditional The total OF dealings IN
bonds was about S2,5O0,oo. the hst
broadening as the day advanced with
the trend toward higher prices.
Overnight news that Eastern rail-
roads had asked TO have hearings on
the proposed freight rate increase
closed and a decision rendered at once
was followed by announcement from
the commission that the railroads
would be allowed TO complete their ar
eument this week. This was taken in
the financial district to indicate that
the commission appreciated the impor-
lance attached 10 the case by business
men in general, as well as by roads
directly involved, and so it was further
inferred that a decision favorable in
some degree to the railroads might be
expected
President Wizards explanation Of
the crisis faced by the roads was con-
sidered more weighty as an argument
for immediate relief than as a state
ment of conditions that should he eX-
pected TO persist. Net earnings, he
said, were so small that the inability
Of the railroads to maintain fair re-
turns on their properties jeopardizsd
the future of their securities and made
questionable the desirability of new
financing to provide needed facilities
for the public along their lines.
The strength Of the market was fur
Their maintained by rumors that large
financial interests had increased their
holdings Of Missouri Pacific. so That
they had obtained control. The stock
made a sharp advance TO 26ia on I'M
usually heavy buying, closing at 25S8,
1 point up. Denver preferred made
gain of over points.
Studebaker continued its ascent, ad-
vancing to a new high mark Of 1864
and ending the day l point lower with
new gain Of nearly > points. Nav
Department Stores on renewed liquida-
ton, declined 4 points 10 81. closing d
shade higher. New Haven was strong
in the early trading but last on the
day. The usual marfet leaders at the
close were from one-half TO a point
above the final figures of Monday.
In London the Bank of England again
failed to get the new gold, most of the
100000 offered in the open marke;
Yesterday going to the Continent. 4
new II 900 600 per cent Ceylon loan
was underwritten in the British capi-
tai a. %. London discount rates made
further decline. Though call loans
here were renewed at > per cent, \ of |
per cent higher than on Monday, 70 ties
for time accommodation and mercan-
tile paper were easy. Since Friday
the banks lost S3.0SSOOO to the Sub
Treasury Requirements for weekend
settlements kept sterling exchange
firm, demand closing at 4.S63j.
In addition TO the Greek government
loan opportunity will be offered in this
city to subscribe TO the issue Of a.
per cent Austrian government bonds.
The New York Connecting Railways,
owned by the Pennsylvania and New
Haven. has applied to the Public Ser
vice Commission for authority TO issue
100000 forty-year mortgage bonds
for construction and equipment