New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-05-08
REVIEW OF THE
STOCK MARKET
Decline on Profit Taking
After Record Breaking
Crop Is Indicated.

After 0ull ana I1eless tTdulnR IOT
the greater part Of the day the market
weakened toward the close. Just after
report that indicated a record breaking
Weld of 630,000,0 900 bushels Of winter
wheat. Private forecasts had been 90
optimistic that this most favorable
news was apparently regarded as dis
counted and traders fastened to take
profits. This activity in the last hour
brought the total business OF the day
10 over 200. 900 shares. The bond mar
ket however. was quieter and showed
comparatively little movement in
prices.
The government estimate OF the con-
dition Of winter wheat, which on April
was placed at the high figure of sb.6.
was raised to 959. the best in about
score Of years and more than 10 points
above the ten year average for the
date. Indicated yield an acre remained
as for the month before, us bushels.
In 1918 at this time It was placed at
1876 and the year previous at 14.4. This
high figure, even though abandoned
acreage at 81 per cent was q little
more than had been expected, means
expectation Of crop of 1OO,OOO,OOO
bushels more than was harvested last
year.
Other news Of the day which might
ordinarily have been considered of mar
ket interest was disregarded. The Inter-
state Commerce Commission handed
down a decision that would allow rail-
roads to make a greater proportionate
charge for short hauls where the long
haul rate had been reduced TO meet
competition. This, It is expected, VIII
be Of Importance in governing rail-
roads in cases Of more Importance. A
threatened strike Of shop workers along
the Pennsylvania lines received little
attention. Mexican affairs continued to
drag pending selection Of the delegates
to represent this country in the media
ton. Legislation requiring the Inter-
state Commerce Commission to regu-
late issues Of railroad securities was
favorably reported by the House Com
mittee on Interstate and Foreign Com
merce.
Though there was nothing to indi-
cate any change in the progress Of ne
gotiations for arranging the financial
affairs Of Missouri Pacific, the shares
were decidedly weak, going as low as
IS, ga points below the final figure Of
the day before, and closing at 1874
The convertible bonds declined over Il
point to 67is. Chesapeake & Ohio
continued reactionary, losing a point
on the day. with much discussion as TO
probable action by directors in regard
to the dividend on the common stock
Reading, which had been strong In
the early trading, led in the late de-
cline and ended the day a point down.
Union Pacific closed at its low price,
with a loss Of q Of a point. Steel was
again comparatively quiet and fuctu-
dltu III q ioiiO io'Sci iNS INV eiiN
final figure, 59h. being 4 of a point
below Wednesdays close. Copper
shares were generally heavy, with re-
ports Of reduction in the price of the
metal across the water
The Bank of Englands return
showed some improvement in the pro-
portion Of reserve to liability but a
continued loss III gold. The percent
age of reserve was increased to 44.2s
from 42.87 the week before, but re-
mains exceptionally low for the sea-
son. AS expected, after the success OF
Paris in taking part Of the new gold
Of the week in the London market.
the Bank OF France was able TO re-
port a good gain in its gold holdings.
The increase this week was about
14,500,000 francs, with circulation and
loans considerably restricted Money
here was easier, with reduction in rates
for time accommodation and call loans
renewing at IL per cent. A sale OF
Panama SO on the exchange at 101, U
OF point above the last transaction
a week ago. showed the lessened ex-
pectation Of war financing