The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-07

A further contraction IN stock
market business accompanied n continue
ton yesterday of the very moderate re-
dictionary tendencies which logically have
been displayed since last weeks eharp
rally from the extreme OF April depres-
sion. II was still the case. however. that
reaction was more a matter of trading
sentiment than of actual recession in
prices. and the decline In dealings was
testimony to a lack of real pressure on
the share list.
Professional spectators pecked away
ut prices here and there, but the net re-
suit of their efforts was very slight
decline in tho average OF quotations.
There seemed to be an Implication OF a
bearish persistence in the singing out of
Chesapeake and Ohio for some concen-
trated selling. just as Northern Pacific
was selected on Tuesday, but not much
of a following was attracted by these
endeavors
The Rock Island collateral trust 4 per
cent bonds provided a feature of some
what spectacular strength. and their re-
newed frmness might reasonably be
"a q
factory agreement for the protection of
the Rock Island property and provision
for its needs must he the outcome of the
negotiations that are under way. Mis-
souri, Pacific rallied easily from what had
the aspects of a speculative raid, hut no
information was obtainable during the
market session as to the extent OF the
financial Investigations and conferences
that are going on in relation TO Missouri
Pacific affairs.
ON the whole the market gave a good
account OF itself in its ability to hold up
against dulness and seemed to he waiting
Tor new Impulses To-day's crop report
which Is expected to make an unprece-
dehted encouraging exhibit OF the winter
wheat situation. may have been discounted
In general anticipation. Yet 1t is hardly
likely 10 afford basis for operations
against values despite lingering specula-
tive ordinations TO try To make the wors,
of such matters ~ the miserable uncer-
tainties OF the Mexican cris'j }, the uncom-
fortahl. financial position az Paris with
its unsettling reflections in other markets
and the NOR. or less depressed condition
OF trade and industry.
The tested unre-ponsiv.ness OF the Wall
street shar. list To- adverse occurrences
and considerations and the rapidity with
which quoted values have lately tended 70
rebound from sharp depression curroborate
other indications that important financial
attitudes toward tn. future of security
values and the volume of general business
have been undergoing Il change lately for
the better. 1t is within the limits Of in
tClligent conjecture that favorable devel-
opmeuts may exercise greater influence
over the financial and business situation
IN the near future than they have in IN,
recent past.
There was heaviness in the foreign
stock markets and American issues
showed general declines before the Wall
street opening. The chief foreign factor
appeared 10 hc tine trad" and financial
troubles at Paris. but unsettlement OF
that account has not so far assumed vcry
disturbing proportions. The situation
abroad naturally led to an Increase OF
Wall Street interest in the prospect fol
gold exports In volume, but exchange vii
have to GO somewhat higher or spec.a
Inducements Will have to bc offered I,
draw gold coin. the only form IN which
any large exportable supply OF the meta
is available.
A rather curious feature OF the loca
money market was some calling of loan:
and a Jump in the call money rcnewa
rate 10 . per cent There was an oh
yious connection between these tive
events. 1t is a fair guess that two sue
cessive days Of II. per cent call none,
caused the retirement of some lender
from so unproductive "A field.