New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-05-26
REVIEW OF THE
STOCK MARKET
Brief Upturn on Tap Line
Decision En1ivened Dull
Trading.


oui.t. uncertainty over the note extern
s,ons of the Boston & Maine and MIS-
souri, Pacific Joined with a supreme
Court decision yesterday was enough 10
bring trading in tho first three hours
below the years record low day OF last
week. The Supreme Courts decision
IN the tap line case produced q oriei
upturn in the late afternoon, but me
market became stagnant again when
Il WAS realized that the opinion was
less sweeping than had at first peeh
understood. While the total OF the
days trading, a little over 1looo
shares. was nearly 10000 greater than
on Friday, price fluctuations wers
about as narrow. At the close securi-
ties showed irregular changes Of only
small fractions from the final figures
Of Saturday.
The defunct Commerce Court. which
had oyerruled the Interstate Com
merce Commissions decision In ths
lumber tap line case on the ground that
the commission had acted arbitrarily
in holding that the railroads should not
grant allowance on freight passing
over lines owned by the shippers, but
could on freight Of others that passed
over the same lines, was sustained. AL
first the market, holding that the opin-
ion would aid the United States Steel
Corporation and other industrfals, ad-
yanced Steel common and other active
issues followed. Later, when traders
ceme 10 the conclusion that the COM
mission was left with specific author
ity to govern through rates and I"
change divisions Of charges that might
amount to rebates, trading became dull
and reactionary and practically all the
improvement was lost. Steel, which
had jumped u OF point. fell back and
closed at 627s, fractionally down.
Mercantile Marine bonds were &C
lively traded In, following decision
by the court that damage suits arising
from the loss OF the Titanic must, II
brought in this country. be under
United States laws, which limit tho
amount Of recovery to money received
for passages and freight. The bonds,
which had closed last week at 60l2,
were at first offered too rapidly to be
absorbed, and changed hands as low
as 1875, but closed 21a points higher.
changing hands to the par value Of
over $4,000. The preferred stock, on
small transactions, gained over a
point.
Missouri Pacific was firm, moving IN
a narrow range and ending the day I'M
changed. Before the market closed II
was reported that at noon some Sill
100000 Of the So, 100000 notes to be
deposited under the extension agree
ment were still held out, and further
time would probably be granted before
the offer would be withdrawn. West
ern Maryland was again reactionary.
Reading and Union and Southern Pa
cifc lost small fractions on the day.
Amalgamated Copper was heavy. Gen
eral Motors, on rather light trading,
improved points to 81, closing frac-
ton lower. Rumely common and pre-
ferred were moderately active and
made net gains of ~ points each.
Certificates for Virginia deferred is
opened n Of point higher at 81, adj
vanced to 631s and closed at 60, but no
decision concerning them came from
Washington. New York Railway ad-
justment 5s were fairly active, closing
fraction lower.
AS expected, the flow of gold TO Eu-
rope was resumed. During trading
hours announcement was made Of the
engagement OF 100000 in coin for
Paris, S14,O00,OO0 for that centre on the
present movement, in addition to ST.
100000 taken for Berlin for trans
shipment to Russia. Foreign exchange
rates continued firm, and further en-
gagements are expected before tbe
week closes With the great surplus
reserve reported on Saturday morning
money rates here continued easy. call
loans renewing at IL per cent. with
time accommodation unchanged from
tA lrtxr tnn