The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-12
FINANCIAL NEWS
AND COMMENT
Weak Session in the Stock Mar
ket--Prices Close at
Lowest.
STEEL LEADS TIE DECLINE
Political Influences Come Up
permost in Wall Street
Considerations.
STEEL LEADS TIE DECLINE

given 80 WuCn InuIcatlOn OF DOWNWARD
trend as It did yesterday, following the
reactionary tendency Of prices during the
week. Dealings were not In large vol
Tune. but they were on fair scale Of ac-
tivity, gagged by the volumes Of business
lately. The transactions were also rela-
lively large considering that, although
the Stock Exchange governors had re-
fused to make a holiday recess from
Thursday night until Monday. there was a
large number of absentees from Wall
Street.
Moreover, the action OF the market
seemed TO lie significant, because the for
oign markets closed on Thursday night
not to reopen until Tuesday. II Is rather
unusual for Wall Street to make SO much
OF price movement during n recess
abroad. The course of quoted values yes
terday raised some curious questions as
30 the response which Europe might make
II the Wall Street decline should continue
on Monday. Some OF the leaders In weak
,iess yesterday were issues in which FIu-
rope is largely interested,
United States Steel was the most lnfu-
ential of those. but among others We're St.
Paul, Northern Pacific and Canadian Pa
sific. The Rock Island 81 went TO 4 new
low level, and there were numerous weak
speclalties including oil stocks. stubborn
resistance was offered by Reading. Union
Pacific and Amslgamated Copper. but all
these shares also yielded to the selling.
The close was m de generally at the bot
tom figures OF tho session and the Anal
tone was weak. The trading In Steel was
about one third OF the total transactions.
and seemed to be particularly expressive
Of one OF the considerations which has
come uppermost In the last few days, the
status of the steel Industry under the con-
oitons made by tariff revision.
New Haven held up for a while. but
finally went down with the rest OF the
market, probably making n direct re-
Spouse to the fresh agitation of the com
puny's difficulties by the Interstate Com
merce Commissions inquiry and TO the
February report OF earnings. These
showed deficit OF $4,000. The first
eight months OF the company's fiscal year
ended in n deficit Of s625,o0o compared
with n surplus OF si,1l0.00O Il year ago,
although the showing is worse on its face
than 1t should he, since the earnings of
the various companies in the New Haven
system make IL possible to exhibit q COM
bined surplus Of more than sl.o00,000.
There was no specific news over the
holidays TO which the persistence OF sleek
market weakness could be related rave
perhaps the United States Steel Corpora
toms tonnage statement for March. The
shrinkage of 312.6l5 tons in untitled orders
was naturally construed as Il token of the
rapidity with which reaction In the steel
trade has followed the winter upturr
The facts in the case intensified the de 4
preston OF sentiment caused by the MIDI
week suggestions that the steel industry
was confronted with the likelihood OF wage
reductions in the near future and such a
possibility provoked doubts as TO the
maintenance of unchanged dividends.
The weekly bank statement demon
strated that the return a week ago re-
ffected only temporary impairment Of the
banking position incidental 10 the turn
OF the first quarter. Loans decreased slO,-
100000 In the actual exhibit. Deposits
decreased s5.S00,000 and cash Increased
37,50O.000. 4 gain OF about $4,000 900
in surplus resulted. bringing the surplus
reserve up 10 more than s1S.10O. 006
which In third larger than the CORE
sponding surplus last year and more than
twice the excess reserve in 1912.
II there was any special influence in the
stock market week 1t was that provided
by political considerations operating on
the prolonged stagnation of the share
list. The Congressional election in the
Passaic district In New Jersey last Tues
Aay lent itself TO the Interpretation that
Q political revulslon was beginning he
cause Of the distress which IN overtak-
ing the people. At the same time the
hopefulness OF this token was qualified
by the conditions making for distress
and by the lack of any convincing evil
dence at Washington that the situation
was appreciated pr that Il was possible
for the Administration party 30 revise its
courses sufficiently 70 alter the immediate
business prospect for the better.
4 gcpd deal OF attention was directed
TO the difficulties which tar!T revision
had put in tho way Of trade ana indus
trial recovery. Further disturbance of
confidence was also wrought by the In
timatons Of the Interstate Commerce
Commission that, after deciding whether
or not Eastern railroads were making
adequate earnings, il might resort To a
procrastinatine inquiry 20 determine
whether the remedy was the Increased
rates asked for or some other form OF
relief.
A factor Of decidedly growing .mpor-
lance waB the Increasingly urfavorable
impression made on financial and business
interests by the work 81 the Federal re-
serve bank organization committee. The
map OF the country drawn by the COM
rnittee FOR tho orgai,izati or ~ the new
system and the committees explain tory
statements seemed to snow that some OF
the worst fears aroused during tho prog
ress OF currency legislation last year
were justified, and that the Federal re-
serve act was IN danger OF being per-
verified to an instrument for depressing
the largo established centres OF banking
and general business. Indeed, IL Is alto
,sether likely that the manifestations OF
politics contained In the administration
of the Federal reserve act 80 far con-
stituted the prevailing influence over the
weeks stock market
There was a variety OF news during
the week both OK favorable and unfavor-
able character. The Mexican imbrogli1
seemed TO look more disturbing again and
tho complications arising In the canal
tolls controversy did not make for good
FEELING in banking and business circles
Neither did the insistence on trust legis-
lation at Washington, accompanied by an
evident intention 10 consider the claims
uf labor unions and agricultural associa-
tlOns FOR exemption from the laws against
ulunopolistic conspiracy.
The Copper Producers Association pub
llsned a report showing almost 10000 900
pounds of exports last month, but the
return was frankly d.shelieved as a trust
worthy measure of the real copper situa-
ton IN view OF the maintenance of de-
pressed prices Tor the metal. and espe-
rialiy IN view ~ the trade and industrial
situation at home and abroad. ray of
encouragement beamed on corporate H.
nance from tho decision made by the
United states Circuit Court In the Lacka-
wanna railroad and coal company case
when the court held that II was not
against the law for n citizen 10 hold
Sta IN tue ~, tod IL.