The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-01
FINANCIAL NEWS
AND COMMENT
Stocks Come to a Halt After a
Rather Brisk Early Gen.
eral Advance.
HOLD GAIN AT THE CLOSE
Railroad Rate Case tho Only
Factor Which Seems to
BE Regarded.
HOLD GAIN AT THE CLOSE

There was rather a brisk general up
terday morning. After that prices re-
manned fairly steady. although trading
fell away. The close showed an average
advance of about q OF a point for a score
and a half of representative issues. ana
the undertone of the list in the late deal
ings was firm
Tho only conspicuous display OF weak
ness was made by May Department
Stores. which has declined ever since the
annual report was published recently
New Haven turned heavy after further
carly bulge and reflected circumstantial
denals Of reports that the company's
financial arrangements were in process
of conclusion with bankers.
on the other hand the so-called Gould
group of railroad stocks was strong
under the leadership Of Missouri Pacific
on more apparently authentic rumers that
agreements were making to rehabiit3te
these properties including provision for
the s25.O0o.000 of Missouri Pacific obli-
cations maturing I'm June. In general
aggressive advances were distributed
through the railroad and industrial de-
partments, the most influential gains
being in stocks like st. Paul and South
ern Pacific.
London was again a moderate buyer.
but the transactions in the main looked
as though they were altogether pro-
fessional as In all the sessions of recent
weeks. The afternoon market was very
thin and the indications still were that
selling disposition was lacking except on
tn. part of traders who had bought to
sell and that inclinations to buy were
confined to traders who had perhaps sold
first.
SO far as the international reciprocity
Of the security markets went the situation
in London might have encouraged Wall
Street II little. British consos made a
further gain as discounts continued to
relax and stocks in London were generally
steady. Ii would seem that Premier As
qu!th's maNnuvre in the Cabinet crisis
has assured the probability of n cooling
OFF period. II this is the case foreign
finance may take advantage of the inter-
val TO proceed with its normal routine
in more confidence that the ultimate polit-
zeal disturbance will he minimized.
Matters OF domestic politics which oc
cupled Wall Street notice were wholly
represented by the status OF the railroad
rate case. Whether IL is altogether ad-
visable for the stock market community to
hang its entire hope and expectation on
this one factor Is a question. Informal
ton which has been received here in the
last few days about political conditions
In the West and South shows that there
has been no reaction from radicalism
which would warrant the Interpretation
of eventual rate advances as proof of =
public swing toward conservatism.
However. the fact seems to be that the
rate case dominates Wall Street consid-
erations to the exclusion of about every
thing else.
Some NOR. unsatisfactory returns Of
earnings for February. including the eX
AF lA ltt,u- lF.arnt rls c
souri,. Kansas and Texas and tho Rock
Island lines, were commented upon as
additional arguments for the railroad con-
tenton. The over night announcement
that the Interstate Commerce Commits
Is on had decided to allow tho railroads
to wind up their side of tho case this
week seemed to be an effort to meet the
railroad plea for shortening the proceed
ngs and Fastening decision.
There was stll enough doubt about IL
to account for the way in which the
share market came to a standstill in the
afternoon The Interstate Commerce
Commissions postponement until July 80
of the new tariffs. filed In accordance
with the comm ssion's own orders in the
Industrial plant line cases. seemed to com
plicate the situation, although the sus-
pension lent itself to the inference that
perhaps the commission Intended TO let
the whole subject OF service charges go
over until 1t had settled the general rate
question.
II was not until after the close Of bust
ness that the earnings of the Pennsylvania
Railroad system for February were issued.
The fact that operating expenses absorbed
about sc per cent. OF the total gross
earnings of tho system was In part ac-
counted for by tho severe weather in the
last half of the month. AT the same time
the statement OF earnings was striking
evidence OF the small margin for acc,den-
tai influences which gross revenue allows
nowadays.
Tile principal feature of the money
market was the renewed turn OF foreign
exchange to strength. Demand sterling
went up TO 4.S6i0. despite the weak
ness OF discounts abroad. Bond dealers
reported an increasingly better inquiry for
high grade invesluisn; securities. particu-
LARRY municipal and State bonds