New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-05-12
REVIEW OF THE
STOCK MARKET
Further Recovery in Prices
-S3,OOO,000 More in Gold
for Export.

No break having occurred In the
Mexican negotiations securities were
firm in yesterdays market and closed
with advances OF up to point or
more among the moro active OF the
list. Trading continued professional
and tho range OF securities dealt In
was narrow. Foreign selling was
rather moro In evidence, but tho 5000
odd shares disposed OF here on bal
ance were rather easily absorbed
Bonds moved in a narrow list at prices
generally firm.
European bourses were heavy. con-
soils losing q fraction. rentes declining
in Paris and tho Berlin market irregu-
lar and depressed. Early London
prices were fractionally below satur-
days close here, but the opening IN
this city, one hour late because or the
memorial exercises for the Vera Cruz
dead, was strong. Early trading was
at advancing prices until tho market
became dull awaiting possible decision
on railroad cases from the Supreme
Court. Prices hardened further in the
early afternoon. but relaxed little In
the last hour, with Irregular move
ments at the close from professional
profit taking and short covering.
The position Of the Missouri Pacific
notes soon to mature was still uncer-
tain. The letter to the directors OF the
road from the bankers who refused 10
take up the work Of reflnsncing the
issue had no apparent depressing in1u-
ence on the stock, as hope persisted
that they might yet be induced through
some concessions by the interests IN
control Of the system to reconsider
their action. Missouri Pacific opened
at a fractional advance and rose to
1881 in the early trading. closing u Of
point up at 17h.
Union Pacific was strong throughout
the day, opening a point higher at
155Fs on buying for foreign account.
advancing to 1861 and closing at 1851.
Reading and Lehigh Valley also i'm
proved. Copper, though the metal
market continued dull gained nearly
a point. Canadian Pacific advanced IN
the early trading, fell Off later and re-
covered at the close on short covering,
making a gain Of over q point on the
day. New York Central also improved
in the final trading, closing at %, IL
points above the final figure Of last
week.
Steel was unaffected by the poor
showing in untitled orders reported late
Saturday, changing hands as high as
59Ss and ending the day up Il Of
point at 1915. The preferred, on small
transactions, gained q, and the 5 per
cent bonds closed unchanged. Inter
national Harvester of New Jersey paid
a rather tardy tribute TO the enormous
crops expected with a gain Of 2%
points on fairly heavy dealings. Con-
solidated Gas was again weak on the
proposed increase Of its capital stock,
declining 8 points to 1870 and closing
at 1917.
The great increase in excess of cash
holdings reported by the banks on Sat
urday was followed by announcement
Of three further engagements. each for
S1,000,OO0 of gold for export. or these
two go to Paris, making $4,0000OO on
the present movement and the third 20
Berlin. This last, it IS understood, will
be transferred to Russia, and so the
competition between France and Rus
STA for gold is apparently to be contin-
ued in this market as well as in Lon
don. Only about 100000 In gold
was in the Assay Office here when the
present movement started, so further
shipment must be in gold coin, of which
some S65,OOOOOO is available at the
local Sub-Treasury.
SO great is the abundance Of idle
money here that foreign exchange rates
continued firm in spite of these en-
gagements, demand sterling closing
stu higher at 4.8S10 TO 4.S815, with
discounts in London frmer. Money
rates, too. were not influenced, call
loans being made at from Ia to 2 per
cent. with renewals as on Friday at
the rate Of Ia per cent. Time accom-
mediation continued easy at unchanged
rates. Since Friday the banks have
gained $1,157,OOO from the sub-Treas-
ury.