The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-31
FINANCIAL NEWS
AND COMMENT
Quiet Day In the Stock Market
Prices Move r.
regularly.
TONE OF LIST rs FIRM
Wall Street Attention Chiefly
Occupied With Rate
Case Prospect.

While there WA not much sembiancs
Of activity In the stock market yester-
day and closing prices showed irregular
changes the session offered no encourage
ment to traders Of bearish prociivitiea II
10 unquestionabie that important inter-
ests have no disposition to participate IN
or encourage accumulation Of stocks at
rising prices. but their attitude 10 not
stimulating any inclination to sell. The
market continues to lack indications Of
anything save occasional and special
liquidation and the inclination Of Wall
Street does not favor the application Of
bearish pressure.
Nothing In the price movement Of par
ticular securities seemed to have much
Significance. A very fair degree OF firm-
ness was shown by the customary lead
ers and Union Pacific displayed some
aggressive strength. The heaviest fea-
lures OF the market were contained In
tho industrial department Railroad
stocks presumably expressed the prevail
Ing conviction that eventually the Inter-
state Commerce Commission will concedc
the right of the common carriers to more
liberal rates than now obtain. Most OF
the rumors which were In circulation were
Of . constructive variety They had TO
do with negotiations concerning arrange
ments for protecting and financing rail-
roads. including the New Haven.
No confirmation was obtainable OF any
OF these reports, although the New Haven
shares acted as though the rumors were
influencing some short covering or ac-
emulation. Still II could be said OF this
stock as Of the general market that while
moderate purchases induced frmness sup
plies were apparently forthcoming on
any marked increase Of demand. Trad
laoo ~ nnini0n
that the market looked oversold. but this
was nothing new. Its sold out condition
has been manifest for many weeks. For
eign transactions were again on the buy
ing side and there Is notion that Euro
pean interest in the constructive possibili-
ties of the Wall Street share list may ne
picking up on account OF the more ouo'-
Gus prospect abroad.
There was some important trade news
which did not obtain any marketwise re-
Fiction The principal item was the
change In the British Cabinet. but 5udg-
ing from the action of the London etock
market lately. and especially yesterday
when rising tendencies were exhibited.
British finance 10 taking hopeful view
Of the Parliamentary crisis. In the late
afternoon Il was announced that the ST.
Louis Southwestern preferred dividend
had been reduced from to- 2 per
cent. rate for the quarterly disbursement.
but such further advertisement NJ rail-
road difficulties could hardly be con-
strued by Wall Street as anything else
than an additional factor in support OF tho
argument FOR relief which the Interstate
Commerce Commission has been asked to
grant
The resumption Of the commissions in
Guiry in the Eastern rate case was rather
alphabetically regarded because the stock
market community has come to the con-
clusion that after delaying decision as
long as II can the commission will allow
an increase of rates. At tho same time
n good deal OF wonder was expressed over
the way In which the commission con-
tlnued to tolerate an opposition to the
railroads that cannot contribute to the
satisfactory conclusion of the ques tion
that Is up for decision.
Railroad statements for February were
In the main bad The st. Paul report was
an exception In that gross earnings in
creased 100000. and $4,000 OF this
was saved In an increase In net. A
very poor statement WAS made by the
Erie, but 1t In recognized that the troubles
Of the Eastern railroads were aggravated
last month by the belated spell Of severe
winter weather. The Canadian Pa
cifc return with a gross decrease Of more
than 100000 and a decrease Of net
earnings in excess of 100000 showed
whole continent.
In the same way In which almost every
thing else In politics has been indifferently
viewed Of late because OF the centring
OF attention on the railroad rate case.
not much notice seemed to be taken OF
the possibilities Of the Mexican imbroglio.
the fight over tho Panama Canal tolls. the
status OF trust legislation. which the
Chamber of Commerce here has 80 Wig
orously assailed. or the likelihood that
steps would shortly he taken to begin the
organisation OF the Federal reserve banks.
Reports from business were depressing.
particularly as regards the steel trade. but
business facts were Offset by revival
OF activity In the agricultural markets.
respected private authority made an
estimate that on present conditions the
winter wheat crop might aggregate 60O.-
600. 900 bushels. and II Is probable that
before long crop possibilities will begin
to play an optimistic part in financial
calculations.
There was no quotable change In the
domestic money market. but discounts In
London went to the lowest level Of the
year At the same time foreign exchange
~ rda,ad IN thar ah vplv In h. lo< a.