The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-12
FINANCIAL NEWS
AND COMMENT
Stocks Have . Heavy Tone, Al
though General Pres
sure Is Lacking.
GOULD SECURITIES WEAK
Some Contrasted Reports Of OPP
erations by Industrial
Corporations.
GOULD SECURITIES WEAK

the uncertain position Of the security
markets at the present time and the con-
fused state OF sentiment than the con-
trast between yesterdays dealings in
stocks and the transactions In Tuesdays
session. Both at home and abroad there
were indications on Tuesday which en-
couraged some mildly optimistic expecta-
lions but these Indications vanished over
night. Tho Wall Street market yester-
day was distinctly heavy In tone. and al
though closing prices showed irregular
changes the prevailing character OF the
day was shown BY a number Of substan-
tial declines
Trading was on a somewhat contracted
scale and there was no appearance OF
general pressure. but the market acted
very much as though such firmness az
1t had exhibited lately had been owing
TO the gradual retirement Of long stand
ing bearish commitments. There was no
manifest disposition on the part OF specu-
lators for the fall to bid for stocks with
which to close out their engagements. and
except for some rather aggressive sup
port extended In special directions tho
buying like the selling. appeared to rep
resent the mere exchange of professional
50
business went there seemed to be more of
II on the selling side. The market I'M
doubleday reflected some disappointment
over the failure of Europe to provide any
stimulus to recovery. Consols advanced
rather stiffly In the London market, but
the situation In London as a whole was
comparatively unchanged. Some early ten
denotes toward upturn there were checked
later In the day BY pressure from Paris.
which remains peculiarly disturbed.
The pronounced feature OF the local
dealings was the general weakness of
the so-called Gould group OF railroad
securities. This began with the continued
TALL of Western Pacific bonds on the
curb and extended through the Denver
and Rio Grande issues to the Missouri
Pacific. Such manifestations as this are
symptomatic Of conditions against which
constructive forces have to contend In
the market. and apprehension that other
railroad irritants will he added to the
extended catalogue with which quoted
values are already inflicted Is decided
check on optimism. American Sugar Re-
hning common sold down to the lowest
price since the 1907 panic period, and
although the Increase OF pressure on this
stock lately seems to have been TO u
"nscarable extent speculative II wa
explained by the rumors OF bad business
last year confirmed by the annual report
made public around midday.
This showed that the company's earn
lngs from sugar operations were less than
one-eichth Of the sum necessary to pay
the dividends on the two classes of stock,
Practically the only profit was derived
from the banking end OF the company
business. and this had to be supplemented
by a draft OF more than $4,000. 600 on
accrued surplus. There are tokens here
OF the increasingly competitive conditions
which the company has alleged as 4
strong point In It's defence against the
Government litigation. The exhibit was
altogether the most depressing OF the
mixed array Of industrial corporation re-
ports which have been PUT out recently.
The American Tobacco Compaay's re-
port showed about 2shs per cent. earned
on the common shares last year. compared
with about 30Ss per cent. in the previous
year, and an extra stock dividend was
announced Tor distribution TO common
-f~cf holders. The best OF all the II
dustriai exhibits Of operations which have
come TO hand was made by the Bethlehem
Steel Company. which disclosed earnings
or 2,.4i on the common stock, compared
with 6.s6 in 1912. The company's shares
reflected this return by a further ad-
vance but the movement exercised little
influence over the general list apparently
because of the present dubious situation
reviews recognized the hopeful signifi-
canoe OF the United States Steel Corpora
TONS increase Of untitled tonnage last
month, but all favorable indications were
| counteracted by the acknowledgment of
marked slackness Of new buying at tho
moment. accompanied by tho establish
ment of rather low prices
New York Central was heavy and
rallied only little on the decla ration of
the regular dividend. Tho Rumely
stocks advanced sharply. but there
was no information btainable during
the day as to whether or not arrange
ments had been effected for the payment
OF the March note coupon to-day before
the expiration OF the grace period. The
foreshadowed increase in tho Western
Union dividend from n 3 to a per cent
rate seemed to have been largely dis
counted.
Mexican affairs may have been 10 some
extent accountable for the aspects of the
stock market. Mysterious rumors reached
Wall street early in the day of unfavor-
able changes in the Mexican situation, and
| In the late afternoon circumstantial re-
| ports circulated. about a strengthening Of
| The patrol of regular troops along the
| Mexican border Otherwise the matters
which chiefly engaged financial attention
have already been noted. A late report
quoted the President OF the United States
| Express Company as saying that no de-
| cision had been reached regarding the
mooted plan for liau.dating the company 3
assets and retiring from business. In
view of tho activity In the stock In the
last fortnight II would seem that the
| stockholders are entitled TO obtain from
the management n definite early decision
and announcement as to what tits pro-
posed to do. Further strengthening of
foreign exchange was the only real feature
of the money market.