The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-08
FINANCIAL NEWS
AND COMMENT
Stock Market Aettue sad Fever
ish. but pSissdfe Il
Resisted.
VIEW OF ST. rrL AFFAIR
Wall Street tiahG to Reach
Definite Conclusion as to
It's Effect.
VIEW OF ST. PTI AFFAIR

tOVeTlSH!y E3N ~ euiiS wan CtlSet
vrestied fsskS -sesterday with the new
influences projected into values by the
Interstate Commerce Commissions criti-
cism and condemnation OF the way in
which the accounts of the Chicago, Mil
waukee and st. Paul Ranway system had
been kept in the last few years. There
were ali the indications OF a considerable
disturbance Of pubic confidence by the
81. Paul report. although the amount Of
real liquidation in stocks appeared to
bear u very small proportion to the sales
Il professionals, who Interpreted the ST
PAUL affair>ss depressing factor the
Gree OF which has not yet been measured.
Judging from the support which was
extended to prices larger speculative
interest in the constructive side OF the
0narlset exists than had been suspected.
At the same time IL was remarked by
observers that the long position must be
we'll protected or there would ha", been
more signs OF liquidation OH stop loss
orders The opposition which was offered
TO selling pressure undoubtedly deferred
public sales TO considerable extent
The unsettled aspects OF the dealings sug-
gested that no definite conclusions had
yet been Framed by the financial cointnu-
nity as to the ultimate effect which tho
ST Paul report would have. although
Il was iuaYi III ste,t that he first alarming
impressions formed on Friday afternoon
had been aualihed somewhat by over
night considerations.
The fact that the commission co,h-
mented favorably OIL the financial results
Of the St Paul operations, and especially
on the results of the Puget sound extern
sion. tended to reduce the hndines against
the books OF the system 10 q nha'tei 'die.
Of technicalities. In a way the co,nin.s-
sion reflected ON Itself because tiie ns ui -
with which It dealt were moro or less
nj ~ the time II WAS fetoe-
nized that unfortunate public lhferenCes
we're likely to be drawn IRON inc episoSe
and distinction was thtue oe'Neen We
situation ot the 81 faui propel'! "se,.
and the status oil fa'iroau ana'rs ny
might be regarded III the heilt Oh '''e III
terstate commerce 'otiiilhss'oH 49,,
way OF conhe'hns acceptance OF its oo0N
keeping lsAHAsiolis ne ln'lIl'ae 'oits VI
the commission mat other rodus were uii,
der suspicion or lhqu'r! Neie podiu w 80
to tho unsettl'ng aspect ot these ne" ae-
velopmen.s nor was confidence srels,l-
ened i'll the WISDOM ana uisCle'o, ~
the commission was hhei! 20 e''H.Si' "
Its future handing OK supleets VI SUN
grave relation 10 nilaueiai So'iu't'o,s
together the wan SEeet Me.N
der 5000 deal Q. i cioua ou. -.
over the week eIlo may snape NJ -,
mistic ideas IMAM those Hhiel' t'le So"
market coinInunit! was ao'e " ."-e'l.po
d-e In the limited time psFta.tteo SeS'ef
day before the CLOSE Oh BUSINESS. -,
Before The W al StIee. ot'e''''is Is
was heaV! sehIt!s oi .t'',e' 80.
LoI.aoAS s.Eh tns 'h'.iI. -
prices ~ csesf~ r.ss,,- I,
81 TaHi ne So ~ 49,, ~ Gov.
was Vi! t'',S So - ,tINahls. .yt.,dsa
centrateo, pu' ~ sn.rn
70 ehIse -. ,oot nIacs ir the srst
IL a'ouu ,n,.sr;,e onara,ions
nout 70 49,. ,Sars cnr,r,hnted sub-
oY ~ 49,. ssc,,,1 WV tne r,arket
:an'iamy e,,'r.ss mil ,ha late
he'u ~'~A. - - .r1tb.r general
.S s''. n,.Nr,.,, ,,,,d n, most directions
~, ~ .ari,,,. r.IIi.s vas lost
Tn se uuin ola. ad u,dr~ nressrre with il.
~ -, Iargas sp,,cirg although
sor'. isr,. declines
M .sLiy harI- s,.,4mert continued
49, s,t;hft -, prner.ssiye deterioration
- co,,d,,;Drs which has been going or
80 ,irca'.is avs, part of February. New
anan,;r1 Xr,s-..ttons seem largely To &C,
cn,,u, fo,- ,h,. steady expansion OF loans
mi lose OF cash In Yesterdays state
o,sr.t loans increased s31,500.0Oo on tn,
.ctus, showing and as deposits expanded
500 900 900 and cash decreased more thar
100000 the surplus reserve susta met