The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-05
FINANCIAL NEWS
AND COMMENT
Another Day Of All Around Adj
vance in the Stock
Market.
SOME LATE SOFTEN1NG
One Excellent Appointment to
the Federal Reserve
Board.

There was ratner unexpectedly stonB
session In the stock market yesterday.
Enough news of n somewhat unfavorable
character was published to have affected
prices adversely had not Wall Street been
In a mood to continue the reflection OF
the more hopeful views which began TO
prevail a week ago. The fact that the ehare
list had had very pronounced recovery
from the extreme OF last months depres-
sion rather inclined the trading fraternity
to approach the new week with reactionary
anticipations on technical grounds alone. II
was not. however. until late in the day
that signs Of receding tendencies were
visible. and these We're not marked enough
to indicate any material weakening OF
the position OF stocks. Moreover. the
drift of opinion favored purchases on re-
actions az long ~ the market had before
IL this weeks crop report and the hope
OF "A satisfactory decision in the railroad
rate case.
Foreign influences contributed nothing
To the support Of quoted values THE
London market was rather heavy except
for Mexican securities and the cables re-
ported financial difficulties at Paris aris-
ing from embarrassed conditions In the
pearl and diamond trade. Strong CONT
mental bidding for gold ut London pointed
to an Increase OF pressure here in the di-
rection Of gold experts, a new movement
already having been inaugurated by the
million dollar engagement announced last
Saturday. The foreign dealings in the
Wall street stock market were on the
selling side. but this, like other selling,
was readily absorbed.
There was not only n further forced
retirement of short contracts but there
seemed TO be n fairly broad expansion
OF buying for the rise. The market was
moderately active and total transactions
We're up IL the average scale OF trading
recently. Standard stocks and specialties
alike moved upward and n substantial
array of net gains was shown at the close.
although final quotations We're In numer-
Gus instances materially below the best
OF the day.
! Wall street seemed 40 ignore the con-
4 fused phases of the Mexican situation,
/ perhaps because Of the feeling that, how
ever sensitive quoted values might prove
to a reappesrsnce Of war clouds, stocks
! already had had their seasoning on ac-
count Of Mexico In other respects there
was nothing predoninantly good in adj
vices from Washington.
Their best feature was the unpual fiedly
; excellent selection Of Paul NJ. Warburg
as a member of the Federal Reserve
Board. but the banking community wa.
az n loss what 10 make of the choice nj
the aged Richard blney for governor OF
the board. Nor was financial opinion dis
posed 20 jump at the conclusion that the
remaining appointments would meet the
requirements of the Administration OF
the great banking experiment to which the
country is committed.
IL was some tribute to the intrinsic
strength the share list has rega.ned tina,
ii was not obviously responsive To amy
, of the unpleasant aspects of political in
formation, including the reports OF de
termined insistence at the White House
! on the enactment OF the full programme
OF legislation already laid down for the
present session OF Congress. especially the
( vast alteration in the lines OF business
legality contemplated by the Antitrust
measures which are now taking shape.
\ variety OF matters engaged more o'
less attention during the day, some o
which had particular or general signin
canoe. There was much Inquiry about thu
outcome Of tho Missouri Pacific negotis
ton but no definite information was oh
tairable. The Wall Street understanding
is that provision for the Missouri Pacihci
financial needs depends altogether on I'M
extent to which the purveyors OF fresi
capitaI can he assured OF freedom from
past influences Speaking bluntly. Il Il
the Wall street belief that there will b.
no financial help for Missouri PACING
without the elimination OF certain inter
ests, but II II also believed that the iogi
of the situation makes such an elimination
/ inevitable.
Not much fresh light was cast on Rocl
Island affairs but II II likely that not 81
much cash will have to he raised to pu
the property in shape as Is Indicated D.
! the current reports OF its monetary needs
The annual report OF the Anaconda Cop
. per Mining Company showed defci
> of Sl,s74,0OO after the payment or divl
dends and the exhibit provoked no htti
wonder about the pending deal for tn
absorption of the International Smeltin
> and Refining Company which. according
TO official statements, Is decidedly hard ur
. Cali money renewed at u per cent
the lowest renewal rate of the year. an
n direct response 30 the exceedingly com
! Portable position showed in last Saturday
hank statement There were tokens @
, imminent announcements OF new corporal
financing, the baltimore and Ohio note Is
sue being perhaps next in order. Motto
was taken of the large oversubscripto
for the city Of Baltimore's Offering or ~
OOO 600 of 4 per cent bonds. which wei
= sold at 9GL the sale showing that ther
. was in some directions an excellent W
y yestment demand. although the Irregular
/ ties of the investment market were show
& Inv the failure OF a Philadelphia and Me-
< Wi, hroLerage house, which was carrie