New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-05
REVIEW OF THE
STOCK MARKET
Fractional Gains in Quiet
Day-Specialties More
Prominent.

Securities generally maze 1TaC'ionai
advances in Yesterdays trading, the
short interest continuing TO repurchase,
on the theory that the rate decision,
which the market expects any day
now. might he favorable enough to
start an upward movement or some
proportion. The market ignored the
lead OF higher London prices and
opened barely steady, but little or no
tendency toward weakness appeared In
the early trading. and by early after
noon advances ranging from q substan-
tial fraction to q point or more were
common. In the final dealing business
slackened. but little or the gain was
lost on realizing. and tho close, though
uuieter than on Wednesday, was fairly
firm. Business was a trife better than
on the day before, with specialties
rather prominent. Bonds were quieter
at generally firm prices Again Lon
don was a buyer in this market TO the
amount Of about ten thousand shares.
Though trade publications had re-
ported little actual improvement in or
ders for finished steel, news OF large
purchase Of railroad equipment was
considered q forerunner Of what might
be expected after the rate decision had
released orders from the roads
United States Steel advanced a point,
closing little below the best, and
shares Of smaller steel companies went
higher.
The Mexican situation continued too
uncertain to exert any direct market
influence. Success Of the negotiations
at Niagara Falls still seemed dependent
on the attitude Of the Constitutionalist
authorities. A further complication
was threatened through the threat Of
Huerta to blockade Tampico to pre-
vent his adversaries from receiving the
shipment Of arms which the admin
istration had allowed TO be sent from
this city. The New Haven investiga-
ton produced little beyond further evil
dence that President Mellen seemed
man of authority to some Of his
directors, and a fat denial Of part OF
his testimony which his counsel is re-
ported as admitting may have been in
correct.
| New Haven shares turned reaction
airy and lost a fraction Of Wednesdays
improvement. Reading was a shade
| higher at the close, and Union Pacific
after advancing a point, lost consider
able Of the gain through profit taking
Advances of a point or more were made
in a number of issues not usually
prominent, among these being Ameri-
can Car and Foundry, Wheeling &
Lake Erie first and second preferred
California Petroleum and Chicago
Great Western preferred. Can was
moro heavily dealt in than Of late, and
closed IL points higher. Lehigh VAL
ley was again reactionary, but made up
part of its early loss.
The Bank Of England's weekly re-
turn was disappointing. It's gain Of
gold was insignificant, and the reserve
percentage, 42.46, was only trife bet
|
ter than last week, and the lowest at
this time for some years. Shipments
Of gold from this point were largely
responsible for an increase Of over 50, -
100000 francs reported by the Bank Of
France. Requirements for the be-
ginning Of the month increased dis
counts and advances over 10000, 900
francs and circulation nearly 100000
600. Here exchange rates were firm,
demand sterling closing higher at
4.SS70 to 4.SS75. An Offering OF $50
100000 Az per cent bonds by the Chi
cago, Milwaukee & ST. Paul, at price
TO yield 4.66 per cent. is expected to
test the demand for long term railroad
issues, which have been infrequent this
year.