The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-19
FINANCIAL NEWS
AND COMMENT
The stock Market Is Heavy
Again, With Trading in
Light Volume.
LEHIGH VALLEY Is WEAK
Company Involved in New Gov
eminent Lawsuit-FOr-
eign Exchange Strong.
LEHIGH VALLEY Is WEAK

ent stock market was further demon
| strated yesterday by the heaviness Of
prices compared with their show Of
strength on Tuesday. Dealings were in
light volume. although there was suffl-
Client periodic activity to save the session
from utter dulness. All tho considera-
lions which were invoked on Tuesday to
promote upturn seemed to have lost their
influence and were succeeded by the direc-
| tion OF attention to arguments and rumors
OF somewhat depressing character. Ex-
cept for the fact that finance Ia not ex-
actly humorous the Wall Street situation
would almost deserve to be called ridicu-
any effort to explain the daily vacllations
OF tho share list In terms of real factors.
At the close prices revealed an average
OF modest decline, but for tho most part
the lower level was established early
In the day. Specialtles manifested the
most aggressive tendencies toward
strength. although the copper metal group
Of tirmness In the copper metal market
and In copper securities abroad. For
some time past much has been heard
about the favorable position OF copper
metal for sharp advance II business and
financial sentiment here and In Europe
should Improve. but It is still hard to see
the signs Of substantial sentimental i'm
provernent Colorado Southern shares
broke sharply on the announcement that
dividends on the preferred stocks would be
passed Heavy selling carried the Rock
Island collateral I per cent. bonds down
to . new level without any fresh devel-
opments to explain the persistence Of
pressure or indicate Its source. The
Rumely issues were weak on the adverse
ty,,f, toni ON Of the rnaflpAsa Of altnStinR
the company's present uncomfortable po-
sition.
Lehigh Valley provided the chief SUBJ
ject of stock market interest from about
the middle Of the day OH. The announce
ment that Mr.. Baer had retired from the
directorate was variously construed. but no
Interpretation put upon It was exactly
favorable TO the railroads immediate cir
cumstances and prospects. Tho declara-
tion OF the regular dividend for the quar-
ter at the rate Of 10 per cent. year was
related in conjecture to Mr.. Baer's retire
ment. but there was no evidence to con-
meet his resignation with the dividend
policy Of. the board. The matter which
made Lehigh Valley most interesting was
the report circulated early in the after
noon that the company was involved In
new litigation about to be started by the
Federal Government. This report was
confirmed after the close Of business by
here to compel the separation OF the Lee
high Valley railroad and coal interests.
The proceedings seemed very much the
lsame as the Lackawanna suit now In
progress. A grotesque rumor which Cd
tained currency in the forenoon had II
that the United States Steel Corporation
had been found liable TO heavy penalties
for rebating, but the promulgators OF the
rumor obtained little reward Of credence
for their preposterous pains.
Foreign advices were somewhat confus-
ing. The London stock market was rather
better than the character OF the news most
likely to affect Il, but there seemed to be
nothing In the foreign situation to pro-
mote expansive activities here. There IL
a very apparent belief abroad that New
York il on the verge OF II large gold ex-
port movement to South America, al
though there are suggestions that more
gold may also go to Europe. Foreign
exchange here was firm at still higher
level. with demand sterling quoted around
4S665. The persistent European liquida'
tion OF our securities and the tendencies
toward import expansion IN our Foreign
trade are propitious for gold shipments.
The domestic money market was not quota
bly, changed, but there is q growing feel
ing In banking circles that commercial
paper rates must 10 higher.
Mexican matters did not figure much In
Wall Street discussion. The political fac
tor In values illustrated by the Congress
sional programme was almost equally
neglected. although comment was heard
In this respect that the Administration
anti holding company bill illustrated. like
the trades commission bill, very pro-
nounced modification Of the original pros
pectus of business legislation. Weekly
reviews Of tho iron and steel trade were
confirmatory Of all the accounts OF the
last few days representing new business
as very slack with prices weakening. The
statement OF the country's domestic ex-
ports for February showed shipments Of
S77,s37,00O. or about $25o.000 more than
in the corresponding month last year. but
the maintenance OF the aggregate OF VAL
ues was owing wholly to gain of more
than $4,000, 900 In the cotton movement.