The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-09
FINANCIAL NEWS
AND COMMENT
Irregular stock Market, With a
Preponderance Of Net
Declines.
POOR REPORT ON COPPER
Domestic Supplies Increase 49,.
500. 900 Pounds-Other Signs
Of Depressed Trade.
POOR REPORT ON COPPER

in money market conditions tends to
support security prices the unsteadiness
of the share list this week was converted
into rather more pronounced hcaviness
yesterday. The appearance OF the mar
ket continued to suggest that liberal
profit taking had been conducted during
the last two weeks of relatively sustained
advance but II seemed more clearly to
reflect the drag which general business
conditions are imposing on the share
list as II whole. Such "a reflection was
implied by some of the days news of
trade and industry pointing TO about the
most marked contraction since the post
panic period six years ago. At the same
time the markctwisc Information OF the
day was also freightcd with interesting
features denoting the increasingly easy
circumstances Of money all over the
world.
OF course the real position Of the money
market cannot be adequately gagged
while IL owes 81 much to an abnormal
shrinkage in trade. both domestic and
foreign, and while the test of capital
supplies available for fixed investment
has yet to be made in the campaigns
of new financing that are In prospect
Nevertheless there Is much relief from
strain in the relaxation Of credit that Is
under way everywhere. This relaxation
received It's expected advertisement yes
terday in the reduction of the Bank OF
England's discount rate from per cent
to A.. per cent. the minimum level last
year. a reduction which will presumably
be followed on the Continent and may he
carried further in the near future. AS
private discount rates are stll 50 far
below the public rates as To show that
official figures are rather ineffective.
The Bank of Engand's weekly return
evinced the rapid recovery OF strength
which is familiar mt this time In January,
n nd Iva, fbe Wall street fpurLp a. there
was II multiplication of signs pointing
to ease. Banks were heavy buyers of
short term notes as time funds on col
lateral security went lower than on
Wednesday. when they were offered at
A., per cent. for the year and CONNER
cial paper was quoted at per cent, the
lowest price in months. Call loans re-
ncwed at gig per cent. Meanwhile there
were other indications OF sort surpris-
ing to persons who had INDUCED pre-
maturely in calculations that our position
in the international money market was
such as to make 1t easy for US to draw
gold from Europe.
Another driblet of gold came In from
| Canada. to be sure. but foreign exchange,
despite the official fall in discounts
| abroad, persisted in the rise, which has
advanced demand sterling almost =.
cents In the past fortnight and has begun
| To lead to talk OF early and heavy gold
| exports. II these take place 1t Is not
difficult to understand why they should
occur. The country has a redundant cur
| rency. The revised tariff favors com
modify Imports Europe has been Il con-
| sistent seller Of our securities. our for
| eign markets have lost some buying
power The new banking and currency
| act is designed To make credit as well
| as currency plentiful and cheap and lis
] operations might have an anticipatory eff
hns,
| cessive deposits in the banks. with
| drawal OF public funds at this time Nigh,
have the effect OF checking or preventing
| "A gold export movement II such move
ment should seem undesirable.
There was good deal Of irregularity
| IN the stock market. Reading. Southern
Pacific. Canadian Pacific, Baltimore ant
| Ohio and an few other inf'u'ntia issue:
| displayed a degree OF firmness. but tho
list as whole WAS under pressure anc
there was material weakness in many
quarters New Haven was affected botl
| by the unfavorabie character of currcn
| earnings and by the slow progress made
| in settling its affairs with the Govern
| ment Norfolk and Western Remained
| under liquidation. which has been stimu
lated by the notion that the Pennsyl
Sania may want to dispose OF It's hold
inus Union Pacific was distinctly heav,
after the fun board of directors con
firmed the plan to distribute the com
pany's Baltimore and ohio shares
American Sugar Refining decline
sharply on reports that the corporation
was having unexpected difficulty Il
reaching an agreement with the Fedora
Department of Justice. Amalgamate'
Copper was probably the leader of tn
days declining tendency. Trading wa
on fairly active scale throughout tn
session. with closing quotations showin
irregular changes. mostly lower.
According to foreign advices the relaxa
ton in the money market failed to stimu
late strength in securities which are NOR
or less dominated by the coming com
petition which will be offered by new Sc
curity promotions. Domestic factors In
| Guided a certain amount OF uneasiness. re
sulting from the dubious impressio
created in local financial circles by II
attitude of the reserve bank organizatio
| committee which Is operating under IL
new currency law. In the r,a!;I, thoug
the principal news OF the day of marke
wise effect consisted of developments RI
latng to corporate affairs and gener
: business conditions, The copper producer
statement showed during Decembs
an increase OF more than 43, 500. 900 poun'
domestic supplies Of the metal. about Il
same gain as was made in January, 1871
This increase was owing chiefly to
z record slump in deliveries for domest
consumption and was corroborative
|, other indications that the decrease
business activity was widespread al
severe.
Such an indication was afforded by Il
statement of idle freight equipment on Il
railroads. Sidetracked cars Increased
S7,3O5 in the last half OF December to
total of about $4,000. 1t seemed also
lL9S iSkcated That IlSDuapIarent turn.
the sN.tl trade was very iHdch the -
of price cutting efforts to get bushes
The regular dividends were declared
Baltimore and Ohio shares. and one of Il
facts of the day deserving of special mott
was the vote of the Chamber OF CONNER
in favor of the freight rate advances 4
which the Eastern railroads have asked