The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-17
FINANCIAL NEWS
AND COMMENT
Stocks Show Some Heaviness-
Market a Little Less
Inactive.
GOLD EXPORT GOES on
Wall street Finds Excuse for
Depression in Phases Of
Politics.
GOLD EXPORT GOES on

Some Increase OF trading accompanied
a little more pronounced hetviness In the
stock market yesterday. Activity was REL
atively greater In the forenoon, when
there seemed to he moderate amount
Of liquidation. Professional operations
were probably to account for the bulk Of
transactions. but rallying tendencies were
not sufficiently marked In the afternoon
to suggest that the traders we're alto
gether responsible for the days price
movement. Business was affected toward
the close by distraction OF attention
toward the polo match, but the close was
steady. although final figures showed gen.
eral net declines.
The leading issues softened somewhat
under moderate pressure, but the most
substantial redotlon occurred In special
descriptions. Lehish Valley displayed an
early disposition to recover ON eXpecta-
lions that the regular dividend would be
declared this week on the theory that be-
forc the next period the trade and in
dustrial situation might develop a turn
for the better. Atch!son exhibited par
ticular iirmncss.
Much dulness was reported abroad. with
some irregular heaviness, although for
eign financial advices contained some en-
couraging items Tho fact that a new
French Cabinet had been able to establish
itself for at least beginning was one
or these. even IL the extreme radicalism
of it's supporters does not commend II to
French financial regard. Another was the
fact that the Bank of England was again
able to obtain tho bulk Of the weekly
supply OF South African gold. Otherwise
matters OF international interest were not
remarkably helpful because OF the per
sistent drain OF gold from these shores.
Foreign exchange touched the previous
high level for demand sterling. closing
around 4.S9 despite engagements OF
$o.5OO.OO0 more gold for export. making
the total for the week sl1,25O.0OO, or
more than half the aggregate OF last
weeks shipments. The further engage
ments increased the total outgo for the
year to S65,500.000, which is within
si,0O0.00o OF the total gold exports of
1918.
Although money market consequences
or the outflow of gold are not at all visible
and although a large number OF very
satisfying reasons are given for the loss
OF the metal Wall Street IL not looking
ON the outward movement with so much
equaoimity as II did q week ago and the
swelling gold exports had TO be reckoned
among the depressing Influences which
affected quoted values.
For the rest the aspects OF the share
list were apparently attributable primarily
TO the prolonged delay In deciding the
Eastern rate case, together with the i'm
preston made by the Wilson Admins
tration's attitude toward the sentiment of
the business community. Various rumors
about a postponement OF the rate case
decision to next month and the trend OF
tho Interstate Commerce Commissions
conclusions filled the financial district, but
nothing seemed to be considered save the
strain OF waiting for tho commissions
findings.
As for the programme Of business legls-
lation ut Washington there was no ques-
ton but that Wall Street believed that
while the Administration had made a
tactical blunder in intimating suspicious
OF business conspiracy" against further
Congressional action, the position taken
by the President was not encouraging To
~ trade and Industrial revival at this
time. The very circumstance that bust
ness has protested against additional
statutory disturbance of conditions now
and that business men view politics as
inimcal TO a recovery OF volumes and
values implies that business endeavor will
be limited while politics Is active. no mat
ter how different the Administration
thinks the situation should be.
There was heaviness in the grain mar
kets and the best information OF the dav
was furnished on crop account The
weekly weather report was on the whole
| favorable and the qualifications OF pro-
| pitious conditions here and there did not
amount to enough to offset the pre-
ponderancs of evidence that the farmers
are doing pretty we'll