The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-01
FINANCIAL NEWS
AND COMMENT
Fairly Active Trading in Stocks,
With Some Show Of
Strength.
o. S. STEEL LEADS THE LIST
Substantial Cut in Surplus Re-
serve Of tho Banks
Features Of Week.
o. S. STEEL LEADS THE LIST


prevented February from making a very
convincing record OF reaction. although
rcactionary tendencies have been fairly
definite OF late. Dealings yesterday were
ON q moderately active scale and prices
displayed some aggressive frmness.
United States Steel was easily the leader
Of the list and was restored to about the
maximum level which II attained a few
weeks ago. Other steel stocks sympa-
thised with It's course In the main the
list ruled substantially below the levels
q recovery represented by United States
Steel. but Union Pacific supported the
Concentration OF strength made by the
leading industrial stock Vague rumors
about definite betterment OF the Mexican
situation were in circulation and may
have contributed to the action Of the
market, but the most obvious indications
were that the show OF renewed nrmness
reelected chiefly the retirement Of short
commitments by professional traders
averse to paying the dividends on United
states Steel and Union Pacific to-mor-
nv. Stocks seemed TO be In supply on
DE advance and the appearance of gen.
era market strength was greater than
that denoted by the actual changes In
prices ut the close. Indeed these changes
made Q rather irregular display. with
sssns suggestive features Of heaviness.
Tho action OF the market next week
should be more significant perhaps Of
the real position and tendency Of quoted
values. So far AS concerns the week
now ended II lacked conclusiveness. In
continuation OF sagging disposition
manifested most of the month the list
declined quite sharply IN the middle Of
Shs week, less on account of selling pres
sure than because OF a lack Of buyers.
When purchases appeared on the decline
prices rallied quite sharply. Encouraged
BY the cheapness of money. interests and
individuals committed to the constructive
side OF values have no inclination to sell
out their holdings Or contracts. and any
thing In the way OF speculation for the
decline except experimental trading IL
deferred by the absence Of liquidating
pressure. by the easy circumstances Of
tho money market and by traditional
spprehensions regarding the movement
Of values on the advent OF spring.
Overnight news was hardly Of q favor
nble sort, whether relating to particular
securities such as New York Central and
New Haven or involving general condi-
lions such as the demonstration Of .
large amount Of unemployed labor. Bank
clsarings decreased for the third week
In succession. thereby denotins the very
limited measure Of general business i'm.
provement 50 far. Mexican advices were
probably more disturbing than otherwise
The annual report Of the Pennsylvania
Railroad showed about 80 per cent
in the year previoua The weekly bank
statement continued the disclosure Of
progressive deterioration from the maxi
mum OF strength achieved around the
beginning Of the month. Loans Increased
about Sls.500.0oO and - deposits ex-
banded Sl6,00O.000 and cash decreased
about s5.5oc,o0O surplus reserves fell
sIs00,000. althovs-- they aro still At .
substantial figure.
Tho principal Wall Street events Of the
week have already been referred to In
discussion Of the stock market There was
10 particular change in money. although
some slight symptoms Of hardening were
reported. New financing took an unde-
sirable turn In the direction Of short term
note Issues, which included Southern Rail-
way and Erie offeringA with . Rock
Island Issue In prospect Rock Island AZ
fs4rs were taken in hand by banking COM
rnittees organized to protect the interests
Of the collateral trust bond holders and
the Rock Island Company shareholders
and II was believed that arrangements
would be made which would avert tho re-
csivership otherwise betokened by the out
look for default Of interest on the oollat.
sral trust bonds In May.
4 sudden outburst Of selling Of stocks
~ Europe In the early par OF tho week
helped to accelerate the sagging tendencies
Of the Wall Street market, but in the last
half Of the week these sales ceased. for
the time being. anyway. They were sx-
plainsd by European uneasiness over the
financial position at Paris, which has re-
manned = point Of strain ever since the
Ballran war. tension being aggravated by
che critical difficulties Of Brazil. Mexico
and other capital consuming countries
which are heavily indebted to France a.
well ~ to Great Britain. and by the domes-
tio deadlock caused by the Socialistio a.
ysct Of French national politics. The Eu-
ropean money market was. II anything
moro relaxed than II had been, although
Il 10 also the case that abroad. ss at home
capital 10 provided for long terms only ~
stifH rates which suggest both It's relative
soantiness and the comparative timidity OF
sts possessors. II 10 the attractive yield
which can be obtained on the new securt-
tiss offered In Europe that 10 responsible
also for . persistent trickle Of European
liquidation Of American bonds. The pro-
ceeds can be invested to better advantags
in securities with which Europe 10 NOR
familiar.
Mexican matters were It isase IN I'M.
$ant in tho financial week. They served
TO disturb Europe somewhat and un'
Aoubtsdly contributed TO the modification
Of domestic optimism. Wall Street 10 n
willing ~ the rest Of the country
to suspend Judgment on the Next.
can crisis. but the unfortunate imbroxlie
10 clearly adverse to expansive financial
operations a. long - It IL in . stats
OF uncertain outcomeA The prosecu.
tion of the Administration's programme
Of trust legislation has not been conducive
20 financial and business rood feeling. al.
ready chilled by the stubborn refusal Of
politics to concede the critical dan.
Rers Of railroad conditions under repres.
sive rate regulation. Trade ne-s rathel
permitted the inference that tho for,
ward impulses displayed . few weeks arc
were losing their influence A striking
foreign trade return was made for Jan.
uary, showing q contraction of $4,000, 0Os
in the total inward and outward move
mont.
1ur CHYCA0n NARYHT