The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-10
FINANCIAL NEWS
AND COMMENT
Lower. Prices Made in Stocks
on an Increase Of
Trading.
L. s. STEEL LEADS DECLINE
Wall Street Influenced by Re.
ports Of Trade De-
preston.


tiv.ty was effected yesterday at the ex.
pense OF the price level While prices were
not carried out OF the area in which they
have nuctuated for about two months. the
market seemed TO give indication of more
underlying weakness than II had exhibited
in that period.
The general disposition was TO ascribe
the continuation of the downward move
ment to bearish pressure. but the reaction
had some symptoms OF being a response to
actual though quiet and moderate liquida-
ton. Selling Of that sort could be at
tributed to the strain OF prolonged inac.
ton on the fortitude and patience of inter.
ests and individuals committed to a con-
structive view OF the outlook for quoted
values The week has not been lacking
in news which might help to support con-
structive engagements and II is perhaps
significant that In such a week the news
which the market has chosen to reflect has
been Of an uniavorable nature.
There were no developments overnight,
obviously calculated to promote a SELL
ing movement. but pressure appeared from
the opening OF the market Ordinarily
the intervention of n holiday would be
sufficient to check trading In a marke,
that has not had a pronounced trend but
II was not apparent that to-day's recess
had any influence Of the kind. Practically
ali Of the declines of the session were &C.
complished In the FIRST three hours, but
thereafter. although dealings diminished
and quotec values were rather steady,
there was no tendency to rally.
There was a considerable number OF
weak issues. although few OF these had
shown anything but weakness lately
Union Pacific and Reading were relatively
firn but Amalgamated Copper displayed
more response to the conspicuous heavi-
ness OF United States Steel. which was
the prevailing factor in the trading. The
Stee. sharee sold at the lowest figure In
months, although their surrender to pres
sure was stubborn and SOW.
Their course seemed to reflect the
chief consideration which has entered
into Wall Street reckoning In the last
few days, the probable consequence OF
the protracted depression of general
business, which Is telling most distinctly
against basic industry. The statements
which steel trade authorities are making
about conditions, and especially their In
timations of an early likelihood of wage
reductions have counted more against
the maintenance OF optimistic sentiment
than all the varieties Of day to day hap
penlugs constituting the DuuSet VI Dd'l
news to which the share list has 30 long
offered encouraging resistance.
1t had been expected that the United
States Steel Corporations tonnage STATE
ment for March would be made public
Yesterday. but there seemed to be nc
'eason for anticipating the customary
date. According to current conjecture
the report to-day should show do
crease In forward orders somewhere be-
tween 100000 and 100000 tons How
ever forecasts Of the Steel tonnage fig.
ures have been rather unreliable In the
last three months.
There was little doing In the London
stock market on account OF the impend-
ing recess, but with the exception OF
Canadian securities prices at London
and on the Continent We're rather steady
4 hopeful feeling Is said to prevail
abroad. although 1t has received little
assistance from events. The most strik-
ing matter In the foreign financial in
formation was the Bank Of England's
weekly statement.
While the central banks on the Ell.
ropean continent have greatly strength
ened themselves since the beginning OF
the year the Bank OF England has lost
ground. Its reserve ratio in now 8
points below the average for this season
in recent years. and its gold holdings ar,
about S5,O0O.o00 less than they were q
year ago. The continental demand for
gold has worked to the disadvantage oil
the Bank OF England's position. and II
Is hardly likely that the present situa'
ton In London can have any other out
rome than to force gold exports from
this country before long.
The money market here and tbs
foreign exchange market are acting In
way which corroborates this 'ndlca'
ton. Demand sterling held firmly
around 4.S6% yAterday. hut interest
rates were quotably lower for all ma
TURTLES up to four months