The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-10
FINANCIAL NEWS
And COMMENT
lIeavincss Still shown in
StOcks-SOInc Leading
Issues Weak.
CONTRACTION IN TRADING
Large Copper Exports Reported
France Takes ~. OOO.-
600 More Gold.

Without nnr Increase OF general sell
ing pressure and in fact on u contracted
total OF transactions the stock market
yesterday continued the reactionary
movement which started last week. The
list seemed 10 sag rather than to respond
to any effort to dcprcss prices. although.
conspicuous weakness IN numerous Girec-
tons imposed Il strain on all quoted val
ucs. AS there were no Indications of
speculative operations against the mar
ket support did not seem to he called for.
but there were some signs that help was
rendered here and there TO enable iifiu-
entail tissues TO hold their level
United states Steel and Union Pacific
offered resistance 10 dropping tendencies
elsewhere and some aggressive strength
wns displayed IN special quarters and by
Amalganuted Copper The copper pro-
ducers' report. showing n decrease of A.
10000 pounds in stocks of the metal
during January. afforded some basis for
constructive endeavors ia the copper
shares. although Il large amount OF sccp-
ticisr was exhibited toward the return
on account OF its remarkable exhibition
OF an export demand. Export deliveries.
placed at about 100000 pounds. were
the second largest outward movement re-
ported for any month since the nssocla-
ton began to publish statistics, and tho
'IlIl'll Nit NiNtly fSpltS-tu lIlstt
such shipments must represent chief!
speculative purchases.
Canadian Pacific responded by dis
play Of frinness to the declaration Of the
customary dividend of -, per cent, OF
which =. of / per cent. is derived from
land sales. The strong features of the
market wero not rs striking ps the fea-
lures Of weakness. Lehigh Valley and
Baltimore and Ohio We're important rail
road issues which declined more or less
in sympathy with New York Central.
which fell TO new low price without
any novel explanation therefor. An all
around break in the International Mer-
camille Marine shares and iis per cent.
bonds followed the announcement of the
British court decision against the COM
pany in the Titanic case. Missouri Pa
Ciiic reelected the further collapse OF the
Rock Island securities. hich has become u
good deal Of an irrltant in the stock mar
l<et situation. No information was obtain
able during the session to show along
what lines reorganization OF Rock Island
affairs was likely TO proceed. The mar
ket closed heavy with very little rally
from low prices. Bonds continued to show
less activity than ten days or so ago and
some OF the strength was off prices.
The foreign markets were characterized
by firm undertone. but abroad. as here.
the forward and upward movement OF
Nliu'S mas Ialt'u. iilHoNku I'a'llpUdTN
tendencies have been less evident than
in Wall Street. Both the stock mar
kets and the money markets abroad seem
to feel the effect of the rush OF new
security promotions Mt high rates OF yield.
and the unmists,kable persistence OF pc
culiar strain at Paris qualities the for
eign expression Of too confident view
about the future.
Another engagement OF $4,000. 900 gold
for export TO France was announced
here, making sl0.Ooo.OO0 In all so far this
year. and il is noted that although the
exchanges abroad would favor the with
drawal OF gold from London 10y Paris the
metal is taken in this market with
exchange lowering around the point OF
gold shipments to the United states De
mand sterling fcll Yesterday below $3.50
10 the low Of the year and hardened
only tri1e toward the close. The
report OF the Comptroller OF the Cur
rency, summarizing national bank condi-
tons as OF January II, throws some
light Oh the gold movement, however, Cash
holdings Of S9S2 ZOO. 600 constitute a rec
ord for the national bank system and
represent an increase OF more than S92,-
900, 000 over tho holdings OF october Il
last. \ redundant currency IL pre-
sumably combining with the diminished
requirements OF depressed domestic trade
and a growing import movement IN our
effect OF the new Federal reserve act, to
enable Europe to recruit the reserve hold
inEs OF its banking systems.
Last Saturdays developments in Wash
inrton. including especially the Sena-
torial direction OF a reopeninr Of inquiry
into New Haven affairs. were factors in
the Wall Street day. little hopeful
curiosity was displayed toward the United
States Steel Corporations tonnage state
ment to-day. but this was Offset some
what by the considerations which the
fresh Governmental inquiry into the cor
poration inspired. and by reports that
February business In steel lines had been
falling off again.