The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-11
FINANCIAL NEWS
AND COMMENT
Stocks Dull, With a Little
Heaviness in the
Afternoon.
WAITING ON RATE CASE
Talk of Turn for Better in Steel
Trade-MOre Gold
Exports.

Kate case rumOrS continued 10 pervaue
Wall Street yesterday, but the stock mar
ket community derived no fresh insplra-
ttion from them, probably because they
lacked novelty as well as any guarantee
of authenticity. Had the share list Itself
given any indications that trustworthy
information in this matter was being acted
upon II is likely that the professional deal
ers would have followed the lead given.
for 1t is commonly supposed that the infu-
ence which stocks are awaiting will BE-
communicated by the Interstate Commerce
Commissions decision on the application
of the Eastern railroads.
Meanwhile II may be pointed out that in
some quarters It Is doubted II the deci-
sion will be so favorable as TO promote
sustained strength In quoted values. There
is also an inclination to believe that Wall
Street has been indulging exaggerated
anticlpations OF the immediate market
wise consequence OF the commissions con-
clusion unless the judgment rendered
should be much more sweeping conces-
sion to the railroads than there IL any
reason to look for. 1t would not in fact be
surprising If. with the decision out OF tho
way. Wall Street should still wait on the
development OF more general factors.
such as the progress of the crops, the
signs OF political sentiment toward the
Congre sslonal elections and the course Of
events abroad after the midyear.
Yesterdays stock market session was
n dull AFFAIR. with prices tending to drift
downward in the afternoon. apparently
as though the floating short interest at
least had been practically eNtinguished,
and buying from other sources was lack
ing. There were some signs OF little
pressure in various directions. notably in
\ IL. v.H al ILL.,
souri, Pacific and Amalgamated Copper.
Advices from the copper metal market
were that sales had been negotiated as
low as II cents and that demand was
apathetic.
Regular dividends were declared on the
New York Central and Lake Shore shares
and on other stocks in the New York Cen
trail system. The declaration of an extra
dividend OF s per cent by the 1nterborough
Rapid Transit Company encouraged the
calculators of a disbursement on Inter
borough Metropolitan preferred. but there
is no discoverable likelihood that dstri-
button will he made on this stock for many
months to come. Active strength in Dis
tillers Securities and in the company's 8
per cent. bonds was one of the special fea-
lures OF the trading but probably had no
more than fleeing Significance. Ephem-
eral phenomena of the sort are familiar
in stagnant times IKE these.
The financial district was not Indifferent
to the shifting phases of political endeavor
at Washington and duly noted the report
that the Administration favored proposals
to make the projected trade commission a
body fully as powerful as the Interstate
Commerce Commission. All the factors of
politics, however, are summed up for the
! time being In the Eastern rate case.
| The United States Steel Corporation
published its statement for May. showing
shrinkage of 27S,90s tons in unified
business. which was perhaps a trife lower
than the average minimum Of preliminary
estimates. The corporations forward or
ders were reduced by this curtailment to
| the lowest month end total since October.
/ 1911, and both production and new busi-
ness on falling scale have been accom-
panied by a price level fully as low as
that established in the depression OF three
years ago.
on the other hand there has been some
more active forward business this month
| and the Iron Age was able to suggest that
perhaps another turn for the better in the
steel trade had begun. At all events en-
| couragement was found In the Increase OF
railroad equipment orders. In more pipe
line buying than in months and IN various
manifestations OF more Interested inquiry
The agricultural commodity markets were
generally steady to firm. with a noticeable
display OF strength In the new corr
months. There was otherwise no indica
ton that the extreme hot weather in tn,
Interior was provoking any agriculture
concern.
Foreign advices were more encouraging
and some strength was shown In thu
London and Paris stock markets. Mean
while the outflow OF gold from this countr!
was continued by the engagement o
$4,250,000 moro for shipment. making
total OF s15,75o,o 900 for the week. Foreigr
exchange was only perceptibly depressed
and demand sterling closed q very !;ttl'
below 4.SsK.