The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-19
FINANCIAL NEWS
And COMMENT
Firmness in Stocks. With Trad
ing Again at a
Low Ebb.
FOREIGN EXCHANGE OFF
Further Gold Exports An
nOunced. but Movement
May BE Ending.
FOREIGN EXCHANGE OFF

Various circumstantial reports respect
ing the nature OF the Interstate Commerce
Commissions findings in the Eastern rate
case were circulated In wall Street yes
terday before the opening OF the stock
market. Like their predecessors. these
tales were interesting and did not lack
a semblance of partial probability. but
while they were favorable IN the main the
stock market refused to respond to them.
Prices indeed were firmcr than they had
been in the first half OF the week. but
trading fell away miserably almost to the
lowest volume recently recorded.
II does not follow, OF course. that quoted
values reflected an estimate of the per-
centage OF truth which might be contained
In the rate case rumors,. although II was
nfcrentlal that there was nowhere out
side the Interstate Commerce Commission
itself any definite and trustworthy knowl-
edge as to the character Of the decision
which IL has to render: certainly not
enough Information on which to base n
n.lrketwise construction OF the effect OF
the decision. Perhaps the action of stocks
signifled nothing more. however. than
that these are times In which the DISPOSE
ton to take chances with any probability
has been reduced to n minimum. III there
In anything pending TO which 1t might be
supposed the share list would give antici-
patory reaction II is represented by the
considerations connected with the Eastern
rate case.
The professionalism OF the dealings in
stocks was altogether obvious. Prices dis
played early firmness and remained rather
firm throughout the day. although gains,
except in special directions. were narrowly
limited and there was some moderate
heaviness About rs striking n feature
] 81, rta la. ha pnnlr q la nd
debenture js and refunding per cent.
bonds. The collateral trust IS were heavy
and the Rock Island Company stocks sold
at concessions. Here were indications
that the negotiations for a financial read
justment of the Rock Island property
we're approaching the stage of agreement.
Apparently authentic report has had II
that some 100000 Is to he raised by
the sale OF a new class OF preferred stock
to the collateral trust bondholders and
to the third company share holders, the
supposition being that the reimbursement
will be thorough enough to simplify ma
terially the Rock Island organization by
wiplng out the holding companies.
Rate case contingencies still overshad-
| oS;ed nil other Washington influences.
There was an unchanged aspect OF finan-
| cial Indifference to the recurrence oil
| crisis In the Mexican situation and TO the
| Administrators exhibition OF its mis-
conception OF business conditions ana
business attitudes toward politics. Wall
Street hopes and believes that forces are
preparing which will effect some financial
and business Improvement before long
but It IL not expecting any contribution
TO that desirable contamination from the
Administrators legislative programme.
Foreign advices again supplied the most
| encouraging marketwise news OF the day
and the ! .ost satisfactory development
occurred in the field Of international
finance. The London stock market was
quite strong on the better view OF the
/ situation at Paris and on the steadily in
creasing strength OF the European bank
| ing position. The Bank of Englands
weekly return was the best In months
! and the Bank OF France disclosed another
| large gold gain. thanks to American ex-
/ ports of the metal
Presumably It was the incipient I'M
| movement abroad which was responsible
| for the further fall of foreign exchange
here. demand sterling closing nj about
4.sS%. or almost AZ OF n cent down from
the maximum level OF few days ago
Total engagements of s2.550,000 gold fol
expor+ were announced. s350.00o OF which
goes to London. but It was suspected tina
the new outward movement of the meta
might he regarded rs practically com
| pleted.