The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-13
FINANCIAL NEWS
And COMMENT
Stocks Firm Without Change in
the Volume Of
Business.
MORE GOLD GOES OUT
Weeks Total Raised to Almost
s2o,oo3ooo-paris
Position.

Before tha opening OF the stock mar
kct yesterday Wall street was confronted
with "a rather positive statement from
Washington that tho Eastern rate case
decision would not be rendered this week.
This seemed to relieve tho professional
trading community from a little restraint
aad advantage was taken Of tho oppor-
tunity TO circulate somewhat more cheer
ful runors respecting tho probable nature
Of the rate case ruling than those which
the financial district had been hearing
IL there was anything else to account
for the disposition toward strength with
out much Increase III activity which tho
share list displayed II was not apparent
IN the daye news. the bulk of which was
not OF "A kind calculated to promote frm-
ness in quoted values. Such features MS
these in the dealings in stocks were
provided by the strength of Southern Pa
clhc and Central Leather but transactions
appeared to be OH the whole devoid OF
significance. The afternoon market was
dull and the close was steady.
In the forenoon there was some foreign
buying OF stocks here. but 1t Is doubtful
II this indicated European inclinations.
The rise IN foreign exchange has worked
to the advantage OF the Wall Street stock
market In tending to discourage European
operated to make London the seat Of sales
and Wall Street the seat OF purchases.
The foreign markets were all more or
less depressed ON various accounts, in
Guiding the renewed ruinblings OF dis
turbancc In the area Of the late Balkan
conflict, the prospective pressure OF new
financing embracing the difficult f,otation
OF large Brazilian loan, but more than
anything else by doubts about develop
ments at Paris.
The markets had closed before the defeat
Of the new French Cabinet on the decla-
ration OF Ministerial policy was reported.
but judging from the tone of dispatches
In the last few days this may have I'M
toward consequences. The forttude OF
French finance has been sorely tried by
the vast unsettlement OF French politics
In the last year, and the postponement of
hope for u return to more orderly cond-
tons Is not conducive 10 the restoration
OF Investment activities and the re-
Covery Of investment confidence at a
point where. perhaps more than anywhere
else In the world. II Is needed to-day.
The further expansion OF gold exports
dld not seem TO be getting Oh the nerves
of the local financial community. but the
peculiarly stubborn strength Of foreign
exchange al an extraordinarily high level
Is not an argument that makes for OPP
tmisn. Demand sterling crossed 4.s9.
NIinOugn S-,uUO.UVU COLO was auued 10
the shipments of the week previously an
nourced. bringing the weeks total to
the unprecedented aggregate OF almost
S20,0oO.oO0. Naturally enough pre-
liminary estimates of cash changes
pointed to a loss by the banks ON the
weeks operations. although the shrinkage
OF about $S,0O0.000 indicated was less
than might have been expected.
only languid Interest was displayed In
tha fresh pf fhe nrpba bla faiI-
ure Of the Mexican mediatory proceed
.ngs. The Administrations triumph In
the matter of the Panama Canal tolls did
not lend itself to marketwise transla-
ton. The failure OF several small State
banking institutions In Chicago quickly
disclosed itself To be an Inevitable and
very desirable elimination Of some weak
spots in the Western financial structure
The Rock Island and ST. Louis and San
Francisco reorganization problems en-
gagged "A good deal OF attention. but no:h-
Ing transpired OF present stock marke:
consequence. The agricultural markets
were easy.
Announcement was made that a por-
ton Of the new 100000 issue Of equip
ment trust notes for the New York Cen
trail Lines had been sold abrosd and tina.
So 900 900 of one year Bethlehem Steel
notes had been placed with investors on
81, per cent. basis. There Is still a
wide disparity between the rates for
credit In the money market and the
price OF capital TO corporate borrowers.