The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-16
FINANCIAL NEWS
AND COMMENT
Some Heaviness In Stocks i'm
Another Day Of Dull
Dealings.
THE GOULD GROUP WEAK
Adverse Political Factor En-
phasized by Developments
at Washington.
THE GOULD GROUP WEAK

There is so little disposition to antici-
pate events. nowadays in the financial
markets. both at home and abroad that
there was nothing astonishing In the ex-
tremo dulness OF dealings In securities
yesterday not only In Wall Street but In
Europe. 1t was perhaps little more in
teresting and significant that both at Lon
don and here quoted values were rather
heavy. Hopeful expectations OF better
conditions later on, warranted by present
crop Indications and some fairly definite
possibilities. provide supporting Influences
for security prices, but lack of business is
adverse to an unlmpaired maintenance
OF price levels. especially when some un-
favorable factors of particular and gem
eral consequence are at work In the field
Of values.
As much OF a feature as there was OF
yesterdays local dealings was supplied
by the weakness that ran through the SO
called Gould group of railroad securities.
The ST. Louis Southwestern issues fell on
the suspension OF the preferred dividend,
bu; the various Gould properties were ali
moro or less commonly affected by ia
miliar causes. especially those in the Mis-
souri, Pacific relationship. Prospective re-
organization accounts for downward tend
encies whenever they are disclosed in the
securities of the Missouri Pacific system
The Denver and Rio Grande stocks sold
at new low prices and Western Pacific 6
per cent. bonds were conspcuously weak
in bond market that contained a good
deal OF scattered weakness, notably In
the Rock Island collateral trust Is, which
II is coming to be Inferred will have to
make larger sacrifice OF position in the
interests OF reorganization than was at
first supposed. The ST. Louis and San
Francisco refunding Is continued also to
decline. There was a little hardening In
the late trading. but the share list looked
generally heavy at the close. although
the fluctuations In the customary stand
ard leaders were very narrow throughout
the day.
There was nothing In the news over the
week end TO promote stock market activity,
and no doubt the delay OF the decision
In the Eastern rate case operated to re-
strict Stock Exchange transactions. The
uncertainties involved in this decision
were almost enough In themselves to
explain the markets unwillingness to
move .out of its rut, but meanwhile no
incentive to effort was derived from con-
| sidering the status of European affairs
or the meaning OF the voluminous gold
export movement or political attitudes at
Washington. During the session no de-
cision was handed down by the Federal
Supreme Court to which Wall Street
paid attention. The submission OF the
/ Presidents nominations to the Federal Re-
serve Board elected a qualified approval
In banking circles. but the workings OF the
new banking system have not yet en-
tered directly into marketwise consider
alton.
Much more attraction for financial
minds was contained In the Wilson Ad-
ministration's advertisement OF Its deter
m.nation to force through its programme
| of business legislation at the present ses-
sion OF Congress despite the atmosphere
unfavorable for business effort which
this stubborn purpose has created. Nor
4 could IL be said that any contribution TO
the removal of psychological causes for
business depression was made by Pres
ident Wilson's manifestation in respect
/ TO business protests directed not so much
against new legislation in the business
| field as against such legislation at this
/ time.
The revelation OF Administration con-
ceptions OF business needs only empha-
sized the very matters OF which business
| complains Furthermore, II II Is to be
inferred from President Wilson's position
that business has no right to conduct a
propaganda against legislative action
which II regards as hurtful we have fallen
on very evil political days indeed. Things
have come to sorry pass In the United
States II In the year 1914 none bu,
political voices are TO be heard or toll
\ Grated in the discussion OF governmental
relations to economic endeavor.
There was no novelty in the reasons
advanced abroad for tho sluggish heaH
ness of the security markets. French
AFFAIRS political and financial. and the
unrest I'm the Balkans were duly NOTED
In the explanations given. Europe con
tinued to take our gold. the shipments fol
the new week being raised to S5.260.00o. o
which s750,00O goes to London. ForeigI
exchange held firmly around the higl
levels which II has attained. and the gol'
outgo Is certainly adding nothing to tn
Immediate argument for the constructive
side Of values. however It may appea
later on. There was rather sharp breal
in cotton and tho grain markets wer
heavy.