The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-10
FINANCIAL NEWS
AND COMMENT
Steady stock Market. With q
Small Average of Gain
in Prices.
GOLD EXPORTS SWOLLEN
Wall Street Attention Engaged
With Eastern Rate Case
Possibilities.
GOLD EXPORTS SWOLLEN

without any impairment OF the Arm
position which stocks have displayed
lately yesterdays market was character
iGed by n lack OF any indications OF
definite tendency In advance OF the Inter-
state Commerce Commissions decision
In the Eastern rate case Prevailing
opinion IL that quoted values are not likely
20 have much movement one way or the
other until this decision IL rendered
unless there is some premature disclosure
pf It's nature.
Wall street In the last few days has
been filling up with rumors about the
COMMISSIONS conclusions but nothing has
come along In the way of Information
which has chilled hopes for n judgment In
the main favorable to railroad conten-
tons. There Is nowadays not only in
Wall Street but everywhere q Crcdulous
subscription to aOsurditics ana perhaps
Tor this very reason the financial COM
munity Is not disposed to anticipate by
pronounced action any very important
developments The Supreme Courts de-
termination of the Shreveport rate case
has demonstrated the momentous signih-
cance of the verdict to be passed on the
application of the Eastern carriers.
although II might be said Of this that the
stock market community may be little
too inclined to indulge optimistic views.
There Is nothing in the record OF the
Interstate Commerce Commission to show
that Il will do any more for the railroads
than II can help. While II would seem
from the evidence submitted that the
commission must concede n measure OF
rate Increases. the history of the Federal
regulation OF the railroads Is some war
rant for the notion that the commissions
/ gpnglncO hp rpnnrlpN dis
appointing reward for all the effort OF
the railroads to obtain a declaration OF
constructive policy from the regulators
Specialtes figured prominently in such
strength as the share list displayed
There was further aggressive rise In the
marlborough issues promoted 10y the be-
lief that the marlborough Metropolitan
preferred shares are In sight OF n divi-
dend In the main standard stocks were
steady and the markets close was gem
orally steady at a small average of net
gain for the day on total dealings In tn,
ncighborhood OF recent volumes. There
were some Interesting movements In the
bond department including n violent
break in the Virginia debt certificates and
further weakness in the st. Louis and
San Francisco refunding a..
Missouri Pacific matters have dropped
out OF sight for the time being. but Rock
island affairs are receiving n larger
snare OF attention.. It
per cent. bonds again exhibited
strength. although IL Is doubtful II the
reorganization negotiations between the
protective committees have reached q
stage OF justifying renewed hardness In
Rock Island securities. There is n feel
ing that under the conditions which now
obtain the most satisfactory OUTLOOK fol-
! the Rock Island properties can only be
secured through n thoroughgong read.
justment which may be considered an
| excellent augury for the future because
! IL IL drastic.
OF course the excellent crop report was
supporting influence in stocks and the
| phasized by the weakness OF wheat, which
fell a cent "A bushel Moreover. the
/ weekly weather review covering the
period since the crop figures were made
up was one OF the best which has been
! published this season. All the various
subjects In the category OF political fac
| tors were subordinated to the considera-
lions connected with the Eastern rate
| case. The steady slackening of trade be
! tokened by the accumulations Of funds In
the banks. was further illustrated by the
| idle freight car report, showing an add
ton OF 3,l60 cars to the net surplus Of
sdetracked equipment in the last half OF
| May
The swelling out of the gold export
movement was the feature of the day lr
money The weeks shipments of The
metal were increased to sl1 500. 900. max
! ing a total of 100000 900 for the present
outgo and an aggregate Of si6,o00.00t
for the year Every dollar of this golc
has gone to the European Continent
practically all to Paris. The way II
which gold IL now being exported sug
gests very unfavorable foreign trad
statement for May, and even with suci
IL rapid expansion Cf shipments foreign
exchange displayed rising strength. De
mand sterling closed last night at new
high level, above 4,sS7s.
Presumably because we are now salts
flying continental requirements the Banl
OF England was apparently able to TAX
the bulk OF the weeks supply OF new
South African gold Foreign stock mar
kets were generally firm. deriving som
especial encoura cement from the forma
ton OF now French Cabinet, Europea,
dealings IN stocks here were, however
on the selling Side.