The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-18
FINANCIAL NEWS
AND COMMENT
Heavincss Continues I'm the
Stock Market, Although
Trading Contracts.
DROP IN GREAT NORTHERN
List Makes an Adverse Response
to Preparations for New
Security Issues.
DROP IN GREAT NORTHERN

declining volume Of business. This sug-
gested that the continued rcactionary
movement, which had hardly become pro-
nounced enough In all the hcavlness Of
the past fortnight to deserve to be called
n reaction as yet. was owing less to SELL
ing pressure than to n lack of buyers.
There was selling of course. especially in
the afternoon. but the market was not
called upon to sustain the weight Of any
large amount of stock. There was no
appearance Of speculative effort to de-
press prices. although there was much
talk about bearish operations. London
sold n moderate amount. but the feature
Of foreign dealings here was the largo
renewal of liquidation in certain classes
OF bonds. notably in the Union Pacific
and Pennsylvania convertibles. The share
list did not lose much ground on the aver E
age, but some substantial recessions were
exhibited at the close. which was gener-
ally heavy at about the low prices Of the
day
Considerations connected with rev A.
nanclng seemed to exercise All Influence
adverse to quoted values. Possibly this
was because of the disappointments In
III the lIttTbtatc SOfuIlitTCo Soiu-
missions postponement Of decision In the
Eastern rate case. although attempts were
made to show that this postponement did
not signify either prolonged delay or an
unfavorable conclusion. The current re-
ports OF wrctched railroad earnings. COM
bined with the difficult positions OF sew
eral large and important systems, has
a tendency to depress Wall Street senti-
ment. as the political treatment Of cor
poratc enterprise Is not promising. n
material amount OF good news was vouch-
safed from money market sources both
at home and abroad. hut this In turn
seemed to be offset somewhat by the cost
OF capital demonstrated in the new IL
nancing undertaken In all markets. more
particular,y by the terms of new security
offerings here, and all the more because
much OF the financing in question Simply
provides for the long run interest charseI
TO be borne by corporations on capi'ai
already raised through short term note
issues expended.
1t was not until after midday. however.
that stocks showed fresh signs OF SOFTEN
ing Then they gave way under the ie;h-
crship of Great Northern. which de-
ciined abruptly on the announcement OF
an issue Of s19.000.000 of new stock Tor
subscription at par by the company
shareholders. 1t Ia not every rail-
road which can finance itself with stock,
but in the mood Of the moment wall
Street chose TO make an unsynpathetic
RESPONSE to this piece OF news feaolhs
and various industrial speciaiues dis-
played firmness and there were gratifying
movements in bonds and notes, missouri
Pacific notes rising sharply. ior example
but the chief influence over prices was
exerted by declines In important Issues
New Haven suffered further relapse as
q result OF the Boston ana Maine ntua
ton. and the aspects OF .he laN oa.
rate case. which also seemed 10 account
for the further deciihe II. ~
Another break IN inc Waoasn r
was taken to foreshhdow tne appIo"c',,ne
completion or the reorgan,ha,lon r .,'..,
Western Union SOLD OH on .ne "ems .',,,'
the subscription price ior t"s M -
Telephone noiuinss was u''" 81,
ket. There was moe ",u n.y., ., ' did M, he-
Rock Island securt'es, ou. ~ "iu a..
come KNOWN seneis -, intro
close that u reso'u''o'. no. a., In,.r
duceo Ih,o Noi'e' 80 t.',,,, :, r,are AN
STATE coih"e'.e ,, Is,a,a acatr,
iNestisa.lon ,,.,o , s,.,,a 81 a Arm nm
ch'eo S'a.us s,I 90 he .x
dertohe' "nieh e,,t,a 'a,,or,s I'm circuia-
p'alhea Wy .ns u. n,,',s,a ~ naw business
uo,' y, =. ,,.os ..,S that February orders
~ $50 40 a rata nonrox ina. ting
''u n,aoi,y although of cours,
.rh ~ ~, w now of ,ellir.. what part
III. 80, hu.,pes. renresents merely the
y. ..,S NJ consumer, in the possibility
~ r,.,ng nrices for material,
r.n ,;.,;nc,i ion. which the market made
,,.tns.n STOCKS were rather Interesting
Tsu yorL Central Offering resistance to
.,.a..,,rs a,,or 1, became known that ap-
',,,oa,Inr had heen made 10 the proper au-
.nn.,.;." ,"r nerm,ss,on TO sell $40. 900. 900
20 rar,,n6,ng and ,mproyement a. per
~. hnrd. a, ieast as high as s2is for
.sn ,,,r,nso NJ redeemIn9 an equal amount
y, no,. ,s.nss moturina this year. An
va,, IN tho d,v.s budget OF financial news
~. ~. sa,c NJ sIo 900. 600 more OF the
~, in,orhorougb : ner cent. bonds TO the
,n,,.a,. u.h,ch had already taken s3O.-