The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-12
FINANCIAL NEWS
AND COMMENT
Stocks Show q Downward
Drift on Contracted
Dealings.
AWAITING THE RATE CASE
Weekly Record for Gold Ex-
ports Establishcd-De-
pressed Day Abroad.

A tendency fairly discernible in the last
few days toward contraction in quoted
values az dealings contracted was lit
tie more pronounced yesterday. There
was some special show Of aggressive
strength, notably in Central Leather. bu,
the main drift of the share list was down.
ward A little increase OF selling pressure
was noted In the late dealings. but the
market closed steady enough at a small
average of fractional decline on a limited
volume of transactions Fairly satisfac-
tory reports continued to come from the
bond market, although the gratifying as
poets OF investment inquiry are qualified
by the large preference accorded to
municipal and other public obligations
Various influences combined to impart
a more perceptiblc appearance OF heavl-
ness to the stock market, among them
being the adverse nature OF foreign hnan-
cial advices. the extraordinary expansion
OF the gold export movement and certain
dubious contingencies of the difficulties
IN which several important corporations
arc involved, but more than anything
else the controlling factor continued TO
be the imminent decision in the Eastern
rate case. limitations respecting 1t took
chiefly the form OF predictions that judy
utllt Woull ne announced III lne course OF
the next few days, although there was a
persistent circulation of rumor regarding
the character of the decision.
OF this 1t may be said that there has
been no reason to suppose that the com
missions conclusions would be sweepingly
unfavorable and probably less that they
would be drastically unfavorabie. The
commissions record has been warrant
for the belief that at the best concessions
to the common carriers would be grudg-
ingly made. while the distressed circum-
stances Of the railroads and the convin-
cling evidence submitted by them have
rendered II probable that the commission
must accord a measure OF the relief asked
for.
1t is doubtful. nevertheless, IL Wall
Street in the last few days has beer
rejecting an incipient lack OF confidence
In the hopeful purport of the commits
sion's rulings. Recognition OF the effective
ness OF other influences which surround
values Just now has mingled with som'
apprehension that the rate case decision
may have become stale from long ex
pectancy and therefore likely to be dis
appointing in its marketwise conse
quences, even IL II Is not exactly dis
appointing in its nature. Still, these ad
vance conjectures can In no way deter
mine the stock market reception OF thu
commissions verdict.
ABOUT the UlbSt fItOuldbllS lN'I
foreign budget OF financial news was tn
improvement In the Bank OF England!
position. The weekly return disclosed 8
gold gain OF not far from s5,0O0,0sO, will
three point rise IN the reserve ratio
but the proportion OF reserve to liabilities
! Is still we'll below the average for TIT
season and the statement reflects the fur
| Their slackening of British trade.
The European stock markets were nj
/ rather depressed. largely because of con
! Germ about developments at Paris, bu
! securities In London responded also 4
/ some unfavorable local matters. Amoni
| them was the practical failure OF sub
| scriptIon for the Canadian Government
| SIS, 1000, 900 issue OF per cent. bonds
| which was evidence OF the prevailing
! Canadian distemper in London. Their
was rumor also OF arrangements for
| $4,000 900 Brazil loan. and the foreign
| market seemed sensitive to the prosperity
pressure OF new financing.
| Another large addition to gold reserve
reported by the Bank OF France wa
| proof OF the help which our gold export
are affordlng. but Wall Street began I
wonder how long the gold outgo woul
keep UP and what dimensions II woul
reach. More engagements OF the meta
brought the total shipments for the wee
up to sl7.700,000, gold export recor
for any week in the .ountry's history
/ The total Tor the year so Tar IL soI'
| 200. 900, OF which s36.200.00 has bee
taken on the present movement which
according to foreign exchange experts
il not likely to stop short OF 100000
and may reach sso.oooOoo. Meanwhile
foreign exchange went to q new hig
level, demand sterling closing Just undo
4ss, and there was talk Of probable earl
shipments OF gold to London.
An interesting incident OF tho fnancis
day was the announcement OF tho merge
between the Mechanics Bank and the Nas
sau Trust Company. both Brooklyn II
stitutions. In respect to subjects OF ger
eral marketwise bearing mention shoul
be made of the fresh weakness of whea
and other cereals.