The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-06
FINANCIAL NEWS
AND COMMENT
Irregular Day in Stocks With
Trading Again at
Minimum.
MUCH RATE CASE RUMOR
New st. Paul Bonds Going Well
More Gold Taken
for Export.

There was n performance in stocks yes
| terday characteristic OF the present mar
ket. Quoted values. having declined on
Monday and Tuesday and having made
partial recovery on Wednesday and
Thursday. with some increase OF trading
on both movements. fuctuated irreguiarIy
yesterday. while the dealings contracted
to about the volumes of the recent mini
NUNS. Specaltes again exhibited some
aggressive strength and traction issues
displayed conspicuous frmness A little
rally late In the day occurred In Lehigh
Valley on what looked like short COW
ering. Standard shares for the most
part were dull and somewhat heavy.
Westinghouse declined on Pittsburg ad-
Vices that the company's employees had
gone on strike for union recognition and
new terms of employment. 1t would not
seem to be u particularly propitous time
FOR labor demonstrations OF this sort
although there Is plenty OF precedent for
several labor disturbances coincldent with
greater or less depression OF general
business. The observations Of Secretary
Redheld on the prevailing business re-
action did not seem to carry any more
conviction to the wall Street mind that
the situation was imaginary than had
President Wilson's analysis. Mr.. Red
fields charge that business men are en-
gagged In mental mourning for an ir-
revocable past could hardly be regarded
as contributing anything more to the
solution OF business problems than the
Administrators description OF them as
merely psychological"
A large amount OF rumor and gossip
about the pending Eastern rate case de-
cision circulated through the stock mar
ket community. Reports from Washing
tnt ha JpfprQtata GOmmprna Ipp1-
mission had concluded to announce Its
findings only when the worlds stock ex-
changes were closed suggested Satur-
day afternoon as the probable time OF
the announcement. whereupon Wall Street
began To guess that the decision was COM
Ing down this afternoon or next Saturday
afternoon, and so on. good deal OF
the days rumor was circumstantial In
lts forecasts OF n concession OF at least
3 per cent Increase IN freight rates 10 the
petitioning railroads, but II could not be
said that the stock market acted as
though confidence was felt In any I'M
portant quarter IN the trusiworthness
OF alleged information about the trend OF
the commissions conclusions. Possibly
the renewed shrinkage in stock market
business reflected the predomnance OF
uncertainty as to the outcome OF the rate
case.
About the most encouraging financial
DEVELOPMENT was the excellent progress OF
the Offering OF s30.000,000 OF the st.
.pauls new AZ per cent general mort
gage and refunding bonds. Investment
subscription began for this issue at the
outset OF the week and II was said last
night that about half OF the bonds had
been taken. Probably the most unsatis-
factory feature of the financial day was
the character OF foreign advices. Europe
was "a seller Of stocks here. and the Lon
don stock market was weak under
domestic liquidation and in response TO
weakness and liquidation at Paris, where
there mas been q recurrence OF uneasness
over positions involved in the Russian sit
uation. The promotion OF $4,000. 600
Canadian Government loan also weighed
upon the London market.
An engagement OF 100000 gold was
made here for export to Paris, bringing
the total on the new outward movement
to s2ULO0 900 and the aggregate for the
year ~ s36.50O.O 900. Foreign exchange
rose almost to 4.sS7s for demand sterling
In the early dealings and then receded,
but crossed around ASSN. Gold exports 10
London are being talked OF. but II IL
though, that unless London bids for gold
demano sterling will have 10 range above
4S9 to make exports profitable. SO far
rs the conditions OF the local money mar
kct go they point more strongly TO sus-
tanned shipments of the metal. Prelim-
mary estimates OF cash changes for the
week indicated gain OF perhaps $4,000,
600 and time funds weakened further all
along the line up TO FIVE and six months
maturities, which were quoted at 2& as
per cent.