The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-18
FINANCIAL NEWS
And COMMENT
Dealings in Stocks Shrink, With
Unimportant Price
Changes.
BIG EXPORTS or COTTON


in yesterdays stock market was obviously
OF no consequence because OF the further
contraction OF dealings For that mat
ter the price movement did not lack
steadiness and some features Of frmness,
| although there was a moderate amount OF
| reduced dividend news and other informa =
] ton which might have been reflected moro
adversely. Business in bonds has fallen
| back to the level of the totals ruling
! in the first fortnight OF open market re-
sumption. but the tone OF quoted values
in both departments continues reassuring.
\ wise policy was indicated in the reduce
| ton OF the protective minimum prices for
a half dozen inactive industrial shares. for
the authorities could not do better than
| to accustom the public TO the idea that
changes may be made from time to time
| in these prices as circumstances make
! them advisable.
Wall Street on the whole 10 probably
content with the mere fact that the Stock
| Exchange has been safely opened and Is
| willing to restrain its desire for more ac-
| tivity, but whether IL is or not dulness
| is not at all deleterious. Ii is reason
| able conjecture that just now the market
! is awaiting the Interstate Commerce Com
missions decision in the railroad rate
case. about which there have been sufii-
GENTLY contradictory or confusing pre-
dictlons to explain why the hopeful ex-
pectatons of a week ago have not had
persistent expression in purchases for the
| rise. The share list also unduestionably
| reflects the attitude OF banking interests
who are we'll satisfied TO have the securi-
! ties market restored without any con-
| tinulng commotion. Investors seem utterly
/ indisposed to sell and values would seem
! to be guarded against any speculative
weakening largely because there Is prac-
tically no speculative long account to un-
load.
Furthermore. it must he remembered
that so far the only important securities
market in civilization which Is really
| open Is the American market. Financial
positions would be stl more comfortable
all around II the London market were
in operation. and the banking community
here is beginning to exhibit some irri-
tated astonishment over the stubborn
ness of the official attitude IN London
toward the reopening OF the great Lon>
don Stock Exchange.
As the London stock marltet has
trusted itself unresSrvedly TO the British
Excheauer 1t might be inferred that po-
ltical conditions are primarily responsible
for the maintenance of the London Stock
Exchange suspension. Financial reason.
seem to be utterly lacking. now that New
York has shown how a stock market
may be resumed by the simple process
OF resumption, finding adequate protec-
ton in tho establishment of restrictive
minimums. Besides all this the British
monetary situation seems TO be no less
favorable than our own to a stock mar
ket reopening. The Bank OF England
published weekly statement yesterday
which was the hest return since tho out
m M r. ~ ns
| Il reduction OF the English bank rate in
January are coming to be entertained.
In the days budget OF marketwise
news there was variety Of what was AT
| least interesting routine. The statement
! OF the country's export Of domestic prod
ucts last month showed great gain OF
breadstufs. meat and the like. compared
with the corresponding shipments a year
| ago, with a large loss In cotton and a
| considerable shrinkage OF mineral oils.
/ Hopeful attention. though. was attracted
| by the spectacular increase in cotton ox>
/ ports yesterday to a total of l0T.3ll bales
/ the largest days movement Of the sea-
SOIL and about a normal outgo. az th',
amount threc-quartcrs WAS taken for
! Great Britain. the rest going to France
/ aud other Continental countries. and q
/ large expansion Of cotton shipments IL
| looked for. now that the Allies hav-
/ agreed 70 recognize the staple as not
/ CUntrahanl.
Agricultural matters came in for q
| good deal OF notice. Wheat was very
strong and other cereals were STEADY
! Forecasts OF farming Developments we're
! borne out by tho Governments report OF
! the new winter wheat. 4 drop appeared
/ in condition as compared with recent
| years but tho condition figure is OF no
, significance at the outset Of winter. What
! is Of Significance IL that there has beer
\ gain Of 4.l21. 600 acres In III. area
| planted, an Increase OF more than II
| per cent.
! Reports Of November railroad earn,
{ ings Mere started very unsatisfactory
! by the Southern Pacific with large de,
! creascs in gross and net. Other railroad
news included IN. declaration OF tho
! Louisville and Nashville and Atlantic
| Coast Line Railroad dividends nj thu
| rate Of per cent a year, compared
! with tho : per cent. rate hitherto paid
but the immediate railroad situation vii
look better II the Interstate Commerce
! Commission renders rate decision tend
/ ing to support railway credit.
Call money renewed at per cent. 70,
recently contracted loans, the lowes
! level since the call money market va,
restored. There was no particular change
in sterling or retchsmarks IN tho foreign
exchange market. but francs were con-
| spicuously weak. Apropos the interna
tional money market n Ia learned thai
German banking interests have been bid
ding here and elsewhere for accounts and
| Offering to pay AZ per cent. on depos I
| balances. This Is one way OF trying tC
| establish credits independent OF neSotit'
! lions for loans and may throw a LITTLE
/ light on tho real financial situation In