The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-11
FINANCIAL NEWS
AND COMMENT
Another Negative Session in
the Misunderstanding
Professional.
STEEL ORDERS INCREASE
Announcement Of Southern Pa
cific ) Per Cent. Bonds
Convertible at Par.
STEEL ORDERS INCREASE

For several days the stock rnnrkeJ h;.s
presented ;.u Increasing resemblance 10
he markets of two months or more ago,
when prices We're on II materially lower
level. Dealings have been very profess
sior.h throughout the general list relieved
by evidences of special transactions Ia
particular descriptions. quoted values
have been Ia {, more or less reactionary
stage for about ten days withou, marks
vi Il well defined tread or tendency. quiet
resistance has been offered TO unsettling
activities or to disturbing Information.
but the optmisti' impulses of January
have been at least temporarily exhausted.
while there mas been no appearance Of
agEr,s SSH. operat ors for the fall. Yes
ta.day's session was about as negative
as any Ia some time. On the Who'll. .ne
list averaged 1, little lower 1t the close,
and during the greater part uf the day
the market had IN Inert and rather heavy
aspect although, because OF IA certain
amount Of animation In the forenoon.
dealings expanded moderately over Mon
days scale OF trading.
\ hardening movement In ;he after
covering by restless traders followed
some display Of weakness In tn. morning
which was iuaukuratcd by foreign sell
ing oSders. II WAS then that the pri!-
clph features Of the session wer" pro
vidad. Denver and Rio Graude common.
broke sharply ana there was u further
display OF weakness IN the interna tional
Mercantile Marine securities These
manifestations were the sequel TO some
h..nt all t. I a rnr Iall n.,1
which was reported - have become un-
easy over the Rock Island collapse after
the other unpleasant experiences that II
hal had in recent morNNs with the specu
lativ. American securities 10 which Dutch
fancy runs. when international trans
actions were suspended prices proceeded
tu rail-. slightly.
some impulses ia that direction we're
provided by the upturn In Rock lsla nd
stocks and bonds, which seemed to Ice
attributable To- the limitations that "A re-
ownership was lot contemplated In IN.
process ~ reorgahizlng Rock Isle nd AT
fairs. Various rumors wer" current pur-
porting to denote the outlines of reor.
Sanizatior. = good many Of which lodged
tn" obvious probability that q status
could be preserved for the Rock Isla I'D
company shares only by suhjecting them
to q heavy asscssm.nt for tn. benert o.
IN" underlying railroad. which Is n prop.
erty uf historic merit. The announcement
=; Inc terms of the Southern Pacific bond
ISSUE. an Offering At par OF $4,000. 000 OF
per cent. twenty year dcbentures con
rertibi" into stock at pay. had no un-
iavorahl. fleets. although +, Is clear that
rather high price for long term capita
IL thereny fixed for the carly stages o.
what is commonly supposed to be IL cheaJ
money market. Dealings In the new
Southern Pacific bonds began In tho curb
market around I03, and the rights were
quoted 1T -. The low conversion price
seemed 10 be regarded by Wall street as
u rather novel display Of generosity
! toward tho shareholders.
The United States steel Corporation 9
repor, q. untitled orders on hand II the
end Of January disclosed an incr.as.
OF 3Si.S72 tons during the month. This
brought forward business above the
amoint on the corporations books ut the
end OF last October. and the ircreas. wrs
IN. frst reported In more than "a year
! The cxhihit had been discounted by adj
! vance estimates but 4 H. "A gratifying
AIKEN OF improving tendencies IN genera
business. Of whcl. there hav. been and
are other signs, although the steel huvinl
| movement iNiicat,d last month was no,
as heavy as those which at previous sea.
SONS of dspr, ssior. In tine corporation
, history have signalized ;he turn Of IA,
! tide. There was no change IN locai
! money conditions and very little life ,r
either money or exchange. II was noted
however. that abroad there was kee,
inquiry for gold with which 10 build u,
| bank reserves. and the European CONT
nent obtained Mt r premium most OF Lon.
| don's weekly consignment of the meta
from South Africa.