The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-14
FINANCIAL NEWS
! AND COMMENT
Stock Market Is at a Standstill
Pending Decision in Adj
:: vanced Rate Case.
IMPORTANT NEWS SIGHTED
Remarkable Crop Report and
, Effect Of Gold ExportsAp-
: parently 'Disregarded.

The stock market. as might have been
expected under the circumstances, did
nothing yesterday. confirming the i'm
preston that speculation Is at stand
still pending knowledge OF the Interstate
Commerce Commissions ruling in the ad-
vanced ratio case. Neither the announce
mont that the decision will be delayed
further nor the new crop OF guesses as TO
its character nor the Other news OF the
day altered the disposition Of the stock
market 10 mark time until this event
takes place.
The foreign markets were upset by tho
fall of the new French Ministry. about
which favorable hopes were entertained,
but no serious weakness developed there
despite the fact that this apparently
means the eventual accession to power of
q more radical Ministry and further de-
lay in the Government loan.
The weekly bank statement naturally
reflected the large gold exports OF the
week in decrease In the surplus reserve
of something under s10.OO0,0O0. Curiously
enough however, the decrease In cash was
only s7.690.000, plainly indicating That the
How of currency from the interior offset
ahe shipments abroad in large degree. The
most unfavorable feature OF the return
was an Increase in tho loan account of
s21 ,O00, 900, coming after progressive
reduction In this item during the past
three weeks.
A. a matter OF fact there was a great
variety of news with a direct financial
bearing which was temporarily disre-
garded so far as stock market quotations
are concerned. The Governments June
crop report indicating total wheat yield
of 900. 900 900 bushels, testified that the
brilliant agricultural prospects had been
practically unimpaired by the less favora-
ble weather toward the end OF last month.
On top OF this came the weekly weather
report OF last Tuesday, which was in
nearly all respects the most favorable
document issued this season 80 FAR. 1t
goes without saying that economic con-
ditions pure and simple are thus shown
10 be steadily improving. Already the
trade journals report a duickening or
general business in direct response to the
glowing crop prospects. Brddstreefs re-
ported that optimism has passed beyond
mere sentiment"
There was much talk OF the import OF
the Supreme Courts decision in the
Shreveport case and II was the consensus
among prominent railroad authorities that
this ruling possessed large significance
as marking a reduction OF the powers OF
the State Legislatures to harass the rail-
roads But this and routine matters such
mage statement. the copper producers
figures and the idle car statistics were
apparently completely Overshadowed by
the anticipations OF the Interstate Com
merce Commissions action in the freight
rate case.
The remarkable feature OF the security
markets last week continued to be tho en-
tire absence OF speculative initiative
That there should be n complete dead
lock In the markets under the present
circumstances indicates from one point OF
view an extraordinary state OF Specula-
tive sentiment. II seems TO be accepted
as a practical certainty that decision In
the advanced freight rate case will be
handed down within a few days time nj
the latest and that some relief will be
granted to the railroads. Moreover
whichever way the case Is decided. the
far reaching influence Of this event upon
the financial situation Is obvious. And
yet the stock market has apparently made
not the slightest move toward dscountine
II. Such an obvious neglect OF the specu'
lative possibilities in the matter suggests
an almost complete lack OF confidence In
speculative circles.
Even the huge gold export movement
OF the week. surprising as It did all pre-
vious totals within similar space o
time, had no perceptTbe effect upon price,
one way or the other. The calmness with
which Wall street accepted this enormou,
drain upon reserves was seemingly du,
10 the realization that Europe needs tn,
gold and that for the moment at any rat
the vast accumulation OF Idle cash a
this centre places the country In a posi-
ton to spare the money. The weekl,
statements OF the great European bank
showed the manner In which they ha,
benefited by these exports, and II Il
easy to see that the situation abroad ma
BEEN immensely strengthened thereby.