The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-24

MORE EXPORTS OF GOLD

for While yesterday the stock mar
ket acted as though Wall Street was
somewhat bowildcred by the variety If
important developments suddenly thrust
on it's attention since the opening of the
week. tho majority Of which were not
conducive to the maintenance of a COM
Portable state of optimistic sentiment
Properly regarded the more fundamental
Influences suggested were OF a construc-
tive nature but In the end the share list
seemed to prefer at least temporary
reelection OF adverse factors.
There was an early selling movement
inspired chiefly by the decision against
the railroads in the intermountain rate
case, bu, this was resisted fairly well.
In the afternoon tho market began TO
sag and declined more or less generally,
although not very extensively In the last
hour The close WIS heavy and the ag-
grcgute of business WAS noteworthy for
it's slight gain in u day of reaction over
the moderate increase Of activity pro-
mnt'd on Monday by southern Pacihc's
advance IN response to the supreme Court
decision In TN" oil lands ease Profess
Nonal speculative feeling was obviously
depressed over night, and the indications
were that the traders turned toward the
downward side Of quoted values. "spc-
riaIlN IN the late dealings, when argu-
m'Uts for hCarishuDss were derived from
the failure ot quoted values To- display
strength against the new combination OF
urfHNo~dbl1 circumstances aud from the
further expansion of gold exports.
There did indeed seem TO be some cause
for disappointment over the shipments Of
gold after last weeks suggestions that the
uutgn hal about terminated, Yesterdays
engagements or SN.O0O,0Oo brought the
total for the week 50 far up 10 S9,j00.o0o
aud the aggregat" for the first half of the
wear t. date almost to s1I,00o.o0 such
"a drain Of the reserve basis of credits
. looks formidable. hut IN" sensitive money
market is not exhibiting any untoward
symptoms. Their is a perceptihle belief
THAT money ought to hc trmcr on &C
count ~ gold shipments but evidences of
u rcM hardening in lending rates are
lacking.
or course this 'esthes 10 the present
severity Of commercial depression ana the
total absence of speculation IN most dlrec-
lions. but b. is equally an indication that
the gold shifting which Is going on has
some beneficial reactions II nothing more
than those which accrue from the relief
afforded Europe. T. Is ConteCtured that
advantage has been taken of tho in
rroa sed supply Of gold bars here to assist
tho financial arrangements incidental TO
the important mildly ear settlement abroad
and especially to facilitate tho successful
negotiation Of the French Government
. loan next month. IT these surnises are
correct thc gold export movement should
ba practically at an end.
Foreign security markets were dull ana
Inclined To- heaviness hu, there Is no
Trustworthy Inference 30 lie drawn from
tncn before the turn 81 the mldycar. An
interesting contribution of foreign news
was made to financial discussion, but no
diScouragini conclusions were drawn from
the severity OF the French income tax
regulations affecting foreign securities.
- = t..... 80. .gul IN
Great Britain to- bring American corpora
lions with British shareholders under
the operations Of the British corporation
laws. Indeed. it may he said OF the last
projcc' that it would probably he an
excellent thing for the conduct OF a good
deal Of American corporate enterprise.
Tho natural tendency of Wall street
would have been % continue tho optmis-
lite construction placed on the Supreme
Courts defence of values In it's afllrma-
ton OF Western land titles conferred by
Government patent unless fraud was
practised in procuring the patents For
that matter tho decision IN the Southern
Pacific case might well have prevailed
over the decision in the intcrmounta,r
rate ease, but because rate questions are
80 uppcrmost in Wall Street minds now
IadaNs there was a disposition TO construe
'nc iuternountain ruling as inmical 70
values.
. means any disturbance Of values at all
Wharf.-The decision did do was to show
that the Interstate Commerce Commission
had full power over railroad rates and
II might be doducrd from the circum,
stances " the present situation that tn
, inclination ~ the commission would be &c
exercise this power indulgently and thai
the decision IA the Eastern rate case may
disclose a constructive purpose on tn,
part Of the omnipotent Government regu
lators Of the railroads. Nothing which
4 came from political headquarters n
Washington was helpful to Cheerful
financial frame Of mind, although there
W, re- tokens that wall street was less de
. pressed than weared by the everlasting
: harpinG of the Administration on tn
psychological string, which was beauti
I fully cXemplifcd by Secretary Redield'
prepost rous endcavor TO bring the eco
uomic depression Of the whole world int
| the psychological area.
Some railroad earnings were publishe,
for May, tho most striking Of which was tn
Baltimore and Ohio's return, which SHOWED
: a gross decrease of sl.3Sl.2i3 and nc
= decrease OF s75S.e9a The fortnight,
statement Of sidetracked railroad equip
/ meut showed q decrease of 1853 in tn
net surplus of idle cars as of June y
= aud this exhibit led to good deal q
% discussion about tho bearings of the Gro
" movement which is about to get undo
. way Wheat was distinctly weak and tn
~ weekly weather report noted favorabl
n conditions on tho whole for PRACTICAL