The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-21
FINANCIAL NEWS
And COMMENT
Holiday Influences Make for a
Dull and Narrow stock
Market.
STRENGTH IN SPECIALTIES
London a Seller - Reports
From Abroad About Diff
culties in Paris.
IN SPECIALTIES

Probably the holiday next Monday had
az much as anything else TO do with the
lean and torpid stock market yesterday.
Although the Stock Exchange is open to-
day large part OF the Wall Street COM
munity seemed TO have decided that a
good opportunity was offered for three
days recess beginning with last night. As
trading lately has been almost wholly pro-
fessional, there was no inclination to en-
ter into or increase commitments to lie
carried through an interval OF such length.
as Wall Street counts time. Moreover
the market has not been furnishing any
indications recently OF trend which
would encourage operations for either ac-
count.
Dealings fell TO the most meagre volume
OF the year so far and the movement
Of standard shares was hardly extensive
enough to- enable any but the most MIN
BILE traders on the floor to make turn.
Tho fuctuation in United States Steel
WAS only u point Great Northern pre-
ferred had range of =. and half point
was very fair average indeed for many
Of the stocks quoted. There were some
aggressive manifestations OF effort In spe-
cialties. but the general market In not apt
to pay much attention to business which
runs largely to the speciality group The
activity IN General Motors. American
Ice. General Electric. Central Leather
served to relieve tho prevailing dulness Of
the list.
The Runely shares were weak enough
to suggest the difficulty OF arranging the
companys financial affairs, which have
In connection with the indicated needs OF
numerous corporations that serve the ag
ricultural industry shown that farmers
have been experiencing trouble In paying
last years bills. The Wabash securities
were all weak. to the accompaniment Of
circumstantial reports about the nature
Of the pending reorganization plan. The
Rock Island collateral trust bonds
strengthened as the Rock Island Com
pany's shares fell on reorganization pros.
poets. City bonds suddenly developed
acute strength without any apparent ex-
PLANTATION, but the bond market as a
whole was quiet. Announcement by the
Southern Railway OF a sale OF SIC. 600. 900
Of per cent two year notes included the
statement that this kind OF financing was
adopted pending Improvement or the
market for long time securities. but the
statement vas not regarded as having
a wide application. although the price OF
capital Is disproportionately high in COM
parison with the rates for credit. Rumo-.
unconnrmed during the day. had II that T.
large insurance company intended TO OPP
pose the Union Pacific extra dividend or
Baltimore and Ohio shares. but the mar
ket paid no attention to II. Closing prices
showed irregular changes throughout the
share list, but the list was in the main
as steady as the session had been duil.
London was seller again and the
London market more reactonary.
Financial dispositions abroad have be-
come increasingly cautious this week be-
cause OF the signs Of hardening In money
in response to the pressure OF new Sc
curiti-s on London. New financing opera
lions have been eiiclting contrary results.
ranging from 30 per cent failures or
fiotatiun to large Neutrality-suspicious.. The
Hungarian Government loan OF 40 per
cent bonds seems to have been very
successful. but a good deal OF cumperi-
ton IL set up between securities when
government obligations have 10 be put
on the market on q per cent basis, 1t
IL, however. the situation in Paris which
seems to lee giving pause just now 70
the financial recovery abroad. Advices
from London said that most unsatsfac-
tory accounts OF conditions were being
received from the French capital.
There was not much in the domestic
budget OF news which added to the mar
ketwiss Information Of the week. There
were further reports OF reaction in prices
In the steel market. Commercial agency
compilations showed "A continuing de-
cline in the country's bank clearings in
comparison with III. corresponding sea-
son last year, Il token that the general
business Improvement has Jagged well be-
hind betterment in Wall Street The
railroad rate case seemed TO have been
relegated TO the near future for consid-
GRAFTON, with hopeful expectations pre-
Nailing over the disappointment OF the
last few days Incidentally the Inter-
state Commerce Commission has found
a new line OF inquiry which may compli-
cate the matter. Al all events the COM
mission gave notice of an investigation
into complaints that rates on foreign
goods brought into the country were
lower than domestic goods moving be-
tween the same rail points
ON the known movements OF money
the local banks seem To have gained
about s2,o0o.00o cash during the week.
but these preliminary estimates have
been misleading this month. Foreign
exchange was 4 trifie easier although