The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-20
FINANCIAL NEWS
ANDCOMMENT
Apathetic Day in Stock Market
Irregular Changes at
the Close.
RAILROAD RATE PROBLEMS
Commissioner Harlan's State
ment Does Not Prove
Very Illuminating.
RATE PROBLEMS

AS though somewhat exhausted by the
vicissitudes Of Wednesdays session, In,
hicted by the varying nature of reports
from Washington about the Administra-
tons interposition in the Eastern railroad
rate case, tho stock market yesterday
lapsed into dulness. The price movement
was narrow and the list had IL some-
what heavy appearance although the
market was perhaps more apathetic than
heavy. Interests committed to tho con-
structivo side Of values seem to lack
enough courage OF their convictions TO In
sp!re them to efforts which involve tho
purchase Of stocks ut rising figures and
professional traders seem equally unwill-
ing to undertake bearish experiments be-
cause OF the cheapness OF money. The
market has been In something like II dead
locked state for Il fortnight and curiosity
Ia beginning to be felt as to the nature
OF the influences which may break the
deadlock.
There was some active builish excite
ment In special quarters OF the list rep
resented by General Motors and American
Ice but the market AS whole was not
favorably affected thereby, nor was IL un-
favorably affected by the fresh weakness
Of the Wabashes and the Rock Islands.
which represent equities in pending reor-
regular with small changes among the
standard shares. Opinions differed as to
whether or not the market had given any
conclusive indications OF Its position and
II was still a matter Of debate whether
II was a market more discouraging to
followers who desired to sell on a rise
than II was disheartening to those who
wished 10 purchase on a decline.
Overnight inclinations were manifested
to buy stocks. This disposition was ex-
hibited In an initial show of strength
which quickly subsidized while Wall street
waited for Interstate Commerce Commits
sioner Harlan's statement about the prob
able duration of delay In determining the
issues involved in the Eastern rate mat
ter. After the Commissioners had spoken
Wall Street discovered no causes for ac-
ton on one side or the other OF the share
list. Discussion about President Wilson's
relation to the railroad rate question was
more or less completely suppressed by
the fresher interest aroused by Commits
sioner Harlan's statement. There was
reinsurance in his declaration of belief
that the commission could reach its de-
cision on the rate application before the
summer recess adjournment in june but
this was qualified by the proviso that
the railroads submit soon all tho infor-
nation for which the commission has
called.
Tho commissions denands have i'm
posed a burdensOme task on the carriers
and there may be difficulty in meeting
the time conditions now laid down. Also
it Is obvious that there Is quite as much
concern over the nature OF the commits
sion's eventual ruling as there is over
the length of time which eapses betor.
IL is rendered. The new inquiries which
the commission has addressed on the sub
tect of services performed by the line car
riers for industrial plant railways are an
- a.
termined to explore fully the possibili-
ties Of remedy in this direction for made
quate net earnings before concluding that
there is need of raising freight charges
generally.
Reactionary tendencies in the security
markets abroad seemed to be more pro-
nounced. especially at London. and the
trend OF foreign values is being closely
watched nowadays because OF the fashion
Of moving very much in unison,
which has prevailed in AL the leading
markets In the last two years. Foreign
bank returns were satisfactory, but the
Bank OF England showed increasing ef-
fects OF the borrowing demands which
have centred on London. together with
the scramble for gold. which various
countries are carrying on perslstently.
More gold was taken from the Bank Of
England for export and the hardening
movement In discounts was reflected here
III IurtHer btiueililb VI IoEtisH eN-
change, demand sterling closing around
md above <.s590. This is recovery OF
a full half cent from the low point earlier
in the week, when there was some idle
talk about the gold import point having
been reached.
The factor Of domestic politics was rep
resented to the Wall Street mind
almost exclusively by the railroad rate
question. although there was reason for
taking note OF other matters, especially
the status Of the pending trust legisla-
ton. The statement OF the Federal
Reserve Bank Organization Committee
intimated quite clearly the probability
that the new banking system might not
be set up until toward the end OF the
year, but this was \ probability which
had already suggested itself to the bank
| ing community. From trade circles came
reports Of rather widespread shading in
steel prices.