The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-22
FINANCIAL NEWS
AND COMMENT
The Stock Market Il Generally
Steady in . Quiet
Session.
SHARP CUT IN EXPORTS
Country's Import Movement
Keeps Up-Idle Gar Sur
plus Reduced.
SHARP CUT IN EXPORTS


the rather firm rising tendencies which
were displayed on Friday. Some slight
rccessions were scored generally and there
was fair volume OF trading under the
circumstances but there was no aign Of
particular pressure on the list. Pront
taking sales by traders accounted for the
easier quotations. but quoted values were
in the main steady. There was an I'm
willingness to increase long commitments
ever Sunday. and this together with the
realizing disposition manifested demon
strated the professional character Of the
upturn which set IN toward the close OF
the week.
II takes the professional speculative cie-
ment to debate the wisdom or unwtsdom
or carrying commitments over into new
week or increasing them. The Wall street
reasons heard yesterday with regard to
market position consisted chiefly or the
uncertain possibilities Of the Ulster crisis
IN the United Kingdom. the outcome Of the
Mexican situation. especially on account
Of the prospective fighting at Torreon, and
the issue of the New Haven conference at
washington On the whole the inclination
was to expect no change for tho worse In
market conditions at tho opening Of the
now week. but there was no inclination to
Indulge In further anticipation OF this than
had already been engaged in.
The weekly bank statement waS 0atie-
factory although the items were out Of
technical balance. Loans Increased moro
than 100000 and there was cash
gain Of ss.000.00o. but the expansion Of
deposits reported was about $iS.7O0, 900.
e3orne S2.s00.ooo was added to the reserve
surplus. bringing 1t UP to s25,3oo. 900. an
amount fully twice as large rs the surplus
reserve In the corresponding week In the
year before
The overnight budget OF news included
some favorable and unfavorable items
The country's bank clearirgs for tho week
Increased about 2si per cent, which con-
veys n suggestion that current volumes Of
buainess are larger than has been sup
posed. Furthermore another big cut was
reported I'm the surplus OF idle freight
cars on the railroads In the fortnight
10 March ~ the excess Of equipment de-
c!ined 27.470 cars, TO 1900. This de-
crenae followed very large reduction
made in the last half of February. On the
other side Of the narketwise information
was the country's foreign trade statement
for February. The total export movement
was $50 200 600 less than in February a
year ago. decrease Of about 10 per cent,
owing wholly to falling off in the mcr-
chrndlse shipments A. the Same time
the February import movement was sus-
aimed at last years level. Indeed an
Increase Of $4,000 was shown for last
month. The export balance resulting was
only $4,000 oo0 and tho statement bore
out previous indications that tariff re-
vision is ~ last having its effect in cut
ting down exports and in stimulating i'm
ports
Foreign disturbances did not seem to
cut much figure In the Wall Street cal.
ciiintions OF the week. Nevertheless, the
European security markets were de-
pressed by the fresh unsettlement Of
affairs IN France resulting from the
Ca,llauX episode In Paris and the Ulster
crisis N the Irish home rule programme
- the British Liberal Ministry The for
eisn situation is such as TO qualify IN
many WAYS the optimistic disposition
entertained here on domestic account
despite the various uncertainties OF the
general business position and tho political
outlook The Mexican imbroglo con-
tinued to be regarded with more or less
indifference.
A degree Of hopeful qualification was
felt over the Indications furnished by the
Administrations holding company bill and
trades commission bill that the pro-
grnmme of business legislation was be-
Ing materially modified. but tho most
important political influence OF the week
was supplied by the intimations which
President Wilson permitted OF an attitude
favorable to railroad contentious in the
Eastern rate case. So also was encour-
aeement derived from tho tokens that the
President had used his influence to pre-
vent the New Haven negotiations with
the Government from ending in failure
and disastrous litigation. Advices from
erNde and industry were depressing. En-
forts were made to represent copper metal
a. IN q strong position. but reports about
conditions In the steel market showed a
state Of dulness resembling the staEna-
don which ruled last December. A good
deal Of cheerful talk was heard about
the crop prospects. but Il IL too early to
take such discussion as anything but n
oeasonable expression.
There was no particular change IN
Money. but foreign exchange moved
frmly up and established itself around
Assoc for demand sterling with implica-
lions Of an early gold export movement
70 South America on European account.
The stock market acted well on the whole
In Its resistance 20 adverse news and the
evidence which II supplied OF q scarcity
OF offerings. Arguments based upon IT
were chiedy such as appeal to tho pro-
fessional speculative community and did
not touch fundamental conditions EXCEPT
in relation to tho cheapnees and ease of
money.