The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-03
FINANCIAL NEWS
AND COMMENT
Prices Decline Generally-Rock
Island Securities
Coll apse.
TRADING FAIRLY ACTIVE
Washington Adviccs Depressing
Poor Railroad
Earnings.

or new week refused to continue IN
exhibition Of aggressive advancing ten
denotes with which the previous weel
had closed. Yesterday the share lis
showed more weakness than It had sevel
days before and dealings. instead of con
tracing as prices receded. were rather o,
an Increasing scale. Europe SUDDEN,
sold fairly substantial portion of II,
recent accumulatons here. although thi
may have been nothing more than a par
or the general process OF profit takin,
J which went on in the London securitie.
market. British consols and various In
vestment issues made a further display OF
| strength, but there was irregularity IL
| other departments. Continental hourse.
| were firm and discounts abroad moved IT
| the direction of still greater ease than tn,
money market has already shown.
The general drift of European advice
| was encouraging. especially In respect t.
| the Investment appetite manifested 70,
new securities. According to authorlta
tive figures last months new issues In
| London aggregated S22l 400, 900, n record
| Tor January. of which n little more than
| half represented Colonial borrowing. \
| heavy experimentation was reported yes
| terday for further new offerings The
ip'tiSh sltuutiou IN tnlS respect COntrdS SIS
, somewhat sharply with conditions here.
Municipal bond sales In the United Stat.
last month reached a total of sS1275.1OU
an increase of s7o.0oo.o00 over JANUARY 4
! year ago and "a new high record. but cor
porate offerings fell off sharply.
There is evinced a disposition on the
part of the managers and fiscal agents
| OF corporate enterprises to go slowly Tor
| while with applications for new capi-
han inc al Il. d.
more conservative note is struck regard
| ing the Significance Of the relaxation in
money than Is heard around the Stock
Exchange. The ease OF credits is not 20
he questioned but IL does not represent
an Increase of capital SO much as !; does
money rendered idle by last years iiuuida-
ton and the present depression Of gen
eral business requirements far below the
normal inquiry. II is recognized also that
efforts TO encourage expansion of activity
in the securities market has 10 contend
At this time, just as any similar ofturt
in trade and industry must contend, with
seasonal trend toward duln.ss and re-
action.
Possibly this recognition expressed itself
to some extent in the downward move
ment OF the share list yesterday, but II So
the movement received accaleratng inn
pulses from various developments and con-
siderations. For a while in tn, forenoon
stocks held strong against another uu-
settling collapse in the Rock Island stocks
and bonds. Rock Island prices were
openly spoken of as approx iinating "A re
ownership basis and no information WAS
obttinablc showing whether or not re-.
organization Of the complicated Rock
island affairs could be accomplished with
out resort to receiyership processes Other
matters came in to affect the stock market
and TO test its position as a result of the
All TOO. l,tN.. A. II.
been made IN the past fortnight. In the
afternoon quoted values soitened In prac-
tcally every direction and the close WAS
heavy with material losses exhibited
throughout the list.
Union Pacific. New York Central Cana
dian Pacific Reading, the American rel,-
phoh" stocks and the copper group were
among the leaders In the recurrence OF
reaction. American Telephone WAS sold
heavily on the energetic efforts of the
Postmhster-General to promote his Gov
eminent ownership scheme. United
states Steel resisted pressure but was
subjected TO II ON the Senate adoption Of
"a resolution rrqu sting the Interstate
commerce Commission to investigate re-
batting charges preferred against the cor
poratIon Although IL is not usual Tor
stocks 10 reflect past events, the wretCh,l
character OF railroad earnings reported for
December and in the calendar year 1913
biS' hil sumo utIItSSl'lH erect. Con-
spicuous in this regard Were the exhibits
of the Pennsylvania and New York Gem
tral systems, which showed for tho year
an aggregate decrease in net earnings OF
about s23, 100000, although gross earnings
Increased about $50 400 goo. The New
Haven reported for December a deficit of
about S114,500 after charges an Increase
OF S.',OuO over the deficit in the corre-
spending month OF 1912.
IL was, however, the nature of the news
from Washington which seemed as much
as anything else To make the stock market
reactionary. In addition to the matters
referred TO no particular relish was ex-
pressed Tor the test of radical political
temper which union labor Is seeking To !
make with its demand for the exemption
or labor consplracies from the scope OF
antitrust legislation. This was only one
OF various Items which seemed 10 the Wall |
street mind 10 offer "A striking contra It |
To tile sentiment of President Wilson's |
message last month, others being tho
Government ownership propaganda and
the project t. compel stock exchange in
corporation by an abuse of Federal
power, both OF which projects seem to
be wholly outside the Administration pro- |
grammc Senator Norris's attack on the !
New Haven railroad and the uglinegs |
manifested In the Senatorial crusade !
against tho United States Steel CORPORA
ton were also rather destructive of the !
hopeful expectations engendcred last month !
respecting the future attitude of Govern |
ment toward business. All of this had "A |
rather pcrturbing bearing ON the pro- |
grammc OF trust Legislation already out |
lined In pending bills,
Reports Of increasing activity at in !
dustrial plapta aud some slight improve /
mcnt In prices did not seem to provide |
much offset to the prevailing Impressions |
~ the daN. can money gave some ai.ns
If hardening, although actual change IN |
loanng rates was slight Foreign OK |
change held around 1915 for demand |
sterling. ana the engagement of $1,000 /
600 more gold for shipment to Paris. max.
ing 100000 In all this year so far. was
although exchange has fallen
about ~ cents from tn" level which
obtained when the first shipment WAS
made.