The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-05
FINANCIAL NEWS
And COMMENT
share List Offers Less Resist
ance TO Prcssurc-Late
Declines.
STEEL TRADE REPORTS
Further Lowering Of European
Bank Rates. but London
Discounts Rise.

the stock market was anything more thar
such "a midweek reaction as has beer
familiar lately. II was paten; 30 attentive
observers that the share lis; during much
of the day had "a tired appearance There
was in the morning good deal Of az
ercssive display OF strength by industrial
speciaites and some of tho standard
shares. hut stocks seemed to be In supply
IN leading quarters Moreover the
markets willingness 10 absorb sales has
become more reluctant lately and there
has been little Of the enthusiastic buying
which was III evidence toward the end OF
last month.
Particular notice has been attracted to
| United States steel. which naturally is
regarded az more or less OF pivotal
issue. This stock has halted at just
about tho same point where its rise was
checked last summer In the sharp recoil
OF quoted values from the extreme OF de-
preston in June. 1t has held this level
against heavy offerings but It's failure
! To- continue to advance has acicl as q
! check on the general market 4 growing
borrowing demand for stock suggestive
, OF short selling centres around the steel
shares, but wall Street has OF course no
means OF knowing whether this indication
| OF a lutgf tupIA postum Hb4lltS W MI az
! tual or technical bearish interest Very
much the same statcmcn. is true of the
situation in Reading and Union Pacific.
The market az a whole has fur more than
u week paused in its forward movement,
and its action has tempted speculative
operations for the fall on the theory that
there has been "A good deal OF distrihu-
tion Of stocks from strong hands 10 hands
less strong
oil han "a. No. la
of speculative efforts To test market con-
ditions by vigorous sales. but whether the
afternoon activity at declines represented
merely q drive was Coniectural Moder-
ate upturus occurred IN tn. final deal
!ngs but the close was irregular with an
average loss exhibited The American
can stocks, L.high Valley and Rock
!, Island We're couspicuously weak. United
states Steel and Union Pacific reacted
rather easily. There were manifestations
of stubborn hrmness in Southern Pacific.
Northern Pacific and Great Northern
". ferrrd but IN the main strength was of
special character. London. which seems
70 be trading here rather than taking n
further position, was a modest buyer on
balance. Bonds were strong, the new
New York ii.s ruling around 1854,
American Smelling and the Petroleum
issues We're about the only shares that
reflected "A constructive influence of the
sNhillINs-ll dAibl4 = hlll'ul''iil'il VI In'
latest step In its Mexican policy. other
wise the Ia sing OF the embargo against
the export of arms 10 Mexico failed TO
snow thHt financial opinion was any more
settled rs the outcome of this emhroglio
than IL had ever been There is Il belief
that Washington developments are not
likely to prove a very helpful factor In
tn" near future but mot much appI.hen-
sion is felt respecting the effort In con-
Gress TO establish control of the stock
exchanges by perNerslun uf Federal
power. Washington has not been "A source
of good news in tho last few days and
possibly this fact has some bearing on
the hesitation o' the stock market.
There was no reason why the official
announcement that a committee had been
appointed to reconsider the long mooted
Rock Island reorganization should have
affected the Share lis, but there were
those who thought that il did. Copper
metal was reported stronger and the
Iron ig,S weekly review of basic in
dustry was tempcratrly encouraging The
steel and iron markets were reported to
lie gaining. the January buying move
m-nt IN steel being described as large.
Prices have hcttered VA proportion to TN.
dimensions OF new business. but II is ad-
miited that the real figures at which
business ~ taken cannot he judged from
public quotations. Moreover the active
iron furnace capacity ut the beginning
of the month Was reduced from the ca
pacity reported AT the outset OF the year.
Foreign adviCes We're predominautly en-
courlging. The Vienna bank rate was
reduced from > to A.. per cent. con-
hrming indications Of reduction AT Ber-
lin TO 4 per cent. The Prussian Govern
ment let II he known that it proposed to
borrow SSO,O0O,O00 more oil Treasury
warrants because the recent sale of twice
that amount had been so successful.
Paris is the least responsive of all fnan-
cial centres to the optimism of the mo-
ment, but London continued to vote con
ndcncc in the significance of easy money
for the maintenance of investment ac-
tivty. although IL is to he observed that
the demand is for issues returning q high
yield. consols made "a further gain in
London. but til" general market was
somewhat reactionary, Private discounts
hardened as result of the Continental
scramble for gold in London on Tuesday
and the filming NJ of discounts was re-
i'ected in sharp rise In foreign eX-
change here. Demand sterling closed
around 1895, "A rally of n !, of a cent
from the low level OF the last few days