The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-06
FINANCIAL NEWS
And COMMENT
Stock Market Somewhat Heavy,
but without Definite Signs
Of Tendency.
ROPE REACTS ALSO
Big Public Loans a Prospect
Abroad-MOncy Still
Easier Here.
REACTS ALSO
Ell ROPE

All the principal stock markets here
aud abroad continued yesterday to wear
somewhat tired aspect. as they might
well do after the sustained activity and
strength OF recent weeks. The Wall
street community OF professional traders
indicated an expectation OF more reaction
than lad taken place IN the local share
lis; and were either Inclined TO await Il
before increasing their commitments or
making new ones. or else were disposed
to anticipate IL by experimental sales
There was also display OF at least SEN
tiincntal curiosity toward the course Of
prices to-day. because FOR some time past
midweek natncss has been succeeded by
a moro pronounced movement OF quoted
values Trading contracted from the vol
ume OF Wednesdays business and the
market looked to careful observers very
much as though II would havo TO enter
new price territory for advance or re-
action in order to stimulate increased
buying or selling
During the early part OF the session
the list was rather firm, but turned toward
heaN mess in the afternoon. There was
less feature to tho course OF particular
issues than for several days. and except
for professional undertakings there was
both "A lack of pressure and OF buying
impulse. London purchased stocks on
balance TO a substantial amount during
the morning. but later on the trading was
moro conspicuously of a selling nature.
There was some little hardening toward
tn" close. but final prices averaged de-
cline for the day. although recessions were
not important
News OF marketwse influence was mea.
gre. Reactionary symptoms abroad were
exhibited in the face o: some encourage
ments to further strength. Tho BANK
Of fermany's discount rate came down
to per cent. as had been expected
and Is now at the lowest level since tho
early autumn in 1871. There was talk
of other reductions to be made shortly
AT some of the minor financial capitals
and private discounts In Paris fell to 4
per cent. the lowest rate I'm very lorc
time The preparations abroad FOR an eN-
pansion OF borrowing operations Were
accompanied by a SOMEWHAT. denn!tc
rumor that a French national loan OF
$3.50. 100000 of az Per GEMS. would
shortly I've offered q; %. \ Belgian
Government loan OF $50. 600. 900 Of 81. pc,
cent. bonds NJ Z, was announced. and il
can be seen that public financing IN
Europ. is likely to force the price Of capt.
tai for private enterprise to n pretty high
levc,.
II is rather striking that so FAR tls
season OF new financing here has not
brought out much In the way of large
undertakings which would suggest n suf'
fcient recovery OF confidence, under the
circumstances of politics. TO encourage
the promotion OF new enterprises. GOSSIP
had IL that the Southern Pacific was con
templating n s30.Ooo.oou issue OF con-
vertible debenture AZ PEI cont. bonds
about two-thirds of it for refinancirg pur'
poses. but the only official Information
obtainable was that some transaction
was under consideration, EHcept for the
hearing on the proposed bill FOR Fedora
regulation 81 the stock exchanges. thsr,
was nothing in Washington advices whic!
added 10 the considerations already m
spired by political factors.
Domestic money rates seemed TO mo''
little in the direction % further ease
At least It was reported that high grade
commercial paper had been taken at ~
per cent. for six months. call money
ruled at -. per cent. Foreign exchange
held around Assoc for demand sterling
Some curiosity is being manifested in -
latlon to the status Of Government de
| pos,s In the banks. So far no proclama
| ton has been made to the effect tina
! the extra deposits IN the crop moving
season have been returning. although i
was supposed last autumn that the Coz
eminent would recall all this money b.
the middle OF February.