The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-13
FINANCIAL NEWS
AND COMMENT
Trading in Stocks Contracts
Prices 90 Generally
Lower.
EUROPE ADVERSE FACTOR
Rise in Foreign Exchange
Talk Of Gold Going
to Argentina.

Duness and heaviness were the general
characteristics Of the stock market yester-
day. Trading contracted rather sharply
after the early part Of the morning. but
the movement Of prices was disproportion-
ate to the volume Of DEALINGS. In the
main quoted values tended lower. although
declines In the general run OF standard
issues were slight. Rather curiously the
speciality list made . pronounced turn to
weakness. a fairly extensive array Of SUBJ
stantial losses- being shown In that quar-
ter. Business had all the aspects Of pro-
fessionalism and the position of the mar
ket was still matter OF debate.
Tendencies toward depression were
communicated from abroad followed by
foreign selling. European dispatches con-
tanned satisfactory information about
banking conditions. The Bank OF Eng
lands weekly return was excellent for
the season and the, Vienna Bank rate was
reduced from AZ TO per cent. On the
other hand the Budapest loan of IS, 900. 900
offered in London was practically a fai-
ure and an active inquiry for gold for ex-
port to South America was added to the
demands which the European Continent
has been making on London. A note worthy
event OF the Wall Street financial day was
the aggressive further rise In foreign ex-
change. Demand sterling sold above
4.S6l., and there was talk OF prospective
gold exports on natural basis Ex-
change would probably have to rise fur
ther. but 1t Is thought that shipments may
be inaugurated before long to Argentina
on European account. There was large
movement OF tho sort year ago
Under the circumstances II would prob
ably be advisable for the Treasury De-
partment nj Washington to accelerate
the withdrawal OF It's deposits from the
banks They are not needed now for
the support of the money market, and
their recall might have the effect OF so
Strengthening interest rates as to afford
some protection to our gold supply. The
decline in Government revenue and the
deficiency OF receipts over expenditures
IL an excellent argument for n new
Treasury policy at this time. especially
In view OF the contingencies OF the bal
ance OF the year. involving. among other
things. preparation for the transition fror,
the old to the new banking system.
Tho London securities market was
particularly disturbed by Continental sell
ing The persistence OF tension at Parts
was reflected and seemed to be agra
waited by the critical conditions in Brazil
and Mexico. In which Europe has a large
financial interest. the Paris burden be-
ing exceptionally heavy Just now be-
cause of the ;ieup ~ French funds on
other accounts Satisfactory as Washing
tons policy toward Mexico may be as n
preserver of the peace. II Is unuuestionab bly,
cause of foreign financial strain. Next
can as well as Brazilian securities were
particularly weak abroad. and the con-
tinued fall OF Canadian Pacific here
was n barometr'c indication of the Euro
p-an situation.
Rock Island collateral trust bonds sold
down to n new low price. Their fall did
not seem to he warranted by anything In
the status OF the bonds In the pending
reorganization, but does seem to be the
result of baseless runors TO the effect
that the burden of reorganization will
fall on the collateral trust bondholders.
Rumely affairs were left in n state OF
doubt at the end Of the stock market
session. The express company stocks
were weak. apparently on the advert Sc =
ment given by the United States Express
liouldating project TO the malign effects
which unfair treatment by the Govern
inent has had on the express business
There was continued weakness In the
Could group and Pennsylvania was under
considerable pressure.
The customary extra dividend OF g per
cent, was declared by the Lake Shore d.
rectors. An increase In the s. s Kresge
dividend from 4 to a per cent was an
nounced and very gratifying returns OF
current business were made by the Kresge
and Woolworth companies. The market
as whole was capable Of explanation
as rejecting the drag OF sluggish trade
conditions and adverse pol'tics sasgine
prices were reported In the market for
fnished steel. and the railroad buying
which has been noted has aggravated but
relatively small amount of new BUSH
ness The Interstate Commerce Commits
sion's latest hearings on the Eastern rate
case have not lent themselves to the view
that the commission was changing its al .