The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-25
FINANCIAL NEWS
And COMMENT
Transactions in Stocks Reach
Smallest Total So Far
This Year.
LEADING ISSUES FIRM
Weakness Displayed in Various
Special Directions-FOreign
Trade Shrinking.

prices fell again a little yesterday the
feature Of the session was still the ten
dency OF trading toward increasing dull
ness rather than pronounced reaction.
The same seems to be true Of the foreign
markets. Both abroad and at home, de-
spite irregular weaknesses. a certain
amount Of underlying nrmness is dis
played by general lists. In view of the
comparatively recent activity and distinct
movement of quoted values In all markets
careful observers are inclined to expect
some early departure Of prices In the d.
rection of a well defined trend. SO far
this month the Wall Street aspect has
been one Of moderate heaviness. but re-
cessions have not stimulated selling even
II buyers have not been attracted. APP
pearances have indicated a waiting atti-
tude and conjecture as to what is being
awaited has ranged over oil the factors
in the category from politics to the tradi-
uonal expectations OF the spring rise.
What there was In the way OF activity
yesterday, when total transactions were
the smallest 50 far this year. was con-
fined to- the forenoon. Standard issues
then displayed a good deal OF stubborn
fortitude. but there was again no iuctua-
ton OF any consequence In this quarter.
The real action of prices WIS In special
ties. and for the most part among low
priced railroad and Industrial issues The
Rock Islands. the Wabashes, the Denver
and Rio Grande shares, Missouri. Kan
sas and Texas and the like. together with
Mexican Petroleum and Central Leather,
were weak. but without extensive in.
nuence. The raa for "a L M
noted are sufficiently familiar to require
no repetition.
Foreign advlces were moderately de.
pressing. London reported an increas.
ing number of nasco,s Of new financing,
and the Continent continued to scramble
FOR the new South African supply of
gold. taking the bulk OF the weekly con-
signment The Amsterdam Bank rale
went down from ~. to 4 per cent, and
there was no unfavorable change Ia money
nI sign of any At the same time
IT was manifest that a certain amount
OF uneaslness existed abroad on account
or positions involved In the Paris ten
sion. the Brazilian difficulties and so on.
and the feeling excited by the Mexican
. situation was not conducive to financial
optimism.
Mexican affairs here did not exert any
obvious influence over values, but pre-
suinably were a contributing cause TO
the further contraction OF stock marke.
activity. The commendable official re-
straint exhibited by Great Britain did not,
however. prevent q further Strengthen
! ing OF belief that events were In the way
| OF compelling 4 more vigorous interven-
ton In Mexico than Washington had been
willing to contemplate Apart from Next
can matters marketwise news over the
week end and the holiday recess did not
| supply Incentives for Wall Street en-
beavers In the constructive direction In
which hopes have been engaged. 1t was
recognized that general business was
man!festins signs of irritation over the
/ programme OF trust legislation. Secre-
/ tary Redfeld's prospectus OF prosperity
made interesting reading. but Just at the
moment the inclination Is to regard facts
/ rather than Interpretations. and the facts
vOuchssfed for financial consideration do
! not make a total result OF the sort that
the financial community needs for encour-
| agement.
Regular dividends were declared on
some OF the newer copper shares. but .
slight reduction WAS made in the Calumet
/ and Hecla dividend The Supreme CouiS
handed down no decision In cases OF i'm
portant bearing and there was "a cessation
/ OF rumor and report about the status Of
the railroads before the Interstate Com
merce Commission. Accounts OF weaken
| Ing prices In the metal markets were re.
ceived although nothing was said OF any
| lapse In the volume VI new business which
has been booking In the steel trade. The
idle freight car report as Of February Il
showed a decrease Of 1885 cars In the
previous fortnight. but tho total Of about
10000 cars Is too far above the normal
winter level to suggest that business bet
torment has become very brisk.
The first Of the significant return Of
January railroad earnings was made by
the LehiGh Valley. which showed a de-
crease OF more than e67S.000 In gross.
the net decline being about S417000. The
country's foreign trade statement for
| January did not reveal q continuation Of
the import expansion shown In December.
hut there was a total decrease OF inward
| and outward trade Of almost $4,000. 900
compared with the corresponding month
last year. Imports fell of about es.600.-
ono. but the decrease In exports was
almost three times this amount. The
slackening Of trade all over the world II
| evidently OF more consequence Just now
than the effect OF our own tariff revision,
There was nothing to comment on In
the money market. Foreign exchange
turned easier. demand sterling declining
to about Assn, on almost quarter OF 4
| cent from last weeks maximum OF re-
covery. New financing facts and rumors
engaged q considerable amount of atten-
ton. It was said that the Erie was ne
gotiatinw for q sale Of notes to rehnance
maturing issues. and II was reported that
the New York Central would put out
$40. 600. 900 Of three months notes to take
care OF those falling due next month. tn"
eventual ref,inding to he accomplished out
of IN. $40. 00O. 900 bonds for permission
10 issue which application was made a
| week ago The bankers who bought the
a n mn OOO NJ Southern Railway three