The New York herald., 1874-07-11
Continued Bear Movements
in Stocks.
THE MARKET HEAVY
Gold Quiet and Steady-Foreign
Exchange Weak.
Money Easy and Investment Sc
\ clIrities Firm.
WALL STREET.
w ALL oTNEEH
FRIDAY, July 1916 p. M

FRIDAY, July 1916 p. M.
GOOD deal OF discussion is still going on IN re-
gard to the value Of the recent Wisconsin decision.
The effort Is apparently to influence the foreign
markets with Is adversely. In the ordinary dis
cussion the fact Is lost sight or in this preliminary
decision, which has only the same effect as an in
teriocutory decision that the action of the Court
turned upon the fact that the equity rights respect
ing the road nbefled not affected by this legs.
lation. They simply ruled the equity case
(made up on the part OF the mortgage
bondhOlders), out of court, and suggested
that a legal case should be made up for the Su-
ipreme Court or the United States. Here the point
will turn upon the right Of the Legislature to limit
the rent Qreiyht charges) OF property legally &C.
4qured, and the provision of the constitution
guarding
THE MvIOfABILITY OF CONTRACTS
will be cited in support of the claim OF the stock
holders against legislative interference. 1t must
DE borne in mind that western railway building
has been largely an Investment In the future
growth OF the country. Population followed the
railway, the former being at first the objective
point OF the latter; but when the railway became
a necessity OF the population then population, be-
coming strong In It's own conceit wanted to make
At subservent, irrespective OF profit. There may
be many sound complaints on the part Of Western
shippers why Eastern bound freights are too high;
is
A faint OF COMMUNISM
in this eOrt on the part OF the farmers $50 stated,
it really means the middlemen, to coerce egisla-
tOn upon the rights OF railway property, that seri
,ously impairs holders and threatens serious
interruption OF railway enterprise In this country
so essential to its future growth and progress.
THE GENERAL COURSE OF THE MARKETS
to-day was In sympathy with that Of the past few
days. The "bearsr still hold the control and the
"'bullsn are withous q leader or organization. The
failure OF "goat" otherwise q curb stone broker,
is sufficient to create an alarm, 30 great Is the
respect felt for the great bear leader. He seems
TO ill the atmosphere OF the street. and unfor.
tunatey not alone that but atmospheres that
ought to be moro highly raried.
sROCKs OPENED WEAK
and declined u q per cent as compared with last
evenings closing figures Early in the day there
was strong pressure to sell, but about noon and
subsequently firmeT feeling was experience d,
and prices advanced to 3per cent on the entire
list The principal features were Lake Shore,
Northwest and st. Paul common, Rock Island,
Wabash and Western Union. Lake Shore was
weak at the opening and touched 7ok, recover
ing later, to IA Alter the second call the market
showed decline OF Il to per cent, with o later
recovery OF u to e per cent, which was after
wards lost in the closing hour of business to the
extent OF u 70 per cenS from Tue hl9nest point
OF the day, and which when the market left or
was reduced TO u 70 u per cent. The leading
shares in the current dsy's business were Lake
Shore, Northwees, ST. Paul common, Rock Island,
Wabash and Western Union. The suggestions
operasing upon the market were the threatened
samine In the Northwest, with Governor Davis of
Minnesota, asking assistance from the War De-
partment, and the various rumors respecting the
declaration of dividend in Lake Shore. At first
1t was rumored that o quarterly dividend OF per
cent had been declared, which was supplemented
with the intelligence OF q semi-annua dividend OF
3h per cent IN October. Later both reports were
contradlcted and thus the matter stands.
THE STOCK DEALINGS TO-DAY
show business aggregating only 195,6OO shares
distributed as IN the following table, which also
shows the extreme figures of the days opera.
tions:-