The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-08
FINANCIAL NEWS
AND COMMENT
Stocks Turn Suddenly Active
and Strong i'm the
Late Dealings.
FEDERAL BANK AFFAIRS
Wall Street Maintains Hope
That Mr.. Warburg VIII
Go on the Board.
FEDERAL BANK AFFAIRS

There was rather curious stock mar
ket in Wall Street yesterday. The total
volume OF transactions indicates a ses-
sion of moderate activity according to
rectn, standards. but Just about half this
business was done In the last hour.
Up to then the market had been apa-
thetc and somewhat heavy. Il was af-
fccted directly by unse ttling weakness
which appeared IN the Missouri Pacific
and Denver and Rio Grande securities
and led to conjecture that the problem
of adjusting tho finances of the Gould
roads was pressing for attention. New
Haven was depressed again. and the
complicated state OF New Haven affairs
served for while to furnish an addl-
tional argument to operators OF a bearlsh
disposition.
Early In the day rumors began to
circulate that tho Eastern rate decision
would be handed down by the Interstate
Commerce Commission inside another
twenty-four hours. These rumors did no,
seem 10 be particularly regarded at FIRST
because OF their familiarity and the
steadiness with which theS' have been
proved false by the lapse OF time.
There was nothing to show that they
were any more reliable yesterday thar
on previous occasions. but because tho
share list turned active and strong In the
late dealings Wall Street Jumped to the
conclusion that the long expected de-
cision was at last imminent. Whether
or not there was anything in this de.
duction the course of prices at least de-
noted the tendency of quoted values 20
respond to hopeful anticipat!ons OF the
factor which has been so long under
financial consideration.
Numerous specalties displayed aggres
sive hrmncss. Among them Mexican Pc
troleum was conspicuous for It's renec
ton Of the company's report. The genera
impetus to the late upward movement o
stocks was. however. supplied by the
striking ease with which standard shares
of the class Of Pennsylvania. New Yorl
Central and United States Steel rose from
professional efforts to depress them. TIL,
close was active and strong at n substan
tial average OF gain for the day.
one of the adverse Influences OF gen
eral importance was provided by the new,
that Paul NJ. Warburg had felt obliged {,
suggest the withdrawal OF his appoint
ment to the Federal Reserve poard
The wretched manifestation of polltlca
incompetence which had prevented IN,
Senate Banking and Currency Commute,
from reporting favoraby on Mr. War
hurg's appoin tment while approving othe
nominations for the board thus throatene,
TO work a further impairment OF business
confidence on political account 1t wa
nevertheless thought last evening tina
public opinion would aid the Presiden
powerfully In any efforts which he nigh
| prosecute TO give the country the benef
| of Mr.. Warburg's services In the estab
| lishmcnt OF the new banking system.
Probably II was this belief which pre-
vented the Federal Reserve Board situa
( tion disclosed over nigh: from having
| more untoward effect on security value.
| Wall Street does not suppose for a mo
ment thai any one man IL indispensable
to the workings of the new financial or
ganizations. but II demagogic politr,
| should win n stupid victory In this mat
| ter the consequences would not be helpful
at this particular Juncture OF business az
! fairs.
Apart from tho matters which have bee
! referred to the day was quite barren O
significant marketwise news. Foreign ad
vices showed that the fotation OF III
! French loan overshadowed everything els
abroad. The Governments wceki
weather report on agricultural condition
was satisfactory In the main. The loca
money market maintained its slight &C
cess OF flrmness, cali loans renewing a
2is per cent It Is to be noted also tina
foreign exchange. with demand sterlin
around 1878, remains peculiarly FIR
! nj tho re~ent decline.