The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-15
FINANCIAL NEWS
AND COMMENT
Market Regains Strength After
Uneasiness Caused by
Heavy Selling.
SPECTATORS DECEIVED
Holders Of Stock Again Show
They're Not Disposed to
Take Alarm.
SPECTATORS DECEIVED

After brief period OF uneasiness In
the early trading. caused by rather heavy
selling. ostenslbly from abroad. and an
other downward sweep In New Haven
stock. the market stead,ed, gradually re-
gained It's composure and turned strong
when II became evident that the New
Haven report as an Immediate market
influence had spent Its force. The action
OF prices In the afternoon indicated that
the speculative element had again de-
ceived itself badly as regards the real
market position or else had altogether
overestimated tho effect OF the New
Haven report upon the mind of tho great
body of investors. As on many other
occasions in tho recent past. holders Of
stocks have again displayed their conf
dence in the financial outlook and an i'm
pressive disposition not TO take alarm
The stock market could hardly have rail-
lied as easily as II did-recovcring prac-
tically all the ground lost on Monday
had any considerable amount OF real
liquidation taken place to weaken tech
meal conditions.
That the stability OF prices at this level
is due to the brilliant crop prospect can
hardly be doubted. The crop news OF
the day was OF sort TO encourage
greatly hopes on this score and the later
hrmness was Enthusiastically helped by this
factor. The Government weekly report
told of quite satisfactory progress having
been made over the largest part of the
country on account OF excellent condi-
tons. While the outlook was qualified
somewhat by reports OF drought in the
that the unfavorable conditions in this
section had been materially relieved by
heavy rains over night. In sharp con-
trast TO the prospect IN this country 1t Is
interesting to note that the weather for
foreign crops continues poor, dispatches
from Russia telling OF almost unprece-
dentedly severe droughts which were do
ing great damage.
1t is likely that a portion of the
London selling had its origin on this
side OF the Atlantic. The New Haven
report probably exerted some influence
on foreign sentiment, but tho foreign
markets just now are concerned with
more local affairs. The Vienna Bours,
continued weak. which was reflected II
Berlin. where Canadian Pacifics were agar
weak. and all the European markets wer,
affected by rumors of strained relations
between Austria and Servia. Consols
however. closed better on the better out
I hook In the Ulster situation.
An inclination toward recovery ex
hibited in the Missouri Pacific securitie.
/ was attributed to definite reports OF tn,
3 formation OF protective committees for III,
consolidated As and convertible pei
cent bonds headed by an important bank
ing house which "A short time ago wa
! mentioned in connection with a plan 70
I the rehabilitation OF the property. Az
parently the making of these arrange
/ m2nts Is the Initial step, and the antici
pated reorganization of the company 4
not as far distant as has been general,
/ believed. Curiously enough the stool
was srong in sympathy with the bonds
in spite Of the prevailing understandinI
that any such reorganization as the Stree
mas In mind would inevitably necessitat
a drastic assessment
The fall In New Haven stock to n ney
low price was associated with rumors cir
culating among the speculative elamen
OF the extreme lengths to which the com
pany might go TO eNtricate Itself from II
| present pass. Moreover between now an
| Thursday the company has TO decld
whether II will reconsider its refusal I
dispose OF the Boston and Maine stoc
under tho terms Of the new Massachusett
law or run the risk of n Governmeu
dissolution suit against the combination.
The report OF the Census Bureau givln
the figures OF cotton consumption durln
June was better than expected, shown
a slight Increase over the same mont
last year This Increase was slight, BIT
it was regarded as another contribute
to the accommodating signs OF improvement
in the business world.