New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-09
REVIEW OF THE
STOCK MARKET
Securities Heavy andWeak
in Spots-Good Crop
Report Ignored.

Despite receipt of news along tire
line OF the hoped for upturn IN bust
ness and finance, securities were heavy
yesterday. depressed by, special weak,
ness in issues of railroads that seemed
particularly susceptible TO the unta-
vorable conditions that have been pre-
vailing. The market opened with some
appearance of frmness following the
decided strength of the late trading on
Tuesday, but prices sagged as the day
went on and weakened irregularly az
the close. Usual market leaders, now
ever, lost only a fraction, and there
we're many small gains among the ac-
tive list. The volume of business, some
100000 shares, was about the same as
on the day before, but more evenly
distributed through the session. The
more speculative bonds turned reac-
tionary.
Gould shares were decidedly weaE'
Missouri Pacific going lower than II
was when the question of paying note
issues some weeks ago caused so much
discussion of its large obligations soon
TO mature and the necessity for read
justment of its finances. This weak
ness extended to other Gould issues.
and the liquidation was ascribed 10
poor earnings, which had brought IN
question ability of some of the sub
salaries to meet their obligations.
Missouri Pacific convertible 5s broke
over 10 points and the forty-year is
over 3. Denver shares made low -cc-
ords for the year and the refunding 5s
declined more than points Missouri,
Kansas e. Texas. which has had its
earnings reduced by the same poor
business that has affected the Gould
lines. lost over a point on the common
and 8 on the preferred. New Haven
went to its low record on fear that the
governments suit would be reopened
because of failure Of the Massachu'
sets Legislature TO accept the agre -
ment made for disposing OF the Bos-
ton e. Maine. Chesapeake & OHIO de-
clined, accompanied by talk of poor
earnings that might affect It's diyi-
dend.
An excellent crop report, as before
this year, was disregarded by the mar
ket. The government made It's July l
estimate of the total wheat harvest 90
100000 bushels higher than the 9OO,-
600 900 set the month before. Corn on
an acreage reduced from last year and
with condition little lower Is expect
ed to yield 2,S68, 100000 bushels, about
what had been predicted. This crop
so important in monetary returns 10
the country, if il does not repeat last
years falling Off, should do its part
toward carrying out the great harvest
year begun by the winter wheat. Crop
moving had hardly begun to draw on
the railroads on July |, when the lat
est figures of idle freight cars were
q l.. ,lssc INN q y
followed the decrease of some 9.OOO
cars the fortnight before. with a fur
Their reduction of nearly 10000.
Steel trade authorities were more
cheerful with the turn Of the year and
reported signs of business improve
ment to make the last six months much
greater in volume than the first At
some increase in prices. The Steel
Corporation, il was said, should report
a small gain in untitled tonnage. Lack
awanna Steel, however, showed deficit
for the quarter. where the year before
il had profits of over Sl.000,000. Cop
per stocks increased some 2l,000,000
pounds in June, 80 per cent more than
in May. This was accounted for by
falling off of domestic deliveries, which
was more than could be overcome by
some decrease in production and a
slight gain in export. ..4,
DISQUALIFICATION Of the French loan
produced no upturn in the security
markets in Paris or London. but the
investment demand manifested should
materially improve the situation
abroad. Here continued tax payments
have brought the banks loss to the
Sub-Treasury up to more than Sl0,-
100000 since Friday. and call loans
were renewed at per cent, but as this
represents only temporary condition
time accommodation was practically