New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-20
REVIEW OF THE
STOCK MARKET
Shares a Trifie Higher in
Dull Day-Rock Island
Bonds Active.

Further fractional recovery was mace
nv the market Yesterday in another
quiet day, In which the volume or ousl-
ness. some $4,000 shares, was not much
above the smallest Of the year. FUR
chases for foreign account while sun
limited. were OF material assistance IN
preservtng the firm tone Of the trading
standard issues moved in small frac-
tons. with most Of the business done
IN the first hour and just before the
close OF the dealings IN bonds over
one-third was made up OF transactions
in Rock Island issues, due to the ex-
pected announcement Of the plan
agreed upon by the protective commit
tees which have so long been occupied
in an attempt to unravel this financial
tangle.
Representatives OF the railroad col
lateral trust bonds and the Rock Island
shareholders were IN conference during
business hours, but withheld announce
rnent Of the result OF their delioera-
lions. The shares were quiet Rock
Island common changing hands at Its
previous low level Of 21a. The debenture
Is advanced 5 points to TN on very
heavy trading. some $6OO,OOO par value
changing hands. The general As and
refunding Is were firm. but compare
lively quiet. Expectation that reor-
ranizaeion which would strengthen the
obligations Of the underlying com
panies would bear heavily Oh the Rail-
road collateral 10 based on the Rail-
ways stock caused pressure on these
issues. They were sold to the extent OF
about $4,000, and broke nearly 2A
points TO a new low record Of 80, re-
covering over q point before the day
had ended Announcement was not
made until long after the close OF the
plan by which S957.000oO0 in capital
OF the Rock Island holding companies
was TO be wiped out and reorganisa-
ton TO be based on the underlying
Railway, strengthened by the sale Of
S32O00000 in per cent non-cumula-
tive preferred stock TO holders Of the
collateral As and the Rock Island
shares
The London market continued TO i'm
prove, oonsols gaining another quarter,
or more than a point during the week.
Here few important price movements
were made among shares, save by the
specialties. Federal Mining and Smelt-
ing advanced 4 points, American Cities
preferred made up nearly 2 points Of
its dividend, and Minneapolis, st. Paul
& sault ste. Marie gained over a point.
Chicago Great Western preferred con-
tinued to seek higher levels and ad-
vanced ] point on the day.
Returns from general business were
rather unsatisfactory; copper exports
were lower, gross earnings OF the rail-
roads for the first week in June were
unsatisfactory and bank clearings de-
creased. Commercial agencies spoke of
some betterment in the drygoods mar
ket and activity among the worsted
mills.
The eastward movement Of grain told
further on exchange rates yesterday,
and demand sterling fell below ass for
the first time since the present gold
exports began, early in May. London
discounts continued TO fall Further
engagement was made Of $1,8OO,OOO in
gold for Paris, making the total since
the first OF the year over S69,0O0,OO
Call loans were renewed lower at ~
per cent, but fixed date funds were
steady. From known movements OF
currency the banks appear to have
gained some S11.OOO.OOO from the IN
terror, but with the exports and loss or
ordinary Sub Treasury operations cast
holdings are expected TO be around So.
100000 lower in to-morrow's bank
statement.