New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-25
REVIEW OF THE
STOCK MARKET
Securities Weaker on
Heavy SeIling-Weak-
ness at the Close.

Liquidation yesterday was more than
the market could readily absorb, and
prices fell of to two points and more
among the railroad shares, with the
industrial list following. Pessimistic
forecasts Of the advanced rate decision,
with special individual weakness and
rumors Of impending commercial diff
culties, produced a day Of general sell
ing and pronounced weakness at the
close. The volume of business swelled
TO nearly $4,000 shares, the greatest
in months.
Reports OF the probable action OF the
Interstate Commerce Commission on
the higher tariffs filed by the Eastern
railroads that appeared in the morning
papers bore more resemblance Of au-
thOrity than usual, and made their
effect felt soon after the opening.
They had IL that only about two-thirds
Of the rates under consideration would
be advanced and that on the remain
INK One-third the increase would not
average over 3 per cert. Ways OF OBJ
tanning greater revenue. II was said
would be pointed out through abolish
ing free siding service and Imposing
spo.ting charges. The special counsel
to the commission in the case was
Quoted as insisting that the decision
would be handed DOVE this month and
PROBABLY this week, instead OF on July
8. the date set by the earlier reports,
hut this did not detyact from the con-
Hdcncc in their accuracy they had IN
epireC OF the Eastern roads, New
! or& Central was first 20 show special
weakness ard led the carly decline.
: sharp break in Panhandle on re
ductiou of the preferred dividend TO =
Of ! per cent and the passing Of the
common was a further depressing in
fuonce. On the last quarter the dis
burSement on the preferred was cut
from Il! 20 and on the common from
1jt 70 2. The directors announced
that the heavy falling off in gross and
net az that time and the continued
decrease in gross since then made yes
terday's action necessary. The Penn
sylvaniG lines west Of Pittsburgh de-
Clared the usual dividend
In the last hour further wea kness
in United Dry Goods preferred un-
settled the market and the early de-
cline was continued up to the close.
The stock, which on Tuesday had
small transactions yesterday broke
1ll2 points and ended the day at 81,
l41a points down The common, which
on Tuesday had closed no bid, 50 asked,
closed Yesterday 20 bid, 60 asked. The
preferred was 25 bid, so asked, against
no bid. 9T12 asked the day before.
At the end Of the day net declines
Of . points or more had been made by
New York Central, Union Pacihc and
St. Paul, and Reading and Steel had
each declined over l p points. South
crn Pacific had lost great part OF It's
recent gain. closing over point down,
at 95ia. United States Cast Iron Pipe
and Foun Try preferred, which had
prssed its dividend, fell back over 4
POINTS. Chicago Great Western pre-
ferred turned reactionary, with loss
of more than . points.
Wednesdays steamer having sailed
with gold to reach European centres
in time for July settlements. no iurth-
or engaeements were reported during
business hours, and exchange rates
were lower. demand sterling closing at
4.SSlO. Expectation of an early reduc-
ton Of the official discount rate OF tne
Bank of France and rise IN the Farls
check on London indicated an APP
proaching end of the export movement
TO France. The banks since Friday
have lost heavily to the Sub treasury
their net debit balance since Friday be
ing S14.654.OOO. Payment Of income tag
is expected to draw heavily on iocsl
funds between now and the first OF the
month. Little effect as yet appears IN
the local money market, call loans were
again rene we'd at Is per cent and hNed
date funds on collateral were pracu-
C.lly unchanged.