The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-07
FINANCIAL NEWS
AND COMMENT
Firmness Shown by Stocks in
q Session Of Light
Trading.
STRONG TONE ABROAD
Wall Street Sees Some Hopeful
Possibilities i'm the
Near Future.

After a little all around advance in the
early dealings yesterday the stock market
fell into n state of dulness. Trading
proceeded internationally through the re-
malnder of the session. but the level Of
quoted values was, rather firmly held and
the result at the close was "A small aver
age OF net gain. The total of transactions
was reduced 20 the contracted dimensions
Of business prevailing lately. Professional
operations accounted for the bulk of the
dealings. although there were again some
disCernible indications OF what IL called
July Investment buying, and in one or two
stocks. notably AmalEamated Conner and
Union Pacific. there seemed to be some
moderate accumulation of a specula i've
nature. few specialties exhibited =
modest degree OF animation.
Late In the afternoon rumors OF an
unfavorable nature began to circulate rel
alive to the Senatorial delay of complete
confirmation of the Federal Reserve Boa d
appointments. II was hoped in the finan-
cial district that MIR. Warburgs name
would receive prompt consideration by the
Senate Banking and Currency COMMITTEES
and that tho country would not lie de-
prived Of his valuable services in establish
ing the new banking system 4 good deal
or discussion went on about the Clanin
failure and the circumstances which might
be revealed concerning 1t. but so Ear no
particularly untoward effects from il have
been noted, or untoward developments
reported except the arrangement of the
commercial paper market which has re-
suited.
Nothing particularly helpful could be
ascribed TO the delay OF decision in the
Eastern railroad rate case or the amaa-
ing uncertainty as to when the decision
might DO expected At the same time
Wall Street showed perhaps less dispOsi .
ton to concentrate attention wholly on
this factor and more inclination to take
cognzance OF other matters.
A survey of the situation at the open
ing OF the new week seemed to show that
the near future contained possibilities
Of optimistic influences. one OF them
which was widely considered was tho
further disclosures of an improved po-
lttcal attitude toward business which
might be made in the course OF tho new
White House conferences with representa-
tives OF financial and corporate endeavor.
Tho July crop report, which will be
published on wednesday, seems likely 10
be about as gratifying a return OF agri-
cultural conditions as has ever been made
at this season.
In addition to these things a great deal
OF stress was laid on the tokens OF a
turn for the better which financial affairs
abroad seemed to he evinCing. The Lon
don stock market manifested a very en-
couragnG amount of strength and 1t Is
reasonable to suppose that constructive
Significance attaches to The sharp rally
which Is under way in British consols.
Europe may not contribute to recovery
here for a long time to come. but much
restraint on our recovery will be removed
IL the European situation IL In the way
OF mending As To that IL will he posi-
BILE to tell more definitely in a few days
in consequence OF the French loan quo
tation.
II the loan Is ten or fifteen times over
subscribed the fact would not mean much
more than that rhe Government financing
had received banking support II the
oversubscrlption is anything like thirty
times the amount of the loan. as was
suggested by yesterdays advance estl-
mates, II would mean satisfactory
popular success OF hopeful augury for
the restoration OF French financial con-
fdence and the promotion of activities
in the money and security markets.
Call money in Wall Street loaned as
high as per cent, but the renewal rate
was only per cent. and the local money
market could not be regarded as con-
STRUNG Saturdays bank statement as
anything more than an exhibit OF a very
temporary condition.