New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-16
REVIEW OF THE
STOCK MARKET
Further Liquidation in
New Haven and Break
i'm Railroad List.

Unsettlng fears of further embar-
rassment Of the New Haven, with
doubt of the future of other weak
railroad systems, accounted for liqui-
dation that, with accompanying short
selling. depressed the market 10 new
low levels yesterday. Railroad shares
broke generally in the afternoon IN
der heavy pressure. traders continuing
to argue from the bitter language IN
which the Interstate Commerce Com
mission presented its report on the
New Haven that it would give little
relief TO the road when the freight
rate decision appeared. Just before
the close covering of short commit
ments was responsible for a consid-
cradle upturn. Business for the day
was unusually heavy, amounting TO
over $4,000 shares. The more spec
ulative bonds were lower, but the
bond list generally showed no such
weakness as appeared among shares.
New Haven, under unusually heavy
selling, much Of which appeared 10
originate outside the financial district,
broke over points to below so. and
the convertible IS went as low "a
90, moro than 6 points under Tues
days close. Reports persist that the
interests behind the road have be-
come discouraged at the continual un-
favorable developments and might
seek refuge of the courts. allowing the
government action for dissolution TO
be met by court appointed officials.
Federal authorities. it IS reported,
were advising directors against re-
fusal at to-day's meeting to dispose
of Boston and Maine shares.
Formation of protective committees
for bonds and shares in Missouri Pa
cifc produced considerable disquict.
The two committees OF bondholders
contained representatives Of the bank
ing house which earlier in the year
had announced that only by scaling
down fixed charges could the future
of the road be assured. How II was
planned TO accomplish this reorgani-
cation the market was unable TO learn
Yesterday Reports from Washington
had the Interstate Commerce Com
mission about to begin an investlga-
ton of Rock Island finances, to be
conducted in manner similar TO that
OF the New Haven just ended, and in
addition doubt was renewed that the
proposed reorganization of the system
without rcceivership would be success
full. The collateral Is of the Railroad
and the shares Of the Rock Island
Company fell 70 new low levels. On
the curb traders sold profits on the
proposed new issues.
In London American shares were
sold for the Continent, and sales in
this market for foreign account con
tinued heavy. The opening here fol-
lowed the London lead. with fractional
declines, but through the morning the
market as whole was fairly steady.
Union Pacific was firm, following its
court victory, and Baltimore e. Ohio
was again sold. New York Central
in the late break went under 81 to its
lowest for decades.
Among industrials few net declines
reached a point. United Dry Goods
preferred. however. which had been
steadily recovering. broke eight points.
This followed publication of testimony
in the West by the president Of one Of
the Clahin subsidiaries that over
s1.5O0.00O of Clahin receivables gener-
ally supposed TO represent sale OF mer-
chandise, had been ISSUED in this city
BY the treasurer Of his concern with
out his knowledge. Rates for CONNER
cial paper went higher. Call loans
were frmer. renewals being made at
per cent; and the time accommoda-
ton again advanced The loss Of ..
hanks TO the Sub-Treasury since Fri-
dav reached S4.350.000.