New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-22
REVIEW OF The
. STOCK MARKET.
Railroads Higher on Short
COvering-Steel Shares
Also Improve.

Though European exchanges contln-
ued nervous over possible difficulties
between Servia and Austria, and selling
for foreign account here was still on
fairly large scale, securities advanced
after early weakness and closed with
recovery that in some cases amounted
to over point For this better FEELING
in the market no outside developments
could be held responsible. The short
interest has become rather extended OF
late. and with expectation of a decision
in the rate case at any time now cover
ing operations were fairly general.
YESTERDAY the rumor was that the Inter
state Commerce Commission would be
more generous than had been expected
and this assisted the advance. A rumor
probably originated to account Tor the
start Of the upward movement rather
than responsible for its beginning. .,
Railroad shares were geherAiIE
stronger than industrials, though the
steel companies improved on announce
ment of higher prices for bars, plates
SATURDAYS advance in wire. New Haven
was steady and did not share in the
general upturn, Mondays conference IN
Washington resulting merely IT. repre-
sentatives of the road perslSting IN
their refusal 10 sell the Boston d Maine
shares on the terms set b. che Massa-
chusetts Legislature. Union Paclhc'
quoted on its new basis. continued 70
advance, while Baltino orc ONO
reached a new low Level, nearly points
below Mondays close.
Missouri. Kansas & Texas common
gained a point and the preferred over
when President Schaf was quoted as
expecting about as good surplus 1or
the fiscal year just ended as Tor the
wear preceding, when nearly per cent
was earned on the common stock after
paying dividends on the preferred on
which the latest semi-annual d!Sourse-
ment was passed because OF 1918 crop
failure in the Southwest. For TINS sea,
son President Schaif was very hope1ui
over the harvest in his territory, ana
even said that the Texas cotton crop
promised to be a good one.
The governments crop weather re-
port announced that late planted cotton
was suffering severely from heat and
that little rain had fallen in the South
west. Drouth, II announced, haG
irreparably injured the early planted
corn in the southern part of the belt,
but the weather was generally favor
able in the principal corn growing
states. The outlook for spring wheat
was said to be the best for number OF
years. though some damage was report
cd from heat and rust.
Rock Island bonds declined during
the day, the debenture 5s and collateral
As making new low records, accompa-
MED by rumors of failure of the reor~
ganization plan through which share
holders Of the Rock Island Company
were 10 be allowed to obtain part OF
the new preferred stock Of the under
living railway. II was not until long
after the market had closed that an
nouncement as made that the Jnder-
writing syndicate which was TO insure
the raising Of the new capital needed
had decided not to take up the task
New requirements Of the Interstate
Commerce Commission for charging
more depreciation of equipment to op-
Grating expenses proved on examination
enough to make improbable dividends
on the proposed $4,000 900 of preferred
stock and readjustments OF accounts
would probably wipe out the surplus
shown on the books Of the railway COM
pany
Demand sterling. despite some irrcg
ularity. closed higher London discount
had hardened following the reappcar-
ance of Paris as successful bidder for
the new South African gold, and here
money continued easy. In addition
exchange rates were affected by the
liquidation in this market for foreign
holders. Call loans were renewed at
pa per cent. the lowest for two weeks