The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-18
FINANCIAL NEWS d,
AND COMMENT
Special Declines in stock Mar
kct Continue Under Spec
ulativc Pressure.
GENERAL LIST STEADY
Rate Case Considerations Alb
sOrb Bulk Of Wall street
Attention.

Further indications OF discriminating
lduldation combined perhaps with a shift
OF position from securities OF doubtful or
inferior grade to others of less debatab hi.
merit were presented In yesterdays stock
market The dealings were on the rela Z.
lively expanded scale OF activity estab
hshed some days ago and brought the ag-
sregate OF transactions for the week up
TO about 100000 shares When this 10.
TAI IL considered the fact that the great
majority OF stocks have declined very lit
Tie, although small minority have all but
collapsed becomes rather striking.
IL suggests again what has been betok-
ehed Tor some time, that "A readjustment
" going on which Is bringing particular
prices more into line with conditions tina.
have long been thoroughly understood. the
process being without detriment and as
may appear. to the advantage of the Ken.
eral level. Even IL Missouri Pacific and
several other railroads and Industrial cor.
porations should go into receIvcrship IL
VIII be conceded that their necessary re-
sort TO the courts has been "A prob.
ability for protracted period. There is
no reason why events OF this sort should
give any widespread and unsettling shock
10 values at this time OF casting Nh nc
counts and writing Off worthless assets at
the end of an era OF liquidation compelled
by important social. political financial
and Industrial changes
There were additional signs of the
Restless activities OF bearish operators
seeking to precipitate break in the
snare list. but their efforts were success
iuI only in forcing declines in stocks
Whlch nave maintained a strained posi-
uon' wall Street was pervaded with "A
wild lot OF argumentative rumor about
the dreadful aspects of the epidemic OF
corporate inquistion which has broken
out. bu: the sane members OF the financial
community are quite disposed to concede
that no better time could be chosen than
the present for airing the mistakes and
abuses OF the past and learning the les
sons taught thereby
The most influential conjectures in the
stock market day were conn cted with
the pending decision in the Eastern rate
case. and there was an increase of sub
scripton to the BELIEF that the decision
was going TO he at least a disappointment
and might be more definitely unfavorahle
than that Whether this was based on in
formation or on inference drawn from
tn, prolonged delay OF decision as well
rs from the findings In the New Haven
Investigation and the Maine Central rate
case Is debatahle. but the ruling in the
Eastern rate case has he II postponed so
long that II has become almost stale and
Is likely to prove so when rendt red. The
sooner IL Is out of the way now the b ltter
for the financial and business world has
other fish To fry.
New Haven shares were very steady
and reflected a favorable construction OF
the decision OF the New Haven directors
to resist dissolution on unfair terms
The institution of a spectacular r, stitution
suit evoked no Response from the market
for the New Haven stock. Another one
OF the lately depressed issues. Missouri
Pacific. was also firm. Erie. the southern
railways, Baltimore and Ohio and the
Missouri. Kansas and Texas stocks yield
ed to sp culative attack and forced liqui-
dation and their declines were not Mt all
difficult TO explain.
An application of pressure in other
directions was less effective, although ST
Paul, Pennsylvania and Reading did not
offer as much resistance to attack ~ did
Union Pacific, United States Steel
Amalgamated Copper and variety Of
standard shares. In the late dealings
quoted values showed a tendency to hard
en- and rally and the close was steady
Foreign 81 Hing was reported again. hut
much OF the foreign trading here this
week seems to have been In the way of
arbltragc. Ceptainly 1t has not left much
trace in the foreign exchange market,
which has been increasingly weak. De
mnnd sterling sold down and closed be-
low 49, for the first time In many weeks,
and the whole money market had an
,asier tone. Cali loans renewed at 2R
per cent and the known movements OF
money Indicate cash gain of about
81, OOO.O 600 by the local banks since last
Saturday.