The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-11
FINANCIAL NEWS
AND COMMENT
Much Weakness in Some Sccuri-
ties Under Liquidating
Pressure.
STANDARD ISSUES STEADY
Signs of Shifting Of Commit
ments - European Mar
kets Disturbed.
ISSUES STEADY

Yesterdays stock market continued the
interesting features which had been pre-
scented In the previous sessions Of the
week. There was persistent and relatively
heavy liquidation in the securities OF the
Gould group of railroads and In Chesa-
peake and Ohio and New Haven. Fresh
weakness appeared In Canadian Pacific.
the Missouri. Kansas and Texas issues.
New York Central and other stocks on
the international list.
For the most part standard dividend
paying shares and the seasoned stocks OF
corporations which are known 10 be In
good shape offered further resistance TO
which In various directions carried quota
tons down to new low record levels. Mis-
souri, Pacific and the Denver and Rio
Grando stocks sold at what are called re-
ownership prices. but despite collapses of
this sort the market as a whole had an
appearance of underlying frmness in the
general run OF securities OF good grade.
or course there was a good deal OF heaT-
ness. but there was little indication of
forced liquidation outside a limited num-
Der of stocks representing corporations
whose troubles and difficulties are ia
mlliar.
In the last hour selling gave way to
short covering operations by traders and
there were tendencies toward recovery
The close was steady. with final quota
tons showing a substantial array of ma.
terial losses. although the average Of de-
cline was not large for the entire market
and IN some descriptions net gains were
recorded. Total dealings were in some
what expanded volume but were limited
enough to prove that liquidation was of a
special and under general character.
What indeed seems to have been con-
Quoted was process. begun several days
ago, of lquidating concentrated commit
ments In securities of corporations where
money might be tied up through long
period OF reorganization and readjust-
ment At the same time II was In
fercntial that the proceeds OF liquidation
We're being shifted into securities whose
present position was sound and whose
future could be regarded as comparatively
bright
For the rest there was obviously soms
foreign liquidation In thu International
list The stock markets abroad were al
more or less depr, sscd for two reasons
one. the uncertainty about the cont!n-
gcnci,s Of the Irish crisis and the other.
thu disappointment Of Ne French loan re-
effect that the huge oversubscription FOR
the new French Government bonds rep
re scntcd a very small proportion of public
bidding as compared with purchases by
bankers and spectators,
Happ' rings In the stock market itself
absorbed N bulk of Wall Street atten-
ton. They did not. however, wholly OBJ
scure the optimistic implications Of the
Administrations changed attitude toward
business and financial enterprise on 4
large scale and undoubt dly these, among
other signs Of political change. encourag d
some absorption Of stocks ut recesslons.
The action of the commodity markets
was a satisfactory commentary on crop
conditions, which. b. IL noted, make a
composite materially above the ten year
average OF the aggregate condition at
this time. whereas last year July condi-
tions were well below the average. The
United States Steel Corporation published
It's tonnage statement ~ Of June 30.
showing a gain Of 1857 tons during
June. the first increase since February.
The Pennsylvania Railroad announced
the allotment OF orders for 100. 900 tons
OF steel rails.
ON the known movements OF money
the local banks have suffered a large
loss of cash this week. variously esti-
mated at somewhat less 10 n good deal
more than s20.O0O.00O. Payment for the
warships sold to Greece IL ar important
item in this reckoning. on the face OF
these returns the money market should
have been harder, but an interesting cir
cumstance explanatory OF the aspects OF
money was the appearance Of foreign
loans here through tho exchange market.
This extension OF credit has long been
overdue.