New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-18
REVIEW OF THE
STOCK MARKET
Break in Late Trading
Weaker Railroads
Go Lower.

Heavy professional selling in the
last hour produced declines IN W saS
spots that in some instances reacnea
20 . noints or more and depressed the
other railroads. Covering again causeu
an un,urn az the close and in the gem
eral list net declines were for the
ros. mart fractional The market had
opened steady in response to over
night denial that the New Haven was
voluntarily 10 seek receivership. Up
erations on the short side soon
brought on reaction from which there
was a little improvement around noon
The list traded in was a broad one
and the volume Of business was over
$4,000 shares. For the first time TINS
week London was buyer here on bal
ances. but sales for foreign account
were sufficient 20 add 70 the pressure
on the low priced railroads.
During the late decline reports OF
leak from Washington telling OF a
most unfavorable decision in the rate
case to-day were circulated. This re-
mort seemed without foundation. but
recent utterances of the commission
eppeared enough 10 warrant fear that
the railroads would find in the de-
cision in the advanced rate case little
10 strengthen their deprecated credit
New Haven was steady during the
day. Threatened suit by the govern
ment was far less discOuraging than
anticipations of voluntary receiver
shin. The stock holders suit for
$500. 900. 600. filed in Massachusetts
against directors. was diSregarded by
the market. suits brought against
great corporations in name of stock
holders having become fairly familiar
Just before the close It was learned
that the Toledo, ST. Louis & Western
would probably default interest on the
bonds under which is pledged its con-
trolling interest in Alton stock, pur-
chased from the Rock Island. Nego-
tiations are under way with owners OF
the bonds for some settlement before
they take any adverse action. This
investment has meant payment OF over
$4,000 a year by the Clover Leaf, and
the Alton common stock has paid no
dividend since 1910 or the preferred
since 1911. Missouri, Kansas e. Texas
shares broke sharply 10 new low rec
ords, the common falling off All points
10 9. and the preferred making
similar lose 70 27i2. Cleveland, Gin
cinnati, Chicago & ST. Louis went 3
points lower 10 us AONtSl SlHNt
1907. Baltimore G. Ohio again de-
clined and Erie was put under pres
sure and went to a new low mark for
the year. Southern Railway common
and preferred were weak and Pennsyl-
vania gave way, while Panhandle broke
points. Reading made a maximum
decline Of IL points. Union Pacific
and Central were exceptionally firm,
showing small gains on the day.
Call loans were a little easier in
spite OF the increased business on the
exchange this week; the highest rate
was pa and renewals until Monday
were made at Pr per cent. but time
accommodation was frmer. From the
interior, local banks appeared, from
known movements Of currency, to
have gained over S11.000,O00. Loss TO
the ub-Treasury was only a little
over $4,000 900. so a cash increase of
come 100000 is expected. The Bank
OF Germany reported unusually heavy
decreases in discounts and added
nearly 100000 marks to its gold
on hand. Here sterling exchange closed
below 4.87.