New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-07
REVIEW OF THE
STOCK MARKET
Standard Issues Firm in a
Narrow Range-Call
Money Higher.

With the week TO bring forth, in adj
dition to the expected rate decision, an
important crop report and statistics OF
basic industries, there was little out
side business at the opening. Many
traders, foreseeing dull session, pro
longed their holiday and stayed away
altogether. Less than 100000 shares
made up the days total. London was a
seller on balance. with little effect on
prices. The opening was firm, slight
gains being maintained until the after
noon, and a. ;he close the market was
slightly higher than on Friday. Bonds
were still quiet on the exchange, 4
shade improved.
An early report indicated that no
announcement would be made during
me Gay by the Interstate Commerce
Commission on the advanced schedules
filed by the Eastern roads. An in
genious theory was offered for the
long delay in the case, which had 10
many seemed conclusive evidence that
the tariffs fled would not be accepted
by the federal board. This suggestion
was that the commission had intended
to offer to the roads ways Of obtaining
revenue instead of allowing .hem to
increase charges, but that the opposl-
ton of state commissions to the pay
ment for free services suggested had
proved thst such relief would be long
delayed. and the commission lad been
forced into considering actual higher
rates. Traoers, however, are now SLOW
TO act o. anything but the actual de-
cision. When it does come. as expect
ed. before the end of the week, invest
ment OF the July disbursements should
proceed more rapidly. The railroads
have so vehemently argued that higher
tariffs were necessary 10 their exist
ence that. even in face OF big crops and
economies in management. investors
may well be expected TO discriminate
against railroad issues if judgment IS
decidedly unfavorable.
Representatives of transcontinentaI
lines affected by the Intermountaln de-
csion were yesterday in Washington
arranging for read Justine IN rates 10
the Pacific Coast so as TO meet the re-
uuirements of the Supreme Court, ana
it was reported that plan was sub
r,tted to the Interstate Commerce
Commission which would mean prac-
tically no loss TO the carriers. From
Washington also came report o. the
examination Of one of the President 5
appcintees 10 the Federal Reserve
PoarG. With this country now tending
to control Of industry by commissions
there 81 great necessity o. perSuad!nS
men o: ability ami experience 10 sacrl-
nc their personal affairs TO eoTe:n-
merit service. K is to be hoped mat
such &C are wiling to make TINS sacrl-
fee will not be discouraged by unrea-
sonable eXactions.
In London July dividends cau9cd
casier discount rates and improvement;
of high grade securities, consols max
ing a good advance. On the Contlneni
prices were firm. and great hopes were
entertained OF me increase Of popular
investment demand following to-day $
Offering of the French government loan.
Here the movement was in narrow lrac-
tions, with the exception OF advances IN
specialties. like United States Express,
Goodrich, Locomotive shares ana Plt's-
burgh Coal preferred. Steel varied
only one-fourth of a point, and sucn
issues as Reading. Union and Southern
Pacific and Copper moved within a
range Of 3 to Is.
Time money was placed at unchanged
rates. IN spite Of the great reduction IN
surplus reported by Clearing House in
stitutions on Friday. Call loans, how
ever. went higher to per cent, but re-
newals were again at >. the banks
have already lost over $4,5OO.OO0 since
Friday to the Sub-Treasury.