New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-14
REVIEW OF The
STOCK MARKET
Sharp General Break After
Report on New Haven
early FirmneSS.

Following the publication Of the IN
terstate Commerce Commissions draS
tic report on the New Haven yesterday
the market in the afternoon broke
sharplv. Weakness in Canadian Pa
cifc. Baltimore & Ohio and western
Maryland earlier in the day had Dceh
met with resistance by the general list'
such as had been manifested last wceh'
but AZ the close yesterday standard IS
sues had made losses Of up to point
or more. Despite a little rally at the
end of the day final prices were at or
near the lowest Bonds, while showing
weakness in special issues. were gen
orally fairly firm. Europe sold IN thus
market to a moderate extent.
New Haven shares. which had dc,
clined last week. were firm IN lace oil
the commissions report. which esA-
mated that years must elapse before
losses from its subsidiaries could
cease. The commission denounced as
financial legerdemain the Manipulation
of securities between the road and com
panies il controlled. and called atten-
ton to what il termed the unwarlant-
able increase of liabilities from S"5,-
600 600 in 1908 to some S4l0,0OO,OOO AZ
1918. The management was accused OF
acting according to an indefenSlole
standard of business ethics with an u.
ter absence of financial acumen, ana
the directors were held crimlna!lY neg
liCent to their duties and responsible:
through Encouragement. for loss OF
more than S6O0O0,00 part of which. 1T
was said. should be subject OF suits
for restitution.
This last suggestion that assets OF
the company might be swelled through
payment by those held responsible Tor
its condition no doubt played large
part in upholding the price of the STOCK.
At its lowest it did not get under the
low point of Saturday, and IT advanced
while the report was coming to me
market. closing a fraction higher on
the day. The Az per cent bonds OF the
New York, Westchester Boston,
guaranteed by the New Haven. now
ever. which had been reactionary the
week before. broke 10 points.
The early London trading gave no
definite lead. and the market mere
opened fairly firm, and prices generally
continued steady until around noon.
Canadian Pacific, which was undo"
pressure abroad. was decidedly wear
losing over points on rather heavy
dealings. Baltimore & ONO lost near-
" points on the day, and Chesapeake
& Ohio declined. while the convertible
Airs dropped nearly points. Western
MARYLAND went to its lowest for ~
and closed over points down. It, !
per cent bonds, after opening a traction
higher at 81. broke to under o..
In the afternoon Steel. on what ap-
peare1 to be short selling. was sent be
low 90. Reading. Union Pacific. Amai-
gamatcd Copper and Southern Pacific.
which had been so firm the greater par.
of last week. all made declines of some
proportions. Toledo. 81. Louis q West
ern went over 4 points lower on small
transactions.
London. which had been unsettled
early in the day on fears that taC
celebration Of the anniversary Of the
battle of the Boyne might lead to
armed conflict in Ulster, recovered,
and closed higher when nothing worse
than reports Of Oratory reached the
market. Paris celebrated d national
fete day. which will keep the Bourse
closed tomorrow as well. Outside
news. other than the New Haven re-
port. had slight influence on the mar
ket here. The trust bills. it was re
ported. would be ready tomorrow, and
the President denied fear Of possible
break with the Senate. expressing con-
tidence that the nominations Of Messrs.
Jones and Warburg would be con-
firmed.
Call loans again renewed at 2ai per
cent, but time accommodation was a
trne irmer. following the unfavoraDlt
bank statement Of Saturday. The
banks continued to lose on Sub-Treas-
ury transactions, their debit balance
.;,,oo L.; 10. bo;rc o,or 81 000 000