New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-24
REVIEW OF THE
STOCK MARKET
Intermountain Decision
Checks Advance-Prices
Weak at the Close.


Decision by the Supreme Court in the
intermountain rate case checked the
advance begun late on Monday follow
inc confirmation of Southern Paeihe's
ownership Of oil lands. Some sign OF
liquidation appeared in the early trad
ing. but the sales we're well absorbed
and by afternoon the market was again
in the semi-stagnant condition of last
week. Nth prices steady, a consider
able fraction below the close of the day
before. In the last hour selling press
ure was renewed by the short interest,
and leading issues generally ended the
dav a point down, finishing at their
lowest figures. Bonds were quieter,
with Rock Island and Southern Paelne
issues much less active and the more
speculative obligations a triAe lower.
Though the intermountain decision
has confirmed the right of the Interstate
Commerce Commission to establish
rates instead of merely censoring them,
il failed to create any widespread appre-
hension. The immediate effect, railroad
men say. may be to raise charges TO the
Pacific Coast, instead of lowering those
/ to cities this side. When all-water
traffic through the Panama Canal makes
its effect felt the power conferred on the
commission may prove more Of bur
den if not exercised wisely. Yesterday
however. traders preferred not 10 look
so far ahead, but to consider the right
70 make zone rates might be of assist
in
ifs in Central Freight Association ter
ritory, which counsel for the federal
body had admitted in the advanced rate
proceedings were too low.
Other news of the day produced no
market reflection. Idle freight cars IN
the middle Of the month were reduced
for the first time since the heavy
storms of March played havoc with
TRANSPORTATION. The decrease, not
quite 10000, was small and the total OF
idle equipment. over 100000 cars, re-
NAMED heavy. but this should soon be
materially reduced by the demand from
the wheat fields. Baltimore d ONO
earnings for May fell off heavily in
gross and net from last year, but Le-
high Valley was able to make a slight
gain in net in spite Of decreased DuS-
ness.
The most favorable weather Of the
seas 70 date for the cotton crop was
reported in the governments weekly
bulletin, with good gains in the central
and eastern portions of the belt and
warmth in the west. The outlook for
cotton is greatly improved. Corn and
spring wheat made rapid growth, and
the expected yield of winter wheat mas
apparentlv been maintained except IN
Tevas and Oklahoma. Some damage
from frost occurred and drouth still
persists locally, but the week generally
was favorable TO the growing crops
Among shares that showed losses OF
noint or more at the close were
Southern and Union Paclhc, 81. faui'
Reading. Northern Pacific, New YORK
Central. American Sugar and Amalga-
mated Cupper. Canadian Pacific was
noints down. Steel was rather quiet
but lost a large fraction. panhandle
declined 4 points and the preferred /
on fears Of further reduction OF owl
bends. American Car and Foundry was
exceptionally strong, advancing over
point and half.
In London the Bank Of England again
appeared to take the greater part oil
the new gold from South Africa, though
Russia again appeared as bidder and
succeeded in capturing a small portion;
Omen market discounts in London held
steady. Here, in spite Of the engage
ment Of SS,500,OOO more IN gold DaIs
for Paris, demand sterling was hrm.
The $4,000. 600 engaged this week
brings the total taken for export since doo
the first Of the year to around S'o'OVO'-
600. Call loans in this city were re
Doy,ed shade lower at rs per cent,
bnt time accommodation was steady
Since Friday the banks have lost nearly
ee oOo mn on Cub-Treasury operations.