New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-12
REVIEW OF THE
STOCK MARKET
Slight Trend Downward,
After Dull Day-More
Gold for Europe.


change yesterday security prices we're
only slightly changed. but such trend
as developed was downward The
opening, though irregular. showed de-
clines Of small fractions, but the list
held fairly steady with increasing dull
ness until the late afternoon, when a
further fractional break left the mar
ket as a whole a shade lower. EX-
pectation OF the railroad rate decision,
which the market has decided is what
II is waiting for, puts the announce
ment after Saturdays close, though no
definite ground for this belief has yet
appeared. Trading in bonds again rep
resented broad range OF issues. with
some weakness among the more specu-
lative obligations.
Abroad London turned reactionary on
profit taking following three days RISE
with an additional cause for depression
in the small public subscription to the
| Canadian governments loan OF go
600 900. bearing 4 per cent interest and
offered at 9S. Practically no business
for foreign account was done in this
market, and American prices IN Lon
don made only insignificant changes
before the opening here.
Speeches at the State Bankers Con-
vention reported to the market met
general approval for the emphasis on
/ the part played by activities of the
/ government in continuing the present
business depression. Reports from the
/ harvest fields Of the West continued
optimistic. Mexican negotiations have
/ reached such a deadlock that little in
/ terest is taken in daily developments.
/ Movement Of standard securities on
/ the exchange was generally insignif1-
cant. Steel, which led in the trading,
varied only Il Of point until the final
/ hour. and then closed q down. Read
! ing and Union Pacific made fractional
declines. ST. Paul was reactionary,
breaking over a point on reports that
/ the bond issue was not going so well as
had been expected. with slight recovery
/ later. Canadian Pacific was over a
point lower. Tobacco shares turned re-
dictionary and General Motors lost over
a point. Virginia deferred 6s were
| lower and Rock Island bonds were
weak.
} The scramble for gold here showed no
/ sign OF abatement. Further engage
ment yesterday brought the total that
will be shipped this week up to ST.
! 100000. Since the first Of the year over
$50, 100000 has been taken, all Of which,
with the exception Of S1,000,000 that
went to Berlin for transshipment to
Russia and about 100000 for Lon
don, was for Paris. Exchange rates
show no signs Of weakening. and
strength in foreign exchange will con-
tinue for some time. Demand sterling
closed the day yesterday at 4SS90 to
4.SS95..
The Bank Of England in its weekly
return at last showed benefit from the
transfer Of the Continental demand for
gold to New York. Bullion holdings
were over 5000 greater, and reserve
was increased so that the proportion to
liability was 45.SS, as against 42.46 the
week before. The Bank Of France
added nearly Al, 100000 francs to it's
gold. and the combined loan figures
were more than III, 100000 lower. Call
loans here were renewed at the high
rate OF per cent, with IL the lowest,
but otherwise funds were at their
previous low levels and in little de-
mand.