New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-02
REVIEW OF THE
STOCK MARKET
Securities Heavy in Quiet
Trading-Money on
Call Higher.

The market yesterday failed to carry
on the upward movement Of the day be-
fore. At the opening fractional profit
taking declines were in evidence, and
though there was a slight rally in the
early trading, securities weakened in
the afternoon and closed with small
losses general Business was quiet and
confined TO professional operations,
with little selling pressure or buying
power. Bonds were less active and
rather irregular. Sales for foreign &C
count, while not heavy, were enough to
exert some depressing influence in such
limited trading.
Railroad earnings of great Eastern
systems for May were decidedly un-
satisfactory, and announcement Of New
York Central's report discouraged the
early recovery. New York Central and
PENNSYLVANIA had both succeeded in
making heavy reductions in operating
expenses, but gross earnings fell off so
that decreases in net resulted. As
compared with last year, Pennsylvania
=
net, while Central showed decline Of
around l6 in gross and nearly 40 in net.
Some selling pressure developed in
Central shares, but the net decline was
only a little over a point New Haven
was sold down nearly points TO 63%,
close 20 its record low level.
The remarks of the chairman OF the
Steel Corporation TO the presidents OF
its subsidiaries were read with interest,
but it was noted that his hope of better
business in the fall was modified by his
expectation that low prices of the pres
ent depressed period might be expected
to show little improvement. Trade au-
thorities were not particularly hopeful
and admitted that better figures for fin
ished product might be deferred for
some months. The Steel Corporation,
it was said, found orders better at the
end of June. but many of the smaller
companies showed new booking larger
in the earlier days of the month than
toward the close. Pig iron sales have
been large at lower prices.
The governments report of cotton
conditions on June % showed a recOv-
cry of SO per cent, better than had
been looked for. The condition, 1916
of normal, was still low as compared
with S1.8 the year before and S07, the
average for the last ten years. Since
the federal officials made up their fig
ures for yesterdays report another
week of unfavoreble weather has left
the crops still IN questionable posi-
ton, but traders in securities paid little
attention to this yesterday. A decrease
Of 1.3 per cent in acreage was about as
had been generally expected
Mexican affairs continued TO present
no sign of immediate settlement, and
reports from Washington put the rate
decision Off until next week. European
markets were fairly steady, with Lon
don dull and Berlin slightly improved.
Here Southern Pacific. as on Tuesday,
led the early rally. but fell back before
the close. Lehigh Valley was reac-
tionary. Among the specialties making
gains on the day were American Wooden
preferred and Rumely preferred. Rock
Island debenture IS and collateral trust
Is were firm in the morning, but weak
ened later.
Following July disbursements. call
money was less freely offered and adj
vanced to 212 per cent-the first time
il had gone over per cent since early
in the year. Time accommodation re-
manned unchanged, and mercantile pa
per moved a little more readily. Pay
ments TO the government have resulted
in loss to the banks of S1S,74l, 900
since Friday.