The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-21
FINANCIAL NEWS
AND COMMENT
Pressure Still Applied in Spe-
cial Quarters Of the
List.
SELLING FROM EUROPE
Forecasts Of Eastern Rate De-
cision Not Altogether
UnfavOrable.


somewhat contracted yesterday from the
average volumes OF last week. hut there
was renewal, or at least a continuation,
OF selling pressure. The fact that ac-
tivity was relatively diminished euGgcsted
an access of caution on the part of specu-
lators and except for steady. persistent
foreign selling there was no obvious evil
dence OF real liquidation.
The London stock market displayed
some underlying irmnes, but was affected
in various departments by continental
unloading. American stocks made sub
stantial declines In London before tho
local opening and throughout the day tho
continental markets were weak Cable
dispatches assigned as tho principal or
only cause OF European unsettlefnent the
revival Of warlike tensions in the Balkan
area although 20 far "a American So
curities arc concerned II has become quito
the foreign fashion lately to represent
Europe AZ vastly disgusted both with
tho various corporate difficulties against
which Wall Street is contendins and with
the attitude of public hostility toward
corporate enterprise adopted by our poll
ticians.
1t may have been In consequence OF
some real foreign liquidation of stocks
here that foreign exchange turned rather
around and above 4.S7L. There was
nothing In the money market deserving
of special notice or TO account for the
course OF foreign exchange.
II In TO be doubted very much II Euro
pean finance Ia anything a. like fearful OF
/ American values as IL commonly asserted
/ at the moment. II has had too long an
experience with them TO be very dis
| trustful OF the average OF our values
! Compared with heavy commitments which
! Europe has in other countries Its Ameri'
/ can investments look like Government
bonds. but Europe has a peculiar way OF
| making bitter complaint when after
| a prolonged period OF reckless gamblins
m American securities OF doubtful grade
/ II begins To- reap the reward OF Its folly
The Wall Street market as Who'll,
showed an average OF decline for the
first session NJ the new week Leaders n
: The downward movement were Balt!mor,
and ohio. ST Paul l.ehiGh Valley, New
York Central and Canadian Pacific. Rails
/ especially Eastern rails. were chiefly
pressed for sale, but Texas oil broke
sharply in spectacular manner. Their,
was again n good deal OF all round resist
Buce to tho weakness displayed In par
t.cular quarters. but the tone OF the mar
let VAS uncertain. although the close wa
fairly steady
Eastern rate case considerations
! seemed to usurp the bulk of attention
! Tho reports submitted by the Interstate
Commerce Commission to Congress assa!l
ing some railroads in relation to Goa
and oil properties In which they had "a
1 interest direct or indirect, in Illinois and
/ other states wHs a characteristic con.
. trihutlou to the trend Of financial discus
sion. The fact that Il was made u basis
for urging "a separation between the trans
portatiCn and other Industries seemed 70
( be overlooked In the notice paid 10 the
! censorship visited on various railroads.
/ This naturally enough added to the rei-
/ sons urged lately for expecting a dis
appointing or unfavorahlc decision in
the Eastern rate case, but It was no,
apparent that the rather crcumstantiaI
statements published over the week end
respecting the probable terms of the de-
/ cision supplied grounds for increased de-
| lection OF sentiment. Assuming a deGre,
OF reliability for these forecasts they sug-
gestcd important concessions to the rail
roads both IN the matter OF rates ano
in the principles which must govern rate
making. The trouba with Wall stree
seemed 70 be that II had, speculatively a
least. taken IA bear position on quotct
values last week and was utterly disin
clined TO construe the forthcoming de-
cision In any Hight other than that II
which 1t was contemplated in last week'
gloomy views
Fir1nness was shown in the wheat. corr
and oats markets, presumably In refiec
ton Of the efforts of crop reporters u
find damage from unpropitious weathe,
and from a variety OF insect pests II I
not all clear. however, that anything wa
occurring In tho important agriculture
sections which initiated very mucl
against a satisfactory crop promise.
An important item OF business now
which became available over tho weel
end was the foreign trade statement 70
Juno and the fiscal year Just closed. Tn
way IN which Juno imports by an incrcas
OF more than s2S.5o0. 900 carried along IN
record breaking inward movement OF tn
spring, while exports made another de
crease. WIS hardly a toloen Of the bene
f'cial operation OF the revised tariff, al
though the Wilson Administration seem
to think that business has no fault 10 fin
with the workings Of tho new tar1fr Law