New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-12
REVIEW OF THE
STOCK MARKET
Weak Railroad Shares
Lower, but Standard Is
sues Remain Firm.

Though New Haven broke sharply TO
much lower levels and the weak spots
that had developed in preceding days
vere still in evidence, the general mar
ket continued to show underlying
6rmness that, In its way, was as re-
markable as the resistance shown 10
the ClaAin failure. At the close stand
ard issues were only fractionally
changed and some even showed small
gains. The opening was fairly steady
but pressure on the weaker railroads
soon sent them down and the Whoie
market became unsettled. Toward
the close of the first hour there was
slight rally through the list but the
group of weak shares turned easier
again around the close.
New Haven was the most heavily
traded in share on the list, accouh'ihs
or about as much business as steer
and Reading combined. 1t fell of rap
idlv in the early trading TO boz o
points bneath the close OF the DAY
before and nearly 10 below the maj
frure Of Monday. Ontario west
ern was also decidedly reactionary' anu
New York Central gave way over
point under some professional selling
The directors Of the New Haven, IN
spite of Yesterdays liquidation by dis
couraged holders, must be considered
as having exercised mature Juds-
ment in deciding 10 fight federal
suit. The recent sale of notes has put
ITS finances in better order Tor I'M
mediate needs. and its directors must
have determined that the strain m
cident TO an antitrust action could
better be borne than the probable loss
through sale Of the Boston q Name
with right Of purchase retained by
the State Of Massachusetts.
Another favOrite New England IN
vestment. American Telephone ana
Telegraph. was under considerable
pressure and made a maximum loss OF
more than . points Missouri Paclnc
won't a shade lower than on Friday and
the bonds closed lower. Denver refund
ing SIS broke nearly points, but the
shares improved a small fraction on
the dav. On the curb Western Pacific
IS continued their decline. Chesapeake
& Ohio went TO new low record
IN the early trading. but recovered ana
gained a considerable fraction on the
dey. Steel held remarkably firm. AT ITS
lowest ii was only a shade down, and
u closed with a small net gain. United
Dry Goods preferred continued ITS re-
cOvery.
General outside news of the day was
Of little immediate market import. The
rate decision was again postponed.
Mexican affairs have been so compl-
Gated by Constitutionalist successes
that they are being diSregarded by the
market Commercial agencies reported
midsummer Gulness prevailing, with
little better business from agricultural
sources in the West. Bank clearings
were better. gains being made outside
OF this city as well as here. Gross
weekly railroad earnings in June made
p better comparison with 1918 than IN
May.
The loss OF surplus that appeared in
the Clearing House statement Of con-
ditions Yesterday morning was only
about 100000. Cash decreased
little over Sl3.0O0.OOO, the great loss
20 the Sub-Treasury which had been
swclled by transfer of funds in pay
ment Of the Greek warship purchase
having been materially cut down by
currency shipments from the interior.
Loans were S27.0OO.0OO less, in part
accounted for by shifting the burden
abroad through finance bills drawn
against future grain exports, and de-
posts decreased more than S41.0CO,00O
The present surplus, little o"er ST.
10000. compares with over sl9,O00,OOO,
year ago, but. representing tempo
rary conditions. it need not necessarily
exert any special hardening influence
on money rates here.