New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-21
REVIEW OF THE
STOCK MARKET
FurtherFractiona Advance
Active Dealings in
Rock Island Issues.

Inc BeneTdl course OF ytolNiuoS
security market was like that OF the
days preceding, prices making small
advances i'm almost record dulness.
! Following publication of the plan for
Rock Island holding companies, Rock
Island issues showed exceptional ac-
tivity. Otherwise the market was firm
through the day, active issues being a
small fraction higher at the close.
With expectation that the Chicago.
Rock Island & Pacific Railway would
be strengthened through addition OF
new capital, bonds of that underlying
company continued to advance. The
debenture rs were again heavily dealt
in, and after reacting a point on re-
alizing closed at 779s. TX points above
Fridays final figures and ~ higher on
the week. The refunding As and gen.
eral AZ also improved on smaller trans
actions. The collateral As Of the rail-
road opened at an advance Of point,
but declined on discussion as to whether
too great concessions had been made by
the bondholders' committee in giving
up part Of the collateral on which the
issue was based. The shares each lost
Il of point and closed at new low rec
ords.
Shares Of the old railway company
| and of the proposed new preferred were
traded in on the curb but considerable
difficulty was experienced in placing a
value on these securities. When the
capital requirements Of the road were
| scaled down, it was pointed out, the
earnings from the expected great crop
shipments would be turned back into
the property instead of being applied to
payment of dividends on the railway
stock. So there was some question as
to how soon the new preferred would
| be placed on a dividend basis.
! The plan for wiping out the two hold
/ ing companies and returning to the
railway on which they were originally
based is, of course still tentative. Pos
/ sibility of suit by non-assenting hold
ers of the per cent collateral bonds
! who might desire their full pro rata
share of the Railway shares underlying
| their holdings was widely discussed
! yesterday. 1t is impossible to unravel
such complicated tangle as that of
the two Rock Island holding companies
to the complete satisfaction Of all con-
cerned. Continued conferences of the
| bondholders' committee with represen-
| tatives of owners of the Rock Island
| shares would make it appear that the
concessions granted to the stockholders
were finally considered not unreason-
able.
No engagement Of gold for shipment
| on next weeks steamers was made
/ known during trading hours. but the
! decline in exchange rates was checked.
Demand sterling closed a shade higher
at 4.S795 to 4.SS. Preliminary figures
of this country's foreign trade for May
showed the unfavorable balance of
trade reduced from over S11,0OO,O00 in
April to less than 100000 last month
Imports were again greater than in the
corresponding month OF 1913, and ex-
ports were less, but both shrunk as
compared with April, a sign Of dull
conditions here in general trade.
AS had been expected, the continued
receipt Of money from the interior
made up in considerable degree for the
loss Of gold to Europe. and the Gear
ing House statement OF conditions at
the beginning of business yesterday
showed cash holdings q little less than
SS,OOO0O0 lower. Deposits decreased
some S20,000OO0 and loans were re-
duced 100000 So the surplus re-
serve made a loss Of only about So
100000, and remains at over $3S, 1000,
600 This, however, is nearly 5000,
600 below the surplus of a year ago.