The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-10
FINANCIAL NEWS
AND COMMENT
stock Market Is Again Dis
turbcd by a Few Weak
Shares. ~
G.. 4 o. UNDER PRESSURE
Signs Of Changed Administra-
ton Attitude Toward
Business.
=. 4 o. UNDER PRESSURE

Heavy selling and unsettlng weakness
in several important stocks upset the mar
ket yesterday. Whatever reasons exist
for imputing n disposition toward i'm
provcment in quoted v~lues have so many
qualifications that the share list could
hardly be expected to display sustained
strength when sharp declines are being
made in certain quarters under obvious
liquidation no matter II special causes arc
to he urged In explanation.
Total dealings were maintained on the
average scale OF transactions in the first
half OF the week. Business still continues
TO present signs OF something more than
professional trading on both sides of the
account. The early trend OF the market
was to reflect the general encouragement
of crop prospects and the tokens OF new
sensltivcness on the part of the Wilson
Administration to the conditions and opln-
ions OF the trade and banking industry.
Wall Street had no particular relish
for the disturbing portents of fight for
the confirmation OF Mr.. Warburgs ap.
pontncut to the Federal Reserve Board.
The strength which the corn market dis
played on damage reports may also have
noon Nevertheless the most trustworthy
inference was that the share list was
affected chiefly by the course OF the
Gould issues and OF Chesapeake and ohio
and New Haven.
Doubt as TO the dividend prospects OF
Chesapeake and Ohio under the new nnan-
cial agreement negotiated Il few months
ago apparently accounted for the pressure
applied to that stock. New Haven was
plainly under the adverse influence of the
legal contest with the Government. which
seems likely to take the place OF the peace
full arrangement made last winter for the
adjustment of New Haven affairs. The
circumstances of the Missouri Pacific and
allied properties do not require fresh dis
Cussion, but there was nothing to show
that any immediate action was impending
relative to the future OF the Gould roads.
There was a sharp rally In the Missouri
Pacific bonds, but the weakness of the
stock helped in the late dealings to make
Tor general market heaviness In reflection
of the declines in Chesapeake and Ohio
and New Haven.
This heaviness succeeded somewhat ag-
Ercssive displays of strength which had
been made by standard shares earlier in
the afternoon. The Baltimore and Ohio
directors declared the regular semi-annuai
dividend on the common stock. although
to make the distribution the accumulated
surplus will have TO be drawn upon to
the eS ent OF about s2.5U0.00O. IL is a
question II in these later days such u dlvi-
dend po.iCN has generally helpful conse-
quenCes. There IL growing body of
financial opinion which Is coming to re-
gard II A. a part OK wisdom To pay no
dividends except such as have been ac-
tually clricd. whatever views are enter
tanned expecting the outlook for earnings.
4 good deal was said during the day
about the weeks developments At Wash
ipntnn tnuf had ttllpeI the Adm uiStrH i0n
In the posi- ion of opposition to the kind
OF politics which can see nothing In big
business Of In men ~ large affairs save
targets FOR radical attack II was hoped
that the Warbtug episode would have the
consequence OF disclosing countrywide
state of public opinion hostile TO the no
ton that business ability can be everlast-
inEly assaulted for the purposes of vote
coOxing politics. II was also hoped that
there vas a basis OF fact in the unofficial
intlmatiuu Of Washington advices that
the Administration was con sidering mod-
hcatiou Of its programme of further lrgis-
latlon In tile business field.
Although there was no special change
In the money market. an Interesting fel-
ture OF the day was the evidence which
began TO be afforded that dealers in
credits were wondering IL money We're not
going TO harden materially. TIE none
tary situation ~ normally at this time one
OF accumulation OF funds in preparation
for the agricultural requirements later,
and the currents of money will he
watched rather closely from now on The
fact that the Northern Pacific bond offer
ing was taken by subscribers in a day
and half was n satisfactory symptom
OF healthy investment demand.
Foreign dispatches We're OF n negative
sort. There was no obvious significance
in the stock markets abroad unless II was
their failure TO derive stimulus from
the rapid process Of recovery in central
bank conditions and from the fotation OF
the French loan, which was definitely re-
ported to have been subscribed forty
times over,