New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-03
REVIEW OF THE
STOCK MARKET
Securities Decline in More
Active Trading-ClOSe
Weak.

sion declared effective, the securities
market transacted business yesterday
on a rather large scale. With the re-
newed activity. however. adverse in
fiuences, such as the administration
attitude IN regard TO business and
continued bad reports from the cotton
fields. depressed prices. Again really
ing pressure toward the end OF the day
caused weakness al the close, and net
losses Of point or more were com
mon. Little sign Of outside liquidation
could be seen. selling pressure arising
from professional profit taking and
some new short commitments. Bonds
for the most part were fairly firm.
Europe sold moderately in this mar
ket.
Railroad reports for April continued
TO present better comparisons with
1913 than those for the month before.
in February railroad earnings seemed
10 prove too much 80 an argument u
the advanced rate case. Now, when
railroad retrenchmcnt has gone far
enough 30 overcome losses in gross rev
enuc, the reports are not proving
enough So renewed doubt az to the
extent Of relief to be granted the East
ern railroads had its share in influence
ing the downward trend Of securities
prices. A preliminary statement from
the Interstate Commerce Commission
showed gross operating revenues Of
railroads reporting for April over 81
100000 less than last year but as op-
Grating expenses were reduced nearly
81 100000 net revenues were increased
more than 100000
The governments weekly report on
crop weather, while giving continued
favorable conditions for wheat, added
later adverse news from the cotton.
belt TO the low percentage figure re-
ported on Monday. In the Eastern
sections one OF the severest spring
drouths known is retGrdng cotton. In
the greater part Of Texas and Okla
homa too much rain has soaked the
soil until Il is so wet Il cannot he cult
waited. and large areas have not yet
been planted.
Missouri Pacific responded 10 favor
able news by opening a point higher,
but lost all except q small fraction Of
this improvement on profit taking.
The bonds were firm, the convertible
rs advancing over point. New Haven
continued reactionary, declining 10 63l3,
or considerably below the previous low
record OF 651s. and ending the day more
than points down at 637s. Rock
Island preferred at Al also made a new
low mark. and Rock Island bonds were
heavy, the collateral as losing frac-
ton and the debenturs rs over ~
points
Steel went below 90, to 597s, closing a
shade higher with a loss Of point.
Reading fell back 1l1 points TO 1854.
and was only little better at the close
Canadian Pacific was nearly points
lower and Lehigh Valley lost over ..
Among other railroad shares that de
clined a point or more were Union Pa
CHIC, baltimore q ONO, New OrK Cen
trail. Northern and Southern Pacific
and ST. Paul. Copper was heavy, with
European stocks increased and reports
Of price concessions in the local market.
General Motors lost 3 points OF its re-
cent improvement. Tobacco shares
were heavy, Liggett & Myers declining
a points on a single transaction and
American Tobacco IL. Wells Fargo
and United States Express each gained
a point.
Money continued easy and practically
unchanged. Call loans were renewed a
shade lower al 1& per cent Time
money continued AT its previous easy
rates. with little demand for accom-
mediation. Though the greater part of
the new gold offered in tho open mar
ket if expected 10 20 TO the Bank of
England. discount rates in England
were steady and exchange here was a
trife frmer.