New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-15
REVIEW OF THE
STOCK MARKET
Recovery on Short Cover
ing After Brief Decline
New Haven Lower.

After continuing for a brief time IN
the early trading the decline OF the
day before, the market steodied end
made q creeping, irregular recovery
closing firm, with fractional advances
general. New Haven issues showed
signs Of liquidation, but for the most
part trading was professional, with
short covering accounting for the al,
vance. Sales over the arbitrage rail-
were unusually heavy around the open
ing, but as New York selling has been
reported in the early London market
Il is to be supposed that part OF the
London offerings had their origin IN
this market.
In addition to the severe report OF
the Interstate Commerce Commission
New Haven issues were depressed by
the knowledge that Its directors are
to-day to make formal decision whether
or not they will comply with the ro-
ouirements of the State of MassacAu-
sets and dispose Of their Boston z
Maine holdings. The Department OF
Justice, II was announced, had ready us
brief in the antitrust suit against the
road, awaiting the outcome Of the
meeting. Discussion as to the future
of the system continued, but less was
heard on the floor of the exchange
about disbursement of the manage
ment than In brokerage houses. New
Haven shares, however, after an early
advance, broke over PA points, TO
new low record at SAN, and the New
York, Westchester & Boston 4!3s,
which had declined in such a disquiet-
ing manner on Monday, also went TO
lower levels. New Haven convertible
So and convertible 3i5s were reaction
airy. The shares and the Westchester
bonds made some recovery before the
close. 3,
Gould issues, which last week had
been so depressed, made e general re-
covery, accompanied by renewed fu-
mors Of strong banking assistance for
the organization. Missouri Paclfic &
Denver shares made net gains OF over
point, and the bonds showed even
better recovery. Chesapeake & ONO,
Missouri, Kansas & Texas, Western
MARYLAND and Canadian Pacific were all
fairly firm.
London prices camo lower and de-
clines to considerable fractions were IN
evidence at the opening. This down
ward movement was soon checked and
prices recovered slowly through the
day. In the afternoon Baltimore 4
Ohio resisted some pressure, accom-
panied by discussion Of increase OF the
floating supply of the stock in case the
Court of Appeals decided 20 allow the
Union Pacific TO distribute its hold
ings. This selling produced little Ell.
feet. and. accepting this as failure OF
a bear raid, the market advanced TO the
close. =,
Among the encouraging influences Of
the day was another favorable report
on crop weather from the government
which told of sufficient rain and high
temperatures. Rust in the spring
wheat fields. it was said, had been
checked by dry weather, and corn was
receiving sufficient moisture except in
the Ohio Valley, where rain was re.
ported Yesterday. The late planted
cotton in the Southwest continued to
show bad effects from the continued
dryness.
The executive session Of the Senate,
which was considering the nomination
of Mr.. Jones TO the Federal Reserve
Board, did not end in time TO allow its
result TO reach the market. Another
dividend reduction was announced, this
time by the Pacific Coast Company,
owner OF steamships, GOLFERS, mines
and railroads. Lower earnings in the
fiscal year just ended compelled the
directors to decrease the quarterly dis
bursement on common and second pre-
ferred from ~ to ! per cent, in face
of excellent crop prospects in its ter
ritory.
In London the Bank Of England con-
tinued 70 obtain most of the new Cape
gold. but discounts held steady. Here
foreign exchange rates went yet lower.
Time accommodation was offered less
freely and rates were frmer for the
louppr maturities