The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-24
FINANCIAL NEWS
And COMMENT
Heavy Session in Stocks With
Numerous Substantial
Declines.
WEAK DAY IN EUROPE
Engagement Of 80, 500. 900 Gold
Made for Shipment
to Paris.
WEAK DAY IN EUROPE

During all OF yesterdays session the
stock market was heavy, inclinins
toward weakness. Most OF the day It
looked as though Il would yield extern
sively to any active pressure OF q con-
centrated sort. but selling was on the
whole rather Hight There was no In
crease In the volume Of trading. but
business was rather well distributed
throughout the list and the dealings re-
suited in fairly large array OF sub
stanual declines. More selling from
abroad was reported and tine action Of
the Wall Street share list might have
been regarded as at least q sympathetic
reflection OF more or less acute unsettle-
ment in the European markets If 1t had
not been for the various contributions to
the encouragement of sentiment made by
developments in the domestic political
and corporate world in tho last few
days.
The troubles OF the Ifock Island prop
erty continued TO express themselves in
sharp declines In the debenture 8 per
cent. and refundng per cent. bonds
although the collateral trust 4s exhibited
some frmness. There docs not. on the
face of anything which is known about
Rock Island affairs. seem to be any
warrant for tho extreme to which the
fall in the debenture and refundine
issues has been carried.
Stocks which disclosed weakened
position included Chesapeake and Ohio,
Lehigh Valley. Baltimore and Ohio and
New York Central. about whose dividend
prospects doubts have been recently
mooted. the Eries. which were affected
by the rate case delay: Southern Railway
shares. which suffered from an attack
made at Washington on tho corporal on
and the United States Steel and Repub-
lie Steel issues, which seemed to make
some response to the failure Of the
steel trade TO gain and hold distinct
betternent
New Haven rallied against the insti-
tuition of the dissolution suit. and its up
turn might have been regarded as a
token of the financial consensus on the
merits OF the Governments procedure.
1t Is certain that tho statements issued
by the New Haven management showing
that the verbal onslaught by President
Wilson and Attornep- General Mickey
nolds accusing the New Haven board OF
breach OF faith placed the Administra-
ton In an unpleasant light SO far as
the New Haven securities are concerned
II may appear that with the resort to
court the worst has happened
With respect to other financial rela-
tons, however, revelation has been
made of the Washington state OF mind
which il not at all conducive to a res
toration OF financial business confidence
Neither was sentiment helped by the
further delay OF decision in the rail
road rate case nor by the publication
OF tho amended railroad securities bill,
which seems TO be a vicious measure %
tie railroad development 10 the slow
moving car of commission progress.
The disturbing phase OF the situation
ali ttFaa ffV. HI 10. vt.
lent advance of foreign exchange to we'll
above ass for demand sterling. The
relative range OF interest and discount
rates at this level OF exchange made gold
exports profitable and there was an en-
Gagement OF s2.500,O00 for shipment to
Paris. If this marks tho beginning of
another gold outgO II will be the third
movement of the year the second having
terminated in the last week of June
with to-days takings the aggregate Of
gold exports for 1914 was raised TO
more than $50, 900.
The effect OF tariff revision on our for
egn trade and anticipation OF the opera
/ ton OF the Federal reserve act have
| helped 10 accelerate the tendency OF gold
/ TO leave the country, although the prin-
/ clpal factor has been the prolonged de.
/ rangement OF European finance. which
/ seems to have evolved a fresh critical
stage, with Paris the centre OF strain
| There was pronounced weakness In the
/ continental security markets yesterday
and prices were carried down AZ Londor
by heavy continental selling. especially
for Paris account
Among tho other items OF marketwis,
news was the announcement OF price re-
ductions in some lines OF steel products
That reports of improving business coult
not have referred 10 the general situation
was suggested by The idle freight cal
statement as OF the middle OF the month
tho surplus Of sidetrached equtpmen.
increased in me hrst half OF July by 100
cars. circumstance unfavorable to tn,
share market was the common strength
Of agricultural staples.