Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-06-27
0vershadoWs Freight Rate Is.
sue, Mexican, Mediation and
: the Gold Exports.
NO DEVELOPMENTS FROM
MARKET SESSION TODAY
Prices Incline Slightly Toward High
er Level-Steel Industry
Unchanged.

NEW YORK, June 77-The two-hour
session on the stock exchange today
was barren of developments. Prices In
clined slightly toward a higher level.
and the Clafin failure. with its attend
ant circumstances. appeared to be for
gotten for the time. The market closed
firm.
The Clafin receivership was the all
important feature of the week in the
stock market. throwing into the back
ground all such considerations as the
freight rate question, gold exports.
which continued in more moderate
volume. and the Mexican mediation
negotiations, which at last accounts
gave promise of an early solution. 1t
is vet too soon to gauge the full effect
Of the Claflin failure, but even now it IL
evident that among its many results
will be curtalment of commercial
credits.
Exhibition of Strength.
The stock market. 1t must be admit
ted. gave an indubitable exhibition of
strength in the face of extraordinary
conditions. That prices yielded but little
must be accepted as evidence of the
markets lquidated condition. Shares of
a few commercial companies. particular
" that identified with the insolvent cor
poration. registered declines, but other
wise the list held relatively firm.
Conditions in the steel industry remain
unchanged, albeit trade authorities ex-
press the opinion that the last half of
the year will be worse than the first half.
Copper metal continued to shade in price.
and the state of that trade reflects fur
Their reduction in demand.
Crop conditions, except for unfavorable
weather in parts Of the middle west and
southwest. lose little Of their bright
promise
Railroad Returns Disappointing.
Railroad returns for May as reported
by the larger transportation companies
were mainly disappointing. Quoted rates
for time money show little change chief
" because of dull business, but more
active demand Is expected before Au-
gust.
Good fractional gains were quite general
in the early dealings on the stock ex-
change today. and the list bore further
evidence of its disposition to break away
from the apprehension created by the
Clafiin failure. ST. Paul was strong
est of the representative shares and
May Department Stores was prominent
in the special group. with an advance
of IL.
Acts as Deterrent.
unofficial reports from Washington to
the effect that the eastern freight rates
decision, now in the hands of the in
terstate commerce commission. would
not be issued today. acted. however. as
aedeterrent on trading. which was (ull
and professional.
Virtually all the business was transact
ed in the first half hour after which the
market fell back to its recent stagnant
state. Prices receded here and there,
but the movement was too Insignificant
to warrant extended comment A 2-point
decline in Rock Island IS was the only
feature of the bond division.
Money and Time Loans.
Mercantile paper. 3Na4A. Sterling
strong; 60-day bills, 4.s59o: demand,
1880. Commercial bills. 4.s5h. Bar
silver. 561z. Mexican dollars. "A. Govern
ment bonds easy. Railroad bonds irregu-
lar.
Call money nominal; no loans.
Time loans steady: 60 days, ~; 80
days, "a; six months. 3Na3h.