New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-08
REVIEW OF THE
STOCK MARKET
Late Rally in Active
Trading After Early
Weakness.

Securities recovered from carly weak
ness yesterday in n burst Of late &C
tiv!ty that sent them ct their best up
a point or more. OF the days bust
ness, some 100000 shares, about ono
half, was done in the last hour. Ac-
companying the advance was the usual
rumor Of an immediate and favorable
rate decision and in addition reports OF
heavy commitments on the buying side
by large operators. Traders responded
more readily TO such influences because
Of the conviction, growing stronger
daily. that with mercantile stocks so
low the great harvests Of the year can
hardly fail 10 cause heavy buying ana
increased activity in general trade:
At the opening prices were 1airiv
steady, but soon went lower in dull
trading, though with few exceptions
the declines were only IN fractions.
Gould shares were particularly weak,
Missouri Pacific falling back points
to 1854, close to its lowest for the year,
and Denver common and preferred
making new low records. Missouri va
cifc Is broke 3 points. Rock Island
shares and the Railroad collateral ls
also sought new low levels. At the
same time decided strength was shown
by number Of specialties, such as
Mexican Petroleum, Studebaker and Can.
Standard issues in the early afternoon
were generally down fraction. In
the late upturn Lehigh Valley, Penn
sylvania, Reading and Union Pacihc
had all at their best made gains OF
point or more. There was little re-
action on profit taking before the close,
but advances on the day were general
throughout the active list.
The decision Of Mr.. Warburg u
withdraw his name from the list OF
nominees for the Federal Reserve
Board was received in the financial
district with much regret and with
sympathy in the reasons that led him
to refuse the Presidents request. AS
he told the Senate committee, failure
TO report his nomination with others
made him feel that he did not have the
appreciation and support he had eA-
pected when he consented TO take the
burden Of helping start the new BANK
ing system. His friends said that ne
did not consider 1t was proper for MIN
TO allow the Senators TO interrogete
him for political purposes about gen
eral financial affairs and the business
of his firm. The loss of Mr.. WarburS {
sound banking judgment in the board
is TO be regretted, and Mr.. Warburg
unpleasant experience will not make
It easier for the country to draw on
men whom il needs instead OF men VINO
seek public Office.
The Weather Bureau at Washington
in its weekly summary OF crop condl-
lions told of favorable temperatures
and generally sufficient rain for ire
present over the greater part OF the
grain and cotton fields. Spring wheat
continues to advance and corn is MAX
ing good progress in the western ana
northern part of the belt, though slf-
fering from rain in the south. Inc
early planted cotton Is in good condi-
ton, though moisture is needed for the
later growth. .,
The French loan, 80 long awaited
was heavily oversubscribed, how heav-
ily was not known In market hours
European bourses were a little heavier
in tone than in the day before. Il
London Continental bidding for tn,
new gold was reported absent, and The
Bank of England is expected to obtair
the greater part Of the weeks offering
Call loans here were renewed at ::
per cent, with the highest pa, but TIM
accommodation was practically IN
changed. The banks continued TO los
on Sub-Treasury operations, the tota
since Friday amounting TO nearly 81,
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