New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-04
REVIEW OF The
STOCK MARKET
Business Improves and
Shares Cover Over
the Holiday,

The week closed with securities
making a further fractional gain on
volume Of business considerably larger
than the day before and, as trading
goes nowadays, fairly good before
holiday. Operators on the short side
covered their commitments against pos
sible Developments between now and
Monday with some reports that IA
vorable rate decision would appear be
fore the Exchange opened again. NO
further details became public as to the
nature of the conversation between
Mr.. Morgan and the President. but Its
significance was held TO be encourag-
ing. Bonds were fairly we'll traded IN
and New York City's issues were par
ticularly firm.
Commercial agencies, while record
ing customary dulness in business 10
be expected at the beginning Of July,
found retail trade in the West encour-
aging in spite of the recent commercial
failure. From New England woollen
and footwear centres came news OF
good buying. Bank clearings for the
week were a little larger than last
wear. New York City making good
increase in spite of the quiet Of specu-
lative markets. Railroad earnings for
the first three weeks in June were
lower than in 1918. but indications OF
improvement arising from the crop
movement were reported. Mercantile
failures exceeded those of last week
and were many more than in the same
period last year.
London continued to report advances
in investment issues and Mexican shares
were higher in that city and IN Paris.
American securities in London were
Quiet and irregular in the early trad
ing. and in this market few thousand
shares were disposed of for foreign
account. The opening here was hrm
with advances of small fractions gen.
erai, and the improvement was con-
tinued until in many instances gains
of point or more had been recorded
Toward afternoon the market became
quiet. but the advance was well main
tanned until the close.
Usual market leaders were less
prominent in price movement than
specialties. Continued discussion OF
release of equipment orders following
the rate decision assisted in gains OF
over a point by American Locomotive
and more than three by Baldwin Loco
motive. United States Express, now IN
liquidation, was > points higher on
small transactions. Peoples Gas I'M
proved nearly 3 points. st. Paul went
above par. Northern Pacific followed
sale of block of the new Az per cent
bonds recently authorized with eXcep-
tional strength.
The long delayed call for condition
Of national banks has at last been IS
sued with request for figures as Of
June so. doubtless to provide statistics
for future comparison at the end OF the
fiscal year. The bank statement pub
Gshed after the close OF business
showed the great loss of cash pre-
viously indicated by heavy tax pay
ments. Cash holdings were more than
900 lower and though, in spite
Of financing of dividends and interest,
loans were reduced and deposits lower
surplus reserve fell more than S2OOOO,-
600 TO less than S1l,00O,O00, almost
down to half the surplus Of year ago.
Call loans renewed over until Monday
at , per cent, and did not get above
that figure. Exchange rates were a
little frmer, demand sterling closing
at 4.S775.