The Washington herald., 1914-07-17
STOCK MARKET IS
dull; MAY RALLY
Prices in the Main Steady,
Though Losses Are Pre-
dominating.
FEAR MORE LIQUIDATION
Position, of Transportation Companies
Considered Hopeless. No Matter
What |. c. c. Decides.
FEAR MORE LIQUIDATION

New York, July ls-Liquidation slack
ened today, the pressure from the beari
lessened. and prices in the main steadied
There was no Improvement In aentiment
however, and the close was Irregular
losses predominating.
New Haven fell to q new low level
selling at . SIS, but efforts to cover short
contracts carried the price 70 s21-4. with
Harry Content buying. Unless there Il
an immediate resumption Of liquidation,
the stock may rally further, as the short
position Is over extended and the bears
lack courage or patience to sit out q
duh market.
A widely advertised drive in Steel COM
mon broke the price to 50 s-6 As few
stop orders were caught. however, the
stock rallied easily to within fraction
Of the previous close. Harry and Walter
Content pounded the price and apparent
ty lost considerable stock around'5s 3-4.
Many OF the room traders made debts
by attempting toSfollow this attack for
there is a popular opinion that Steel COM
mon is high, compared with other issues.
To Pay Extra Dividend.
Union Pacific directors authorized the
payment Of the extra dividend next Mon
day. As a bull argument, the news
proved a frost and little speculative in
terest was shown in the stock. Heavy
selling orders appeared In Baltimore and
Ohio from interests who never speculate
and made no attempt to sell until the
distribution was confirmed. The COM
mon dropped to 81 IS and the preferred to
T IL, new low records for six years
The denial Of a report that Canadian Pa
cifc contemplated a new issue Of securi-
ties gave firm tone to this stock, and
the declaration Of the regular dividend
on Amalgamated Copper steadied this
stock after early weakness. The Mexi-
can news Of Huerta's retirement was re-
dected IN the frmness of American Smell
ters and a substantial rise in Mexican
Petroleum.
London and the continent kept up a
steady selling Of the low prices issued
Texas, the Erie issues and Denver com
mon and preferred are coming back TO
our market in & steady stream. The
latter issues were particularly weak,
Denver preferred selling at s& and the
common at ~.
situation Is Hopeless.
Many of the stocks now selling below
30 per share would have been considered
rare bargains at the figures twelve
monthsS ago, but public sentiment at
least rsalizes hopeless position of Our
transportation companies, which can
never be improved so long as wages and
crease in freight rates denied.
Bonds were heavy. New York, West
chester and Boston 41-2s fell below 81,
and Denver and Rio Grande refunding IS
dropped to 54k. Rock Island collateral
Is were heavy and the debenture 5s fell
nearly 4 points; this issue is probably
overvalued even at current figures.
Chicago, Burlington and Quincy earn
lngs for May decreased s775YoOO gross and
E2l9, 900 net
Trade conditions were mixed and i'm
Provement being noted in the iron busi-
ness and the sharp falling OF in the de-
mand for copper metal
Indications now point to a settlement
Of the freight rate question by the Inter
state Commerce Commission some time
between today and Monday. Wall street
no longer looks hopefully for the an
nouncement and there is a strong opin-
ton that whatever the decision, liquida-
ton will be renewed. All factors con-
Sidered, stocks are not considered cheap.