The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-09
FINANCIAL NEWS
AND COMMENT
More Movement in Stock Mar
ket, Turning Down Toward
Close.
GOULD ISSUES ARE WEAK
July Crop Report a Satisfactory
Exhibit-Features of the
Business Situation.
GOULD ISSUES ARE WEAK

II can he said Of the stock market
that in the last few days Il has shown
some signs Of real life. There has not
been a greae amount OF activity. but
there has been some movement OF prices
rather different from the desultorv fuctu-
atoms which. have characterized II in
the main for many weeks Whether
this portcnds the curly development OF
pronounced and definite tendency OF
Quoted values remains to be seen, but the
share list has been at least giving indi-
cations that have aroused observant In
terests
Yesterday there WIS again fair volume
o. bus!ness. with a distinct two sided
ness to the course OF quoted values. The
disposition OF professional traders was
to believe that selling was being ski
fully conducted on every appearance OF
strength. and the traders readily turned
TO tho selling side 30 encouragement Of
fered. Nevertheless 1t could not be ar
g,Ied that the market was receiving from
outside fac;ors any prevailing quality OF
support. aud despite this the undertone
Of Standard shares was firm.
In the grly dealings a good deal OF
strength was displayed Resistance was
fer a long time Off arcd to unsettling weak
ness which appeared in the whole Gould
group Of railroad securities The West
prn Pacifi, ! per cent. bonds which are
A liability OF tie Denver and Rio Grande,
sold down to a new low price on tho curb
and Denver and Rio Grande and Missouri
Pacific issues suffered extensive de-
clines The complica'pd affairs OF what
may be cllled the Gould r3llroad system
came in for a great deal Of discussion.
but authoritative information "a to what
was impending was unobtiinqble.
90. haa In hpfprn II the
possibility OF Missouri Pacific and other
receiverships but recently Il had come
10 think that financial readjustment OF
the Missouri Pacific and related proper
ties could be effected without so drastic
a resort How much OF an influence or
a general nature adoption Of the most
radical solution OF the Missouri Pacific
problem would have is a question.
Finance has manifested a good deal OF
ability to sustain with fortitude multi
tude OF trying circumstances.
Toward III. end Of the day the gen
eral price movement OF stocks was down
ward. The troubles OF the New Haven,
which threatened to involve dlssolu-
ton suit by the Government, and the adj
verslties OF other interests played their
part in the Wall street expression OF
opinion. but outside the Gould securities
there was no particularly significant dis
play OF weakness. The altogether salts
factory July crop report was followed 10y
further recessions in stocks apparently in
duced by traders selling on the theory
that the hardening OF prices in tho last
few days had been by way OF discount
ing the crop showing and they offered
stocks on the theory that one OF the few
possible pieces OF good news was out OF
the way while other less helpful matters
were OF continuing importance.
Whether or not foreign advices figured
| .G....
ter Of conjecture. There was peculiar
lack OF any explicit information about
the French loan subscription. but the
| foreign stock and money markets made
such response to the fiotation OF tho
| loan as 20 provoke some doubt II IL had
| been real success despite the published
estimates OF the reception accorded to
| the Offering
Money here showed no change from
the slightly harder tone which 1t began
| TO exhibit at the outset of the week and
| foreign exchange remained firm around
t.ST7j for demand sterling. A good deal
/ OF notice was taken OF the Offering of
$50. 100000 of Northern Pacific ~ pc
cent. bonds 10 yield about "a per cent
and it was reported that the issue wa,
| going very well.
| Attention TO political factors was cen,
tired or the Federal Reserve Board stua
| ton. The financial district was inclined
to believe that Mr.. Warburg would hav,
to he considered as removed from tn,
| Presidents slate. but an optimistic con
structlon wass placed on the President!
| statement which said n good word foi
big business and men OF large affairs an,
struck different note than that whicl
| the business and banking community ha'
been accustomed to hear from Washing
ton for many months. Interest In tn
pending rate decision did not lapse. bu
Wall Street seemed to be advised not 4
expect the decision before tho end OF IN
month,
The copper producers statement. show
ing an increase OF 2l.7GS, 900 pounds |,
stocks OF the metal on hand during June
was a disappointing surprise in respect {
the size OF the addition. but the effec
was offset by other trade reports Tn
net surplus OF idle freight cars decrease
1912 In the last half of June, and iron
various directions there came increasin
statements that business was picking up 4
response to the favorable crop conditions
The Iron Age In It's weekly review as
serted that the steel industry seemed a
last to have turned the corner, with
promise Of materially larger business /
tho last half of the year than the frs
The United States Steel Corporation
new orders In June were said to hsv
reached the largest monthly total OF tn
year.
There was no surprise In the Govern
ment crop figures. The estimate on corr
indicating a yield OF 2.s6S,000, 900 bushels
will II realized give tho country one c
the largest corn crops ever harvested
The estimate on winter wheat was raise
to CO.,, 1000. 900 bushels. making wit
spring wheat total wheat prospect
t zoo, 600 900 bushels above any outturn O
record