New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-17
REVIEW OF THE
STOCK MARKET
Selling Pressure on Rate
Case Rumor-Declines
General at Close.

The short intere-t exerted some SELL
ing pressure yesterday morning anu
forced prices Of standard issues down
from three quarters TO a point or more
following circulation OF reports that the
rate decision would be postponed Tor
some time and be far from favorab'e
TO the roads. The activity was short
lived. however, and in the latter part
of the day trading was about as quiet
as on Monday. Prices hardened III
tie on covering Of short commitments
| but at the close losses OF substantial
fractions were general. Bonds showed
some tendency toward weakness among
the more speculative issues.
/ The report assuming TO tell what me
rate decision would be came from
Washington by way Of Chicago. Inc
railroads would be denounced for
conspiracy to create public sentiment in
favor Of the increased schedules, so II
was said, and general fat increase OF
3 per cent. would not be granted, but
higher rates would be allowed on some
commodities and the public would be
warned that the increase would not
/ justify any advance in price or food
or the necessities. AS the day wore
on the forecast was taken with less
I seriousness.
The government published another
favorable bulletin on weather condi-
lions in the crop districts that told OF
progress in the grain fields and i'm
proved conditions in the cotton belt
save for continued heat and drouth in
Arkansas and Louisiana. Dispatches
from Niagara Falls that negotiations
over Mexico might soon be abandoned
as unsuccessful were not definite
enough TO produce any market effect.
Introduction Of a bill in the Senate
providing for federal incorporation OF
interstate ailroads caused considerable
interest here, as this is in line with the
expressed desire Of prominent railroad
officials. From Europe came news OF
improvement on the Bourse in Paris
with the clearing of the political out
look in France, but London and Berlin
continued dull. The Bank of England
was again successful in buying most
Of the f550,000 Of new gold offered in
the open market.
In this market maximum declines OF
over point were made by Reading and
Southern and Union Pacific. Steel fell
q of a point to 6iA and closed at ely.
Western Union WIS weak in the after
noon, touching 60, IL points down.
Losses of point or more were made
in Bethlehem Steel General Motors
preferred, Harvester and Mexican Pc
troleum. Lehigh Valley was firm in
the early trading on report that d.
rectors had decided to declare the regu-
lar dividend at the coming meeting.
International Steam Pump 5s showed
continued weakness.
During the day S5,500O00 more in
gold coin was withdrawn from the
Sub-Treasury for shipment by to-day's
steamer to France. Since the first of
last month nearly $50,0O0.0O0 has
been taken for export and the total
for the year so far is only little more
than $1,000.O00 less than the ship
ments for the twelve months Of 1913.
Money rates here showed more ten
dency toward flrmness, rates for time
accommodation being advanced and
call loans being renewed at IL per
cent, which was the lowest figure Of
the day. Demand sterling closed un-
changed at 4S9.