New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-10
REVIEW OF The
STOCK MARKET
General Good Resistance
to Continued Weakness
in Special Issues.

Though particular railroad issues
continued under pressure that sent
them TO new low levels, the market as
whole held fairly firm. and at the
close small net gains were common
among the usual leaders. The general
list showed no sign of outside selling,
and the volume of business remained
about the same as on the two days
preceding. Bonds we're little firmer
than shares.
For this sustained firmness of Sc
curities the wonderful crop report of
Wednesday and the Presidents desire
10 conciliate business, as apparent IN
his consultation with representatives
Of the nations commerce and his sup
port of MIR Warburg and Mr.. Jones
for the Federal Reserve Board, MAJ
be held largely responsible. FAIR
words from the White House are no
novelty, and Mr.. Wilson's conferences
with business men in themselves might
offer little encouragement, but in his
determination to fight for his appoint
ments he gives sign Of backing up his
words with deeds.
In the financial district il was sim
cerely hoped that in spite of Mr.. War
burg's dignitied refusal TO submit to
heckling by the Senate committee he
might yet be confirmed in his appoint
ment and so preserve for the new
banking system the value of his un-
usual attainments. The Senate is, how
ever, a peculiar body, jealous of its
rights and prone TO 60 to great length
in It's regard for what it considers
courtesy due to its members, so it
would not be surprising if in this in,
% nj
Presidents wishes. Congress has been
kept in a long, continuous session,
and has been forced, through its be
lief in the Presidents popularity, TO
carry out every part of his programme.
1t would not be unusual il 1t should
seize upon the nominations TO the bank
ing board as an opportunity, better
even than the tolls question, to assert
its independence of the White House.
Despite the general better feeling,
pronounced weakness was carried fur
Their in special issues. Missouri Pacific
was the most actively traded in stock
on the list, and broke TO II, the loves.
it has reached for years. Denver
shares continue their decline, the
common TO IA and the preferred to
1917. while the refundng IS on small
transactions fell off two points. Mis-
souri, Pacific bonds recovered part OF
the loss of the day before in fairly
heavy trading. Accompanying these
movements in Gould issues were re-
newed rumors of change of ownership
and possible embarrassment of smaller
lines.
New Haven went TO the lowest point
on record. at CT Il. Chesapeake e. Ohio,
though its dividend meeting is more
than month away, broke three points
further, to Az. Baltimore e. Ohio,
after announcement that the surplus
Rad been heavily drawn on TO pay the
coming dividends, was decidedly weak.
For the greater part Of the day the
general market was steady. In the late
afternoon there was a decided upturn,
with recovery including the weaker is
sues, but prices eased of again at the
close. Among the specialties that
showed good gains on small transac-
tons was United Dry Goods preferred,
which finished the day two and one
half points higher
The Bank of England reported loans
reduced and the reserve percentage
raised TO about the same as in 1919,
which was the highest for years. Prep
arations for the bidding that over
subscribed the french loan some 1crcy
times we're shown in great increases
in deposits and discounts of the Bank
Of France, which continued TO strength
ened it's gold holdings. Here the loss
to the Sub-Treasury by the banks was
brought up to more than sl1,750, 900,
but call loans renewed lower at %.
per cent, and time accommodation was
easier. Announcement that the 500
Of nut
out on Asa per cent basis had all
been disposed Of was, il was hoped,
an indication of better investment con
ditiop-