The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-09
FINANCIAL NEWS
AND COMMENT
Quiet Day in Stocks-Market
Sells OFF in the At
ternOOn.
SPLENDID CROP REPORT
Supreme Court Decision Shows
Federal Power Dominant
Over Railroads.

Although there wrs a variety Of mar
.ketwise news. much of It of great i'm
portance. the stock market itSelf was
yesterday OF unchanged character. Deal
inRs were still on the reduced scale of
trading that has prevailed lately and
the price movement lacked consistency and
uniformity Saturdays demonstration
OF rising strength did not endure, although
the undertone Of the list was Arm. Dur
ing Che forenoon quoted values were
strong enough, but they pursued an ir-
regular course In the afternoon and the
close was heavy in comparison with the
earlier part of the session.
Information which Wall Street had to
consider was rather favorable than the
contrary. but the market looked very
much as though the floating short in
terest had been driven In again, and
with nothing but professional business to
rely upon Initiative was lacking. Hope
full expectations about the Eastern rate
case provided a supporting influence, but
the process OF discounting these seems
always TO suffer a check from reflection
on the uncertainties OF the decision.
Happenings over the week end were not
calculateds to impart any movement to
prices. The large failures In London
resulting from embarrassment precipltated
by the collapse 81 the Canadian boom and
the Mexican difficulties were advertise
foreign finance. They appcar as wreck
age after the storm and not as signs of
a storm that Is brewing. but they are sur
face tokens OF underlying strain abroad
good deal Of strength was displayed
in the London stock market of kind that
Is familiar when bad news comes out 10
explain previous disturbance, but more
time is needed to show II there are other
storm effects to be dealt with.
H.. There was foreign selling OF stocks here
and one OF the things which qualities Wall
Street optimism Ia the apprehension that
any marked recovery In the local stock
market. promoted by n satisfactory out
come OF the Eastern rate case or other
wise might attract heavy foreign liqui-
dalton. There is a good deal OF belief
that Europe is prepared TO realize on
american securities IL propitious oppor-
tunity offers
Early In the Wall Street day tho chief
interest was supplied by the announce
rnent OF large gold takings for export
s6.000,000 in all. and bringing the totals
for the new movement and for the year
up to $24.50o. 900 apd $40. 900 respect
lively. The fact that Europe does not bid
for gold Is interpreted to mean that for.
elgn finance Ia confident that the Federal
reserve act will operate to expel a large
quantity Of. the metal from this country
Mexican matters looked no better but
the attention of the financial district wal
largely engaged in a general way at tn,
outset OF the new week with the elabora
| ton of views about the possibilities OF tn,
| railroad situation. All the symptom,
1 seemed to offer a continuation OF rat
case chills and fever until the Interstat,
Commerce Commission passes on the pc
| tition OF the Eastern carriers. For THU
reason. perhaps no particular notice wal
taken Of other affairs In the political cate
! W NJ snrh rnntina a 70
| tanned In the copper producers repor
| showing an increase Of more than H..
| 100000 pounds in surplus stocks las
month. Output decreased. but foreign
and domestic consumption decreased twic,
| as much.
The customary decision field day in tn
| Federal Supreme Court on the eve Of tn
summer vacation furnished an exciting
topic for discussion In the afternoon TIL,
stock market however, was only brief.
| excited over the determinations OF tn
famous Louisiana-Texas or Shreveport
rate case. There was feverish squirt o
prices and then stocks relapsed lethargic
ally. probably because II was discovere
that there was no way to translate tn
findings of the court into Immediate term
of value
The courts opinion clearly carrie
along the line OF Interpretation OF the la,
adopted n year ago in the Minnesota rat
case. although In the Shreveport opinio
judgment seemed to go a little further a
to the power OF the Interstate Commerc
Commission to interfere with State mad
rates. Many questions were involved
the Shreveport controversy but the VI
shot Of the Supreme Courts answer
to make II more clear than ever. no.
very much under the control OF the Inter
state Commerce Commission the railroa
system OF the land has come. Since tits III
Interstate Commerce Commission whic
mope than anything else has brougf
the railroads to a position where Go,
eminent ownership threatens. the rulin
in the Shreveport case tends to emphasiz
the momentous character OF the declara
ton Of policy which the Interstate Con
merce Commission has now to make
the case OF the Eastern railroads.
Rather paradoxically the stock mark'
was heaviest after the best news OF n
daS came out. This was the Govern
ment's June crop report, which VIZ
spoken of in the trade as perhaps Il
most bearlsh return on cereals that II
Government had ever issued at this tin
Of the year. It was altogether n mo
brilliant showing. \ total wheat yield
900 600, 600 bushels was Indicated u
Nav nromise OF winter wheat being pra
tIcally unimpaired by tho vcissitud
of last month. The estimated prospe
for oats was about 100,0OO,OoO hushe
above the trade forecast and the state
rye harley and meadow and pasture lam
was gratifying IN the extreme The
mort was proof of the excellence or phy
ical factors necessary to prosperous
. tIvity. although by contrast II demo