The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-23
FINANCIAL NEWS
AND COMMENT
Rock Island and Missouri Pa
cific Break Badly-Ncw
Haven OFF Again.
GENERAL LIST rs STEADY
Exchange Continues It's RecOv-
cry in Response TO Ten
sion Abroad.
GENERAL LIST rs STEADY

decision need not be expected for another
twenty-four hours nj least. and the f,nan-
cial community was able to devote a
relative amount OF undistracted atten-
ton TO the troubles of tho two railroad
properties mentioned
European advioes were no more cheerful
than they have been OF late. but the only
way in which matters abroad forced them
selves on notice was through tho further
recovery OF foreign exchange. Demand
sterling closed above s4s7% and the
rising movement OF exchange seems some
what unreasonable In view OF our com
modify exports and tho RECOURSE which
VIC are now having to tho London market
for credits. Discounts made smother
slight advance in London. which was nat
uially reflected In tho exchange market.
but these particular Indications OF money
are more or less confirmatory of the Eu-
rOpean reports OF uncaslncss over the
financial position IN Paris and the varl-
Gus political tensions involved in tho tur-
mol OF unsettled Balkan disputes.
ON the whole the Wall Street share list
continued to give n good account OF IT,
self considering the various unfavorahle
Influences to which II Is perslstently sub
jeCted. The course of quoted values inn
plies that liquidation has discounted an
enormous amount OF adverse contingen-
cies. and It does not appear that support
has been at any time really required Ia
prevent prices generally from giving way
under the strain of particular declines
of which thsXe were more yesterday, some
approx imating collapses.
London again sent over a depressed
range of quotations for American shares,
but again Wan street refused to follow
.ats1ss al sI.s.F Il,
New Haven. Rock Island and Missouri
Pacific issues. The announcement that
the Federal Government was TO proceed
against the New Haven consolidation,
both In civil and criminal suits was
heraldcd by so much official laundering
In the index that the reception Of 1t was
somewhat significant OF the market po-
s.tiou.
New Haven opened sharply downward.
but rallied shortly and maintained par
tial recovery throughout the session. The
abandonment of the Rock Island read
iustm,ut plan had its sequel IN a violent
break in the Rock Island : per cent.
debenture bonds and later on in renewal
of weakness in the I per cent collateral
bonds. Without any explanation in the
way OF news there was a recurrence Of
decline in the Missouri Pacific securities
the per cent convertible bonds falling
rather violently with tho progress OF the
session.
Nevertheless there was no NANTES,
appearance OF pressure on the general
last. traders of hesrish disposition having
been rendered cautious by the stubborn
underlying strength which prices have dis
played lately. nor was there resumption
Of foreign sales. There was, however
some selling Of Lehigh Valley and ST
PAU. which became rather noticeable in
the afternoon and seemed indicative OF
speculative operations. report clrru-
lated iu the late dealings and not denied
until after the close that the Interstate
Commerce Compassion had already begun
70 investigate mo Rocl; Island property
helped to impart a slightly heavy tone tI
the market toward the close, but the share
list was fairly steady when the session
ended.
An interesting circumstance OF the dny
was the rising tendency displayed In q
variety of industrial shares and the case
with which they went up. Total trans
actions were somewhat contracted from
the recent scale of business. and IL wa'
perhaps In tho moderate decrease of deal
ings that the chief effect OF the over
shadowins marketwise news was notice
| able
That the shock OF the announcement o
| double lawsuit against the N,w HaveI
| and its former management seemed to b'
so EllElt uenOIeO tntI tft procedure MAJ
| been more or less expected since the di
rcctors proclaimed their determination 4
resist the disintcgration of the New HaveI
property except on fair terms. During
| the day II was manifest also TINT imam
| cial sentiment rather Endorsed the atti
| tude Of tho New Haven board in that /
| would insure judicial test OF some new
political theories which have hnd too muci
uncontested vogue. There was a feein,
/ oil hot 1it,h. N
ter a surprise IN the courts in the dis
| covery that the whole New Haven corn
| blnation was not quite as Illegal as Wash
! ngtOn has variously asserted lately anI
| that the ownership of the Boston an,
! Maine In particular was not so Obvlousl!
| contrary to the Sherman antitrust law
In the same way the failure Of the Rocl
Island nnaucIal plan had been more o
| less discounted I'm expectation. 1t wa
generally agreed that the formal state
ment publishing the abandonm' mt OF IN
plan was not completely satisfying as 4
/ the causes OF its failure, but IL was sur
missed that the menace of n Rock ISLAM
inquisltion by the Interstate Commcrc
| Commission might have had something 1
do with the termination Of negotiations.
Since the Interstate Commerce Com
mission disclosed in It's recent report Of
the New Haven with what eX parte VIC
lcnce Il was willing TO blacklist cor
pora ton, the prospect OF one of its In
qures Is hardly likely TO inspire enthusi
asm for an undertaking IN the new Sc
! curities of a company threatened with on
OF it's vlsitations, For the rest Il Is posi-
BILE now that the 4 per cent. collatcra
trust bondholders will quickly apprccat
the impending danger to their equities an
orEdnize to protect Rock Island interests.
Routine matters Of marketwise b'arn
included the weekly review OF trade cor
ditiOns by the Iron Age, which seemed I
intimate that the current advances in quC
tations for steel products were eXper
mental instead of response to signs {
a buying movement The Baltimore an
ohio Railroad published It's earnings &c
June and made "A preliminary return fc
the year. showing "A net decrease
s2,420, 900. The grain markets were firm
wheat rising n cent II bushel on repor
of rust damage in the Northwest, but It
hard to get excited over the prospect
, impairment OF the spring crop when Il
total wheat yield of the year Is certain
be OF unprecedented proportions.