The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-30
FINANCIAL NEWS
And COMMENT
Another Day Of Record Dull
ness in the Stock
Market.
PRICES DOWN BUT STEADY
Further Aspects Of Claflin Fail.
ure-Europc and Aus
trian Tragedy.

Tradlr~ 10 the extent Of less than
10000 shares was Wall Streets further
response to the echoes OF the Claim
failure as we'll as Its reflection of the
tragic European news over Sunday. The
small amount OF business in stocks en-
titled the aggregate for the day to he
entered in the Wall Street records OF
dulness and staenatlon. but was not In
Itself n bad sign considering the excuses
which had been furnished for activity AT
the expense of values. while hope for en-
couraging developments had been de-
ferred.
There was almost no feature OF the
transactions. Prices ranged n little lower
than on Saturday. but the close was
steady Business In bonds was more in
teresting and new low levels were reached
by the Western Maryland n and Missouri
Pacific convertible 5s. while there YVES
open talk of a default in the Cincinnati.
Hamilton and Dayton interest payments
due on Wednesday. Action was taken by
the Northern Pacific directors looking
toward an issue Of s20.oO0.OOo OF bonds
under the new mortgage Just authorized
by the stockholders. so that II can he
seen that the financial community is not
wholly given over 10 contemplation OF de-
pressing considerations.
Rumors circulated in the afternoon re-
lating to the ramfcations of the Claim
failure. but the stock market gave no
sign that there was anything impending
which would add materially to the I'M
favorable influences of the Clafiin re-
ownership. The course OF quoted values
was all the more satisfactory because II
had been apprehended that by the open
ing OF the new week the widespread
nature OF the difficulties OF the Claim
company might provoke some untoward
response in securities.
Banking attention In many quarters was
engaged with the problems which this
particular receivership has precipitated
but so far as the consequences go the
ones deserving OF serious consideration
are suggested by the practical disappear
ance OF that kind OF commercial paper
market in which the Clafin notes had
been customarily purveyed. II was &c
be expected that mercantile borrowing
rates would he stiffened by the disturb.
ance OF sentiment. and IL might have
been expected that interior bankers would
abruptly withdraw. as they have done
from the purchase OF paper which die
not originate in their own locality.
that money market conditions and bank
ing positions are such that there Is M
likelihood OF deserving borrowers being
unable to obtain necessary accommoda.
ton. In other respects the money mar
ket has not made n specially noteworth,
response to the distressing occurrences
which have received so much notice. al
though this IL the midyear week. wher
ordinarily there is much obvious financia
unsettlement IL the underlying monetar,
situation Is strained.
1t was hardly to be supposed tina
Wall Street would be affected by the az.
sassination OF the Austrian Archduk,
Ferdinand and his wife. unless the Euro
pean markets were upset. Foreign fnanc,
took the tragedy coolly and steadines
was reported at Berlin. Paris and Lon
don. The prospective success OF the new
French loan seemed to he the over
| shadowing financial consideration abroad
| although II is question how much o
an impulse for resumption or con
structive activities will he generated b!
| the actual subscription for the loan.
| Washington factors continued to weigl
heavily on the domestic business ant
| financial communities. Certainly nothing
| In projects or enterprises Mt the nationa
| capital is promoting visibly the arriva
| OF that recovery of values and volume
which the President has predicted. How
ever, Wall Street nj least Is regarding
more at the moment tho possibilities o
the decision in the Eastern rate case, an
| as long as these are conjecturally favor
able they provide offsets for a good dea
Of depressing politics.
Crop reasons for optimism were ais
maintained by the heaviness of the grail
markets and the excellence OF the Stat
June reports on agricultural condition
which began to be published. Foreig
| exchange moved further out OF the gol