The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-02
FINANCIAL NEWS
AND COMMENT
stock Exchange Trading Drops
Back After the Squirt
Of Tuesday. ~"
INQUIRY FOR GOOD BONDS
Some New York City Sc
curitics Cross Par for tho
First Time.
INQUIRY FOR GOOD BONDS

No new light on the state OF the specu-
lative account was furnished by yester-
days stock market session. n anything
the relatively small reaction after Tues
days extensive rise suggested that the
underlying frmness of the market situa-
ton has not been exaggerated. and this
view was perhaps emphasized by tho fact
that no great confidence 10 expressed by
the trading element IN the permanency
OF any upward movement at tho present
time. SO far as the days business was
concerned. considered hv Itself. little sig
nihcance could attach to huctuatlon.
made on so small n volume. Transactions
were only half OF tho total OF tho day
before.
While complete speculative inertia pre-
vailed and there was nothing in the days
news TO influence sentiment one way or
the other few stocks were slightly NJ
fected by individual causes Thus New
Haven turned weak on the passage OF a
bill in the Massachusetts, Legislature for
the sale of the roads holdings of Boston
and Maine. with the provision that the
state be allowed to buy controlling in
terest in the latter road. New York Cen
trail was depressed. perhaps in sympathy
with New Haven and perhaps because of
tho unfavorable earnings statement for
May.
Tho monthly reports of several other
important systems east and west were
also published during the day. all dis
playing big decreases In gross earnings
While these reports serve to emphasize
the unfavorable state OF business II 1.
perfectly well realized that the railroads
are passing through n period OF extraor-
binary depression and that they are
weatherng 1t as best they can. Natu-
rally 1t ia not to be expected that all can
cut down their operating charges with the
success that the Pennsylvania is having
Perhaps the most important feature OF
the day was the symptoms of an In
creased inquiry for good bonds. These
symptoms were found In higher prices
for New York city securities. the fours OF
1857. 1853 and 1859 crossing par for the
first time and also for that class OF rail-
| road bonds represented generally by the
Union Pacific first mortgage As The dis
| bursement of the huge amount OF dlvl
dend and interest money over the midyeal
| accounts for the Improvement in thl.
quarter to some extent. perhaps Never
| theless the fact that the highest class
| OF bonds have been steadily and gradually
| advancing for some time and are now
at the best price OF the year is OF no small
| significance
The foreign markets We're apparently
! as duh and lifeless as our own. \ curl
| Gus reflection on the situation IN Pari,
| IL found in the extraordinary spread be
! tween the rates for Paris checks AND
| Paris cables In this market Paris cable.
| rule about :, or | per cent. above th'
! check. this being equivalent 10 no LEST
| than 100 points in sterling exchange
] This preSsiur demand for cable remit
/ tances indicates continued tension In tht
French capital which undoubtedly re-
suits in turn from the active prepare
tons being made by the bankers there
for the French Government loan TO h
brought out in few days