Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-12-30
MARKET DULL ON
SETTLEMENTS FOR
END OF THE YEAR
Volume of Business Dropped
OFF, But Prices Held
Well - Demand Again
Noticeably Absent.

NEW YORK, Dec sO.--Business in
stocks was small today and, as was the
case In the trading yesterday, there was
an entire absence of demand Dealings
Z were mostly In speclalties and the
market showed professional tone.
Opening prices we're generally at last
nights closing. After the opening there
was slight decline all around, fol-
lowed by slight rally and prices held
at the higher figure. There was no
special pressure In any stock. -
Prices of some Issues declined at the
close, the largest loss being In Lehigh
Valley, which was off point from yes
terday at 12SA American Telephone ana
Telegraph lost Il at 117%; Reading u at
1t2M, and Pennsylvania II at 104h. On
the other hand, American Sugar rose rs
TO 1903; Delaware and Hudson, 19i to 14o9t,
and several other fractional advances
were made.
Z The outcome Of the negotiations be-
tween the United States and Great
Britain regarding the treatment of
American commerce on the high seas
continued as the main topic of discus
sion. In many quarters, however, less
importance was attached to II, There
was an inclination to await the outcome
of meeting o.. the British Cabinet, called
to discuss the subject.
A reason given for tho dullness of the
market today was the fact that end of
the year settlements, with much of the
readjustng of accounts conducted pri-
vately, demanded so much attention In
important quarters that there was little
time for anything else.
Some of the room traders sold Union
Pacific, Reading and Amalgamated Cop
per at the opening, causing declines of
about one point in those stocks, but this
movement was quickly followed by a
fairly brisk return on which the three
stocks named were lifted to figures
slightly above yesterdays final prices.
Both the selling and the buying on the
decline and advance were without signif-
canoe. Sales in. the first hour were only
1880. against 30500 yesterday and $500
on Monday. The total sales of the day
were 400 shares; bonds S1,13O,0o0
Rock Island debenture 5s were better
on the news that the Rock Island Rail-
way. had obtained an extension until
April 1 of the bank loan Of s2,500,O00 due
on January l. The collateral As did not
share in this improvement and sold at %.
An idea prevails that the weakness In
the Rock Island bonds in the past two
days was primarily due to selling by d.
g. Reid and his associates. Reid brokers
have been sellers of Lehigh Valley, United
States Steel, Reading and American Can
at frequent intervals recently. and some
ceiling orders in lnter-Met. issues seem
to also come from Reid sources.
The foreign exchange market was
steady, demand being quoted at l.S5 and
cables 4.s5Ss, Money continued easy. Call
loaned and renewed at 3 per cent.
The closing was 2N bid, asked.
The committee established new mini
mum prices, effective today. as follows:
Associated oil Company. 81; Chicago and
Northwestern preferred, 16O; Internation-
al Harvester, 70; Louisville and Nash
vile, 112: Public Service Corporation of
New Jersey. 1867 Rumely preferred, 49,;
St. Louis Southwestern preferred, "a;
Seaboard Air Line preferred, IS; Virginia
Carolina Chemical, 16; Virginia-Carollna
Chemical preferred so.
Following the announcement of the
declaration of rsemiannual dividend of
I 2ik per cent. on the preferred stock of
the Pittsburgh Cincinnati and st. Louis
Railway. shares Of the stock sold at TO-
up 1 point from the last previous sale
Western Maryland stock was weak. sell
ing down from the final yesterday at 1875
because the January 1 interest on the
S16,O00OOO outstanding notes will not be
paid. The street, by going to 1914. hit
: the lowest point of the year. Pittsburgh
Coal also made low record for the year
by selling down to 70. The closing was
S01h.