Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-12-29
MARKET RULED
DULL ON ABSENCE
OF ANY DEMAND
Rock Island Bonds Dropped
Sharply on Belief That
Stock Would Be Assessed
on Reorganization.

NEW YORK, Dec. 29.-There was ar
ebeence OF demand for stocks In the
trading today, this having constituted the
chief feature In the price movements yes
terday. The opening was quiet and lr-
regular. and IN general the closing quo
tations Of yesterday were maintained.
sentiment, on the whole, was bulllsh, ana
many commission houses advised their
customers 10 buy on reactions. For the
most part dealings were in specialties
The market was not active at any time
Iodays business was the smallest Of
any day since the exchange reopened,
total Gales Of stock being $1,000 shares
And bonds Si.7O3.o00. Reading was the
only stock in which the transactions
amounted to 10,0Oo shares.
Prices at the end OF the day were below
last nights finals. but not to any great
extent. Reading was or Z at 1I3, Penn
sylvania = at i04N. Lehigh Valley ~ at
lsa3t, United States Steel x at 90. Bethle-
1ern Steel X at 44Js and AmalEamated
Copper Z at 5fa.
The Presidents note to Great Britain
regarding Interference with our com
mercc was regarded as a bearish influence
BY the trading element on the floor. who
offered the standard stocks down about
one point on an idea that the reaction
would cause new speculative liquidation
There was no outside speculation in evil
dence. however, on this downturn, and
when this became apparent the traders
changed their position and hurrledly
Bought back the stocks sold by them at
tne beginning of business and an upturn
followed
Married weakness in Rock Island bonds
caused considerable interest The Rock
Island Sc declined to 52Ik, of from the
opening. The collateral Is Of the Chi
saso, Rock Island and Pacific were down
~ from the opening at 22ik
The street Wna nf bo nrg,,fos.
tne foreclosure sale of the road Is con-
nrmed there will be a stiff assessment on
tES holders OF the stock. This fright
ened timid holders of the bonds. causing
tnem 70 drop their holdings on the mar
het FOR some time past the manipula-
tlon OF the roads securities have been
going on In the market. and II was the
oeiief that when the property is reorEan-
SHed Il viii be In strong hands.
On the downward swing sterling ex-
chanBe touched new low level IL was
subjected to pressure from offerings of
bankers Bills. Demand declined to ASK
the lowest for a year for shipnpnt on
Saturdays steamer. For the next steamer
80 was quoted and 4s5h for cables
Inere was a general absence of bids
This low level for sterling must soon
sorce the question of gold imports into
consideration, and there Is now a general
oisposlton TO look for return flow OF
There was a general opinion I'm the
street that sterling exchange rates are
likely to work still further in our favor.
washington advices suggest that the final |
Foreign trade figures for this month will |
show excess of exports over imports Of
about s125, 10000
In the meanwhile money rates are
20 comfortable that there is no
great Incentive TO import gold. Gail |
money loaned at "a per cent today, and |
the supply was large. Many banks and |
trust companies are offering consider |
Anle amounts on time at per cent.
The Canadian Pacific, in it's November
earnings statement, showed a heavy de- |
crease in gross and net both for The /
month ana the five months of the fiscal
year. The gross for the month was
fs,oo5 smaller and the net S2,244,f74 be-
low last year. The five months' gross |
showed decrease OF sl4977.77s and the
.st sS,alo,ooS The stock was on q from .
last night at 154x.
United States Steel succeeded I'm ksen-
ing above the minimum price of Is. THE
stock opened at 49b. of 4 from last
night but on succeeding sales It regained
the loss In the later trading il dropped
Following the announcement Of the
november earnings OF the Union Pacific
which showed quite heavy losses An
Dotn gross and net. the stock declined
IN the later trading some OF the loss was
fesAineo- The price was 11s1S. or a.