Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-12-11
NEW LOW RECORD
FOR CONSOLIDATED
GAS BONDS TODAY
Most Active Issue in Trad
ing-Prices of Other Sc
curities Slightly Higher on
Inactive Market.

NEW YORK, Dec. il.-Although trading
IN bonds was not active on the floor OF
the exchange today. prices we're yencr-
ally fractioually upward and the tone was
hrineE The most active issue was Con
soldated Gas convertible Gs when Issued
taeo5OO being sold. The las, price was
ioest, off u from last nights closing,
new low record. This would appear TO
indicate that there is decrease in the
popularity of convertible bonds.
What brokers are devoting most atteu-
ton to is not prospective price movements
but business probabilities. Most of them
have a fixed belief that business will drag.
for some time to come and that margined
trading will be small in volume, unless
some development occurs which will be an
Incentive for bullish operations.
Because of this view they are watching
for the ruling of the Interstate Commerce
Commission on the Eastern rate case
The feeling has become general that this
ruling will be handed down before next
Wednesday, and that It viii be favorable
TO the railroads although few hope that
horizontal increase will be granted.
Features in the trading were the con-
which were up ! at 43. Chesapeake
and Ohio convertible Is rose q to ross.
Third Avcnue adjustment bs were up
point at 76, while Colorado Midlands 5s,
which sold at 12 n few days ago. changed
hands at Is. Rock Island issues attracted
some attention, the 5s moving up Z to
5sh, while the 4s rose a to ~
All over the Wall street district there
is flood of talk about the incoming
steamers having on board large blocks
OF American securities to be disposed OF
here as soon as a market is provided
close investigation and thorough canvass
of the houses with foreign connections
fail to furnish any confirmation of these
stories. In nearly all cases foreign houses
In confidential statements say they have
received no stocks or bonds from the
other side and have no foreign selling
orders In hand.
As matter OF fact the Stock Exchange
authorities have barred out leading in
ternational stocks from trading on the
moor. but all through the last two weeks
Studebaker. American Can, American
Beet Sugar. the copper stocks, all
listed in Paris; st. Paul and many other
issues have had a ready market at sub
stantially higher prices than have pre-
vailed In London. There has been no
important foreign supply, and the foreign
orders of which actual knowledge has
been obtained have all been on the buy
ing side.
The movements of currency this week
indicated a net loss to bunts Of Sl7526,
900 on Subtreasury operations due largely
to the retirement OF emergency currency.
Banks received from interior Sll, ii6.OOO
and shipped to interior sLS9i,0O0, includ-
ing Sl.5s2, 900 national bank notes sent to
Washington for redemption. Gain from
interior was s355l,000. Ordinary disburse
mehts by Subtreasury were Sl5,3is 900.
Payments by banks for customs. internal
revenue. note redemption, etc. amounted
to $751; COO showing a loss on Subtreas-
ury operations proper of S2l 017,0oO,
Cali money was i'm excessive supply at
3ia per cent; time money steady at 1
per cent Exchange on Berlin was weak,
with cables quoted at 81. Sterling was
quiet Demand, 4.s7A cables, 4SS9s.