New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-12-16
FINANCIAL RECORD
HERE AND ABROAD
Prices Down Under Sell
ing Pressure--Foreign
Trading Light.

Selling pressure. which had been abb
ssnt for the two previous days OF open
trading in stocks. forced down prices
veatsrday until Mondays improvement
was practically wiped out, and in some
instances Saturdays went as well
Di,,oss! of securities for foreign ac-
count here gGs slight in comparison
with the total Of over 100000 shares
that changed hands, but losses IN the
In tsruat .Onri list were general. IRON,
taking on :nc recent rise, when nau
seemed too vigorous % be long IiVeu,
played large part in the reaction, ana
professional short selling was added 20
haston the decline. Bonds less active
" 6oalt in than on Monday we're "
triae lower.
Al the opening. with all STOCKS ad-
m!tted % trading, prices were genef-
ally d fraction above he mai quota-
tons II the preceding dsy or tne ZOO
and IN tho clearing SoUgc. AFTER n
fo7g minutes, however. She market de-
olips1 under fairly heavy offerings, ana
thercnfter the trend Of :ho MARIE, was
downward The volume Of business
slaeEcneL utter the first hour, IN which
more .han $4,000 shares changed
hands. In Che afternoon the decline
wa carried further dnder renewed
selling aad final figures showed Sign,
recovery from the low Levels OF tho
day.
Minimum prices were not reached by
active issues. Steel. publicly dealt IN
for the first time, began the DAY a
u.tie better than the final clearing
house figure Of Monday, but soon
gave way. closing nearly 4 points be-
Eov, the opening. Union and Southern
Pacific were also heavily sold. Balti-
moro e. Ohio opened d little under the
lr.s figure of restricted trading ano
closed more than Z points down. Jana
dian Pacific wac an exception, improV,
ing a small fraction on the day, ano
Chicago & North Western was higher
Conner shares were rcactionary.
There was little in foreign exchange
movement 70 indicate expectation OF
any great amount of liquidation TO-
foreign account. Marks were rover
and a slight Grmness in sterling migh'
be accounted for by the expected re-
ouirements of end of the year settle
ments and corporate disbursements
The Stock Exchange gave evidence o.
its satisfaction with present condi'
tons in releasing from their arduou'
duties the members of the Committed
of Five. They will, however. serve OF
new committee, which will have
charge of minimum prices IN stocks
while the former subcommittee OF
bonds will act in the capacity Tor tina
side of the market.
Call loans again renewed at @'2 PEI
cent, at which rate most OF the none!
was placed. Time accommodation wa
a shade frmer. az 4h per cent for al
maturities Commercial paper wa
bought in fairly good amount, with rate
unchanged. The Federal Reserve Boar,
is now allowing rediscount rates OF
per cent on paper to run not over thlrt;
days. Richmond and Atlanta, whlcl
had been asking easier terms, MAD
the change al once. and other centre
are expected TO follow. 1t IS HOPED
that this concession will hasten retire
ment of emergency currency. Of winch
according 10 Treasury figures yester
day. around Sl65 100000 is outstanding
In this city most Of the larger bank
had cancelled their allotments OF tn
new notes.
The local custom house announced
last weeks exports we're over S22,0OO,
600. more than S2,5OO,OOO above thos
of the week before and some 100000
greater than in the same week Of 1873
In spite OF the increased shipments o
cotton there is still some difficulty il
effecting insurance. i, is now esti
mated that between 100000 and .,
100000 bales of cotton viii have to o
withdrawn from consumption. For thu
purpose the S1S5,OOO,00O cotton pool |
available, but it still seems probabl
that this will be more effective u
stabilizing prices and making credi
easier than in actual loans. There !
still some objection in the South to IN
terms proposed. This is particular
true in the Southwest, where, prlvat
advices received here say, the advan
taces offered arc not expected to b
used TO any great extent