The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-31
FINANCIAL NEWS
And COMMENT
a Record Day for Dulness in the
Stock Market-Prices
Firm.
BETTER TRADE ADVICES

Nothing needs to be said about YES
terdays securities market except that
there was the most trivial volume of
trading In stocks In n quarter OF ~ CEN
fury. that dealings In the bond depart
ment remained at the latest low average
and that prices In both quarters OF the
market were fairly firm all around. II
such a session had Significance II was In
the continuing revelation of lack OF
pressure. which is. under the financial
and business circumstances OF rhe times
more important than the lack of demand
Weakness appeared In the Western
Maryland issues. but this was explained
by the announcement. utterly devoid OF
surprise. that tho January interest on the
SIG. 900, 900 OF outstanding notes would
he defaulted and that the default would
be continued to the July interest period
In order to permit new financial plans to
be worked out for the property.
II Is not at all unlikely that the diplo-
matte issue raised by the Administra-
tons note of protest against the ex-
IRENE extent OF British Interference with
our commerce has had IL tendency To
hold stock market operations OF any
kind In check. In days like these a
matter OF such sort suggests uncer-
taintles which compel caution. although
the financial community Is persuaded
that there are no serious possibilities OF
disturbing controversy In the cor
respondence which has started.
II IL believed among other things that
the note itself was not as sharply pointed
as has been suggested by Washington
advices IN which the facts may have
been colored for popular consumption
and eftect. In some Wall Street circles
a good deal OF conviction IL expressed
that Great Britain will go n long way
toward remedying the matters complained
of. but Il is doubied II the terms OF the
Washington note justify the apparent
effort which IL being made to stir up
public excitement over II.
Dispatches from abroad contain the in
,eresting news that ZONE of the larger
French banks would cease 20 avail them
selves of moratorium privileges after the
beginning OF the year and would return TO
doing business as usual. This was an
indication that French financial AFFAIRS
which have been much more gravely de-
ranged than the German or British stu
alton. were getting into better SHAPE
The foreign exchange market was impress
aiv.ly quiet around the levels or recent
decline and disclosed position toward
the year end which seems h. portend fur
Their relaxation In the near future.
Announcement was made relative 10 the
profits accruing in the New York city bond
loan operation which had so much 20 do
last autumn with the Inauguration OF Inn
pr ,yement in the international money
market II appears that In addition TO
N. nor cent. return to the bankers on
their subscription OF more than $50. OOo.Ooo
the city, under the agreement, obtained
a rebate uf about one half of one per cent.
The time money market moved downward
to 81. per cent bid for loans up to ninety
DAYS and accommodation granted a IN
per cent. for four months.
Secretary Redfeld's statement that the
countrys foreign trade for the month UP
to the end OF last week yielded an export
balance OF sSs.O0O.000 might be taken as
an indication that the British naval policy
has not inflicted acute distress on our
commerce, which has been expanding
steadily ever since recovery set in after
the first violent dislocation OF August The
Iron Ages weekly review directed atten-
ton TO advances in the quotations for three
staples Of steel production and reported
some other moderately optimistic features
OF Lasic conditions
Declaration OF the regular dividend OF
per cent FOR the coming year on Della
ware and Hudson shares. payable in quar-
terry ins,alments. attracted notice, and al
though the manner OF the declaration fol-
lowed the company's custom, tho business
circumstances OF the moment made the
programme OF distribution rather striking.
The declaration OF n semi annual dividend
OF %, per cent on Pittsburg. Cincinnati.
Chicago and st. louis preferred is also
deserving of mention because II restored
the disbursement OF the annual rate which
obtained before the reduction effected
GA rlier in the wear,