The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-25
FINANCIAL NEWS
AND COMMENT
Minimum Prices DO Not Prevent
Dealings in Stocks in
Market Here.
BONDS SHOW FIRMNESS

Whatever the sources OF the recent
selling OF stocks diminished pressure on
the list was apparent yesterday. The
market did not rally. In fact It was heavy
most of the day. but It had a tone Of ,'n-
DERIVING nrmness. Trading was on about
the average Of the volume since the re-
opening OF the Stock Exchange and some
further additions were made to the list
of issues which have reached their pro-
tective minimum prices. 1t was demon
| strated that the existence OF price restric-
tons was not n bar to business For
example. 5000 shares of United States
Steel were dealt In at n range of quar-
ter of point from the minimum figure.
Some falling Off of bond transactions &C.
CURED, but values were firmly maintained
and the frmness OF bonds tends to dis
credit estimates that the amount OF for
elgn liquidation OF securities here in the
past fortnight has been large. Europe is
large holder of our bonds and any gem
eral selling movement abroad would be
reflected in the strictly investment quar-
ter OF the market.
Foreign financial advices all pointed to
money market relaxation early in the new
year. The Bank OF England made the
best weekly report since the beginning OF
the war and "A reduction to ~ per cent
WIS ildue III inc Austflan Dalk rate.
The terms on which the London Stock Ex-
change is to be reopened were announced
and they indicated that the formal re-
sumption of the Stock Exchange would
be very much matter OF form indeed.
At the same time departure Is
heralded which Ii OF favorable omen for
this country. which has been maintaining
the only important open securities market
In tho world. New York stands less
chance OF being shot at" once London
gets down to business again, and Il can
only be a question OF time before British
finance gains courage enough to diminish
the restrictions on Stock Exchange bust
ness.
A variety of more or less constructive
information or developments was con-
tanned in the days news budget. Particu-
lar noe was made of Mr.. Schwab's esti-
mate that the purchases OF foreign Gov
ernments here on account OF the war ag-
gregated s3O0.Ooo.o00 20 date. sum cx-
elusive OF the value Of such ordinary trade
as ls being carried on.
The declaration of the regular quarterly
dividend on the New York Central con
solidated shares helped to offset some OF
the depressing reductions OF railroad dis
bursements lately. So also did the decara-
ton of the regular quarterly dividend on
the shares OF the Great Northern Rail
way. The Interborough- Metropolitan d.
rectors announced their decision to use
the proceeds OF the recent extra dividend
received from the marlborough company
to retire 81 900, 900 of the $4,000 900 OF the
five year per cent. notes due next FRI
day. The balance will be refunded by an
issue of ten year per cent. notes
in the agricultural comm ldity markets
tho feature was the sustained strength OF
cotton. All grains were Arm There was
no significant change in the local money
market. but various reductions were made
in reserve bank discount rates, although
not to the low level established here.
! and that is still above open market in
terest rates. Foreign exchange was quiet
and steady at the close after some early
/ softness