Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-12-15
REACTION SET IN
! AFTER NEW YORK
: OPENED STRONG
l. o sses Were Made
Throughout List-Feeling
That Recession Will Sta
bilize Market.

NEW YORK, Dec. 15.-After opening
strong, with prices up all around, sharp
reaction set in, which carried the quo
tstions of stocks below yesterdays clos
ing from X of a point to 2ys points, the
declines generally being fractional ones
ana IN some cases ranging around n
point. The reaction in prices seemed
20 be caused by quite a little foreign
selling and proht-taking. The latter was
thought to be more largely responsible.
The general undertone was strong, how
ever.
Total sales were Stocks, 2695OO shares;
bonds. S1,96O0OO
The reaction in prices did not create any
great surprise. In fact. 1t had been gem
orally looked for Brokers were of the
opinion that the market was advancing
ct too fast a pace and a slight drop in
prices would do much to stabilize IL. Thus
the decline was looked upon with favor
generally.
As was the case i'm the upward swing,
Reading was one of the leaders down
ward, closing 2ta points below the final
yesterday at 14S. Lehigh Valley was of
81 at 134'; Pennsylvania Y at 1OS"; st
Paul at 9O2,; Atchison at 93'.
Accompanying the reaction came fur
ther reduction In the call money rate to
~ per cent. This Is tho lowest money
has been loaned since the war in Eu-
rope began. Later the rate recovered to
sh per cent, the ruling rate throughout
last week.
There were some loans of time money
At ~ per cent. for four and five months.
This was the first day for trading In
the important international shares since
the suspension caused by the European
war,
Chief of the stocks in which there is a
strong international interest and which
were traded in for the first time were
United States Steel, Great Northern
Southern Pacific Canadian Pacific, New
York Central and Baltimore and Ohio.
The first sale of Steel was an order for
1000 shares at SO, a gain of one point from
the price Of tho last transaction through
the Clearing House yesterday, and seven
points above the minimum price estab-
lished by the Special Committee OF Five
Among the sales for foreign account
were some Baltimore and Ohio at the
start and later United States Steel COM
mon and Union Paclc. Leading foreign
houses stated that with prices of inter-
national issues the only way Europe can
trade is on the selling side and more
foreign buying cannot be expected until
peace. Is at hand.
The powerful capitalists who had much
to do with the upward movement in the
market recently did little today, and
seemed to be disposed for the present to
let the market take care of itself. The
absence of buying from this source
made the bear operators a little more
confident, and instead of urgent covering
they we're disposed to put out fresh lines
OF shorts The position of the short in
terest ON Saturday and yesterday was
called pitiful as 1t was colled on to return
stocks without chance to cover except
at sharp advances. and We're placed at
the mercy of whoever is in charge OF bull
fish operations. The early trading in
creased the already large outstanding
short account, and IL is now more vul-
Aefable than II was before.