Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-12-17
SEE SAW MART
CONTINUED TODAY
IN N. Y. TRADING
Volume of Business Smaller
and Speculation Was Alb
sent-Call Money 3 Per
Cent.

NEW YORK. Dec. 1.-THE stock mar
kst continued It's seesaw tendency to-
day. prices being alternately up and
down. The changes either way were
mostly in fractions. The entire list gen
orally opened lower, and the volume Of
business was smaller. AZ the day ad-
vanced mdfe strength was shown and
prices rose gradually. There was an en-
tire absence Of speculative interest In
the late afternoon another reaction
occurred.
The scant supply OF stocks in the fore
noon made the market very sensitive to
price changes. union Pacific, Amalga-
mated Copper Reading, Lehish Valley,
Central Leather, New York Central and
American Beet Sugar moved UP, No
sooner we're they up than they went on
again on the report that two English
battieships mad been sunk.
on the upward swing Reading touched
40 and gradually eased on to lliia Penn
sylvania reached tcSi4. Steel sold up to
bis later falling s. 10 SIS,
Union Pacific. which had advanced from
liz TO iiy. OF once reacted to 1ls, and
similar recessions were noted in a number
OF other stocks There was exceptional
strength and activity i'm a group OF spe-
cialties. Central Leather made a gain of
over one point on buying, based on pre-
dictions as TO the amount OF the dividend
10 be declared next Wednesday, and
American Beet Sugar made the same
amount of advance on buying on the ea-
pected resumption OF dividend payments.
Tho rank and file is generally pleased
with the resisting power shown by the
market The belief was expressed that
II things keep on "a they have started the
market will soon settle down, and II any
thing advances will be iradc. There was
a disposition to wait for some favorable
development such az a favorable deci3ion
10 the railroads in the Eastern advance
rate case. 1t Is said that the decision is
now in the printers hands. n this is the
case the carriers should soon know IL
they have won or lost.
Call money was loaned at 3h per cent.
and later at per cent. In some quarters
some efforts are being made to talk
rates Up, but with no effect. Money is
still In abundant supply. The foreign
exchange market was easier Reichs-
marks were quoted at IS. Demand sterl-
ing 4.S7 3-16, and cables 4.SIfS.
Trading, 1t seems. must proceed with
out the aid of speculative operations,
and few expect any substantial volume
OF business or wide variations in the
general list from the present level of
quotations. The point was made by
representatives of foreign houses n few
days ago that Europe could not be ex-
psoted to do anything but sell until the
aituation on the Continent should ma
iterially change. Any advances here above
July 81 prices on the London exchange
permits the liquidation of foreign holdings
under the rules of the London committee
and the available supply OF stocks from
that source.
On the other hand, the minimum prices
hxed by the New York Stock Exchange
seem to insure values against any sharn
decline, but, at the Same time 1t is to
be understood that any aggressive bear
operations would cali for quick action
against any offender, In that direction
and the activities of those persistently
committed to the short side are placed
under efreetual restraint.
In the bond market the most active is
sues were Central Pacific first a., North
srn Pacific 4s., American Telephone CON
vertible AS. and Consolidated Gas
and Electric 6s, Price changes were
negligible