The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-23
FINANCIAL NEWS
AND COMMENT
Stocks Are Heavy, but Do Not
Display Continuing
Weakness.
LOWER TREND IN MONEY

With transactions 20 per cent. larger
day was heavy. but did not continue the
display of pronounced weakness which
characterized the previous days session.
Some industrial issues we're aggress.vely
firm and Lehigh Valley reflected the i'm Z.
portant and significant ruling which DIS
missed the Governments case brought
under the commodities clause of the Hep
burn act. The very fact OF this ruling
would seem. by the way. to be striking
token of the changing temper with which
corporate affairs are being handled.
For the most part selling was the same
scattered sort which has depressed prices
IN the last few days, and contained dis
appointed commission house liquidation.
some bearish effort and proportion OF
realizing for foreign account The bond
department was fairly active and prices
IN this quarter are creeping up again In
response to a fair investment inquiry and
the indication that, cheap as money rates
are now. they will be cheaper after the
turn OF the year
An announcement OF great interest to
Wall Street was made to the effect that
the London Stock Exchange would prob
ably reopen on January 4. but with very
stringent restrictions. Tho qualifying pro-
viso was to be expected for there Is OF
course much politics now mingled with
foreign finance. and the embargo which
Austria has laid on the redemption OF
such OF its a. per cent notes due
January ] as may be in the hands of
hostile aliens is only token of the ex-
tent TO which financial policies abroad
are Influenced by the bitterness OF the
war
Nevertheless the American banking
community will be glad 30 have the
worlds greatest securities market opened
again on any terms. for the resumption
cannot fail TO lessen somewhat the burden
now borne by New York alone or at least
minimize the risk which attaches to main
tanning the only open primary market
for securities. II all goes well the
restoration of the London stock market
might prove the starting point for sus-
tained Improvement in American values
and volumes OF business.
noteworthy feature OF the financial
day was the conclusion reached by the
finance committee of the United States
Steel Corporation 10 keep the present wage
scale for a while longer anyway. In "A
statement made by Judge Gary after the
meeting 1t was pointed out that the de-
preston of business had lately seemed
to make general wage reduction i'm
mlnent and unavoidable, but the judy
ment OF the committee was in favor OF
the hope that a betterment of business
might take place before long and the
statement added that there was already
some evidence that such IA change was
impending. Considering the position of
the Steel Corporation and its many points
of contact with the general financial and
business situation tnis statement might
almost be construed rs n forecast of trade
and industrial Improvement.
The Virginia -Carollna Chemical drec-
tors found II necessary TO pass the pre-
fgrr,u 1iNil1u1g fOr ra1 piDSal,.
nected with the South's distress on ac-
count OF the huge cotton surplus and the
prevailing low price for the staple This
matter was more or less offset by the ac-
ton of the Central Leather Company In
declaring IA dividend OF per cent. as COM
pared with the per cent. dividend with
which payments were inaugurated a year
ago.
Approach toward the dissolution OF the
awkward Rock Island combination was
sgnalized by the bidding In OF the stock
of the underlying Chicago, Rock Island
and Pacific Railroad Company at 10 per
cent. OF its par value. Harmony has
been established among the collateral
trust bondholders who are entitled to re-
ceive this stock and in due course the
shares will be distributed to them. After
that the task of rehabilitating the Rock
Island properties will develop. The ratl-
fica,ion of the Chicago-Lake Shore mer-
ger by the Lake Shore stockholders brings
tho completion OF very great and Diff
cult financial operation very near.
Marked strength was exhibited by cot
ton and wheat. Grain sold at new high
prices and both corn and oats were firm
The export demand Is the principal factor
in making the prices for all agricultural
commodities now. Foreign exchange was
steady for all forms OF remittance. but
the international money market has "A
declining tendency which matches the
weakness in domestic money rates. new
low figure OF ia per cent. was reached
for call loans although the accommoda-
ton ruled at 3 per cent.