New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-12-28
REVIEW OF THE
WEEK in FINANCE
Securities Go Lower, with
Minimums Reached by
Some Issues.
INVESTMENT BUYING
CONTINUES LIGHT
Money Rates Misunderstanding
Exchange Declines-Steel
Trade Improved.

The rcopened stock market went
lower last week. The freight rate ad-
vance. granted the Friday before, failed
pereept.bly to stimulate investment.
Moay OF those who bougat in hope Of
rising market disposed OF :heir pur-
chases. Floor traders, TO whom the
short side Of the market Is more Lroiit-
able under prescn; conditions, added
- the selling pressure. Liquidation
for foreign account, while not OF the
overwhelming kind that bad been
feared, persisted in small volume
Checp money for market purposes,
often an incentive 70 operations for an
advance, provided no such stimulus
Tho amount ~ business transacted was
no. great. Fridays holiday played some
per. in keeping down totals, but lack OF
public participation furnished a more
cogeu; reason.
On Wednesday IN the late trading
the decline in active stocks became
precipitatc. Reports that the arrival
after rarke. hours o. mail steamer
from Great Britain meant delivery OF
great mass OF European securities
caused considerable uneasiness. Even
though these holdings had probably al
ready been sold, il was feared that the
market would be depressed by increas-
;nr the floating supply Of stocks. To a
market already nervous, reduction OF
dividend by the Pennsylvania Company
which operates lines Of the Pennsylva-
MIA Railroad west OF Pittsburgh, was
the signal for a widespread break, in
which the international list was con
spic1ous.
The two remaining days OF the week,
separated by the Christmas holiday,
we're rather quiet and Wednesdays de-
cline was not greatly enlarged. Cop
per shares failed TO repeat their up
.urn Of the week before, and the mar
ket for the metal was again lower
Some Of the more active issued touched
their minimums during the week and
automatically were retired for while
from active trading. In general ralI-
road stocks lost their improvement
made Immediately after reopening
Ponds proved steadier, though CONVEX
tible issues naturally were lower.
Improvement in Steel Trade.
Though the rate decision had for
months been counted on 20 release rail-
road orders. stocks OF the steel COM
ranies were weak. United States Steel
common reached its minimum on
Wednesday and appeared less frequent
IS in the trading thereafter Some I'M
provement in the steel industry was an
rounced by the United states steel
Corporation as the reason for not max
inc the general cut I'm wages which had
been expected. According 20 trade pub
lications. orders this month have been
1oucb greater than In November, and
railroad buying, while not in any great
volume. is better. Prices for finished
steel were still soft, and pig iron was
dull and offered at concessions.
Reduction of dividend rate by the
PENNSYLVANIA Railroads important sub
s!diary naturally brought into promI-
hence the question of dividend pros
poets on railroad stocks. The advance
in freight schedules granted to the
Eastern lines and better business pros
poets for the year to come will IN many
instances be taken into consideration
by directors in voting disbursements.
New York Central declared its diyi-
dend. deferred pending consolidation
with the Lake Shore, az the regular
rate.
Anthracite coal rates and the rela-
tions Of anthracite carriers with col
licrics received considerable attention
last week The Pennsylvania commits
sion ordered a reduction i'm freight
,ates on hard coal carried from mines
"a the state TO Philadelphia, having
considered the matter for over two
years. Lehigh Valley was victorious in
the federal court here in the govern
mcntS dissolution suit. but federal au-
thorities announced that they would
carry the case further. In the de-
cision IL was ruled that the road had