Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-12-22
PRICES CLOSED AT
LOW LEVELS FOR
DAY; MONEY DROPS
Stocks Lost Earlier Strength
in Late Trading-Fo oreign
eign Exchange Down.
Steel Week.

NEW YORK, Dec. 22.--The dismissal OF
the Government suit against the Lehigh
Valley Railroad caused more bullish
sentiment in speculative circles and was
effective in checking the selling movement
in the coal stocks which was the fea-
ture of yesterdays trading. The esti-
mates as to the limited effect OF the
Pennsylvania rate decision received more
consideration, and in place OF the pres
lowed the news Of that decision, there
was an urgent demand, which was re-
sponded to with advances over / point
In Reading and Lehigh Valley.
IN the late afternoon a reaction set in
in some of the specialties and declines
we're made all along the line In sympathy.
u. 8. Steel made a new low selling for
the present movement by selling at 4s&.
Reading dropped to ia4ss American Ice
went to 20, down, 2is from the opening;
Pennsylvania, 106%, OF L, Bethlehem
Steel, on the other hand, was strong. ad-
vancing to 45h, compared with 42h at the
opening.
More interest was also devoted to the
effect of tho advances In freight rates
which will go into effect early in the
new year. ana IncTe was eNluenCb Ol
increased Investment buying, especially OF
the trunk line shares New Haven rose
about 1 point before noon to 5S. but this
advance was preceded by vigorous up
turns in the three classes OF short-term
note Issues by tho New Haven system
early In the year. For a. long time these
notes were neglected in the investment
buying which had been noted in the
short-term market and they could have
been bought at a substantial discount.
Today the New Haven per cent notes
range above 90 and only few small lots
can be bought around this higher level
Bethlehem Steel made a further gain
OF more than points, with the bulk Of
the buying coming through Philadelphia
houses. A good part OF the local demand
for Bethlehem Steel represents switching
Of holdings Of United States Steel, which
can be effected to advantage by those
who regard Bethlehem Steel stock as the
better OF the two issues
Selling on this account has had much
TO do with the recent decline in the price
of United States Steel, but support came
to the leading industrial when its price
fell below 40 today. II was thought that
this was induced by a desire to keep the
price of United States Steel from ap-
preaching the Stock Exchange minimum
OF 4S rs long as possible
The general list showed a strong tone
after the opening. This can be attributed
TO a good extent TO the excessive supply
Of both call and time money, which Is
forcing a readJustmeht OF market values
OF investment issues, and has a conse-
quential effect on the speculative issues.
Wall street awaited with some anxiety
the docking of the Lusitania tonight This
is the first ship to arrive which sailed
from Europe since the resumption of busi-
ness on the New York Stock Exchange,
and rumor had II that there were APP
proximately S5,00O,0OO worth of securities
aboard. Whether these had already been
disposed of through short selling was a
matter of opinion. So far very little for
eign selling of American stocks and bonds
has been reported. but today there were
said to be considerable offerings of United
States Steel from foreign sources The
stock, however, was readily absorbed
The fall in foreign exchange to a new
low level today rather accumulated the
belief that holdings of our securities
abroad might be sold by the warning ma
tions Instead OF parting with their big
holdings of gold at this time.
Central Leather did not respond. to the
announcement of an increase OF / per
cent in the dividend, the company today
declaring 3 per cent, against per cent
year ago. The stock was quoted AT
37A. on *. Pennsylvania held al 1OT. last
nights closing. This issue Is held in
friendly regard by investment interests
and there Is n disposition in these in
terests to consider its dividend main
tenanee as certain, no matter what the
changes in freight rates on anthracite
coal.
eau money struck a new low. level in
the late afternoon by going to 2ia per cent.