Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-12-10
STEEL UNTITLED
TONNAGE FIGURES
CAUSED SURPRISE
Street Had Generally Ex-
pected That Orders on
Books. Would Show
Heavy Decrease.

NEW YORK, Dec. 1O.-The statement
Of unified orders of the United States
Steel Corporation was regarded as an
Unexpectedly favorable development on
the street. Ofcials of the company
estimated only two days ago that the
decrease would be over 100000 tons and
tho fact that new orders kept so close
to production was pleasant surprise.
This result is believed to reflect the
appearance of new business in the last
few days of November New orders in
December are coming in on more lib
eral scale than at any time in the past
four months, and there is good pros
pect that next months statement will
show an Increase in untitled orders.
The action of the Vanderbilt directors
In deferring dividend payments on stocks
In the New York Central system is a
nore disappointment to the many holders
of Vanderbilt stocks. They had grown to
regard December declarations as Christ
mas boxes, and the dividends for the last
quarter OF the year have been desig-
mated in that way for long time past.
The statement that the deferred action
Il due to n desire to wait for the phys
lcal consolidation of the properties on
satisfactorily. as the dividend declara-
tions due yesterday were for tho last
quarter OF the year and are in no way
connected with the policy to be Inaug-
urated after the beginning of the new
year. AS 1t is, stockholders may now
have to wait until the middle Of March
before they have any knowledge as to
what the dividend will be.
At the regular meeting of the Govern
ing Committee last night arrangements
were completed for resumption OF trad
ing in stocks specified by the special
committee of five on Saturday morning
All the stocks formerly on the Clearing
House sheet will be cleared through the
Stock Exchange Clearing House, and the
machinery OF the Clearing House has
been put in thorough working order for
handling the sheets.
Today there Is a good deal of conjec-
ture as to what the two hours trading
on Saturday will show. The street gem
orally looks for quiet business on that
day. and 1t is not expected that the total
transactions will amount to moro than
$4,000 shares,
Money brokers look for a hardening
tendency In the money market, based on
an idea that trading in stocks will create
= new demand that has not been factor
in the last two weeks
Tho amount of Wall street loans be-
tween DrOkefS ana INSTITUTIONS mas Deen
reduced fully 100000, ,OOO since the Stock
Exchange was closed on July 80. and
they reason out that some of the large
amount of stocks which was then taken
out of the street will find their way back
to the market and necessitate new bank
ing accommodations. This view is not
shared by many leading bankers, who
insist that money Will be a drug for a
long time in the future and that even
lower rates will prevail for both cali
and time money.
A suggestion that more international
stocks will be barred from trading by
the Special Committee of Five is ridi-
culed by houses with foreign connec-
tions. They insist that Europe has been
fully advised of the advances In many
stocks here on trading through the
Clearing House and that neither Lon
don nor Amsterdam has shown any dis
position to liquidate holdings of Amer
leans even where advances were made.