Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-12-24
LIGHT DEALINGS
In WALL STREET,
TREND IRREGULAR
Declaration of Usual Divi-
dend by New York Cen
trail Cheered Sentiment.
Strength at Close.

NEW YORK. Dec 2i-The holiday
spirit prevailed In the trading oil thc
Stock Exchange today and the dealings
for the most part we're in 1OO-share lots
and in many cases for smaller amounts
throughout the day the market was ir-
resuiar, The opening was generally an
= higher, and during the late morning
reaction occurred which drove prices
down IN many cases below last nights
closing. During the afternoon rally
low. but the volume OF business fell be-
low that done in the morning.
few minutes before the close the
market developed strength. The last sale
OF Reading, which led the list, was 1ilh,
up al Amalgamated Copper, 50. up h;
New York Central. s1aac.. up Il; Union Pa
cifc, 49, up 4. and Pennsylvania, 103.
up h
There was no news OF any consequence,
About the only thing which occurred TO
cheer sentiment was the fact that the
New York Central declared the usual
dividend, This helped the early trading
The manner in which the stock market
acted demonstrated clearly that security
values will be determined by the easy
financial situation, and not by the specu-
latlve operations OF tho bearish room
traders. These traders seemed TO have
market movements in absolute control
yesterday, when United states Steel COM
mon yielded TO the minimum OF 4S
e was assumed By the bear element |
that this decline would be followed by a |
reduction of the minimum. perhaps, OF
40. but after the long session OF the gov
erning committee at the regular meeting
last night IL was strongly intlmated that
no reduction of the minimum prices on
the standard issues will be made, except
where that action is based on some event
applying especially to a particular group
as in the case Of Atlantic Coast Line,
Louisville and the Southern roads.
This position of the governors leaves
the bears at present prices without much
Eoom TO turn in, and for time this
morning the trading element as a body
was not disposed 10 resume its raiding
tactics. One house which had been a
prominent selleD/ yesterday was the heav- |
lest borrower 81 stocks in the loan crowd.
and when e9orts were made to cover
shorts the Supply was as scant as the !
demand had been on yesterdays break.
In United States Steel 5000 shares were
onered Joy numerous traders at 4s In |
he fi18t few minutes, but when 1900 |
ihare7 were taken the other offers quickly |
IcetAltditus
Accompanied by reports OF lower prices |
or copper, Amalgamated Copper was |
to pressure. declining to ASA |
fter having opened at 50il. The closing |
asst night was 1878. In the late trading |
he stock advanced to i9ib.
The street was greatly encouraged by |
he announcement of the representative |
Il a large Wall street house that the |
-usitania did not bring nearly as large |
IN amount of securities as was generally |
This man said that a large |
mount of foreign-held securities had
'een received ten days ago, and deliveries
lad already been made.
Movements of currency this week in |
luded a loss in cash by the banks of
3 i45.oo0. From the interior the banks |
eceived S9,15TOO0. and shipped to the In
erior HO2l,OOO. including s1,172.0.O national !
lank notes sent to Washington for re- |
lemption. Gain from the interior was |
21s6,000. Loss on subtreasury operations |
roper totaled s5.5SlC0O
Announcement was made that the Fed |
raj Reserve Bank OF New York had |
owered the rediscount rate on 30-day |
paper TO AZ per cent, for |
'ther maturlties per cent.