The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-27
FINANCIAL NEWS
AND COMMENT
Pressure Lifted From the share
List and Prices Begin to
Move Up.
MONEY GROWS EASIER

day Stagnation was succeeded by some
activity n rising prices. There WIS no
obvious influence in The days news for
tie betterment which appeared. but quoted
values naturally reflected the apparent
cessation OF selling pressure. quite apart
from that stocks are very cheap. com
pared with their long range respects. Buy
ing 10 not confident nor courageous bat the
underlying tendency OF the share list
ehUlld be 20 reflect the factors for gem
sral betternent which must become oper-
stive In time. Foreign exchange was
soft. demand sterling failing early in the
trading to about the previous low level or
che week.
II IA now a fortnight since the full
share list was restored to open trading
on the New York stock Exchange t,x-
travagant hopes which were entertained
81 the general resumption OF business have
been disappointed. but the grounds for
regarding the securities market situation
as furnishing an attractive opportunity 10
make constructive commitments nave not
bean weakened by tine movement ot prices
on the contrary they have been strength
ened The war OF course has Introduced
a great unknown quantity into all fnan-
cial and business calculations, hut there
ts more than "a reasonable probability that
tho economic structure OF society Will sur
viye the strain which has been thrown
upon It. There IS the same probability
tNat the United states viii achieve a re-
covery OF prosperity lonE before any other
country.
wha. has happened in wall Street since
the reopenlrg OF tho stock iNt'"ilA'
seems TO have been very largely we
conseauonce OF opening tho eXcnang' AZ
ter "A considerable advance from h'toh
prices had taken place In securities
The low levc! reached In the irregular
outside trading during tho Stock TX
change suspension WIS anywhere IRON
I'VE 10 fifteen points under the range o'
prices at which tho share list was re-
stored TO floor trading. The excited re-
,i-euen; o. be!ated shOr' contract, 'H-
esther with some recklessly 'mpulsive
hulltsh optimism. pushed pieces SH"
higher In the first few days OF open
market transactions and chance was al
forded, for fairly extensive realization
Of profits In addition TO this thete ma
been a considerable cleaning up OF spec-
ulstive positions on the long side "h'Ch
had l.eu crippled by the war. Noi'.'''
operatlors OF that kind have boon light.
hut there has been an unW'StA~toie
although moderate pers. stehce OK 4pl-
egn liquidation. 49,
Favorable factors seem 90 nave oeen
moro or less ineffective. hut this appear
ancs was not altogether trustworthy.
dealings IN securities nave t''' 'N4',-''.'
ON declines and tae foundations o. the
market ar. certainly nos impaired oy
external Developments IN the cdteEor!
%: constructive occurrences moreover
A, Is To BE- lutod that tho zone OF "ohdS
IS o,,a OF steady f'mness:
Some OF the principal features OF .he
anAncIal and business week were or
distinctly fsvorab be sort. Following the
r,.erS.,.e Commerce Commissions r'll'S
Ia the Eastern rate case came ths court
de,,lsion dlsmlssing the Governments SUI
against the Leh-h Valley p'opert'S' N
which violation Of the commodities ci'"SH
OF the Hepburn act had nc alitge'
This decision went far toward oiSe'.'ns
tho action OF thC pennsy wanna fuphI
s,ryice Commission ~ ordering re"ut-
ton OF anthracite IRE. ght ratios from thr
coal nelCs 20 philadelphia. The G@'lS-'t.-
ion OF some important RAILROAD DIVIDENDS
NJ regular r." g. uo'1hl" those ~ 'i'e
New York Central and the Great Nor'h-
crn. qualified depressing differences Wh'ah
had been drawn from the passing or re-
du.tion OF dividends ~ various un's' 20
far chiefly those hurt By the distress
which the cotton mAiset mas loihc.ed On
tho south
Tho completion o, tie New York Cen
t-al-Iaka shore consolidation ana me
overcoming OF the unneri;orious opr"s'-
lion which has been offered TO II were
a. well As OF .ncourtrns htanc'aI t'E-
,,,acance industrial news also helped -
M w a somewhat comforting hnd.''
Tho Central Leather Company de''e'eu "
dividen1 at ala l".',a-ct i't' '"- 90"
,nos, 1lonertous event IN ina Industrial
world was the conclusion q. no NV,
STATE, Steel Corporations finance com
.,-,,a, ga in.iuf.,.u fn- present general
wage scale for As employees. THIS CON
.lusio,1 V,ag based on expectations OF husl-
meas lrurro,p InCut, or when theI" nave
been co-roborativc 'okens such as INC
December gains iu bookings OF S'ee. OF
dor, and the unchecked sNp1u. on o, II D.
rountryIs export trade In the hrst tAree
weeks OF December an export oaian'e nc
ciuei fuzzy Az larf- as ma
ence Of the total month OF November
Money market aspects are all a1sp.-
cious An important opinion rendered ny
~. Tcdoral Attorney General helps 70 es-
tsblish the Federal reserve banking sy--
re,n'. iuderendenoe ~ Treasury control
ard the Federal reserve banks nave at
vertlsed the Increasing ease OF money ~
lowering their reliscount rates. The Ne"
York district took the lead ard mas again
n lower figure than TIE res, % the cOuu-
tiy. as Il shouid, but official discounts are
stiIl above tho open market FOR moneN'
which is getting cheaper and promising 20
benefit good securities now and general
business later on.
Tho resdiustments 81 fn1Hce 10 The con
dltlpns OF war have heeu further evlnced
hero BY the announcement "f the New
York Clearing Hous' tgsoc.a ion tnlt ball
anceg between mcmpo. would Atncetorth
ne settled IN gold and hr 'hr lowering VI
.hs German ard Austrian official bank
rates The Bank - England has made
further gains - strength ana is likely %
lower go discount Hprro early IN the new
wear The roudor Stock Exchange "a 20
open week from Monday, and although