New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-12-18
FINANCIAL RECORD
HERE and ABROAD
Business Light, with
Prices Irregular
Money Easier.

With little impetus from the outside
the securities market yesterday was
as dull as on some Of the days OF early
In the summer. Traders, between
mininnums on the one hand and prob
ability of London selling on the other,
hesitated 20 make commitments. The
days total was further reduced 70
some $4,000 shares. with usual market
leaders abnormally quiet. Price move
msnt, save in g few special instances,
was irregular and unimportant. Bonds
were more actively traded in than
stocks, around sI,900,0O0 par value
changing hands. Here prices were
steady, with a few fractional declines
In some Of the more speculative Issues.
A number of the low priced indus
exiai stocks showed disproportionate
activity. Central Leather, which sd-
vsnosd 30 Its highest price for some
yesrs. was the issue most heavily
traded In during the day, accounting
FOR almost as much business as Read
ing and Steel combined. American
Rect Sugar and Montana Power also
advanced. Copper shares were quiet.
Steel, Southern Pacific and Lehigh Val
lev moved within a small range
Reading and Union Pacific advanced,
but did not hold their improvement
New York Central recovered the loss
Of the day before.
Advices from Washington were less
hopeful Of the full 5 per cent rate IN
crease. In the meantime present con-
ditions are being reflected IN poorer
earnings and reduced dividends. LOUIS
Vile & Nashville declared semi-an-
nual dividend at the rate of per cent
instead of 7. Atlantic Coast Line,
which owns over half Of Louisville
NashvtIls's S7a,o0O,0 900 stock, made 9
similar reduction. These roads, OF
course, are In an unfHvorable position
for the present, because Of the souths
difficulty with Its cotton crop. South
ern Pacific for November reported fur
Their large losses In gross and net. For
the first FIVE months Of the present hscsl
year its net was more than S2,7OO,OOO
lower than for the year preceding
Cotton exports are gradually work
ing back to where they make some pre-
tance Of comparing with those OF q
normal year. Yesterdays shipments
were the best so far this season. Cot
ton bills were offered in the foreign
exchange market In better volume. De-
mand sterling went one-quarter OF a
cent in the pound lower, while marks
continued their downward course.
With Boston joining other regional
banks in lowering its rediscount rate
20 per cent for paper running for
thirty days or under, similar action is
expected here. Money yesterday showed
a weaker tendency, call loans renew
ing at 3 per cent, against 811 carrier
in the week Rates for time accom-
mediation were unchanged, but funds
were freely offered.
Further gain in reserve position was
reported by the Bank of England, the
proportion 10 liability now standing
at over 1914 per cent. Gold holdings
were more than 100000 greater, with
81 .O00. 900 as usual set aside for re-
demption Of the new notes. Loans were
reduced about 100000. Government
deposits were little less than f2,OOO,-
600 lower, with a corresponding IN
crease in deposits of outside lnstltu-
tons. Discount rates In the open mar
ket were steady and securities were
ouiet. Members of the London Stock
Txchanee. according TO private cable
advices, are objecting 10 the present
conduct Of the exchange under emer-
pency regulations. In Paris cash deal
ings in securities were at firm prices.
The governments report on winter
wheat showed surprisingly large ad-
ditional acreage sown. The increase
was 100000 acres, more than ii per
cent above that which produced this
seasons record harvest. The condition
of the crop was not so good as year
ago q little under the ten years aver
age, but it is yet far too early to estimate
next seasons WELD. With Europe so
greatly devastated by war and so large
a proportion of its population with
drawn from its customary pursuits,
this country's production Of breadstuhs
in 1918 will be unusually important.