Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-12-31
STRENGTH SHOWN
AS YEAR CLOSES,
BUSINESS SMALL
Standard Issues in Light
Supply-Bethlehem Steel
Common and Preferred
Reach High Points.

NEW YORK, Dec 91.--The old year
went out with a display of moderate
Strength in the stock market that was
"a sharp contrast with the dismal views
Expressed by the room traders and by
The speculative element on the street.
Irice movements were generally mar
row and the volume of business was
small, but the course of tho market was
determined to q great extent by the old
flle. OF supply and demand.
Irregular trading occurred in the last
half OF the day, the leading issues hold
Ing strong, while Missouri Pacific sud-
Denly yielded from 9A to q under which
fhe specialists called scattered selling
The late news included the notice that the
50. Louis and San Francisco committee
has arranged to buy the coupons due
January L. 1915 and claims for regis
fered bond interest due July 1, 1915. on
The per cent refunding mortgage bonds
nf 1851.
There was practically no supply Of
Ntandard Issues around previously pre-
vailing prices, while there was mod
3rate demand from several sources, In
such stocks as Union Pacific. Amalga-
mated Copper, Pennsylvania and Reading
quiet investment buying was constant.
es it has been on the various declines
and rallies all through the week. The
better tone in the railroad list was based
10 great extent on the statement of OFF,
TENS indicating the probability of much
greater benefit from the rate advance
than had at first been estimated.
The Investment buying demand had the
enect of further depicting the Scant offer
ings, nearly all of which represented the
operations of the room traders.
Erie, which is just now favored by that
speculative element, was fairly we'll held
and there was evidence of speculative ao-
cumulation in United States Steel COM
mon, the market position Of that indus
trial rejecting the influence of the state
ments of improved conditions in the
steel trade.
Bethlehem Steel stocks were strong
throughout the day, both the common
and preferred making new high records
for the year. The common, after opening
at 4blA, advanced to 46Ss, and the pre-
ferred touched 919s, after opening at S9h.
The closing on the common was 46K and
on the preferred e1k.
Much of the purely speculative holdings
In this stock was liquidated last week
Just before the return of Charles NJ
Schwab on the Lusitaria. but since his
arrival there has been renewed buying
and more talk Is now heard of its earn
ing capacity and dividend prospects
1t is asserted that earnings OF the
year of the common stock will be equal
to "a per cent. and predictions are made
that the stock will so on the dividend
list early in the new year.
Among the batch of November earn
ings statements of railroads issued today
were New York Central, which made a
better showing than expected, and Read
ing. which showed up very unfavorably.
The Ontario and Western made a good
showing.
During the morning session no sales
of Lehigh Valley were made. The stock
opened during the noon hour at 100, up "A
point.
Money continued easy at per cent
for call loans, with time loans in little
demand, and some loans were made at
9% per cent.
Sterling exchange was quiet demand
being quoted at 4.S51s and cables 4s5zs
Western Maryland, which dropped
sharply yesterday following the announce
ment that the payment of the January
interest on the Sl60O0,00O notes would be
deferred, made q new low record for the |
Year at 1oN, off pa from last nights final.
final.
The Pittsburgh Steel Company has sold !
to the Union Trust Company, of Pitts |
burgh, an issue of $5OO0.00O per cent |
notes, maturing from January l, 1918. to |
January 1, 1920. BY this transaction the |
Pittsburgh Steel Company passed for all |
It's Indebtedness and also secures ample !
working capital.
The st. Paul Company is arranging for |
the Issue of sl7,0Oo.0o0 new bonds.