Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-12-16
AFTER DECLINING
PRICES RECOVERED
N In N. Y. MARKET
Further Reaction Caused by
Selling of Room Traders.
Limits on Foreign Orders
Being Raised.

NEW YORK. Dec 1e.-The seilinl
movement, which developed in the stocl
market yesterday following the transfe
OF the International shares from Clearing
House trading to the floor of the Elk
change for public dealings, was again II
evidence at the opening today. Slight
concessions from yesterdays closing were
noted at the beginning. but later the ma.
joriiy OF the list recovered these losses
and were fractionally up around the moor
hour Strong features were Central
Leather, New Haven and American Beet
Sugar all being up over a point.
in spite Of the fact that the Michigan
Central, one OF the subsidiaries of the
New York Central, reduced the semi
annual dividend from 3 to 1 per cent.
New York Central stock was strong, ad-
vancing 4 Of a point.
The argument was advanced that the
market was getting back on its feet and
would probably settle down.
The only supply at concessions in the
stock market today came from the room
traders. This element exaggerated the
Importance OF the German demonstration
on the English coast and used what II
called war news as a reason for ag.
gressive selling that had only a short
lived influence. 1t quickly developed that
selling orders were again scarce and
brokers with buying orders were COM
PEELED to advance their bids steadily in
order to obtain stock.
The houses which were the heaviest
sellers yesterday became the largest buy
ers today, and there was in addition evil
denee of an investment demand. That
gave a substance to values which was
not shown at the high range recorded on
Tuesday morning
The lowest price at which Reading sold
In the forenoon was 147ih.
There was good deal OF conjecture on
the street about the foreign security
situation as a result of the reports of
heavy foreign sales yesterday A thor
oush canvass discloses the situation as
follows:
AT the high level established yesterday
morning many selling orders for foreign
owned stocks In this city were reached
and in some cases sales were made above
the fixed prices. At the same time an
important London institution llquldated a
line of Americans on the curb, and these
stocks found a market through arbtrage
houses in this city.
There is no disposition on the part of
foreign holders to sell stocks and those
held here awaiting n market are at hxed
price limits above those now prevailing,
hut not above the early prices of yester-
day morning, This supply does not CON
stitute standing pressure as the own
ers Of these stocks are gradually becom-
ing inspired with the same confidence
that prevails here and cancellation of
these orders have been numerous, while
In other cases selling limits have been
advanced.
The position OF the foreign holders has
become similar to ours, that their stocks
are not for sale except when advancing
prices offer an inducement which some
OF the holders will find themselves un-
able to resist.
The loan crowd on the Stock Exchange
last night and this morning gave good
evidence OF the strength OF the market
position. Canadian Pacific loaned fiat
United States Steel common was bor-
rowed from SA down to per cent, New
York Central loaned at 21a per cent New
Haven fiat, and many other issues loaned
below the money rate, The demand was
OF large proportions and Indicated large
outstanding short account
eau money made another new low
record OF per cent. which is the lowest
since the conflict in Europe began.
u =. Steel was one of the weak fea-
lures, and the heaviest trading occurred
In this stock, and the price went on
from last nights close 1t was asserted
IN many places that this stock was being
sold In considerable quantity for foreign
account Then. too. the prospects in the
steel trade are not by any means rosy.
The steel Corporations plants are now
operating at about 25 per cent. of capac-
ity- II the railroads win their fight for
ihlsher freight rates the trade should be
helped considerably, as the roads would
place many orders which
they have been holding back.