The Washington herald., 1914-12-23
foreign SALES
SHAKE change
Prices of Stock Are Irregular
and Weak at
Times.
STEEL HITS NEAR BOTTOM
Announcement that No General Cut
in Wages Will Be Made at
This Time. ..

New York, Dec 2-Prices on the stock
exchange today were irregular, and at
times weak.
Strength in the markets for cotton and
wheat. and uncertainty over the next
steel common dividend. coupled with SELL
ing for foreign account, Influenced quo
tations. Floor traders were pessimistic
and their operations tended further to
unsettle prices.
United States Steel common. dropped
to IS 3-4, which is perilously hear the
established minimum Of IS. AS the stock
exchange committee has adopted G
practice OF reducing mlnimums with de-
clining price, too much faith should not
be placed in IS as a dead line. After the
close it was announced that TO general
reduction in wages would be made at
this time by the Steel corporation, al
though some readjustment in amounts
paid to skilled laborers might be con-
sidered.
No Wage Cut to BE Made.
Elbert II. Gary, chairman OF the cor
poration. gave out the following state
ment after a meeting OF the finance
committee:
After giving careful consideration to
the subject II has been decided to make
no general reduction in the wages of
the employees Of the United States Steel
Corporation AT WIN
probably be some readjustments in the
amounts paid for skilled labor for piece
work depending upon special conditions.
''In view OF the general business de-
preston. which has been experienced for
some time decreases in the general
wage scale have seemed inevitable and
imminent, but 1t has been determined
to stand by the existing scale, for the
present at least, with the hope that I'M
will h0 EsaH
Already there are some evidences Of
change for the better
Wrong Time to BE short.
Shorts in Steel. who were complaining
a week ago. when the stock was selling
az IS, that they were unfairly treated
now have market factors in their favor.
Some good judges Of market movements,
however say this is the wrong time to
be short Of the stock and look for ap-
probation within a few weeks. =
Central Leather directors fulfilled ex-
pectations when they put the stock on a
per cent basis today.
Profit taking brought a mild reaction
to 81. In comparison with Tennessee Cop
r-er, which pays per cent end sells about
81 L. Central Leather looks high enough
for the time being.
American Beet Sugar. which pays, no
dividend. made further advances today
and closed at 3. Efforts to obtain in
formation from officials were unsuccess-
full The annual meeting does not take
place until the fourth Tuesday in May
and interests close to the management
say dividends on the common stock will
not be discussed for some time. The
present movement, therefore, may be con-
sidered highly speculative, although the
buying has been undoubtedly good.
Bethlehem Steel common had n clean
gain of 3l-4 points to IS "a. Last year
directors declared 8 per cent on the pre-
ferred stock.
Coal stocks were stronger on the de-
cision in the Lehigh Valley case but
earlier advances were not fully retained.
Bonds were irregular. Convertible is
sues were heavy and Bethlehem Steel
IS lower on what looked like inside Of
fering.