Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-01-27
STOCK PRICES FALL
FOLLOWING PASSING
or STEEL DIVIDEND
Common Shares of Corpora
hon Reached Minimum;
Preferred Dropped Over
5 Points.

xew YORK, Jan. 2I--The suspension
i Aividend payments on United States
KIN common caused an abrupt change
\ "a sbeculative situation in the stock
~.fket Today. The market was flooded
IN selling orders soon after the open
"a and prices generally dropped. Not
ne adj the floor traders sell, but the
ssreea indicated that Europe was un-
lsssinx some OF her holdings OF Amerl-
n securties. This lquldatloh was
ssrlcuarly In United States Steel COM
gsS while some of the preferred stock
sss also sold.
~ market closed strong and many is
.asd recovered from the low points of
M day, while some few which had been
'srone throughout the session made gains
wen the closing OF yesterday, Reading
..eovered "a to 14s, but was off points
Ann Yesterdays final; Union Pacific
lanebed i2O for recovery of A. 1t was
- Nd from yesterday, however.
american Beet Sugar closed / point
M An s5IS: Third Avenue 1% at 46a Amer
su sugar Refining ~ up at lOSA, and
Mexlco Petroleum II up at 81.
when the market opened there was a
tUra crowd In United States Steel COM
nm. and nearly all those in the crowd
Il once offered the stock Mt the minimum
vfiee OF 4S, down 3h from the closing yes
lfdAy. The preferred stock, on which
,hs minimum price is 1902, sagged OF 2A
soints on the first sale and then dropped
hther for net loss OF 5h points from
IND Anal Yesterday, at 1921. one broker
Il the Steel crowd announced that he
would take 100 at 4S, and at once he be-
came the centre of a struggling group
rbo insisted they had sold the stock to
tlm. The wrangle was settled, 3S brokers
matching to see VINO would make the
sale.
The market became little stronger in
ina afternoon on the announcement of
the regular quarterly dividend by the
Pennsylvania Railroad. Many stocks
made fractional advances from the low
81 the morning, but business was light
and the market very quiet.
Just before the close Ii was announced
hat the Norfolk and Western had de-
hfed the regular quarterly dividend.
The office of the Stock Exchange was
beseged with Inquiries in regard to
probable action in reducing the minimum
price of Steel common below As. The
committee of five was at work right after
the opening studying the character of
he offerings and ascertaining at what
nyel demand could reasonably be ex-
pected. II was generally believed that
1 reduction IN the minimum price would
not be announced until after the close.
There was a speedy revival of the trad
ng group on the New York curb, whore
United States Steel common was first
quoted at 466147 and later after sales were
made at 46. the stock was offered at
gA. In the afternoon the stock sold down
10 "A on the New street curb, while 500
shares were offered at 441a, A fair
amount of stock came out on offers. The
Il, tt,n Hat nj
most wholly from accounts in which
United States Steel common was car
Red III conjunction with other stocks
and IN the absence of a market for Steel
common 1t became necessary to liquidate
other issues in order to protect these ac-
counts.
Weakness was not confined to Steel
shares. but throughout the list in gen
eral, the railroad issues being severely
affected. Reading made the largest de-
cline. losing 37s points to 147ls. Union
Pacific lost 13s to 1885. Canadian Pacific
sagged off 2% to 1924
Amalgamated Copper was very weak
feature In the industrial group. 1t dropped
~ points TO 53B.
Stocks which stood out in the market
Is the only strong issues were Sears-Roe-
buck, Third Avenue, Mexican Petroleum
and American Sugar Refining, Sears-ROe-
tncR, which was the strong feature In the
market yesterday, continued its advance,
sanlng as points during the morning
lesslon The rise was based on the fact
that special meeting of the Board of
Directors has been called for next Sat-
arday in Chicago, when the board will
feeide on the disbursement of an extra
dividend to stockholders.
Demand sterling rates hardened. as did
ates for marks. Call money loaned at
per cent and in the afternoon at 1B per
cent.