Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-02-09
SHARP BREAK IN
NEW YORK CENTRAL,
AMERICAN SUGAR UP
Market Sold OF on Unfa-
vorable Talk on Central S
Financial P osition
Loose-Wiles Drops.

NEW YORK Feb. s.-The stock market
~ The opening today was firm and ectlve,
with prices generally at higher levels.
Sentiment was materially better. due
largely TO the break In foreign eSchanse
rates yesterday before the close, calling
attention 10 the enormous volume 9f
commodity exports. and the optimistic
uttefances or President Farrell, OF the
United States Steel Corporation. at Pitts
hureh last night. Mr.. Farrell sHid that
the tide OF business has turned and better
times Will soon follow. He said that I've
saw many elements OF early trade i'm
provemeflt. rhe declaration or the resu-
lar auartefay dividend by the Canadian
Pacific also he1ped materially. There was
evidence OF covering or shorts In the
early dealings
In the late afternoon the market sold
or sharply when trading began on the
curb in New York Central rights for the
new issue OF 900 100000 20-Year per cent
bonds which viii he authorized by the
directors at the meeting tomorrow. The
rights sold first at iss and later at ~.
while the bonds, when issued. sold down
fun point from lOt to 1903. The stock
at tile same time sold down AZ points
from the final yesterday to S41s on brisk!
selling Traders argued that as the
road viii pay 6 per cent. for new capital,
the position OF the company must be
weaker than was commonly supposed. and
.
became weak, The bonds, when issued,
sold on the curb at 1925 at the close
and the stock ended on the exchange at 4
Sti4
Following the announcement of the
death of Norman Is. Ream. considered one
of The largest holders of stocks and
bonds In the country, there was a sharp
selling movement around the end OF the
first hour and the market became irregu
lar. Erie shares, which, it is understood.
formed the major part of Mr.. Ream's
holdings, did not sag off materially. the
common and first preferred declining frac-
tionally. while the second preferred did
not open.
Further weakness was shown i'm sterling
exchange today demand being offered
down to 4.s27s, the lowest since the panic
OF 1907. Cables were quoted at 4.S3 3-l6
ON the other hand Swiss exchange rose
as did demand Francs. Call money was
quoted at rs per cent Rechsmarks sold
down to S5ss in the afternoon, This is a
new low record, and 1t probably never
has tean equnlled before.
There was continuance nj the demand
for Bethlehem Steel, and the stock ad-
vanced to 5Tia new high record. United
States Steel common was also in de-
mand, touching 41's, the highest point
at which It has sold since the new mini
mum was established. Canadian Pacific
advanced rapidly for a net gain OF 2A
points at 1898. but receded to frac-
tion below 157 when 1t was supplied in
moderate quantity. The rise was based
entirely on the declaration of the regu-
lar quarterly dividend.
Loose Wiles Biscuit dropped Sia points
to its new minimum of 20, which was
established by the Exchange Committee
last night.
The declaration OF the regular dividends
on American sugar helped not only that
stock alone. but sentiment throughout |
the Street. as the action on the dividend, !
especially on the common, Vi had been |
awaited with n great deal of interest, I'm |
view of reports that the dividend would !
be passed. American Sugar rose to l05, |
up ass, but later sagged off to lOi.
Both American Sugar and American !
Beet Sugar became stronger on the an !
nouncement that the price of refined !
sugar had been advanced TO cents,