Evening star., 1915-01-03
new YEAR "Opens
ON DULL MARKET
Lack of Trading Almost Unpre-
cedented on New York
Stock Exchange.
ORDERS FROM RAILROADS
ENCOURAGE STEEL TRADE
Interest in London Market Opening
Somewhat Chilled by Disaster
to Battleship.

breaking dullness attended the opening
of the New Year on the stock exchange.
In the course of todays two-hour ses-
sion only 23,50O shares were traded in,
scme of the prominent issues failing to
appear at all. The undertone of lead
ing stocks was barely steady, after
opening with general declines.
The only notable changes were in
some of the inactive specialties, Sears
Roebuck gaining five points, with a
six-point loss for New York Air Brake.
Shares of several of the automobile
companies added to recent gains, while
the Gould stocks showed more firm
reSs.
Completion of the details connected
with the SIS, 100000 loan by local bank
Ing interests to Argentina was in
cluded In the small budget of general
news, and rumors of further loans to
establish credits at this center for
some of the European governments
were revived.
Sentiment regarding the outlook in
London, where market operations of
a restricted character are to be re-
newed next Monday, was somewhat
chilled by the latest disaster to the
British navy.
French Loan in London.
London bankers, according to private
bles, were arranging for the pur-
chase of 250,o00,O0O francs per cent
French treasury bills. These same
advices suggested payments by Rus
sia to Paris.
Home news included full-tirne re-
sumption of operations at the shops
of the Southern Pacific and Northern
Pacific railroads, and more Novem-
hevs
road showing net loss Of about $780,
900 for its eastern lines, and 100000
on that part Of the system west. of
Pittsburgh.
The bank weekly statement showed
very few changes for this important
period of the year. loans and the cash
| increase being comparatively nominal.
with 100000 decrease Of reserves.
Today's bond market was no less
negligible than that for stocks. Total
For the week, United States, govern
| ment and Panama bonds gained from
h to l per cent on call.
Dull Week in Market.
The weeks stock market was exces-
| sively dull. Price limits are fixed by
| official minimums in one direction: in
the other pressure is encountered for re-
duction of bank loans. here and in
| London. Absence of forced foreign
selling and steady, although restrict
| ed. investment demand open a way to
| readjustment or possible removal OF
| esta blished price restrictions. Desire
to await London's reopening next week
added to. the stagnation.
| WaShington's protest against British
| treatment of merchant shipping weigh
| ed on sentiment. Satisfactory prog.
| ress in export trade is shown by De-
cember figures, cotton shipments ris-
| ing over those of last December. Weak
| ness of foreign exchange confirmed
| the improved condition. Reimport OF
gold from Ottawa came under discus
| sion. Swelling merchandise exports
| the past years heavy gold exports
| idend payments abroagi and abundance
| of floating money supplies in London
| due to the government credit measures
| all contributed to relaxation in the
various exchange markets. Even the
| credits secured in London by England's
allies seem to be partly diverted by
expenditures for supplies in this coun-
| try. Meanwhile, additional rumors OF
| foreign loans by our bankers, includ-
| ing negotiations with Russia, form
the basis of interesting conjecture.
Substantial increase in December in
| filed steel orders is indicated by cur
| rent returns. Prices for certain finish
| ed products have hardened. Release of
| further orders held for the turn of the
year is expected shortly. Monetary ease
| in the local market was unaffected by
year-end needs and the clearing house
unusually large reserves.