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Show HOPEFULNESS REGARDING VALUES RECEIVES CHECK Decline on London Market Also Unsettles Prices on This Side of the Water; New , Haven Drops. By BROADAN WALL. By International News Service. NEW YORK, 'Dec. 9. Hopefulness regarding re-garding Kccurlty values received a violent vio-lent check when It became known that tho Canadian Faclflc "melon" conslHtc-d of rights to subscribe to 6 per cent ten-year ten-year notes at SO. I A four-point decline at London In the ' stock unsettled prices at the opening hore and although Union Paclrlc, Reading and Steel hold a llrm tone for the first half hour, a fresh outburst of liquidation in New Haven and New York Central carried car-ried prices of these issues down rapidly, with a final result of a weak closing at tho lowest prlcos of tho day. Now Haven dropped to 715, a now low flguro, on tho rumor that no new dividend would be declared nt tho corning meeting. meet-ing. New York Central lost three points, dropping to 912 on the story that tho family skeleton of thu Vanderbllt control con-trol would be accounted for before tho public Amorlcan Sugar, hurt by suits, continues con-tinues to come to market from investors, and broko below par. Such sharp reactions reac-tions Influenced the less actlvo stocks and many losses of from one to two points were scored in St, Paul, Illinois Central, Lehigh Valley, Rock Island preferred. Third Avenue, and Interborough preferred. pre-ferred. Union Pacific loBt a full point and Steel showed Its first substantial de-cllno de-cllno for many days-Reading days-Reading Shows Strength. In face of this general weakness, the strength In Reading was noticeable, the stock closing firm at 163. Aftor selling at 71, Amalgamated dropped sharply in the late dealings to G9J. Conditions In the cbpper trado failed to ehow any sign of Improvomont. Transactions In tho markot were vory largely professional, with some Indications that efforts wore belns muds to unsettle speculation as much as nudsllilc. Such news as developed favored the bears. There was an Increase in Idle freight cars of 31,500 on December 3. a further evidence of business contraction. Bank exchanges also showed a mnrked decrease In such Important cities as New Yorl Boston and Philadelphia. Call money rose to 6 per cent and time loans for short dates wero In better demand de-mand at Increased rates. Trading In bonds showed some sharp recessions, with tho volume of business small. In fact, between 12 and 1 o'clock only $50,000 worth changed hands, tho smallest small-est hour's business for the year. Fears Are Expressed. Fears were expressed that by the passing pass-ing of tho next New Haven dividend tho bonds would be mado Illegal for savings banks In several states. It has been pointed out that tho next dividend may with propriety be omitted without endangering en-dangering tho Investment status of these securities, as 6 per cent has been declared de-clared and paid during the present year. While sentiment has become much confused by tho violent drop In New Haven and New York Central, to Bay nothing of sugar, the opinion appears still to prevail among commission houses that such stocks as Union Pacific. Steel and Reading are a purchase on declines, or, In other words, tho main market movement move-ment will probably cut away from the liquidation in special Issues. |