Salt Lake Tribune | 1915-01-14 | Page 10 | Dealings in Wall Street Show Heay Contraction

DEALINGS IN WALL STREET SHOW HEAVY CON TRACTION Irregularity in Prices Also Noted, Standard Issues Neglected, Developments in Banking Community ! By BROAD AN WALL :By I ternat onal News Service NLW YORIv, Jan 13. Deal rigs on the stock exchange today shoved a furtter on traction w th some irregular ty in prices M nor industrials were active and some sha p advances were recorded Standard issues were neglected but flue tuattons were co np ete y overshadowed bj the important deve opments in the banking community It vas of t c al y announced from Petro grad t at Russ a had secured a $1 000 000 loan i l the United S ates A. group of bankers headed by J P Mor gan &, Co agreed to take short term drafts of the R es an government the proceeds to be used in pay ment of ex porta from this country Th s action was taken under the author ty of the federa reserve act, to be carried out by banks by the federal resene sstem Th s coming on the hee s of the an nouncement that the direct shipments of gold were under way from China to the ; United States and tl e engagement of French go d coin from London for 1m port to New York was overwhelming e Idence of the extent of our strides , toward supremacy in international , banking ; Room Traders Bearish j r oom traders grew bearish when ac 1 1 v t in the standard rai s gave place to i nanlpulat on and attacks were made on I several Issues forcing a reaction of a 1 po nt or more I Hide and leather issues were strong I e preferred gaining 2 po nts Goodrich common advanced from 71 to 29J on repor s tha the company will show 5 per cent earned on the common stock during 1914 United Railway Investment was notab y active with. a sha p r se In the preferred from 29J to 33i The com mon was strong on a point ga n Re ports of Increased earn ngs started a gress e buying and th s has been en couraged by the rumor t at a large block he d for fore gn account has bee prl vate y taken away from the market Canad an pac Be was a feature with an advance to 159S on rumors of an early segi eatlon of the company s assets through the sale of Its steamship ho d ln0s There is a technical short interest In th s stoc due to the sa es of German hold ngs that cannot at this time be made a good de verj Call Money Drops Call money fell to the new low rate of IS per cent Foreign exchange was fractionally eas er and the Investment de mand for bonds s owed strength with increasing broadening C B & Q joint 4s and Northern Pa clfic 3s were active and 1 gher Un ted Railways of San Franc sco were hea ily dealt in with prices that ranged from 44 to 553 Rock Is and is sues were in better de nand at an ad vanclng figure It Is bel eved that liquidation Is about finished in tl ese Issues Low priced stocks continued to be favorites w th semi investo s. Western Mary and will probab y be benefited by a p an under cons de at on to d spose of some of .the coal propert es wheh are unincumbered Pittsbu g Coal control ling the largest coal fie ds n the United States is attract ng attention. The stock advanced to 18 today