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Show RECORD FOR DULLNESS IN , LAST FOURTEEN YEARS; Trading in Wall Street Results in Transfer of About 24,000 Shares for the Half Holiday. N EW YORK. Dec. 26. With its meager output oT about 24,000 shares, today's session of Ihe stock exchange was the record for dullness of any half holiday in fourteen years. Opening prices were mostly lower, United States Steel and Southern Pacific again selling at the lowest prices permitted under the existing exist-ing rules, while other prominent issues manifested heavier tendencies. ' Improvement was rioted in the 'final hour, Reading, Lehigh Valley, Union Pacific Pa-cific and other high-priced railroad stocks gaining one to two points over Thursday's close,, on buying that' came principally from the short Interest. There appeared to be less outside demand than usual, except, for some of the Investment stocks. Steel alone of the leaders failed to better its position, at no time advancing, ad-vancing, the smallest fra ction - over its minimum. Bethlehem Steel regained part of its recent decline and some of the equipment group also participated in the late recovery. Outside news bore-only Indirectly upon the financial markets, advices from the dry goods and textile trades, however,, being of a more encouraging tenor. Holiday Holi-day trade in retail lines derived some impetus from the more seasonable weather, but bank clearings clearly show a marked falling off in comparison with the corresponding period of 1913. Foreign Order Rumors. There were rumors of large foreign orders or-ders for cotton and copper, to be shipped within the next fortnight, together with , lare war 6upplies. Gossip associated these orders with German lntorests, probably because the Inqxiiry was said to , have come from banks with such connections. connec-tions. Even the bank statement was of less than ordinary interest, most of the changes, including the cash gain, being trivial as to amounts and failing to reflect re-flect the shifting of loans formerly so general at this period. The bond market was steady, with sales, par value, of $438,000. United States government bonds were j unchanged on call for the week. ; Christmas week will go down in Wall , street history as the dullest in almost a , decade. The margin over established prices of stocks was much Impaired by light dealings. Before the end of the week bids were lacking for some of the more active issues at the prices permitted permit-ted by the stock exchange authorities. General considerations of earning power and valuation seemed to be the active factors. "Large decrease in traffic and material reduction in revenue" was the explanation offered by the Pennsylvania company for its drastic dividend cut. Concern was expressed respecting future disbursements by other high-class rail- . roads. ! Interest Rates Receding. Pressure of money did not figure in the decline in prices. Interest rates are steadily receding, bank reserves are accumulating ac-cumulating to a degree almost unparalleled unparal-leled and federal reserve rediscounts are diminishing. Foreign exchange fell with some violence to well below par, while returns from principal customs districts show that expansion of the favorable trade balance progresses. Rates for war insurance aroused some fears of involvment of additional powers. pow-ers. Fresh market burdens may be incurred in-curred in the reopening of the London stock exchange on January 4, although the rules which are to accompany that event make for cautious and circumscribed circum-scribed operations. Much gratification was felt with tho United States Steel corporation's decision against a general reduction in the wage schedule. A cut In price of copper redounded re-dounded to the Immediate disadvantage of all the metal shares. Central Leather's Increased dividend illustrated the variation varia-tion in different Industries. According to trade authorities, seasonable weather over a large section of the country imparted im-parted a more favorable tone to general business. |