Show i f SECURITY PRICES IN NEW YORK MA MARKETS 3 7 l I r I STOCKS PULLED DOWN EOWN BY RAILS Unable to Respond to Bullish Demonstration of Wheat Close Heavy Dr D rr Tress s NEW YORK Jan IS The lB-The The stock market was unable to respond to a bullish demonstration In wheat Monday Monday Monday Mon Mon- day as the rail shares slid slowly downgrade and finally dragged down much of at the rest of the list The closing dos cbs ing tone was heavy with several is issues issues is- is sues off one to four fOUl points The turnover turnover turn turn- over however was only about a n million mil mit lion and a half shares A high premium for U. U S. S Steel In Inthe Inthe inthe the loan crowd prompted mild pressure pressure pressure pres pres- sure against shorts in that Issue and a 1 afew afew few others but gains of ot one to two points were finally yielded as further further further fur fur- ther delays in the rail wage negotiations at Chicago prompted considerable ble profit taking in those Issues STEEL LOSES GAIN U. U S. S Steel lost a cain gain of oC nearly two points and issues closing two to four lower Jower included American Telephone Eastman Cola Coca-Cola Allied Chemical American Sugar Liggett Myers B New York Central New Haven Southern Souther Pacific Santa Sant Fe Fc and Union Union Union Un Un- ion Pacific Case was firm for a time but closed a point lower as did Consolidated Consolidated Con Con- Gas International Harvester Harvester Harves Harves- ter North American Ameria and Westig house Alaska Juneau Jueau was pushed up two points point by a new bull bul drive and ad adheld held its it gain gai fairly fairy well weB With expectations that several days would be required finally to enact the Reconstruction Finance corporation corporation corporation corpora corpora- tion measure and to conclude an a agreement on railroad wages brokerage brokerage brokerage broker broker- age quarters were inclined to feel that thata a drifting ng market was wa as about the te best that could be expected for the time tie being Financial quarters are chiefly concerned at the te moment over over the reconstruction measure and the I rail i wage conference Strength of ot the French Fench franc frac and md the Holland Holand florin fIorin forin in the foreign exchange exchange ex ex- change markets market led to expectations of ofa ofa ofa a fresh outflow of gold from New NewYork NewYork NewYork York York but international banking quarters quarters quarters were doubtful if anything like lie the torrent of last autumn would mate mate- Bankers Bakers said the bearish speculation in dollar doBar exchange abroad was vas based upon such an obvious misconception misconception mis mis- mi- mi conception of the te credit expansion planned in this country coutry that tat it probably probably probably ably would be short lived They re reiterated reiterated re- re re iterated that tat the credit expansion plane could scarcely be interpreted as more than and certainly not inflation as Europe un understands understands u- u un- un it PROMPTS COVERI COVERING G Tho The high premium on U. U S. S Steel in inthe inthe i the te loan crowd made the short position post post- tion expensive and ad prompted considerable considerable consid consid- erable crable covering Some professional traders trader feel that a technical setback is i due and have put out short lines lne on that theory teory The premium was explained ex ex- as presumably reflecting the withdrawal of substantial amount of stock from the te market by investment purchases and the disinclination of some brokers to loan lon stocks stock for bearish bearish bear bear- ish operations ih The Te money market was plentifully supplied and ad outside call cal money was offered as low as 2 per cent against 2 4 1 late lat last week The Tle official rate remained at 2 21 1 |