Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-12-21
TRADE TROUBLE
RUMORS CAUSED
+, PRICES TO DROP
Reports of Difficulties in
Mercantile Business Re
suited in Sharp Turn
Downward-New Low
for Steel.

NEW YORK. Dec. 2i.--Accompanied by
rumors OF difficulties in the mercantile
trade. n sharp decline in stock prices set
in in the late afternoon. driving prices to
the lowest point OF the day. Closing
prices were from Il to ~ points below
the last on Saturday. The market
throughout the day was weak and dull,
the decision of the Pennsylvania Public
Service Commission in reducing the trans
portation charge on anthracite coal to
Philadelphia by 40 cents ton having
caused prices to drop at the opening.
Another thing which drove prices down
was the fact that the Interstate Com
morce Commission has investigated the
reasonableness of anthracite rates in
interstate business from the mines In
Pennsylvania to New York city. and the
general belief in the street was that the
Commission would order a reduction. The
fact that the Pennsylvania Commission
had already taken this action fore
shadowed similar action by the Federal
Board, many people argued.
OF the railroad list Reading was the
weakest issue, closing at 144 down 3
points from Saturday. Lehigh Valley was
off 1% at 133is, Pennsylvania u at 1O7, New
Haven rs at 81, Canadian Pacific at
155Is
The rumors of troubles in the mercan-
tile trade had marked effect on Sears Roe
buck, which closed AZ down from Sat
urday. United States Steel common made
a new low record for the present move
ment at 49Is, off 1ss from Saturday. The
minimum price for this stock is 4s.
The weakness extended to the copper
shares, bringing Amalgamated down
point to SO, Utah to 47M and American
Smelling rs to 57h. In the face of this
general weakness, Illinois Central rose
point to III.
The roads directly affected by the
Pennsylvania State decision are the
Pennsylvania, Reading, Jersey Cen
trail. Lehigh Valley and Delaware,
Lackawanna and Western. While
Jehigh Valley will suffer more from the
reduction than the Reading, because IT
sells its coal to the Independently owned
sales company at the mines and the lat
ter would seemingly get the benefit, II
was pointed out that the contract be-
tween the Lehigh Valley and the Coal
Sales Company can be terminated at any
time.
On the whole, the decision was not
so great in It's calculable loss to the an
thracite- carrying roads as II was in the
discoutaging effect II had on speculative
sentiment In many places in the street
IL was insisted that the coal roads could
nullify the effect OF the decision through
gains made at the mines. balancing the
decreases from transportation earnings.
t Officials of coal roads here state that
the lower coal rates cannot materially
affect the earnings of those companies.
as the ruling viii apply only to Phila-
delphla, and that the shipments there by
rail do not contribute any large proper
tion OF the earnings of the coal pro-
ducers and carriers. For this reason It
is insisted that the early declines in the
coal stocks reflected that exaggerated
importance was attached to the decision.
Tho action of the market today in de-
clining was more pronounced than the
upward movement on Friday. when the
per cent. rate decision was announced.
showing that adverse news has more ef-
feet than favorable news IT was argued
in many places that the market just now
is only finding its equilibrium and that
any lower levels that may be established
viii be followed by good rallies.
Preliminary figures of the foreign trade
of the country in November, issued to-
day, showed a considerable falling off.
as compared with last year. The ex-
ports during the month showed a de-
crease of S39. .773. 600 from the same month
last year. The excess of exports over
imports was S79,299.OOO. being SIS, ,0c3. 900 less
than last year. The balance in our favor
for II months was even smaller. being
sisS, 100000 compared with S642, ,251, 900 for
the same period last year. The state
ment showed that considerable gold Is
stu being sent out. The exports of the
metal were S1,s64,0OO larger than last year,
and the excess over imports was 81, ,134, ,OOO
against S377, 100000 In Nov vember, 1918.