New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-02-17
REVIEW OF THE
STOCK MARKET
Stocks Break on Freight
Rate Delay-Demand
Sterling Higher.

Announcement ol lui NHti Suob'"''N''
ny the Interstate Commerce commits
! sion Of the advance in freight rates
started a decline yesterday that eX-
tended practically throughout the entire
active list. London Joined in the sell
| ing TO the extent OF some 10000 shares.
While the market was not a broad one
/ the volume OF transactions was the
/ heaviest for over a week about 34o,oVo
/ shares changing hands. Transactions
/ in bonds were in a narrow scale OF
prices. business being TO fair amount
/ Of nearly s.. 100000
The postponement of the increased
! freight rate schedules filed by the East
ern roads last fall was, after all,
matter Of form. The first suspension
was for four months. TO March L. ana
| il had been generally expected that no
decision would he reached 10y that date.
/ In making the second postponement for
/ the six months maximum provided by
law il is not necessarily implied that
the commission will not reach de-
cision before September l.. In the
present uncertain position OF the stock
market. however, the news was sufii-
GENTLY discouraging.
Already in the announcements OF
hearings on special allowances arising
from the tap line decision the commits
sion indicated that the railroads must
seek part of the additional revenue
needed through economy in manage
ment. SO yesterday there were many
who for no good reason were willing to
predict that a general advance in rates
would not be allowed at all. Hopes of
renewed equipment orders soon TO come
and of increased buying of heavy ma
terial by the railroads from the steel
companies were also disappointed.
Wall Street believes with President
Wilson that the prosperity Of the coun-
try is bound up with that Of the rail-
roads, so it sold practically the entire
list
Early prices in London were irregu-
larly weak. and the opening here
showed general declines. Prices re-
ceded through the morning, with little
recovery after selling pressure had re-
Taxed. Steel was heavily sold, account
ing for nearly one-fourth Of the bust
ness of the day. Announcement that
the Carnegie Steel Company had re-
duced the working hours OF its men
was an especially depressing influence.
Declines of over point were recorded
in both Steel common and preferred.
Reading, Union Pacific, Canadian Pa
cific. Erie. New Haven and Copper also
all made net losses of over point.
Mexican Petroleum was the subject OF
drive in the afternoon and lost over
points on the day.
Western Union and American Tele
TO the general weakness, advancing
over and | points respectively. The
report that a syndicate had been
formed to take over the S30,OpOoO of
Western Union stock owned by the Bell
Company was responsible for this show
Of strength. Central Leather in the
early trading was also exceptionally
strong advancing IL points, but losing
most of this before the close.
Call money was somewhat firmer
loans renewing at per cent, against
| a on Friday, though some were made
at Fridays rate. Time accommoda-
| ton and rates for mercantile paper
were unchanged. Demand sterling adj
vanced on news of frmer money III
| London and closed so points higher
than on Saturday. An engagement was
made of So 100000 more in gold for
| Paris. making a total Of So 100000 on
the present movement. Since Friday
! the banks have gained $4,000 from
! the Sub Treasury.