New-York tribune., 1914-12-22
FINANCIAL RECORD
HERE And ABROAD
Anthracite Carriers Lead
Market Downward-NeW
Low for Sterling.

The securities market, already rather
inclined 10 take the downward course
was depressed yesterday by the reduc-
ton in anthracite freight rates TO Phil
adelphia ordered by the Public Service
Commission OF Pennsylvania. The de-
cision has no widespread effect, but II
was considered possible that Il fore
shadowed similar action by the Inter
state Commerce Commission. Selling
pressure was not particularly pro
nounced and business did not reach any
great volume, out at the close declines
OF one and two points were fairly com
mon IN the active list. Investment or
ders were not increased by considera-
ton Of tho rate decision over the week
end.
Reading was particularly weak, los
ing three points on the day. Though
the Reading Company, whose stock Is
traded IN here, owns both collieries ana
railroad. its shares are particularly &C
tive and so had 70 bear the brunt OF
the selling. Lehigh Valley went two
points lower. but made up part OF the
loss before the end Of the day. Penn
svlvania. Baltimore Ohio, New York
Central. New Haven and Southern ana
Union Pacific we're also weak. steel
closed AT its lowest since open trading
was resumed. Bethlehem steel was
higher on hopes Of further prohtaDIe
war contracts. Copper shares were
weak. with the metal quoted lower.
Stock Exchange authorities have es- |
tablished lower minimums, 20 take e.
feet to-day, on stocks Of NUMBER OF
The Southern railroads Included are
Atlantic Coast Line, Louisville & Nash
Vile. seaboard Air Line preferred ana
Southern Railway preferred, none OF
which was traded IN yesterday on the
floor of the exchange. Some transac
tions in these issues had been reTorteo
outside, but Il is apparently not In.
tended 70 encourage any resumption OF
the irregular business IN New 81.
The market at the opening yesterday
was a little lower and prices weakened
in dull trading az the day went on. In
the early afternoon business became
ahnormailv quiet Toward the close
there was considerable selling, with .
declines general Rumors were elrcu-
lated Of impending mercantile difhcul- .
ties. but these were denied In respon- /
sible quarters and differed little from
similar reports that have heretofore /
proved unfOunded.
Foreign exchange rates we're easier.
Sterling continued the movement tow
ard the gold import point begun at the /
end Of the week Demand sterling solo /
down TO ASH, the lowest point
reached this wear. Apparently some
speculative accumulation against end .
OF the year requirements is being .
thrown on 20 the market, purchasing .
having been lighter than expected /
Cables were in some demand, in fear .
that the next steamer Will not arrive /
before the first of the year. Francs .
were also lower, and exchange on Ber- /
lin and Hamburg did not repeat Satur- /
DAYS slight advance, but turned reac- /
tiOnary.
Saturdays bank statement having /
shown an increase in surplus, the first /
since requirements of the new banking
act released such a great amount OF
reserve, the trend Of money was down
ward. Time accommodation was Of
fered literally at per cent, but better
terms were expected. Call loans were
lfNtWtU NJ ID IHA AEl4Af a. lAt WV 4etrNNt
part Of last week. but that was the
highest rate recorded. Commercial pa
per moved at lower rates
Discounts in London we're a shade /
easier in spite Of payment Of another
instalment or the war loan. The stock
market at that centre was dull, with /
American shares selling of a little, .
following the course Of prices on this T.
side. London traders are reported as
becoming more reconciled 10 possibil- /
ity Of delay i'm reopening. Public SEN
timent is so strong that 10 is ccnsid-
cred ill-advised 20 show any active op-
position 10 any desire of the govern
ment. In Paris securities were firm
and exchange on London was steady.
December wheat in Chicago made a
new high record for the year. at 81 25
2 bushel, with rumors reaching this
city Of possible corner. facilitated by
the heavy export buying and smaller
receipts. The government reported p
new high total If nearly 100000
bales Of cotton ginned up TO December
l3. This was some 100000 bales more
than in 1911. though the first thirteen
days Of the month were a little under
the corresponding period Of that year.