Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-12-18
RALLY FOLLOWED
ANNOUNCEMENT OF
RATE CASE DECISION
Prices Reacted Slightly
Later, But in Afternoon
Another Upturn Occurred.
New Haven and Central
Led.

NEW YORK. Dec. is-During the
morning session stock prices were reac-
tlonary with the movement toward
slightly lower levels, but when the de-
clslon Of the Interstate Commerce Com
mission in the eastern freight rate case
was announced shortly after II o'clock
the market rallied. The activity was con-
fined at first TO the trunk line shares di-
reotly affected by the decision, and short
ly after enveoped almost the entire list.
Following the upward movement a
slight reaction from the high figures set
In. This lasted until about 1 o'clock,
when a buying movement set in and the
market again became strong, with prices
up. New York Central and New Haven
led this upward swing. Central rose III
points to SAY. 1t was pointed out that
the new rates granted by the commission
will probably help Central and New Ha-
ven more than any other roads, as in
creases are allowed on many commod-
ties which the roads carry and tho in
crease to this road thus amounts to
about per cent. all around, New Ha-
ven was up 29s at 5S15, compared with
65b at the close last night
Other issues which were in this upward
movement were New York, Ontario and
Western, UP 1 point at %; Erie UP I
point at %; Baltimore and Ohio gained
II at 7OIa.
At the close the market again sagged
off, but the losses, in the main, were not
large. The largest loss was made by
General Motors, which fell points to
50. Sears Roebuck, on the other hand,
made an advance OF points to 1856.
In the upturn which followed imme-
,diatey after the announcement of the
decision. Reading led, going from 1i5 its
low price today. to 147 and then to 14S OH
n single transaction of 500 shares Other
lines, including Lehigh Valley, Union Pa
clhc, st. Paul. Pennsylvania and Erie
common and preferred took part in the
advance
Wall street was perplexed as to how
to construe the decision, but the general
comment In speculative circles was that
It included and was followed by too much
apology
Railroad interests were disappointed to
mn extent, because the huge water and
rail transportation was excluded from
the rate advances and there was also
disappointment over the failure to grant
advances on soft coal traffic.
Some Of the railroad interests insisted
that these exceptions nulllfy the good
effect of the ruling but as the decision
was more closely studied It had direct
trunk line roads, and is expected to bs
of great benefit TO New Haven.
Representatives of foreign houses here
stated that about $4,000 shares in all
were received from London at the be-
ginning of the week, and that a moderate
amount is expected to arrive on the Lu-
stania on Monday, but 1t is insisted that
these shipments do not represent the
European attitude in general. but simply
reflect operations of individuals and one
or two institutions which. for special rea-
sons, took advantage os the strong mar
ket which prevailed here early in the
week.
London was moderate seller in the
early trading today but the supply was
too small to Justify regarding 1t as a
market factor.
The features OF the movements OF cur
rency this week include the smallest net
gain from the interior and the largest
shipments OF any week in a long time
past. The net loss to the banks on oper-
ations was $s,10S,OO0. TheJ received Sl0-
665,000 from the Interior and shipped Sl0,-
$4,000 to the interior Thus the gain on
these operations was Sl35,OOO, Ordinary
disbursements by the Subtreasury were
f15.651,O 900. The payments by banks
amounted to s28.799.OOO. showing : loss on
subtreasury operations proper Of $s,1iS,OO