New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-14
FINANCIAL RECORD
HERE AND ABROAD
Anthracite Rate Decision
Hits Prices-Trading
Highly Confused.

There was as great a degree OF con-
fusion in Yesterdays stock market as
in that Of the day before. Twice stocks
broke badly and twice they rallied
strongly. In the end the list lost con-
siderable ground. but the recovery from
the lowest prices of the session was
in the case of most issues so striking
as 70 constitute almost moral victory
for the bulls. That is not TO say, how
ever. that the trading manifested
definite trend The only generalization
that could safely be made about the
market is that it showed a surprising
capacity for absorbing shocks. Its fut-
ure course was hardly TO be inferred
from that 1t seemed at the close yes
terday as though that had yet to be de-
termined.
With the Sunday holiday so close at
hand and great and significant changes
occurring daily In the European war
situation il must have seemed good Tor
MANY Of the professional traders to re-
duce their commitments. At any rate,
profit-taking, which has been increas-
inrlv more evident as the week pro-
crossed. was largely INDUCED IN yester-
day. and mostly at the expense oil the
war stocks. But at the same time pool
operations for the rise in particular Sc
curities-most notably in the motor
stocks-were pursued with viCor, and
the result was trading that was varl-
ously characterized in the Street as
hodge podge" and crazy.
The decision in the anthracite rate
cases was naturally of the hrst I'M
portance, affecting as 1t did eight I'M
portant railroad issues, of which hve
are usually regarded as active securl--
ties. As nearly as could be reckoned
in the hasty estimates overnight the
loss TO the railroads annually is not
less than $s,0O0,000. In the case OF
some Of the roads which, directly or
indirectly, own the coal properties that
produce most of their anthracite ton
mage the loss, il was realized, might be
more apparent than real. Nevertheless,
the decision was plainly blow to the
anthracite carriers and there was little
disposition in the market TO make dis
tinctions among them.
The blow was felt Immediately in
the stock market. The principal roads
affected showed losses at the opening
of from l y points to 4. Within few
moments Lehigh Valley had recorded
decline Of ~ points, Reading 4, Erie 2
and the first preferred 2; Delaware
& Hudson IL and Ontario western
Us. For ali these issues except On
tario e. Western the losses sustained
in the first ten minutes of trading were
the maximum for the day. ontario
cd n
Other railroad stocks were likewise
unsettled in the early break, Southern
Pacific losing as much as 2 points. The
industrials, however. generally held
firm. and even showed gains, American
Beet Sugar, Mexican Petroleum and
Pressed Steel Car being among the few
exceptions. The decline, however, was
short-lived. A vigorous rally ensued,
in which the industrials rose TO new
heights for the day, and the railroads,
while they did not recoup their losses,
reduced them materially.
A fresh decline occurred in the mid
die of the afternoon, when Brooklyn
Rapid Transit suddenly gave way. In
that break a few stocks sold down
below their lowest levels Of the morn
ing, but most of them stopped short of
them. The rally that followed was con-
tinued with more or less irregularlty TO
the close. At that time the automobile
issues were at their best Of the day, or
close TO it. with gains running as high
as Ga and u points in Studebaker and
WHY'S Overland respectively; the an
thracite carriers showed losses Of from
IL TO 4@4 points; and the war issues
made q confusion Of gains and losses.
The days business of about $4,000
shares showed q reduction of $4,000
shares from Thursdays total.
A new break in the foreign exchange
market carried demand sterling down
to 4.7O&4 and cables to 4.7112. Francs
also broke TO new low levels at 5.89 for
checks and 5.S8 for cables. On the
other hand, roubles advanced strongly,
rising to 3512, against "a on Thursday
and 30 hardly week ago. Known move
ments of money during the week indi-
Gated a cash gain by the banks of around
S26,0O00O0, taking into account the i'm
pOrtation from England of $l9.5000O0
Call money loans renewed at "a per
cent, unchanged from the day before,
but time rates for all periods showed
slight declines