Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-09-01
MOTORS AND CRUCIBLE
MADE GOOD ADVANCES
r.,,,or Rose Over 20 Points.
Latter Helped by New
War Order

-. coax. sept. 1.-Renewed liduida-
NEW nrices Of stocks down all
uon az the start Of trading TO-DAY ano %
~ market kept weak throuenou' sne
the nl s,,. until news was received that
nrst n nou' hod accepted the demands OF
~ ns..ni,,d states regarding submarine
,,ben supporting orders were put
wa LA recoveries were in order IN all
oss,s Of the list. - .,,,,,. ,.No.
. " -et,on of the German GoVerhIhent
nv n. there was vigorous demand Ior
a-ets and n flood OF puylhs orueIs
stoens a. The principal demand was CEN
swep, ;" nc war specialties, and some OF
uea W lrn..rod wide advances, notably Gen.
: tnem .se,ors which bounded up 171h points.
era tnc low Of the day recoveries OF
fron' .,oin,s in the general list were regis
Ruying orders grew smaher as
s,,srnoon advanced and the market
nnoame auet. The very iaVorn1le an,
pees", p-s renort OF the American Hide ana
nuh Ar Company, which showed a sur
teas 20 ,e5o GA. compared with Sl0I,2O0 in
plu' nrev,ous year, was without erect on
,ba companys stock -, ...,,. l., ,ho
,-ns dealings were General Motors and
l.,SIe lsw steel. The former rose DSt
.a,nts In very short order. and the latter
po,il'".,,ad 5i5 points. The strength III
eavsri eav,sio vas due to the new order for
Se,,. ,,hich has been booked by the COM
snens ,,,bIch Is valued at $10,5OO,OOO For
ps,,,ost mart the market opened strong,
.,,a issues being off, but the great ma
,ss, son,e were up. Bethlehem Steel moved
up points 49,. ,,,s+oro a. might he
.s,d 10 expect new low rates ior ex-
change almost daily, and those VINO Were
inokinR for them were not disappointed
.edsv Demand sterling started Off with
icss Of 2A cents, which was later
stretohed to 81 cents, a new low record
as was the quotation on cables also
sorced down to a new low point. The
street seemed to regard the situation as
very serious matter, and there were
those who thought that 1t would check
European buying of American products
snd cause luuidation of American secu
rifles
No doubt It will cause foreign selling
and there probably was quite little to
dav. but the opinion that the weakness II
exchange will cause a check OF buyins
from abroad was not general. The ques
ton was raised: Where would Europ'
buy II she did not do so in the United
states? The big nations of Europe ar
at war, and this country being the ON!
1ne at peace is therefore the only on
ShIch can handle the immense demand
which are being made. No bettermen
in the situation is looked for until tn
bankers from England and France reacl
here to thrash out the matter.
That an enormous credit Will be tn
result is expected. as we are already over
burdened with gold, and our banker
would rather make a big loan.
Better railroad earnings, the last tw
contributions to the lot being Pennsyl
vania and New York Central, are pre-
ducing a good impression, and wer
chiefly responsible for relative firmness i
the raIload group. The Northern Pacif
earnings for June were rather disappoin
ing in view of the showing of other road
Gross fell off $442,27S and net 1927. .924. s.
Paul, on the other hand, came out wit
very good July statement. The ne
was more than $4O0O 900 above last year.