Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-08-13
hNGE MARKET IN DEMORAZED ANXIOUS
WIDE FLUCTUATIONS
IN WALL STREET
slump in Coal Shares Did Not
Prevent New Records for
Industrials
Nnm YnnK Anr 1

Ih.
stocks closed heavy In Wall street after
5ov Of wide fluctuations which at times
oached the sensational. For instance.
erpelbie Steel after selling up two points
!. moro 20 s3ls, while the coal stocks were
o,.ynnInR, broke to 77Ia at the close.
psihiehem Steel fell 10 points and the
a.oferred even more. On the other hand
several Of the war stocks and motor
gyo,ip made new high records.
AZ a result of the anthracite rate de-
.,rlon there was a general cancellation Of
s,snding bids on brokers' books in the
go coal shares before the opening in
Tsli street this morning. Consequently
~ three active stocks in that group, Le-
etSh valley Erie and Reading were
s.ssaed for sale at the outset and sus-
ssined substantial declines before support
ssoeered. Dehigh Valley fell six points
~ then rallied about half way back
pssslng lost more than four before any
.teriai recovery set in The Erie post
Us surrounded by big crowd and OPEN
~ II Gales amounted to more than $500
,ssres the price falling from 29 last
sirhFs close, to "a. Before the first hour
,ss over. however. 1t was back above
4 Delaware and Hudson held steadier
Tho weakness of the Coalers did not
,rsvent temporary strength elsewhere
ror q time nearly all the important is
ra0ReQ dDONt NtHlbIuhy NlOS-
~ apilres The war order stocks were
cain prominent, notably Crucible Steel
1n,erican Can and National Bnamelling
~ latter is said to have at least
4 toa mn 600 on the books for foreign
scpn,int. The contracts are for COM
missary department utensils, such as
kattles. buckets, knives and forks, can
tsons etc. United States Steel was firm,
and so was Pressed Steel Car, after an
Y,,,t ranadion Pacific q
depressed.
When the news reached the Street that
tba Allies had Cancelled large grain or
ders. the conclusion was jumped at that
the same might occur in the ammuni-
tlon and other war orders. Bethlehem
eteel preferred promptly tumbled from
(. in 10 1856 Crucible Steel and other war
viooks followed suit in a less spectacular
manner, and the whole market turned
/, weak again. Wyllis-Overland meantime
Jumped from 17S, last nights close, to
is. a new high record. The financial
dlstrict soon got over its fears of war
\ order cancellations when it was discov-
ered that the reason for the withdrawal
81 wheat engagements was merely be-
eause of the expectation of forcing the
psrdanelles. Prices rallied again there
upon under renewed speculative demand.
Baltimore and OHIO, Pressed Car, West
inKhouse Mexican Petroleum, Beet
Sugar and some of the railroads all moved
up studebaker made new top.
News that the Bethlehem Steel Com
many had bought the Rurhey plant in
Indiana caused a 4-pont jump in the last
named stock. Continental Can made
asw record, selling up from S6% to 95 in
tlte last hour
Foreign exchange was demorallzed and
fell to new low levels. International
bhnkers admitted today that the credit
OF the Allies in America is being seriously
nenaced by the fall of sterling rates
Continuation of the downward move
ment, they declared, would result in
serious curtailment of the supplies
England, France and Russia. The
renewed fall in sterling exchange
caased great surprise in view of
ne Shipment of more than $4,000 600 in
5fsd and securities received this week
lumsnse war bills are maturing in this
counlry, and bankers assert that credit
facilities must be established quickly or
the Allies will be unable to place any
more orders. Wall street hears that
many manufacturers have already re-
fused great orders because they have had
to accept notes running for at least a
year.
Russia has offered bonds, but these
have been accepted in only few cases.
While no banker will discuss the possi-
hllty of complete collapse of Euro
pean credit, it is general talk in Wall
street that such a possibility has been
frequently suggested There is no ques-
ton but that the European conflict has
Been terrific strain upon the nations in
Yolved 1t has already cost billions Of
collars, and the immense cost mounts
With every hour that the. struggle con-
anues