Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-08-19
FRACTIONS STRONG;
BREAK in STORAGE
Heavy Selling of U. S. Steel
Caused Local Stocks to Sag
at the Close

Although the arbitraEe group Of stocks
was depressed on the philadelphia FIX
change today, purely local issues held
fairly well despite a considerable amount
OF selling pressure at intervals j. G. Brill
suffered a slight setback when United
states Steel turned rcactonury after
strong start. Cambria, howe Ser, was in
good demand, crossing 10. Electric Bat
terry scored II small advance during the
morning. while Baldwin Locomotive
rose nearly point but neither were able
to maintain their gains, Storage ending
the day with a loss of about . points.
In the afternoon realization that to-
morrow would see a material reduction
IL not almost complete elimination Of jit-
ncy competition caused buying orders to
appear for Rapid Transit which lifted
that stock across 10 and sent Union TraC-
tion up nearly point Cramps also
hardened, while Storage sold off about
point and PENNSYLVANIA Salt even more.
over 14OOO shares of United States Steel
changed hands today on the decline.
At the close news came that the Dallam
Injunction suit to hold up the awarding
of contracts for the new subway and
elevated lines had been dismissed, but
whether this could rightly be regarded
as n stimulus for the traction stocks Is
uncertain Contracts were awarded late
this afternoon.
Following the example set by LehiSh
' 1lleN ana NIlltN plblfS DNtNlt 'll'''N =
vania shares turned heavy after a promis-
ing start Although ARRANGEMENTS have
not vet been completed for the conversion
of the Pennsylvania Company's 3A per
cent. franc bonds into dollar bonds, IL is
expected that the details of the plan will
soon be made public These bonds are
now deposited as collateral for the French
banking loan made in this country. The
dollar bonds will be sold and the proceeds
employed by the railroad to pay off the
French owners Of the security now de-
posted here and will liquidate about
s21 900 of the $I3OOO,OOO collateral loan
The higher rate of interest which the
Pennsylvania will undoubtedly have 20
pay will be more than offset by the profit
it will make in the rate of exchange and
by the advantage secured in reducing by
more than half its obligation falling due
In France in 1921.
To get the low price of sterling and
franc exchange regulated as quickly as
possible Is the crying need Of the hour,
and to this end most Of the banking fra
ternity are bending their utmost efforts.
The drop in exchange has seriously in
tcrfercd with business between this cOun-
try and foreign merchants, and until
some sort Of adjustment Is reached gem
eral trade conditions are bound to be
nervous and uncertain. Bankers here
as well as in New York are advising
against public participation in the war
stock boom. hut so far their efforts have
failed to check speculative enthusiasm.
Money is so plentiful that ii Is easy to
obtain loans even If 30 to 80 per cent. mar
gins are required in some of the firework
producing issues.
Money rates. locally, remain practically
unaltered. The supply of choice short
mercantile paper is so limited as to be
readily absorbed and averages around 3la
per cent. Otherwise the rate is about 1
per cent. In Chicago short maturtics
Of best names have gone as low as TO
3A per cent