Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-08-11
rIENT FLUCTUATIONS
m FEVERISH MARKET
,.rn Rise in Railroad Shares.
industrials Erratic-Heavy
Selling at Close
NEW YORK. Aug. II.

NEW YORK. Aug. II.
..,lroad stocks came into their own
~ street today, relagating the war
n to the background, at least
ape .rIiv The chief stimulating factor
~ nublication of the ruling OF the
.,sts Commerce Commission on the
l...y, rate cases. Another bit of news
.ine the bulls was the sharp reduc-
reported in the Idle cars on the
,sds OF the country. but heavy profit
esg developed on the early rise and
ee .s feil back in the afternoon.
n. last hour irregular recoveries
MORT lived. Bethlehem Steel climbed
.'.s5 as did Allis-Chalmers. The rail-
wa hardened again, but trading was
= brisk as in the morning, when
~ vas every indication OF a million
iae turnover. Bethlehem Steel re-
s,sssd 800 In the late trading while the
lV,ss.s.d leaped 10 points or more to a
tirb record. Allis-Chalmers also
new new high point, but the general
m.' s,snsd weak at the last when pres
IVY dsveloped against United States
s,i and the railroad groups y
tui effect of the rate decision was
t.it In the initial dealing, as some
y. vaa required to determine the
lw, ~ the benefits obtained. Never
w, Union Pacific, st. Paul, Atchison,
iast's NV f3aven. Chesapeake and Ohio, Kan
NcN ,a,,, sonthern and Western Maryland
Y, ..nyed up a point or more. There was
" ". -,od demand for the sugar stocks
- ~ rise in the price of the COM
.dny The war supply shares on the
..s,,arv. eased off, Cruclble Steel falling
ssas seyeral points. Bethlehem was also
.,nt back sharply Unusual activity
ssceloped in Kansas City southern, the
s,,r,nS being based not only on the rnte
ssssion but also because of expected
sssats To accrue from busines routed
IA the Pana:. J. Canal.
,u.r careful study of the rate deci-
,on the financial district was inclined to
ssai tbat It would prove rather disap-
,ointIng TO the railroads. A number Of
lwnortant items Of traffic for which ad-
-snres had been asked are excluded
,ron the increases allowed. These in
.i.Sa nacking-house products, live stock,
rran and grain products
Tho traders began to sell stocks when
M decision had been thoroughly assimil-
,tea and prices fell back all around. The
rails lost most of their early gains while
industrials declined sharply Mexican
pstroleum and American Smelling suf-
Jared from unfavorable news from Mex
leo. United States Rubber American To-
bacco and American Locomotive showed
declines ranging from l to 2la points,
while General Motors dropped 4. Sears
Roebuck was an exceptional feature of
strength; also the United Railway In
yestment stocks.
The Foreign Exchange situation con-
tinued to worry the banking contingent
On this side of the Atlantic demand ster-
ling and francs both made new low rec
ords, In Paris today sterling and dollars
continued their sensational rise to 2L45
and 5,1 respectively, despite large inter-
vention sales by the Bank of France.
Purchases were mainly against maturing
contracts and on account of leading grain
Importers. The scarcity of exchange on
London and New York is becoming a
serious problem for importers.