Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-08-31
fHESAPEAKE AND OHIO
AND ROCK ISLAND UP
Close Was Irregular, With Rail-
road Shares Resisting
Pressure

~ ,.rxv YORK Aug 3t.--While trading
N,.S on irregular today with quite a
80 amount OF profit-taling In some IS
~, especially, the railroad Issues were
t.,,tv well supported. and there was dis
.eltion to devote more attention 20 TINS
Isn,n Toward midday the realizing soles
t.r,e larger and the railroad list fell
~ line with the rest Of the market Tor
-e,back. but they exhibited resistance to
.,sssure and were only forced down BY
", az, that the rest OF the list showed a
SscIlning tendency.
ktrength in the railroad list In the
.,riv mart Of the session was based on the
f-ei showing of net earnings made by
- trunk lines for the month OF July
t,eeral large carriers have now come for
~ard with better reports, the most recent
hefne Erie today, which showed up very
[nS THE setback in prices. with the ex-
Ssntlon OF few issues, was not so very
ege In the sales of both stocks and
n.nds IL was thought that some of II
.-rresented foreign selling. The July
- of Erie was $25S,547 larger, and the
IN 800 500; seven months gross was
y ,9t07O above last year, and the net,
hgbl7sI.
rradinu was not as active in the after
.oon as il had been in the morning, and
he market had a very spotted appear
srce Railroads showed the greatest re-
tsstance to the general downward pres
snre Rock Island being a strong spot, at
1re time being up pa points. With Rock
Island. Chesapeake and Ohio furnishing
~ late features the latter being up ~.
1be dav ended very irregular, with inter-
,s,ttent rallies. The railroad shares were
about the only ones to show firm ten
dency.
The bottom in the foreign exchange
n,arket does not seem I'm sight as yet, II
there il such a thing. New low records
we're again in order today and the mar
ket was demoralized There was an
overnight drop of 2l5 cents in the de-
mand sterling rate, that quotation falling
10 AbS, while cables declined to A.5S12.
Rates on other European countries were
also lower. The continued weakness in
mis- market has brought forward again
me discussion of the establishment of a
large credit here. 1t is expected that
very little will be done in this direction
nntil the representatives of both France
and England reach here some time in
the early part of next month. Later in
the day demand sterling broke stil fur
ther to S45724, recovering to across %.5S9s.
Quotations were largely guesswork and
me market was very unsettled. Italian
iires also dropped to a new low.
AZ the low points today sterling shoWeu
a discount of SO per cent; reichmarks
n per cent; francs, about 10 per cent,
and Italian exchange about p per cent.
With the exception of francs, new low
records were made all along the line.
Bankers denied that the declines were
due to anything other than the natubal
results of paralyzing of European credits.
The big decline in all rates is due to the
fact that an immense amount of material
Is being sent to Europe, and. that the
volume will be increased rather than di-
minished as our exports are constantly
exceeding the imports. Today the De-
partment of Commerce issued state
ment, showing that the trade balance in
favor of the United States for the week
ending last Saturday was $33,260,O39