Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-08-03
LONDON EXCHANGE
IN SERIOUS SLUMP
Polish Situation Response
bIe-lndustriaI Conditions
=,
r.. Unfavorable.

bH L a. FLESM1N"s
Sterling exchange opened this morn
ing cents on the pound from the
closing prices of yesterday. This was
supposed to be largely due to the Po-
fish news. but it was partially the re-
suit Of heavy offerings of exchange
that has been held OF the market for
some time and is now being liquidat-
ed, particularly bills drawn against
grain shipments
This brought the rate on the pound
sterling to sass. the low for some
months, marking a continued decline
since conditions in Poland have been
acute.
News from Poland was disquieting
on European affairs generally. and
lessons the inquiry for securities that
the recent severe declines mfsnt
otherwise have attracted.
Continental exchanges all suffered,
but in less marked degree to the cas-
ier prices for sterling. Bankers re-
fused to make quotations on Polish
exchange
Industrial Conditions
Reports are general around the
banks that industrial conditions are
such that further liquidation of man
ufactured stocks will have to De
made and probably at reduced prices
Chicago reports that tires are being
sold in department stores. standard
makes, at rs per cent below list prices.
while the general trend to lower
prices is further marked in automo-
biieS and allied lines
Buys Philippine Certificates.
The Chase National Bank and asso-
ciates purchase $4,000, 900 certia-
Gates of indebtedness of the Philip
pine government bearing per cent
interest. paying therefor $s,o5s, 900.
The issuance of these certificates
was authorized, the proceeds to be
used to regulate the currency system
OF the Philippines and to establish
reserve for the same.
Western Maryland EarnfnEs.
In its report of earnings for June,
which is just issued. the management
of the Western Maryland Railroad Com
1917, the last similar month the road
was operated by its own management
The results show a large increase in the
gross for June of this year, though the
net operating income is $S7S. 215 less than
three years ago. The operating expenses
The report follows:
June. 1890. June, f9f7 Increase.
Total revenues. 81. 4o7.5s 81 .1o1 .os7 $685. ee4
Total expenses. 1.9So.210 500 ITO. TOO
Tsses ........ 5000 $500 $500
income ...... .se2.scs css.5s7 .s7s:ls
'Decrease.
b. 4 o. June Report Ont.
In it's June report to the Interstate
Commerce Commission the Baltimore
and Ohio shows deficit Of over $2,-
600, 600 compared with the correspond
ing month of last year. The total
he
$17.564,so7, an increase of $2,3S1 $50
over June of last year. The operating
deficit tor the month was $28S,835, a
decrease of $2.12S,50S. The large in
crease in the operating expenses of
the company shows that the Baltimore
and Ohio is making up some of it's
losses on this account by the practice
of economy in its various depart
Jnents. For the first six months of
this year the earnings we're $99,7S6,-
600. an increase Of sao;o2s.s!1. The
operating income was $sss-244: q gain
Of .SA,27e.s1s over the lrst half of
Local Stocks Fairly Active.
Business On today's session of the
tive, being distributed throughout a
nutnber Of stocks and bond issues.
Prices were fairly firm, despite the
early. weakness on Wall street
S.tzd1lW1y common WAS aCtiVo 10 inc
extent of nifty shares, in lots. all at
afA. Washington-Virginia preferred
s{1id TO the extent of twenty-five
shares at 10. after which the bid
pkice dropped to 5.
washington Gas sold sparingly at
zJand then more freely at AN.
IEnSton Monotype hrrner at ~. with
lapre offered at the same price.
WAu unusual transaction was the
- OF a small lot of United States
SPfnSs Bank stock at 213.
IN the bond section Capital Trac-
tidn S. were firm at So, and Potomac
consolidated 5s. S2h.