Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-01-07
OF POOLS
MORE PRONOUNCED;
MARKET IRREGULAR
p,,blehem Steel Shares and
American Can Leaders.
Foreign Exchange Hits a
New Low Point.

..-y YORK, jan 7,--There was more
NJ pool activity in the stock
-, today than at any time since
,sss was resumed on the floor
1, n, stock Exchange. The pool efforts
devoted to number Of easily
IA ,ndustrials, and these stocks were
4 ,,,o prominence at frequent inter-
"a. during the day. The market how
..r was irregular, the same as in yes
,srday's trading
!. ,he afternoon the market developed
.,,h and prices generally advanced.
,.slpamated Copper made a new high
...ord for the day at 50, up "a. Western
|.,..,,ard IN which there was consider
IA. uondation last week, when II was
.nrouneed that the road would default
Ro,srest on s16,OOO,OOO of its bonds, became
...one advancing to 14lA from the open
Il. ~ 49, There was no news on the
t.eep and the suppostion was that the
-Sak holdings we're cleaned out last
rsek and the stock was better regarded.
Al one time in the early trading Beth
jsharn steel was permitted to range again
under United States Steel common sell
~ az 5OsS, but nearly all the stock traded
y during the rest of the day was taken
~ n. Content G. Co. through other brok-
srs This buying started new option,
esfrying the price to 52M, and at the same
dime the preferred rose points to 81.
TbA assertions about a dividend on the
common stock continue to meet with
1oaitiye denials, but 1t is now generally
believed that the preferred dividend will
b Increased to per cent.
4 CLIQUE of room traders, headed by
Jacob Field caused the advance of over
one point In American Can to the highest
price at which the stock sold since the
rssirnption Of business. They based their
operations on the favorable construction
nlaced by the press reports on the pro-
Iceedlngs In the Government suit which
they claim foreshadow victory for the
company.
The annual statement to be presented
At the stockholders meeting in Febru-
hry will show heavy increase in gross,
with net earnings about the same as in
he preceding year. 1t Is said that the
company Is now earning between and
per cent. on the common stock.
i There was some hesitation in the trad
ing In leading railroad issues resulting
from comment on the financing proposed
.hy Pennsylvania and st. Paul and other
Important systems
Houses with foreign connections were
moderate sellers of Steel. Amalgamated
and Canadian Pacific, but the market for
these stocks was narrow and the de-
clines were without significance. Cana
madam Pacific dropped about one point
on a few sales. while $500 common
made a gain of over one point. selling
above 100,
The weakness in foreign exchange con-
tfnued today demand sterling declining
to tSt In the morning and 4S3% in the
AFTERNOON. This is the lowest point at
which demand has sold since 1907. Cable
transfers fell to 4.Si 3-16. Considerable
comment was occasloned by this drop.
Under more favorable circumstances gold
Imports would follow. In some quarters
me opinion was expressed that there will
metal
The decline in the afternoon was caused
primarily by the absence of any buying.
a new factor which worked into the
market was the sale of exchange by the
canadian Government against credits adj
yanced to 1t In London by the British
government for the purchase of war sup
ppes II was reported that similar ad-
sanees VIII be made in the near future
. the aggregate of $5O,OOO,OOO.
.tHSANS ASieWeu at ~ per cent.
bnree and four months money was offered
=. = ~ per cent Six and eight months at
St@i per cent.
westinghouse Electric rose ~ to 71A.
me close last Saturday was 67iS. a rise
u tour points in four days. The advance
nas been gradual, Mondays close being
y; lhe same on Tuesday and 10 yesterday.
Neaulng was not adversely affected by
.ne returning of indictments against the
,oaa by the Grand Jury in PHILADELPHIA.
y .ne early trading the price advanced
y VI, iio,s' u above last nights finals All
.o'a' tnere We're 100 counts in three indict-
msnts charging breaches of the inter-
ss.aF commerce law I'm the TRANSPORTATION
y soelt and conviction would mean fines
y r,oo9'yW' II was believed by many in
w street. however. that the road would
~ " convicted, on all counts at least.
!. niAaAWell Motor issues were fairly active
= = hlsher prices. The common rose a
y ~ he first preferred . to 46Jh and
.ls SECOND preferred III to 1917.
considerable activity deveIoned in tbe
IN. 81 raul bonds and rights of the
,,~h. fssS, me former selling at 1O1 and the
,sssnsS ss on rather heavy offerings, sold
lSrn y m from = to *, and are now quoted at
= M =. aie The bonds are offered at 10i.
"nsat az Chicago today touched the
~ ,ssV,u price of l,SSSs for May and 81 .2l9s
M ! suys Corn and oats also scored ad-
.ensss' rush of buying orders In The
~ ~ minutes of the market was re-
.,ss Tor the sensational rise. The
A4Fket was VERY nervoua ali -