Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-02-19
SAGGTNG TENDENCY
IN STOCKS AT CLOSE
Market Showed Improvement
During Day - Shorts Cow
cred Freely in Reading and
Steel.

Nnw YORK. Feb. te.-Although dlplo-
matte developments between the United
oates. Germany and Great Britain, and
eermany's blockade Of the British Isles
.rs still the dominant features In the
stN,k market traders today were not dis
rosNl to give them as much attention as
tsrstNfore, and the market showed more
strenatS than m any day this week
The market held up well until few
,nnutes before close, when 1t sold off.
Same issues went below the final yester-
dav. but the losses were not great and
FOR the most part we're confined to frac-
tons.
ing and Lehigh valley ana the copper
stocks
The trading element turned It's atten-
zion to more encouraging things today,
such as the action OF the Joint commit
To Of the Missouri Legislature In recom-
lnendlng 2lk cent per mile PASSENGER rate
, Immediately for the railroads operating in
tba State and also recommending that
inc Public Utilities Commission be au-
thorised to make Scent rate where rail-
roads can show that q lower rate would
be unremunerative, Another encouraging
Thing was reports from the steel trade
that production has been advanced to
about go per cent of capacity.
There appeared 10 be large short inter
est in the steel stocks, Bethlehem and
United States Steel common and In Read
Ing, and these stocks were the most ac-
live These stocks grew strong OH cover
ing and advanced above the final
yesterday The incoming business of the
Steel Corporation is understood to be
about 5000 or 10000 tons day, while the
capacity is $1,000 tons day.
Tennessee Copper was weak feature.
Thn daciina In this iegra ranapd rn-
yival of rumors that President Philips
had liquldated or greatly reduced his
holdings and that control OF the company
rests in the hands of the people lacking
the expert knowledge of the copper trade.
1t must be remembered, however, that
with the probability of smaller cotton
acreage this year, the sulphuric acid con-
tract of the company this year will not
be as profitable as heretofore
The foreign exchange market was
easier at the opening today. Nothing has
as yet been heard from England on the
Establishment of a big credit here. and
bankers are of the opinion that the first
steps looking to the formation of credit
should be taken by bankers abroad. That
something of this sort will be done seems
very probable. 1t Is pointed out I'm some
quarters that England may sell her
seeurities here in order to put exchange
rates back on a normal basis, and that
foreign holders OF our securities may sell
some of their holdings.
There was some foreign selling in evil
dence in the market today, but as was
the case yesterday, 1t ran more to bonds,
quite a number of high-grade Issues ap-
pearing on the tape as sellers 90"
Northern Pacific prior As were sold in
rather large amounts under this arrange
ment but offerings were readily absorbed
and the price rose 2 to 92. In the late
afternoon the gain was lost and the price
went below the final of yesterday. The
bond market was given more attention
than the stock market in the late trad
ing. but 1t was not active.
An outstanding weak feature was Della
ware, Lackawanna and Western, which
dropped points to 4lOls from the last
previous sale.