Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-01-21
READING LEADER
INSTRONG MARKET,
STEEL ALSO HIGHER
Many Issues Hit New High
Points Some Proht-tak-
mo Sales and European
Liquidation.

.rw YORK, Jan. 2t--The stock mar
.s s,rong today. The opening was
!, osnerally higher prices, but on some
ming by Europe during the initial hour
,o,s we're inclined to sag off from the
This liauidatlon was chiefly for
,.n holders. There was also fair
,ount of profit taking. The buying was
,.,.slv from investors and other cash
,.s.rs The market around midday
..owsd considerable strength. Reading
,o the market leader, touching a
~, nigh for the present movement.
wv ntber stocks also reached the
sss.t noint since the exchange opened
s.,o market closed strong, with many
,..,as hitting new high points since tn"
.sehsnge reopened. Among them were
rsnnsvlvania, at i0S9s, up IL; Union Pa
,,Nc i22I.. up i3s; Southern Pacific, Si@,
Up IA .,,u,. t., poad,,,,. ,,.,..,
..lncInallv responsible for the upward
l,ss.ment in that issue, and the price
.ouched 1874, up ia from the close yes
,s,,5av An idea also prevailed that Dam
M a Reid has much to do with the up
.,ard movement in this stock. He always
,.eors Reading when he is active in the
market. ,.,- -, -.
chairman Gary, were taken as an in
esnttye for organized buying in United
states Steel common, and a huge part
N the short interest in that stock tried
10 cover. aiding in putting the price up
N 53N. This ia the first time in several
days that United States Steel has re-
gained its place above Bethlehem Steet
common, the latter being quoted at 51iA
having reacted from the high of 52as
for the day, a point down from the high
N United States steel. Bethlehem pre-
AIRED. on the other hand, reached 1872,
ND ia from the close yesterday.
Considerable strength was also shown in
Eres This was thought to be the result
Of the strength i'm the rest of the market.
In the trading yesterday there was a
large amount of selling of Erie shares for
foreign account, and in the early business
today more of the foreign-held shares
we're disposed Of The common touched
~, for gain OF a; the preferred 37i4
an advance of l point, and the second
preferred was u higher, at go
Chesapeake and Ohio gained Ia by sell
ing at 45il.
Maxwell Motors issues were an excep-
ton to the rule of higher prices, the first
preferred losing / point at so, and the
second preferred sagged off Il. RumelT
preferred sold at 3, up ga from the final
yesterday.
The most important development in the
days trading was the more prominent
position attained by the standard issues.
The important stocks were again the
most active issues. diminished interest be-
Ing shown in low-prced shares. This de-
velopment was regarded as evidence of
more confident view of tie business and
financial outlook.
Movements in Missouri Pacific were of
an undecided nature The stock at one
time was x above the closing yesterday,
at 1875, but declined from the high Com
mission houses sold because of the fact
that the reorganization of the road would
necessarily involve heavy assessment on
the stock. There was also some profit
taking in the stock, which was natural
because of the publication of the news
that Kuhn, Loeb & Co. and associated
banking interests would solicit proxies for
the annual meeting, at which Gould rep
tesentatlves will retire from the board of
directors.
The strength in the copper market, the
asking price for the metal having been
advanced, caused the copper issues to be-
come hrmer. Amalgamated Copper
reached new high for the present mo-
nent at 5Sls.
Stimulated by the strength Of the rest
ef the market, Western Maryland COM
mon opened at II, up y from the closing
Yesterday, and quickly advancing TO 2Jt1
Y and hit SO within few minutes,