Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-01-11
MARKED STRENGTH
DEVELOPED AFTER
EARLY HESITATION
Substantial Gains in Issues
Traded In Copper
Shares Rose on Advance
n Price of Metal.

..uvv YORK. Jan. 1t.-After n little
,1.,iou st the opening the stock mar
y 5aveloped pronounced strength and
..hs,antial gains were made In all the
''.,,ea in which there was show OF
.-.n moderate activity. Philadelphia
~ an Important factor In determining
". nrIee movements in n number OF
'..uss and the demand from there was
,.rvsr than from any other quarter. The
-.-.ltt of stocks continued to press IT.
IN az the most important feature in the
..c,,iatiye situation. 1t was demon-
.,rsied that buying orders were hard to
An axoept at advance prices.
Thare Is evidence that the market Is
y. of oyersold conditions, resulting
.-Inarily from the heavy and aggressive
60 selling in the last week of July,
s.s,,h could not be covered in the in
,.-vaj ~ business suspension and which
-. bsen increased by trading operations
slrra the resumption of Stock Exchange
Ths opinion was freely expressed be-
t.,n the Stock Exchange reopened that
a. return of these borrowed stocks
wouId prove the supreme test of the
sseurlty situation, and 1t was a matter
n general understanding that inability
10 receive returns OF borrowed stock
vould cause many suspensions as soon
q stock Exchange rules were again in
force.
lust the opposite to the expected has oc-
surred. The only market troubles now
"a those of the short interest. Stocks
have been absorbed to degree that few
eomprehend and 1t requires only small
buying orders to force brisk advances.
4 few buying orders put Northern Pa
ddo up one point to 1O2 before noon,
whIIe New York Central rose 2h to S9A
y ri nm hn ri Of
committed to the long side. Canadian
Pacific on three transactions rose 1b to
isst5 and n gain of ia points was made
n pennsylvania to 1O6A.
Hsthlehem Steel was persistently bought
.nd made a new high record of 53S, up 2iS
from saturdays close. The preferred was
No one point, at sS. The rise was thought
q be the result of the large orders which
ne company Is reported to have secured, !
prlnclpally from abroad. There is still
inlk OF a dividend on the common stock
IN the near future and an increase In the
.aie on the preferred.
Maxwell Motors preferred was a
strong feature. being up 5 from Satur-
day,s close at 53A. There was no news
10 account for this rise, but II was
thought that the automobile show would
probably cause an increase in the COM
panys business. u. s. Steel common was
up q at 81 on the good showing made
on Saturday by the untitled J tonnage
statement.
Copper shares were strong and active
following the announcement of the adj
vance In the price of electrolytic copper
to isA cents per pound. Amalgamated |
Copper gained III at 55ta, American Smelt-
ing rose 1% to 6O7s. Tennessee Copper ad-
yanced y to 1915 and Utah Copper was up |
one point at 81.
Equipment stocks were strong on the |
belief that the railroads would place large |
orders for equipment in the near future. |
Pressed Steel Car gained 2% to 80 and |
American Car and Foundry rose q to 46I4. |
Reading was quoted at 1855, up from the |
final on Saturday.
Delaware and Hudson made the largest |
fise of any issue, being up four points
Il 49,
Call money opened at "a, later strength
enlng to 2h There was a good supply. |
The foreign exchange market was steady, |
demand being quoted at 4S3 11-16.
May wheat at Chicago took a violent
lrop in the afternoon trading, the price
declining cents bushel.