Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-05-05
jAPAN'S ULTTMATUM
CAUSES SHARP BREAK
e..sts offered Down on Re-
norts That China Would Be
d;ven 4S Hours to Accede.

.u, YORK, May 5.-Stocks broke
...r,y on the Stock Exchange this aft
when news was received that
..s.r was preparing an ultimatum to be
china, which Toxic reports said
y" i've China IS hours time in which
Y sSeede to the demands of the Mika-
n. covernment Prices fell from one
four points Selling orders were
THE standard shares were the
,,.,t particularly Reading and Steel
n the former losing nearly 2la
eoih W, ,hs latter more than liS. Large
ano Wy ~ steel we're offered at one
time , ,i o1,o 4, tho early
v.,n. today was sudden upward rush
1.tbiehem steel, the price of which
IN i,ited nine points before noon. In
VS. hsorce of any news to account for
tne t .5vance the old war order report
the hrouaht out. Demand for the stock
W. W. a,jte large at the higher levels. The
.,esk lost a large part of its gain when
~ general market receded.
.r .Iss in the stock market today was
adam inward rush In Bethlehem Steel,
& ~ nrlce of which was lifted nine points
& ssfore noon. In the absence OF any news
y s.oount for the advance the old war
.faer" report was brought out Demand
~ the stock was quite large at the
! higher levels. Bethlehem later losI Sofne
& uf its gain.
.srscted the most attention, the stand
4 "A shares in a way being neglected. Ad-
a @.rce of the price of copper in London
"a gossip that the quotation for cleo
4 s,sivtic will soon be pushed up to 20
4 ,.nis here resulted in some strength in
I ,ha copper issues, and for time they
wsre the leaders. Amalgamated and Utah
4 made the largest gains.
United States Steel moved up a point
4 m the early session, but the denial by
4 ,hs corporation that an order for 100000
toms Of rails had been received from
. Russia caused the stock to ease off
4 other reports that domestic and foreign
. orders to the amount of $50, 100000 had
#k.en received were also denied. These
s 6enals were used to force down prices
s eli along the line.
Following the receipt of war news in
8 the afternoon session, telling of successes
Z by the Germans against the British and
s Russians, stocks were offered freely,
causing prices to sag throughout the list
a. whole. Particular pressure was
4 shown against lHe UIS TdllGOdu
+ which Became weak. Reading appeared
4 10 be In liberal supply, losing over III;
4 Lehikh Valley the same amount.
4 The heaviness of the railroad shares
4 Indicated that there was a considerable
amount of the stocks coming from the
8 other side. The copper shares were, with
4 few of the specialties, the only strong
,pots in the market and these, too,
showed losses from the days high on
e father heavy liquidating sales.
Strength in the Westinghouse shares,
both common and preferred. the latter
tdvancing IL points before noon, and the
Eoyng up OF five points In the price
Of the companys per cent. bonds was
explained this afternoon, when it was an
bounced that the directors had decided
to issue sl9,5OOOO0 of new convertible
per cent. bonds. Present holders of the
old bends will be permitted to exchange
their holdings for the new issue. The
new Issue will be convertible into stock
when the stock reaches 40, whereas the
od bonds were not convertible until the
noek reached 200