Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-03-19
COPPER SHARES LED
IN STRONGER MARKET
Advance in the Price of the
Metal Resulted in Upward
Swing-Bethlehem Steel Up.

NEW YORK, March 19-All interest In
the early trading on the Stock Exchange
today centered i'm the copper shares, and
they were the most active issues, being
the market leaders, All of the stocks of
the copper companies were UP around
midday from a fraction to nearly two
points above the final OF yesterday. The
rise was caused by the advance in the
price of the metal TO ISIS cents, the
highest point reached this year, and real
izatlon of the fact that copper is scarce
in Europe. Those in the metal trade
know that the Allies must have copper,
and this Is fully evident to the Street
In general. Therefore 1t is pointed out,
there will undoubtedly be a larger move
ment in Europe. Added to this are In
dlcatlons of a revival In the building In
dustry. This morning Inspiration Copper
made a new high record of 22l4.
The early strength was fully main
tanned in the afternoon session, the
copper stocks still being the leader at
higher prices. supply of copper seemed
to be small, while the short interest was
large. There was a fairly good demand
for all classes of stock. a strong spe-
cialty was Continental Can, which rose
points to 81 on the statement that the
earnings were good.
The stock market as a whole presented
a much better appearance today than for
some days past, partly because of the
strength In the copDers, but more be-
cause of the announcement from London
that minimum prices for American
securities on the London Stock Exchange
will now conform with the prices in eff
feet on the New York Exchange, and
that they will be reduced from time to
time as similar action is taken in New
York, but New York is to take the
Initiative in this matter
Therefore, traders will now have two
markets in which to trade in American
securities, and the pressure is removed
from New York. This also should mate
rally aid in the broadening out of the
trading in London, There can be no
doubt that this step Is the best one yet
taken to strengthen confidence. and trad
ers were generally pleased with 1t.
Trading in stocks here today was
broader and more active. and there was
general absorption of securities, causing
an advance in prices and better de-
mand. Many shorts were in evidence,
and their action in covering their com
mitments also aided in the upward swing.
Bethlehem Steel made another new high
record today by selling UP to 602s before
midday. up 11 from the final of yester-
day There was the usual talk of big
war orders, but no especial news to ac-
count for the strength. Rumor has it
that the, annual report will make good
bull reading, as it is thought that it will
show large earnings. In the afternoon
session the stock went to SO, the highest
on record.
The foreign exchange market was
steadier at the opening today. due to the
announcement of further imports of
s3000.OOO in gold from Canada Inter
national bankers are of the opinion that
imports of the yellow metal are not yet
at an end, and II our exports to Europe
keep pillng up at the rate they have been
It can be very readily seen that more
gold will have to be sent here to offset
our big credit balance abroad.