Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-01-08
STOCKS STRONG IN
WALL STREET ON
SMALL OFFERINGS
Broadening of Ira din g
Caused Advances-Cop-
per Shares Up on Rise in
Price of Metal.

.,,,,v YORK, Jan. s.--The stock market
ND",,as strong and active, and there
pue greater breadth OF trading than
Ne rocent days. The announcement that
. on iysngilsh Government and the united
tne =. -" Se.overnment had decided to let the
st,S states of the two countries adjust the
ponaatoi difficulties as result of the
nnsii n,,i ~ toreign exchange rates helped sem
lhli "a considerably. There was larger
uiiiilN.,s,,ca uiilenss and there were more inquiries.
asleihtif .1t htiaf factor was the increased scare
~, ~ offerings. After the opening there
,rss slight reaction In prices, put as
We, wsS aav advanced strength developed on
Z inc "a buving movement, The feature in
"ariv trading was the strength In
tiv tinv.ood shares which sold ex-dividend.
I.I.,Ds +hese stocks were New York Cen
-, Great Northern preferred, Northern
psciAo and Union Pacific
=. tbe close some railroad stocks were
,s,o1y last nights final. Reading was
IN an 1, at 14S1A; Missouri Paclhc, 6%, or
n, canadian Pacific, 15b", off y. The
n,,,oinder of the list was strong.
Nu,i,,t am ,nterest at first appeared to centre
!. tha snecialties, but later the strength
y, " these enveloped the whole list, with
~ ~. 'o~centions. American Can con-
.,ur.d its advancing movement and sold
VI nl a. snn nm advance of 5s. The favor
w w testimony given for the company in
~. government suit and the earnings on
~ ~ connon stock, which are said to be
sstween s and per cent. at present, were
.,vsp as the cause of the strength in the
.s,,e United States Steel regained its
a,sce above Bethlehem Steel at the open
ina. The former sold at 6lA, up u, wnlle
aL, arqt sale of the latter was at 6l1a,
~ u Later Bethlehem Steel again rose
osoyn limited States Steel. Rumors con-
.inra nersistent, in spite of positive
sarleIs that Bethlehem Steel common
,,sii receiye dividends at the rate of
per cent per annum. ~
ppeadinq rose from 1861 to 1473s. The
s,,,,Ine Of this stock is apparently accu-
muIatlng for banking interests that has
< besn in progress for over week, ana at
tbs same time considerable short inter-
sst nut out at the time the Pennsylvania
Commission ordered a reduction of an
sbranite rates to Philadelphia has been
mi in a vulnerable position. Some or
sbese shorts have made urgent efforts
- cover. but so far have been unsuccess-
ful, as the market has been steadily
taken away from them.
Tntimation of a coming movement in
Thrd Avenue brought in many buying
orders. on which the stock rose from 31Ss,
al the close yesterday, to 4O
The advance in the price of copper
metal in the London market exerted
epecial influence on the copper StOCkS'
Amalgamated made a gain of 81 to 30;
American Smelling rose one point to 60,
and Tennessee Copper advanced B to
8ik These were two exceptions to the
general show of strength. Missouri Pa
cifc yielded one point to 67S. and New
Haven yielded u to 527. Weakness in
New Haven Is attributed to institution
selling made imperative by the fact that
q full year has now passed without
dividend payment, the last disbursement
being made on September 80. 1913.
Call money loaned at 2lk per cent.
Demand sterling was quoted at 4.S31s,
unchanged from the low yesterday
The wheat market continued its up
ward movement in Chicago today May
going to s1.411s the highest price in recent
years.
May wheat sold on the Consolidated
Stock Exchange at s1.50 bushel, COM
pared with a closing price last night of
n.Th.
The known movements of currency this
week indicate a gain by the banks on
operations with the Subtreasury of So, 162,-
00O They received from the interior
Nssi7OOO, and shipped to interior S6,654,-
900, including $2,7O4,OO0 national bank
notes sent to Washington for redemption.
Gain from interior was S9,993,0OO Loss
on Subtreasury operations proper
amounted to S1,Ss1, 200. What must be re-
garded as gold exports was the s., ,0OO,O 900
gold bars withdrawn this week and de-
posted here for account of the Bank of
France