Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-02-11
STEEL COMMON
REACHES NEW HIGH;
MARKET is STRONG
nsc;sion of Commerce
Board in lntermountain
Case Helped Entire List.
Regular Southern Pacific
Dividend.

.sytr YORK, Feb. 11.-More activity
..retb we're shown in the stock
.,sst today than for several days past
~. A. the opening we're higher and
anpsared to be a good demand.
3 .,rober Of shorts put out In yester-
40 market were forced to cover on the
& .ss.rcs overshadowing everything else
y, polnt of favorable news was the
,..,,,on of the Interstate Commerce Com
....,ton IN the intermountain rate case,
(. ,ommIssion permitting transcontinen-
y, r.,lroads to charge lower rates from
-..,.rn points to Pacific coast terminals
S.s a intermediate points. The decision
..y,,ts a reduction in long and short
hsal rates.
This decision means that the big trans
...,irental railroads have won their
m, ,or the principle of lower rates to
pseIac coast terminals. where they are
..,.rsed TO meet severe competition of
Ter lines through the Panama Canal.
stow much the decision means I'm revenues
:. ,ha railroads vet remains to be fig
ufed out.
when the commissions decision was
announced the stock OF four big roads
airectly affected became strong. These
tosda are the Northern Pacific, Union Pa
,ac Atchison and Southern Pacific. The
ryirss OF each rose q point or more. st.
psul. which also figures in the decision,
was also stronger and touched IS, Tor AN
sdyance of III. Southern Pacific was
+ sspeclally affected by the announcement
q the regular quarterly dividend on the
tock. there having been reports that the
payment might be reduced. Union Pacific
llso declared the regular dividend.
with the advance in the shares of these
biz transcontinental carriers the rest of
1 the market followed suit. Maxwell Motor
shares were again strong today. all three
classes Of the company's stock being up.
The market continued strong up to the
close but a few minutes before the final
bell the prices OF some issues went off
ifactlonally from the high of the day. but
they were still above the closing yester-
dy. strong feature throughout the
day was American Smelling and Refining
which ended Pa up, at 661s,
The outstanding feature in the market
vas United States Steel common, which
became tne leader, On heavy buying
1 orders the stock rose rapidly from the
open TO 4i7s. up 22s from the final yester-
day, and the highest point at which it
he's sold since the dividend was passed.
Shorts were the heaviest buyers of the
stock. The street just realized today
what the large increase in the untitled
orders Of the Steel Corporation really
means.
10 the opinion of many in the street
the corner in the steel trade has been
turned and that from now on business
sill improve. and with the Improvement
s ID this trade other lines will follow
Imi.
In the afternoon trading demand ster-
Ing receded TO 4,S27sQp4S So 1916. a new low
record for the present movement, and
Ihe lowest since the second week of
November, 1907 when it was quoted at
~. Cables reached new low at 1895.
Reading and Lehigh Valley, IN which
shere was pressure yesterday on various
Ftports, became strong on the advance of
the rest of the market.
Despite the report that 100000 bushels
q wheat had been sold for export yes
sfday, May wheat was lower in Chicago
leday. July wheat was also lower. The
leEerlng of the price of the cereal was
honght to be the result of the action of
sne Russian government in agreeing to
supply enormous quantities of wheat to
lae Allied Powers by arbitrarily reduc-
pg the freight rates, thus placing Rus
aAn wheat in competition with the
American product.
Saturdays bank statement will show
'sSnlts as of the week ending today owing
y tomorrow's holiday. Known move
meats OF money show the banks received
rom the interior direct s., ,360,O2S and ships
pea ls0l ,sS4 net gain of s3,55s,144 Loss
the banks to the Substreasury of
tsAWo leaves an apparent net loss on
~ accounts of s775.S56.