Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-03-29
I4-POTNT JUMP IN
BETHLEHEM STEEL
nIany Rumors to Account for
Sharp Advance - General
Motors Also Up.

NEW YORK, March @.-overshadowing
..v,binr else in the stock market to-
- vas the strength displayed by Beth
Nam steel common and General Motors,
s.,h making new high records, the for
rer touching 50, for an advance OF nearly
IN noints over the final of Saturday, and
~ latter going to 1876, up 6ih points be-
10 midday. The demand for both stocks
~ large. The strength of Bethlehem
" attributed to the fact that there is
yery large short interest in the stock,
"a there we're urgent efforts to cover.
~. advance in General Motors was
toirht due to a reiteration of the report
s,rrent on Saturday that the stock would
y nlaced on the dividend list shortly, or
~si stock dividend of about 30 per
ant would be declared.
Another cause for the rise in Bethle-
IN, was the fact that the annual report,
i.s,led on Saturday, seemed 10 receive
amer appreciation than when IL was
sgst issued. Publication of an article
!. the street, calling attention to the
fset that the company is a bigger con-
I'm than the Krupps, in Germany, also
s.lDed on the advance. Attention is also
rsled to the fact that there are only
$1,000 shares of the common stock out
handling. The Street also had report
\ hat
At or Immediately atter the annual meet
Inr on April 6.
There were many things aside from
,hese that the Street pointed out as a
eause for the spectacular advance in the
.tock. There was talk of "A corner, of a
erht for control. The advance was very
amid the first sale being 1000 shares at 76,
,nd from then on the prices advanced by
lsaps and bounds. The talk of par for
lae stock was heard in many quarters.
The Street did not like the action of
pethlehem Steel and General Motors, es-
csrially the performance of the former,
md there was a general disposition to
hoId off during the early session; but
around midday the rest of the market
followed the lead OF these two specialties
and nearly everything went to high levels
for the day, and in not few cases high
records for the year were made.
Denand was not confined to floor trad
br but commission houses appeared to
have moro orders than for some time
uast, Indicating that the public was COM
ne back into the market, as well as a
large speculative interest.
In an aggressive way the advancing
movement was resumed in the afternoon
tession, and the market showed signs
of becoming an old-tme affair. Chief
interest was centred in the railroad group,
and with few exceptions, substantial ad-
rances were scored, Many of this class
Of securities were up one and two points
higher.
largely responsible for the strength was
the report that a satisfactory plan had
been devised for the solution OF the for
tlgn exchange problem. which would re-
ieye the anxiety on the question of how
Europe could meet the unprecedented for
tign trade balances of the United States.
This report did not have a favorable in
nuence on the exchange market, however,
and prices were generally lower through
out the list.
Bethlehem Steel went the opposite way
from the general market in the afternoon
and sold down nearly fiye points from the
high on profit taking Southern Railway
showed strength, at one time being over
two and half points higher. but sagged
from the high when the February earn
inss statement was made public. The
statement showed a loss in gross in the
month OF $4,000, drop in net of sl79,-
- and decrease in eight months gross
otiSO,995.O2S. while net in the same period
vas 1863, ,4O5 smaller.
Stocks closed a fraction below the high
on realizing sales.