Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-03-01
GENERAL CHEMICAL
LEAPS OVER 10 POINTS
New Haven Also Strong-Stan-
dard Bonds Again Sold for
European Account.

NEW YORK, March 1.-The strength
shown In the stock market at the close
nm Saturday continued at the opening to-
day, although the volume Of business was
light. Fractional gains were made In a
number of the leading issues. Buyers
showed some hesitation on account of the
belief that Great Britain might announce
drastic action in the course OF the day
on the matter of keeping food and other
supplies from Germany. on the whole,
however, the feeling In the Street was
more cheerful. Sentiment was materially
improved by the belief that Congress
will soon adjourn and hat there will be
no extra session. After the early strength
there was a slight reaction at the end
OF the first hour, but prices soon came
back to their high on supporting orders.
During the afternoon the market re-
manned strong. The announcement that
the British Government had proclaimed
an embargo upon all commodities in
tended for Germany did not adversely af-
feet the market, as 1t had been generally
expeoted In the street that action Of this
sort would be taken In retaliation for the
placing by Germany OF n war zone around
the British Isles.
A feature Of strength throughout the
day was New Haven. The stock at one
time was 2% above the anal on Saturday,
al Htfa. n lnt ldltI NIhiiLlb cblilt u lllb
advance wac lost. The strength in this is
sue was thought to be due to the enact
ment OF a law In Massachusetts allowing
the company to advance passenger rates.
General Chemical rose 1915 points to 1879.
The buying of General Chemical was
thought to be caused by the fact that the
company will soon issue some new stock
which will be offered to stockholders at
par. The new issue has already . IN au-
thori,ad hnf fhn amount which tyf1 he
placed on the market at this time has not
been announced The Street thought that
the buying today was by some one who
wanted some Of the new stock.
The most business was lone in Reading,
steel common and Copper, all of which
showed advances over the final on Satur-
day. Traders turned their attention to
the wheat market at Chicago, where the
prices of all grains were lower on heavy
ceiling, caused by the success of the
ALLIES in penetrating the Dardanelles.
The announcement of the arrival of
800, 900 in gold from London furnished
something of a stimulus, as 1t took the
Street completely by surprise. This
caused some urgent buying of stocks, both
for long and short account. The arrival
of this gold did not nave any strengthen
ing effect in the foreign exchange market.
Demand cables were lower, while marks
dropped to the lowest point in history,
BIZ. italian llres followed the course of
marks and declined to 5.s5. also the lowest
point they have ever cached The weak
ness was primarily caused by the alb
Bence Of demand.
AS the result, probably, of the drop
in exchange rates there was a recur-
renee of foreign selling. The selling
from abroad, however, was principally in
bonds, appearing on the tape as "Sellers
20 fiat" The fact that German ex-
change touched a new low suggested
that a large amount of this selling was
for German account. The issues sold
were all high class and included North
ern Pacific As and 3s, Central Pacific
first As, in which sales were the largest,
and Southern Pacific bonds.