Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-05-15
READY RESPONSE
TO MARGIN CALLS
Brokers Favorably Impressed
With the General Public's
Attitude Toward Market.

Liberal and ready response to calls for
margins sent out this week was reported
almost uniformly by Philadelphia broker
age houses today. In view of the Sc
robustness OF the foreign situation, the,
manner in which the general public re-
fused to become frightened was com,
mented upon by experienced observers
as quite surprising. The money market
has only stiffened slightly and funds,
are readily obtalnable both on call and,
time Nor has there been any Violent
rush to sell securities, except in the case
Of some overextended speculative ac-
counts.
Here, as in New York, this morning,
prices ruled Arm at the opening, but
purely local issues were sparsely traded
In. Cambria steel scored a moderate re-
covery in sympathy with United states
Steel. In the trade IL was a matter OF
comment that no cancellation of orders
followed the Lusitania event. 1t seems
evident that iron men believe anything
that would draw the United States nearest
tho Allies would involve an increase In the
made by the steel industry. March iron
and steel exports are reported at 17i,2ss
gross tons. an increase OF 90 900 tons over
February and OF 1900 tons over October
until March the record high month for
iron and steel exports since the war
started. 1t Ia quite probable that April
and May exports will be found to be still
larger
A sharp recovery occurred In Baldwin
shares. the price rising 4 points On the
other hand Rapid Transit broke to I, an
other new low record. but offerings were
small. Union Traction was also de-
pressed. The general local list closed dull
and steady.
The various Cambria Steel scrips at
tracted some attention by reason Of the
listing OF the new May. 1917, issue The
trading In this was quite active between
a5 and 96 closing at the latter figure.
The February, 1917, issue closed at 96ia,
and the 1915 scrip at 9S
Lehish NaviCation continued to hang
back, selling down a fraction below last
nights close. At 71a the quotation
is the lowest since the Roosevelt panic,
when it fell to SO. This is all the more
surprising when it Is known that the
new electric plants Of the company are
showing steadily increasing earnings 1t
may he, however. that the Government
objections to certain forms OF rehating
is source Of uneasiness to some holders
of the shares The bonds also weakened
| this morning.
Surprise was expressed in financial cir
! cles at the Pennsylvania Railroads
statement regarding the number of it's
stockholders as of April 20. Not only did
the number increase 277o. but there was
n gain Of li2 in the amount of foreign
holders. 1t had been generally supposed
that there had been heavy foreign sell
/ ins lately Of all American issues. but
the head OF an important house remarked
1 today that he would not be surprised IL
! the reverse were true. With industries
/ at n standstill abroad and dividends being
passed right and left. 1t is scarcely sur
! prising If Europeans with money to in
/ vest in other things than war loans
should turn to the securities of this coun-
try for the safe placing of their surplus
| funds.