Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-06-03
MARKET BROADENED
GOOD DEMAND SENT
PRICES OF STOCKS UP
steel Common Rose Nearly Az
Points-Dissolution of Cor
poration Refused.

.-rw YORK, June 3.-Sustaining the
tsi,ef that the Amcrican-German situa-
IN had taken change for the better,
,hs stock market moved up vigorously
sner the opening today. Though the
Srbiic was still noticeably absent as a
whole, there was a good demand from
,raders and business was on larger
scsIe than for the last several weeks.
0ns Of the most important factors re-
snonsibIe for the marking up of prices
ssas the audience between President Will
son and the German Ambassador yes
tsrday. which will undoubtedly go a long
vay toward arranging an amicable settle
ment
on the upturn the copper shares were
features. rejecting the higher prices for
,he metal In London. Their advances,
towever, were not as large as in the
,'vtar stocks" as they have become known
by reason OF the fact that large. orders
have been received from the Allies from
time to time. and talk has 1t that more
eontracts are pending. OF stocks of COM
nanies having important interests in
Mexico, such as American Smelling and
Mexioan Petroleum. the former advanced
aver 2 points and the latter points
before noon Gains throughout the list
ranged from fraction to as much as 3
noints. many of the advances being a
full point. ,
NV no means was the demand confined
N the specialties. as there was notice.
able strength in some of the big rail-
road shares, such as Canadian Pacific, st.
paul and Reading. and this fact was
ayorably commented on. Steel common
aguin became a leader in the old line
issues rising AK points. Reports from
the steel trade are more optimistic md
there are many who now believe that
the corner has been turned.
- 4 gINyV
and there was some profit-takinF. This
was caused by the retaking of Prem
vs by the Austro German armies.
The halt was of short duration, however.
and the advance was soon resumed, the
high prices of the morning being ex-
ceeded and within short while gains
of from one to more than II points we're
recorded. The floating supply of stocks
seemed to be small and any demand inn
mediately resulted in bidding up prices.
Buying had the earmarks of accumula-
ton, and the general opinion was that
stocks were cheap around the present
level.
1t was not until after the close that the
reason for the strength of the market
during the day became known, when it
was announced that the dissolution Of
the United States Steel Corporation, asked
for by the Government, had been refused
by the United States District Court.
The widest advance was in General Mo-
tors common, which was UP 111a points
from yesterdays close, or within ~ of
its high record.
Mexican petroleum Joined in the up
ward movement by registering a further
gain 10 76, up points. New Haven was
chalked up over 3 points. The market
closed strong and the good demand for
stocks continued to the finish.
The effect of the recent heavy ship
ments of gold by England to New York,
the majority coming from Ottawa, was
shown in the weekly statement of the
Bank of England today, which disclosed
loss OF G367SOOO in reserves as compared
with last week. Public and private de-
poslts of the institution also showed
falling off