Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-05-27

STOCKS MOVED UP;
SHORTS COVERED
Trading Not Active and a Wait
ing Attitude Continued.
Rock Island and Mop Weak.

NEW YORK, May 21-No better illus
,,ation that the market is in a strong
teehnical position could be desired than
its action today, especially in view Of
me acute international situation which
has ruled since the sinking of the Lusl-
sania and which was intensified yester-
dav by the mishap to the American
steatns ship Nebras kan. There was no
rrsssure to sell securities today, and
while there was no outside demand, some
ttaders bought stocks while shorts COW
srod commitments. This resulted in a
recovery which was participated In quite
GENERALLY throughout the list. Activity
vas not large, however and the attitude
ain was a waiting one, with the answer
~ the German Government to our note
the most important factor marketwlse.
Not a few of the traders took the long
aide for a turn, expressing their belief
that market which could Withstand the
pnsettling circumstances was good for
rally. Then, too the belief Is becoming
more general that the Nebraskan struck
aoating mine and was not torpedoed,
as Hrst reports had 1t. The argument
was advanced that 1t was difficult to see
uhy the Germans would torpedo an
American vessel, or any neutral, for that
matter after the recent note to the
United States on the submarine warfare.
In any event, the street thought IL best
10 wait on official reports on the incident,
and In the meanwhile to suspend Judg-
ment
On the recovery the copper shares fur
nished the strong spots Their gains,
however, were not large, as was the
case In some of the specialties and tho
"gar stocks where advances of a point
and more were registered before noon.
The strength of the coppers was encour-
aging, and those issues were looked upon
As the holders of the market to some ex-
tent because of the belief that the de
mand for the metal will become larger as
time goes on, and a helpful thing was
the higher prices for the metal cabled
over from London.
The weakest shares in the market were
Chicago, Rock Island and Pacific and
Missouri Pacific. The former made a
new low record of 1875, loss of 19s from
yesterday. The previous low record was
isA, which was reached on March /. On
April 10 of this year the stock sold at 80.
Missouri Pacific dropped nearly 2 points,
despite the fact that SIS, 100000 of the S25.-
10000 notes have been deposited under
the extension agreement for one year.
Both stocks recovered from the low in
the afternoon, but were still off from the
closing yesterday. Reports were reiter-
ated that in the reorganization of the
MOCK lsldnu u HtdNy dSSeSSHlell WOulu
be exacted from the stockholders. Pre-
yous reports have had 1t that this
would be between $50 and $40 share.
Belief in some quarters that so per cent.
Of the Missouri Pacific notes would not
be deposited for the extension, which |
amount is necessary, was the cause of
the break in that stock, Only sly per |
cent. OF the bonds have now been de-
posted. If the so per cent. is not finally /
deposited it will undoubtedly mean a
receivership for the road, that is, unless
the unexpected happens Prices of other
Issues held up well during the afternoon, |
but there was no increase in the volume
Of trading.
The closing was srong, due largely to
report from Washington that the reply
OF the German Government had been re-
ceved at the State Department and that
II was conciliatory. Maxwell Motors is
sues attracted attention, the Common ad-
yancng points, the First Preferred Ia
and the Second Preferred IL.
Three big railroads issued their April
earnings statement today Union Pa
clhc showed a decrease of S504,347 in
gross and $311, ,496 in net; Southern Pacif-
les gross fell S796,53S and net declined
s2s2.SSl. The return for 10 months was
also smaller. While there was de-
crease of s5S4.290 in the gross earnings
OF the Northern Pacific, the company
turned this into an increase of $50, ,9O7 in
net The 10 months showing. however.
was much the same as Union and South
ern Pacific.