New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-04-20
Leaders Reach New Top
Figures Only to Lose
Gains.
STEEL COMMON AT
HEAD OF DECLINE
Seventh Million-Sharc Day
Drop Ascribed to Gary
Statement.

Not aimee September q, 1911, when
17l1.o74 shares were traded IN on inc
Stock Exchange, has Wall Street seen
sucb activity as prevailed yesterday
v.hor ,earlv $4,000 shares changed
hands and bonds to the value OF So
311 900 we're sold, exclusive OF the
over.tbc-counter business, which is not
Officially recorded. 49,, -, %
excite morc than the usual h1anclai
coror,ont about the middle OF March'
continued with even greater vigor iran
no. hitherto been evidenced through
out the international list, and up 70
the last hour Of trading the big mar
ket leaders. such as Steel, Reading.
Union Pacific, Amalgam ated Copper
Now York Central. Canadian racine;
Northern Pacific. Southern Pacifc and
Pennsylvania, all made new high rec
ords for the period since the reopen
ing of the exchange. ~
Favorable comment was heard IN all
quarters on the markets ability to ao-
sorb heavy liquidation. domestic and
foreign. But about o'clock, soon after
2 II. Garys statement at the annual
meefino OF the stockholders of the
United States Steel Corporation began
n appear on the news tickers, the buy
ING of stocks grew perceptibly less and
pricps fell. until the closing quotations
showed in many instances not only mad
the previous gains been wiped out, but
they we're considerably under Satur-
days last sales.
Steel common was the leader in the
decline among the international list.
After selling up to SOS, which COM
pared with GO on Saturday and 559s
early last week, it went as low as 90 g
and finally closed at 57&, two points
under Saturdays final quotation. While
the decline in this issue was attributed
10 the statement of Judge Gary that
earnings for tie first quarter of 1915
had been small, it did not seem war
ranted by the general tenor of his re-
marks. which were optimistic on cur
rent business.
In seeking explanations for the
earlier advances in practically all the
standard issues, Wall Street thought 1t
found a part answer in the address of
DR.. Dernburg delivered last Saturday
in which supposed indications OF an
early peace in Europe were seized upon
eagerly, as we'll as signs of returning
prosperity to the railroads, evidenced
by the S20,000,000 equipment order Of
the Pennsylvania.
Following the previous skyrocketing
of Bethlehem Steel, American Locomo-
tive and the motor issues, Mexican Pc
troleum was the star individual per-
former yesterday. Closing at SO q last
Saturday, il sold up 1l's points to SO in
the morning session, held the advance
well until shortly after o'clock. and
then reacted sharply, closing at 49,
up Is.
Wall Street said the, explanation for
thu rise in this stock was contained in
statement from President +. L. Do
he1y and other officials, who sailed
from Liverpool on Saturday, that ar
engagements had been completed with
important British interests for the
formation of an English company TO
handle a considerable portion Of the
output of the Mexican Petroleum Com
pany in the foreign market.
The sO-called war stocks suffered
severe losses, in the case of the Ameri-
can Locomotive Company the decline
amounting to over points. The fol-
lowing table gives list of the interna-
tionals and the special stocks which
have been so active since March 16,
yesterdays high and low, and the net
changes for the day: