Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-07-27
Squirt In RAILS ON
RATE INCREASE RUMOR
Stocks Of Western Roads Rose
One to Five Points in Late
Trading.

NEW YORK, July 27-The torpedoint
OF the American freighter Leelanaw ap
peared to have been rclegated to tn
background, as far ne market facto
is concerned, when the Stock Exchang,
opened this morning. The general opin.
ion was that the Incident could be set
tied by international law. under which
it was thought that 1t was fully covered
Sinking OF the ship did accomplish on,
good thing for the market, however, anc
that was TO cause spectators to exer.
else more caution, as the severe shaking
up which many received on the first
meagrc reports oe the disaster to the
ship yesterday will not be forgotten very
soon. As the day wore on every one
seemed to forget the lesson OF yesterday
and there was another wild upbdding OF
the war specialties
Tho most interesting thing at the start
OF trading was the demand for the war
apeclalties, and at times IL became urgent.
Commission houses appeared to have
more orders. Trading In this group OF
stocks again brought out several new high
records, notably Bethlehem Steel common
ana pItIelleus american can, BALDWIN
Locomotive and Crucible Steel Bethle-
hem common, as usual, contributed most
Of the fireworks, rising II points before
noon. While advances In other shares
were not so large, yet they were generally
from to points up. Crucible Steel
crossed 81 for gain of nearly points.
Rejecting the good earnings statement
for the fiscal year ending June 30. Brook
lyn Rapid Transit moved up 2 points.
BY o'clock Bethlehem Steel had ex-
tended its advance TO 20 points for the
Gay. In connection with the uprising
in Bethlehem and Crucible II was re-
iterated that Schwab and his associates
had secured n stock interest in Crucible,
The market was by no means without
its weak spots. and one of the outstand-
ing ones was Missouri Pacific. which
struck new low point at i9i. Other
rails had a checkered appearance and
the coppers were again weak 1t was
pointed out that coppers at the present
time We're selling on the basis of about
IL cents for the metal. whereas the rul-
ing quotation is 1915 and 20 cents There
was very little demand either for the
rails or the coppers.
Steel common was strong during the
morning and demand for that issue was
quite large. This reflected n bctterment
In the steel trade and expectations that
the earnings for the last quarter. to be
given out after the close, would be larger
than estimates current in the Street in
the last few days
Whereas estimates have placed earnings
at between S25, 100000 and $8O, ,OOO,0OO 1t was
said this morning that 1t would not be
surprising II they were as high rs s32-
100000. The earnings for the quarter will
compare with Si2,4OO,OOO in the March
quarter. Incidental Y, Steel made a new
high record for the year. Record exports
of steel and iron products in May,
amounting to S26,5S5,7S6, figures for which
came out during the morning, helped all
OF the Independent steel companies
stocks.
The Inland Steel Company's annual re-
pert was an encouraging document 1t
showed a S4O4,O17 gain in gross and s325,527
in net.
Aside from the demand for the war
specialties business quieted down some
what In the afternoon. Here and there
proht-taking sales could. be detected, but
as rule liquidation was absorbed very
well and 1t had very little effect on
prices as a whole. Some weakness APP
peared in Maxwell motor issues and the
bear element was not long in getting
busy on the new soft spot It was said
that the selling was for an old bull ac-
count.