Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-04-19
RAILROAD ISSUES FEATURE IN WALL STREET-
STOCKS REACTED
AFTER EARLY RISE
,-rited States Steel Led Decline
on Heavy Proft-taking Sales
pofore Close of Market.

..,,v YORK. April 19.-Hcavy profit.
.,,, caused n sharp reaction in the
IL, inst before the close, after a
n ord active day, in which the rail-
.hores we're the leaders, making the
s.s, gains as we'll as being the most
,,,nopd. both by traders and outsiders
,,a,od states Steel which was one of
y. strong issues of tho morning, led the
.,,,o losing nearly three points from
anal of saturday, before any sup
.,,ao orders we're put out. The rest oil
y, us, followed the lead of Steel, and
s,,tually everything on the list went off,
rnis sttback was the most vigorous
II, the upward movement began.
Tr,nsactlons in the loan crowd indicated
,o,arial decrease in the short interest
- ,be market felt the lack of this
puport.
rhs accumulation Of buying orders was
,.,,s at the opening. The most prom-
s,rt and encouraging feature was the
s,,rsion of both speculative and pro-
,...Ional interest to the standard issues,
~. bIp trunk line railroad shares in par
,icular, and brisk upturns occurred
,hronehout this group. Very little in
,srsst was shown in the specialties, which
ssve been unprecedcntly strong for some
time past.
RAIDERS argued that the swinging of in
,erest from the specialties, or war
siockr." to the standard group was n
rood sign, and materially helped the tech
nlcal position of the market Among the
reasons advanced for the strength in the
railroad branch was better earnings,
brought about by the granting of the 3
per cent. rate advance by the Interstate
Commerce Commission, and the gradual
and steady betterment in business condi-
tlons throughout the country, az indicated
by weekly and daily reports.
Trading was on a heavy scale through
out the morning session. Business was
Al the rate Of 100000 shares for the five
hour session, or the largest in many
months IL not years. As the morning
wore on there was no indication that
business was diminishing, nor that out
side interest was falling off.
j Virtually ali the railroad issues were up
from one to over three points before
noon. Reading, for which there was
large demand, advanced points; Lehgh
Valley, "; Union Pacific, nearly .; Ches-
apeake and Ohio, 1i2; Northern Pacific,
over g. New York Central, nearly .. Other
less prominent railroad shares We're also
up, but not as much. Canadian Pacific
moved up 3lh points and Baltimore and
Ohio rose 3 points.
United States Steel also became promi-
nent advancing over point in the early
session. There was a reiteraton of the
rumor that the company had received a
large war order, and that in any event
II will supply the raw material to other
concerns which have received orders
Then too, the steel trade is gradually be-
coming better, and mills are reported to
be operating on larger scale. The Gary
MILL of the Steel Corporation, is said to
be working nearly 100 per cent
Equipment stocks were supplied at con-
cessions, New York Air Brake being the
largest loser dropping points before
midday. American Locomotive and Bald
win were also about points lower.
Mexican Petroleum made leap of near.
y IL points before midday following the
announcement made in London by r.. L.
Doheny, president of tho company, that
arrangements had been completed with
Important British interests for formation
OF an English company to handle a con-
siderable proportion Of output of MeXi-
can Petroleum Company in the foreign
market Mr. Doheny said that he thought
this would result in large sales of oil
10 English interests. particularly steam
snip companies. Further particulars will
not be available until the arrival of the
Lusitanla, on which Mr.. Doheny left
London on Saturday for New York.