Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-04-16

EQUIPMENT SHARES
MARKET LEADERS
psborts of Expected Heavy
Buying by Railroads Helped
This Group.

Nrw YORK, April 16.-Today's market
~. ,be biggest of them all. Between the
Wes W.irr NV shorts put out in yesterday
eoyJ, e,,on and the heavy demand from out.
- sources, the market advanced to
sius hieh territory for the year and. In
n, since the reopening of the exchange
- necember Trading in some stocks
intensely excited, and the advances
son,e issues we're so extensive as To
.a,se comment. offerings of securities
ssor, abroad and profit-taSing sales at
~ blrh levels had very little effect on
W. W. gsnerel market, although some parts
of the list were irregular arounu hllu-
Az operations during the morning ses-
es.n we're at the rate OF more than a
s,Iliion and a half for the day.
~ All interest today switched to the rail-
.aad enuipment shares and advances at
,tr,ss were violent. The street in general
t.sod Its belief for the change of In
,.rsst 10 these issues on the report that
,ha railroads of the country were about to
sn,er upon a heavy buying era, and that
III classes of equipment would be de-
manded.
Tho widest movement In this group of
:, ..e,,ri,ies was in American Locomotive,
s.hicb followed its advance of nearly ten
raints Yesterday with a gain of 1919 points
~ .be opcning, the first sale being re-
corded was $500 shares, at prices ranging
ssnn, "a TO 6S indicating sales eight points
snsrt at the same instant on different
slses of the crowd on the floor. This
svlatjon was followed by break of IL
roints in a few minutes to 56i7, the stock
iotsr reraining some of its loss In con-
necton with the rise In this stock 1t was
rumored that the company had received
wnr orders for shrapnel at from $4,000, 600
, m 40 1000. 1t was admitted by officials
N the company that negotiations for war
orders are under way. Later in the day
there was a report that a contract for
az 900 900 had been closed by the company
with the Russian Government.
Other reports had 1t that the contract
amounts to nearly $7O,0OO.0O0 and that on
their amount there will lprobably be a
nroAt of about 10 per cent for the COM
many. The delivery of the supplies will
he over a period of three years. The
termination of the war would have no
effect on the order.
other equipment issues which were
prominently in the llmelight were Railway
Steel Spring. with gain of nearly 8
points before noon: 5 points in Pressed
Steel Car, points in Westinghouse Elec-
trlc, points in American Car and Foun-
dry, and nearly points in Baldwin Loco
motive and all of these gains were made
In the first two hours of trading.
THE market sold off in the afternoon
session, but good buying was not on the
Declines. Activity was not as large as
in the early session. Particular pressure
was exerted against the big railroad is
sues such as Baltimore and Ohio, Read
ing. Union Pacific and Lehigh Valley, Of
ferings being large. It was thought that
a large amount of the stock placed on
the market was for foreign account, al
though il could not be denied that there
was a considerable amount of home liqul-
dalion for quick profits.
The railroad equipment shares held
pretty much all of the advance made
In the early session. New York Air
Brake gained 16 points, but lost some of
this, and Republic Iron and Steel was
pushed to the foreground, the common at
one time being up nearly points and
the preferred more than points.
Declaration of an extra dividend of So
by the marlborough Rapid Transit Com
pany which is controlled by the Inter
borough Metropolitan Company, was the
signal for activity in the common and
preferred stocks which became strong
after having sold below the final of yes
terday before the announcement of the
extra distribution. The market rallied
al the close, losses being regained
throughout the majority of the list.
1t was announced that 100000 in gold
had been received from Rotterdam by the
Guaranty Trust Company. This makes
total of S,40O,0O0 of the metal brought in
in two days, 100000 having been en-
gagged in Ottawa yesterday for shipment
10 New York.
Presumably the 100000 which arrived to-
day was for German account and there
was a steadier tone to Rcichsmark ex-
change. 1t is the belief that these two