Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-04-20

NEW HAVEN LEAPED;
COPPERS ALSO STRONG
Market Closed Buyoant and Ex-
cited After Irregular Day.
Last Hours Business Big.

n,n,y YORK. April 2O.-The stock mar
-, ,od,v was an irregular affair. a goot
demand for stocks appeared at the open
lac and buying came from all parts OF
r,o room. which resulted in rather
hr,sk inward movement in which the
standard issues were the leaders. inter
-, living chiefly IN them, as was the case
,,rourhout the session Yesterday. De
o,,d for United states steel was rather
,orae and when that issue advanced al
,,ost point the rest Of the market fol-
,owsd and when It went off the list for
,be greater part. went with 1t.
rho situation at all times was a mixed
- for while there was a fairly good
,,,,ond from traders who had been
among the sellers yesterday on the re-
action there was also heavy realizing in
many parts of the list
throughout the morning Chicago, Rock
Island and Pacific was under pressure,
selling orders being large, indicating that
some one had an inkllng that n receiver
no,,ld he asked for the company, which
action was taken in Chicago by the Amer
,c,n steel Foundres Company. The Rock
Island stock lost 1884 points and the Rock
Island Is were also weak, sales of both
the stock and bonds were heavy.
The heavy offerings of Rock Island
s,ock caused general unsettlement in the
sp.o,ilative situation, and, in fact,
throughout the whole market
Mexican Petroleum was again strong.
Gaining over points. Reports from Los
Angeles said that the contract which the
companys officials closed with the Brit
ish Government Is for more than $4,000
barrels of fuel oil, and that shipments
will begin Immediately from both Mexican
and California wells.
weak issue in the speciality group
was American Locomotive losing "
points before noon. The street heard that
the company would sublet between $50, OO0,-
900 and s35 100000 of the S65,OOO,OOO contract
signed with the Russian Government last
wOsk. In the afternoon the stock became
strong, going three points above yester-
day.
The request for a receiver for Rock
Island was a distinct surprise to the
Street. and it was natural in view of the
circumstances, that it should unsettle the
market. When the receivers We're finally
appointed the surprise gradually wore off
and the market again became strong,
On the whole, however the market acted
we'll and the belief was that stocks were
In strong hands.
The financial situation of the Rock
island was an acute one, and this can
be realized from the fact that early this
month il was necessary, i'm order to raise
little more than $l,500,000, for the di-
rectors to sign their names to Il note for
that amount to tide the company over
the period of the annual meeting. One
of the difficulties ahead of the company
has been the $2,50O00O bank loan eX-
tended some months ago to April 80.
Railroad shares were again the feature
on the upward swing, particularly the
Western roads The strength of these
issues combined with the hcavincss in
the grain markets, served TO accentuate
favorable reports regarding the condl-
ton OF winter wheat and the indications
for planting of large acreage of corn and
spring wheat.
The market closed buoyant and ex-
cited. The last hours business was one
Of the best in many years. New Haven
and Ontario and Western was prominent
features New Haven advanced 6Is |
points to 7O and ontario and Western
more than points to 80 Bethlehem
Steel rushed up I points for l45, a gain !
OF 10 points for the day. United states |
Steel, after reactinE to 57h rallied to 5S5s. |
The copper stocks were strong, Amalag- |
mated jumping 3 points to 77Ts