Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-05-02
WALL STREET TURNS
TO RAILROAD SHARES
Group Makes Vigorous Advance.
Trade of More Representative
Characterised Moves UP
Stock sales today on the New ioln
exchange tOtaled 1915 800 shares.

New York. May 1.-The Now York
Evening Suns financial r"yiew this
afternoon is as follows:
In another million share session stlll
HIGHER nricps were made by stocks to-
day, Gains were ~ no means tlllF
maintained. but trading was OF more
representative character i'll that II en-
L-arpd railroad stocks. The orderly
woy in which prices advanced TINS
morning was noted with satisfaction.
Unlike many previous performances
huying was not concentrated on mere
handful of industrial specialtlcs' but
was distributed throughout tn" lSt' ana
If was in the railroad department Whlh
WAS hest able to stand rapid up
bidding Of prices that the advance was
most vigorous.
In the first half of the session Tor
mpr favorites in the nduHtrlal group
merely marked time while speculative
attention was devoted to the ral'S'
nrincipally the low priced issues. MIS-
.ouri Pacific. st. Louis and San fran
cisco and Pprc Marquette appeared TO
no the forward leaders here, scoring
qoins of about two points each' anu
nuIIed the other rails up win theh'
| Shrewd purchasers of industrial Sto'NS
several months back, to whom large
profts have accrued. have in many IN
/ stances utilized their emoluments TOT
tho purchase of railroad securities.
The ouirt absorption of rails at cur
rcnt prices is based on the reasoning
thar there is very little to lose anu
perhaps a great deal to gain. lnauS,
trial bargains are less numerous ana
of more doubtful quality at the moment =
whereas the railroad department IS re
nIetc with them. if one possesses the
conviction that the carriers will be re-
stored to their owners under moro mod e
ern and scientific regulation.
Demand for oil shares was less urgent
and ample stock was supplied to pre-
vent any important gains. Pan Ameri e
can Petroleum. however. was rcia e
! lively strong spot. The action of the
steel shares undoubtedly assisted th'
general list forward. steel common sell
: ing up close to 90 for a gain of moro
than n point The stock has evidently
adjusted itself to the omission of extra
dividend payments.
High record prices for the year wer
again made by number of industrals
including international Agriculture
Hide and Leather preferred. Initet
n States Realty. Atlantic Gulf, American
. Steel Foundries and General Cigar
q Texas Land Trust certificates move
q up 100 points. Thr trading rommun't
0 had very fcw factors to consider i
Z making commitments and sentiment wa
cheerful.
The date of the conference on steC
prices has been set for MAY 8, and tn
II disposition is to regard the outlook NOR
Il hoppfully. riade reports were salts
factory, business failures for the mont
! Of April being the smallest on recor
for any similar period. New "onstruc
, ton shows signs of big increase.
II The market was called upon to al
, sorb heavy volume of realizing salt
ID in the afternoon trading. The mark
/ at no time. however, lost its firm under
tone. White Motor. which sold up MOI
than four points. and United Stat
Rubber, which advanced above 0S, we
features of the late trading
OF the standard rails, Chesapea
and Ohio was one of the most conspicl
st Gus for it's strength. This is one of t
is few roads whose earnings have SHOW
d. an increase. The balance available {
We dividends in the current year shou
tn equal 10 per cent or better. Westin
We house Electric was another stock viii
I'd attracted considerable attention.
al strong pool is apparently operating
: the issue with the idea Of selling o
IN at higher figures upon the publicati
re Of the annual report. which Is expec
I'd TO be very favorsble.