New-York tribune., 1920-03-18
Baldwin Loco.
Leads Sudden
Rise i'm Market
Squirt of Equipment Shares
in Afternoon Stimulates
Industrial List and Early
Losses Are Wiped Out

Out Of dull and narrow market
Baldwin Locomotive flashed like an
express train passing freight ycster7
day afternoon and when the final gong
ended the excitement it had advanced
more than 13 points. Moreover, the
Baldwin and the rapidity with which it
advanced reused the. rest of the in
dustral list out Of the state Of stolid-
ity into which it had fallen and for the
last hour of trading the market fairly
boiled. What otherwise must have been
day of substantial decline in the
general level Of prices was turned into
satisfactory gain.
1t seemed evident that the squirt of
Baldwin was produced by manipulation
action of the market certainly in
dicated that this was the case but
it was also apparent that, once the
move was under way, plenty of support
from speculative sources could be
counted on. Not only was Baldwin the
most frequently quoted stock on the
ticker--t easily led it, the volume of
dealings-but the sales came in great
Strings" the last sale in a string
epresenting several thousand shares
often being a point or more above the
first. But there we're plenty of hun.
dred share orders between times, show
ing that the small spectators were
following the larger ones. This was not
surprising in view Of the fact that
during the morning the stock had been
widely. tipped to perform just as it
did.
Naturally, other equipment shares
we're the first to respond to the stim
ulation administered by Baldwin's
pyrotechnics, and American Locomotive.
American Car and Foundry, Pressed
Steel How. ctr
showed very good gains, although none
OF them advanced SO much as Baldwin.
Steels, motors and oils moved upward
under the leadership of the equip
ments, as did American Can, American
Woolen and numerous other special
issues.
The advance followed receipt of dis
patches from Washington to the effect
that the Secretary of the Treasury had
the excess profits tax. This naturally
stimulated buying, but it is doubtful
II the advance was based primarily on
the news, even though some competent
observers held that view. 1t seemed
rather that a lower call rate and pros
poets for easier conditions in the time
loan market had persuaded some Of the
larger interests that the time was ripe
Tor another upward movement, if not
3 eASAoiAS, al ledSL III some issues. 1T
was significant that long before the
news from Washington came through
the word went out from sources sup
posed to be we'll informed that Bald
win would be good for ten points at
ieast IN the afternoon.
Previods to the afternoon. rise the
market had sustained rather sharp
decline. After firm opening, those
working on the short side began to
feel out the market, and they found
surprisingly little resistance in GOOD
many, spots. Accordingly, they sold
heavily and met with considerable sue
cess, particularly in some of the stocks
which advanced most in the afternoon.
Their victory was short lived, however,
and some of those who sold short in
the morning must have paid dearly for
their boldness when the turn came.
Railroad stocks were comparatively
dull and moved within a narrow range.
Money renewed at per cent and
later dropped to 6 per cent. Some.
slight increase in offerings of time
funds was reported, but the change in
this section of the money market was
not great.