Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-05-15
EARLY GAINS LOST
Active List Soon Falls Back to
Below Closing Figures.
FIRM ONLY SHORT TIME
Profit Taking and Liquidation Cause
Big Recessions.
HARTMAN SHARES INACTIVE
Market Lapses Into Dizziness by Mid
day With Some Recoveries
Recorded Later.
FIRM ONLY SHORT TIME
SHARES INACTIVE

NEW YORK. May 16.-Some substan
fial gains were made in the opening
aeaItnxs on the stock exchange today
aehigh Valley advanced fuli point
with gains of as much and more FOL
Canadian Pacific. international har'
vester, American Sugar and lnterna'
tional Paper preferred. Reading tailed
to follow Lehigh Valleys rise. soor
reactinS from its slight advance
limited States Steel on moderate deal
nzs advanced a fraction above yester
day,s close. Elsewhere gains were con-
fined to less important stocks.
American Can opened with a slight
los. which soon extended to Iuli
point A feature Of the initial deal
inzs was the sharp rise In the 1ore-
most subsidiaries Of the American To-
bacco Company.
Profit Taking Causes Decline.
Prices fell back generally in the first
half hour. the movement suggesting fur
Their profit taking under cover OF the rise
IN the specialties. Union Pacific, United
States Steel and other standard snares
soon yielded more than their gam dno
Iehigh Valleys rise was lost. as also was
that in international Harvestel' amer
iCan Can displayed increased weakness
and Rock Island preferred declined q
point. ,, 4,
which feeble rallies were attempteo, an
other selling movement sent prices lower
Than before, and by IL O'Clock materla
losses from yesterdays closing were
shown.
Signs Of Liquidation.
Signs of liquidation by traders and other
professionals, whose operations made pos
sible the market of the past two months
were clearly evident today. More than
likely the selling began some time ago
but todays Indications were unmistak'
able Various theories and conjectures
involving politics, labor unrest and In
dustrial conditions, were advanced to &C.
count for today's reaction, which opened
with q futile upward movement and nat
tened out Immediately afterward.
Before midday Reading. Lehigh Valley
American Can and several other stocks
which have been most prominent lost all
their early rise and were quoted under
Yesterdays lowest prices. Most OF to.
davis selling conferred around United
Ststes steel, which constituted the back
bone OF the previous days market The
stock fell to within fraction OF the pre-
cedin4 days low, and while the seinne
emanate from what Is technically known
as good sources"
Some Standards Inactive.
standard shares like the Hartman and
Hill issues, the grangers and trunk INES
were relocated to inactivity or heav1ness'
while the most obscure issues enjoyed
brief periods of prominence. BY mid
day the market had lapsed into duliness,
with some recoveries from the low level.
Bonds were easy.
Traders who sold the coalers short IN
the morning were given a severe twist
soon after midday, when the prices OF
Reading and Lehigh Valley were marked
up materially on reports from the coal
fields that the outlook was good for an
early settlement of the labor troubles.
Reading, which had fallen to LIZA.
climbed to 1.77A, and Lehigh Valley also
mounted two points above its low Level.
Canadian Pacific added several more
points to its recent sensational rise, the
price touching 18TH