Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-05-16
Both Gains and Losses Re-
corded at Opening Sales.
IRREGULAR TONE is SHOWN
Advances Limited Largely to Spe-
cialties and Low-Priced Issues.
WEAKNESS IN THE AFTERNOON
Leaders Drop Back From One to
Two Points, With Declines in
Other Shares.

NEW YORK, May 16.-Price changes
1t the opening of today's stock market
reflected an irregular undertone in mix
ture Of gains and losses. Advances were
limited largely to the specialties, includ-
ing American Mailing. International Har-
vester, American Hide and Leather pre-
ferred. United States Cast Iron Pipe and
some other low-priced issues. Union Pa
cifc made an opening decline of Ia
points. with some heaviness in Union
Pacific, United States Steel, American Can
@and American Smelling.
HeavineSs became more marked in the
course of the first hour. especially in the
leaders. Union Pacific. Reading, Lehigh
Valley, United States Steel and American
Smelling all declining point or more,
while yesterdays weakness in American
Can and Chicago and Northwestern was
renewed. Can falling to its lowest price
in fortnight. International Harvester,
however. rose points, much of which
was promptly lost. The movement in
general was uncertain. with further signs
of profit taking in the active issues.
Heavy Undertone Unchanged.
The moderate business of the first hour
was followed by more activity toward the
close of the morning session. but the ir-
regular and at times heavy undertone
was unchanged, save for some hardening
of the copper shares. particularly Anal
gamated. This probably had it's basis in
the big decrease of European stocks of
the metal, coupled with some revival OF
domestic demand at recent high prices.
The official figures of this country's for
eign trade for April, which constituted a
h.
market. which was subjected to continued
pressure in the potential issues. Canadian
Pacific Cancelled its decline of two points
and gained something in addition, touch
ing 30.
Lehigh Valley and Reading Heavy.
Absence of any definite news connected
with the contention of the hard coal
miners was perhaps the main reason for
the heaviness of Lehigh Valley and Read
ing. Granger roads derived little or no
benefit from overnight advices of very
favorable spring wheat prospects in Min
nesota and North and South Dakota. In
fact. St. Paul remained unquoted at mid
day.
Bonds were steady, with a sharp :.se
in Brooklyn Transit convertible As
Early heaviness gave way to weakness
In the afternoon, Union Pacific, Reading,
Lehieh Valley and United States Steel
going Off l to more than points, with
corresponding declines in other high-grade
issues. That activity, while greatest on
the declining scale, strengthened the
theory of inside liquidation.
Further Declines Recorded.
A selling movement of formidable pro-
portions overlook the market in the sec
ond hour of the afternoon, with more
precipitate decline all around. All the
leaders fell to a level which left them
from two to four points under yesterday s
close, Canadian Pacific yielding more
than its gain. and the list manifesting
acute weakness all around. Rumors of a
refusal by the coal miners to agree to the
terms outlined by their representatives
were partly responsible for the reversal,
from which the beginning of the last
Haur brought b1f slight relief