Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-05-23
STOPS
THE. READING ADVANCE
Minor Rails Score Gains-1ndus-
trials Are Irregular in the
Early Trading.

| NEW YORK. May 23.-Reading was
again the sensational feature of the
stock exchange today, advancing in the
first few minutes to 110A, point over
it's previous best price. week ago
Reading sold as low as 90,. and early
in the year its minimum quotation was
75l..
The Reading trading post was sur
rounded at today's opening by scores
of brokers' most of whom had buying
orders. There were also many of the
professional element who had been
caught short of the stock and We're
eager to cover. From it's new high
price Reading fell back to 109A. recov-
cred to above 10 and again reacted to
1898, a fraction under yesterdays
close.
Other standard rails were taken up.
particularly Union Pacific, Southern Pa
cifc. St. Paul. New York Central. Bal
timore and Ohio. Atchison. Louisville
and Nashville and Atlantic Coast Line,
at gains of 1 to almost points, the
Harrimans leading.
Specialties, including some OF the
war contract issues, were under fur
Their pressure and shipping stocks also
weakened. The first hours dealings
amounted to almost 100000 shares. of
which Reading contributed 80 per cent
There were heavy dealings also in
Union Pacific. Wabash issues. United
States Steel and some of the war
shares, all at variable gains.
Mercantile Marine preferred, Bald
win Locomotive. Mexican Petroleum
and Industrial Alcohol reflected the
heaviness of special stocks.
Heavy Profit-Taking Invited.
The broad and general advance of the
first hour, which embraced all rails Of
prominence. invited heavy profit TAX
ing. with reactions of to points.
Mexicans strengthened materially
later with rise of . points for Amer
lean Smelling.
Among specialties, however. the
movement continued somewhat mixed
New high records were made by Chand-
Ter Motors and Underwood Typewriter
at par, and $50. respectively. United
States Steel continued backward and
the munitions group was exceedingly
irregular.
Recover Early Losses.
In the second hour of the morning
but with more or less firmness, and yet
the industrials were more or less ir-
regular, but recovering considerably
from early losses.
Later on the action of Reading. in
turning from its top at 110a. and drop
ping to 1o7ss. just points below yes
terday's close. Jared the list consider
ably.
Unof1cial and technical denials of the
various rumors on which Reading ad-
vanced yesterday and profit taking
were the responsible factors causing
the decided slump.
Motors Start Advance.
But the rest of the rails remained
reasonably firm. giving slightly.
In the first hour of the afternoon the
motor shares started a sensational ad-
vance along the line. headed by
thirty-poirft gain in General Motors.
which sold to $50.
Maxwell Motors sold up better than 2
the weaklings of the morning. rose
sharply from 1864 to 141, and WHY'S
Overland added 8 points to it's price.
Smeltings was decidedly frmer and a
chile Steel and Baldwin Locomotive did
not act very we'll
General Motors Features.
General Motors capped it's sensation
al rise with another ifteen-point gain
and stopped at SIS. Maxwell moved up
to Sta.
Reading stopped on the decline at
10711 and came back to 1881.
The rails generally held some part of
their improvement. Baltimore and Ohio.
u; Canadian Pacific. II Louisville and
Nashville nearly a point: st. Paul. q
to a point, while immaterial changes
were general in other rails.