New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-24
Profit Taking Makes Rails
Irregular After Rise in
Early Dealings.
ISSUES
STRONG AT CLOSE
Reading Closes Lower After a
New High Record-Trading
Still on Large Scale.

The movement In the railroads was
still the outstanding feature Of the Sc
curities market, though profit taking In
the middle OF the afternoon caused a
considerable setback and the later rally
did not in all cases bring final prices
up TO those Of the day before. Indus
trial issues generally were heavy.
Motor stocks in the late trading sup
piled an exception. rising vigorously.
Dealings were little smaller than on
Monday, Readings reduced total ac-
counting for the falling off.
Profit taking, natural after such a
sustained rise in a group that had been
tagging in the market, was sufficient to
check the advance. without, however,
causing any material losses. In the
industrial list distribution was not so
we'll taken. Mercantile Marine shares
were weak early in the day, the pre-
ferred getting down more than points.
The munition group went lower, talk
of new war orders failing 10 bring back
trading interest.
Little was done in the copper stocks
and generally prices were lower. The
conviction that one of the first effects
Of the wars end would be an immedl-
ate readjustment of the levels at which
the metal was being marketed was still
sufficiently strong to prevent the pre-
dicted rise in this section of the list.
American Smelling and Refining moved
I'D around noon with Mexican Petrole-
UNI, without any particular news from
our Southern border TO account for the
advance.
Early in the day the principal car
riers rose as they had in preceding
sessions. Reading went into new
ground, changing hands above ITO.
Union Pacific. Baltimore & Ohio, St
Paul and Atchison were all in favor.
There was a disposition to consider
possibilities of larger disbursements
which benefited some Of the roads that
had reduced dividends after the war.
April earnings of some of the more
important systems may now be expect
ed and may serve as valuable ammunl-
ton should the campaign be continued:
Southern Pacific yesterday reported
gains Of more than 100000 in gross
and 81 100000 in net, supplying more
material for those engaged in figuring
out how much earnings OF this unusual
~ profitable year exceed dividends re-
qulrements.
The first hours business was at an
unusually active rate, but as stock be
gan 10 be supplied at the higher levels
reached by the railroads and the rest
of the list was sluggish dealings dimin-
ished. After noon irregularity began
to appear in the railroads and reac-
tions OF /, 2 and points from the best
we're later in evidence. Part of these
losses were made up before the close,
but i'm the final dealings the automo-
bile stocks assumed prominence. Cen
eral Motors. which serves this group as
Bethlehem Steel does the munitions
stocks, got up 80 points on small trans
actions, and gains of ? TO points were
made elsewhere.
Money was little frmer, call loans
being renewed at pa per cent and time
accommodation showing some tendency
toward higher rates. Sterling OK
change. in spite OF receipt of another
50 600 600 i'm gold from Ottawa sagged
until demand touched 4.753s. the low
rate Of the week before. Since London
is making efforts to increase our bal
ances on the other side through high
discount rates. steady market for
sterling. which insures that the value
Of the balances will not depreciate. IS
desirable. So further efforts to limit
the weakness Of sterling here may be
expected.