OCR Text |
Show REACTION IN WALL STREET; READING SHARES FALLBACK Rumor That German Submarine Would Soon Arrive Ar-rive With Load of Securities Seriously Seri-ously Considered. By BROAD AN WALL. By International News Service. NEW YORK, May 24. Wall street experienced ex-perienced a profound shoclt today when it .was reported seriously that a Ger-rnflnVsulimarinn Ger-rnflnVsulimarinn would shortly appear in New York harbor with a rargo of ohem-i'le. ohem-i'le. dyestutis and securities. The report re-port paralyzed speculative activity and while bankers pretended to distreiiit it and sav the report was probably put out for speculative purposes, he thins made a deep impression, and 'one that they were unable to shake off during the entire session. Reading, which had been rlimhing toward to-ward 20(), tell back several points under a great wave of selling. T'nion pacific declined, the Mexican Issues wavered. Only automobiles and a few specialties held their own. ( Suggests Possibility. Regardless of the improbability of the report's being true, it suggested to Wall street a way of getting to this market the great volume of American securities still held by investors in central Europe. Arrival of tens of millions or perhaps several sev-eral hundreds of millions of dollars of American securities would be a fa dor on which the bullish contingent has not calculated. cal-culated. The whole market is base:l on the idea that J. P. Morgan & Co. have j absolute control of ali securities coming 1 from Kurope, and that Morgan & Co. are interested in the market advance. I Automobile stocks made high records on the exchange and on the curb, and there was considerable activity among the industrials, but action rjf Reading frightened traders away from the railroad rail-road list. Heavy Selling of Reading. Heavy selling of Reading began immediately imme-diately upon tlie opening of the market. It seemed to be coming from the same brokers whose purchases caused the rise to 110. The market took about 30,0o0 shares and declined less than two points under the burden. This seemed to indicate indi-cate unusually good buying, and the re-suit re-suit was a sudden withdrawal of all selling sell-ing orders. The damage lo the market, however, had been done, and traders said 1 to one another that the enthusiasm in the railroads had all been t he result of manipulation to catch the public. They immediately began looking for specialties special-ties and found them in the automobile list. Selling of Reading was resumed just before the close and it yielded rapidly. Buying of the munitions stocks for the account of houses of unusual importance was seen. Copper broke in London from 2 to 4. It is fell that this reduction of price is artificial, being an atte?npt to influence prices on this side of the Atlantic. Such reductions in recent months have not been long maintained and have been forerunners fore-runners of renewed buying by foreign purchasers. |