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Show RAILROAD STOCKS AGAIN TAKE LEADERSHIP IN WALL STREET Union Pacific and Reading Make New High Records Rec-ords on the New York Stock Exchange. By BROAD AN WALL. j By International News Service, j NEW YORK, May 23. Uailroad stocks nsain took leadership in Wall street today, to-day, with Reading and I'nion Pacific making new high records. Baltimore & Ohio and New York Central were expected ex-pected to follow Reading and were bought freely by traders who were afraid of Reading. Some dit-'a ppointnieni was ex -. pressed at the conservative movements in the latter slocks. The disturbance raised over manipulation manipula-tion of Kennecott Copper Htock h;is checked market activity someuhat, but as nothing will be clone In the matter the pool activity will he resumed shortlv. I Ivennecott has been manipulated in coni-I coni-I mon with all other stocks. It is not manipulation ma-nipulation that the stock exchange objects ob-jects to, but dishonest manipulation, and' 1 there is no evidence of that. ! Insiders appear more anxious to sell stocks at high levels than thev are to accumulate them, and it is only proper that the public hr warned. it' is only proper, also, to slate that there Is hardly hard-ly a stock in Wall street that is not cheap, 1 when present earnings are considered If the war last four or five. vears longer, as many bankers heltevp it will present, prices will look absurdly low before be-fore many months and tho insider who are manipulating ;ind trying to sell out will regret their present activities. Marine preferred wa. one of the weak issues. It went down on a report that Holland-America line, in which the 1n-01 1n-01 30 per cent on all companies organized In that country. This will aft'eH the ' Holland-American line, in which the In- I t erna i iona J ivlfrcantile hoi. Is a. controlling interest, but will nut affect the general j Income of Mercantile Marine materially. Uecline of the ttcn-k was on Utile selling; and" there was good buying that promptly brought a rc.'oveiy. t"!rop conditions are getting better and this is reflected in lower prices of all farm products. One of the most mysterious fa'ts about Reading is that practically none of that block of stock. 1 lie purchase of which caused the advance from In) to 110, lias ! been sold. It is held bv two or Ihree 1 large houses which are slill buying. T.hc fact that Heading in selling far above , what would bo a reanna hie price, in view of its present dividend payments, 1 naturally raises expect ations of melons. Richness of some of Ihesc melons may be judged from the fact that r Jersey Central, of which Reading owns control con-trol and whb-h would naturally be the first melon distribute:!, lias m-t for t he last few years been paying out in dividends divi-dends more than half il has earned. 1 Motors continued l.heir climb todav under un-der leadership of General Motors, which rose r.-" points to .".1 7,. Chevrolet made its usual high record, this lime al -MO. Saxon is being pun.' based by t lie same group of operators and it promises to duplicate du-plicate in a smaller wav what Chevrolet has done. Maxwell," Studebaker and Willys-Overland were all active and higher, high-er, .tock of the new corporation, T'nitcd Motors company. Is alreadv popular, although al-though but a few davs old. |