, 1922-09-29
SHORTS DRIVEN
TO COVER TODAY
Early Decline on Stock Mar
ket Checked and Upturn
Sets In.

NEW YORK. Sept. .s-spot pres
SURE and liquidation OF speculative
accounts. arising from uufavorable
Ear Eastern news n the abandon
ms1t OF the Republic idvaie Inland
steel merger depressed a number Of
issues to new low levels on the move
meut IN todsy's early ~Caalings on the
stock exchange. The market reversed
itself in the sfternoon on urgent
short covering gains outuumberins
losses ~ the close. Sales approx
mated !. ESQ. 600 shares.
The selling ran It's course In the
early afternoon, When shorts began
10 cover they evidently found a rath-
er limited supply OF ;Ocks with the
result that several issues were bid up
in spirited fashion. Most OF the early
losses were wiped out ana a number
OF shares. particularly equipments.
closed substantially above yesterdays
final fiz1res. The closing was firm
NEW YORK. Sept -. stock
prices suffered n severe setback al
the opening OF today's stock market
early declines in the active issues
ranEing from ] TO ? points. The
break in sterling resulting from dis
quiotinE dispatches from the Near
East and the abandonment OF the
Observation-Disclosures steel merger
furnished professional shorts with
sufficient ammunition TO attack the
whole list and they were aided Nby
further liquidation OF weakened spec
ulative Republic Iron ant
Steel ell off more than a point at
the p nsnF and soon dropped TO near
" three while Midvaie yielded two
points. Other steels were weak in
sympathy, Vauadium and crueihie
dropping IL. bethlehem B n and
United States Steel common q. Can
adian Pacific and Baltimore and Ohio
zach Welded a point and were fo,lew-
ed into lower ground by New York
Central and Atchison. Mexican Pc
troleun cropped nearly 3 points bu'
the other oils offered more stubborn
resistance TO selling pressure. The
reaction In copper shares was led
by Utah which was off a point.
sucficieu. buying power developed
to check tho decline during the first
hour and many stocks rallied n point
@. more. the recovery being assisted
by a brisk bidding up OF the STANDARD
OF sharon, California rising ga and
New Jersey ,. Business was quieter
on the upturn and she unwillingness
Of the bulls to follow prices upward
resulted in another attempt by IN,
bears to raid the list. Liquidation O.
the high priced tobacco stocks and &
dip to new low on the movement by
United States Steel common. Repub-
lie, Midvale. Mexican Petroleum and
Baldwin unsettled the list again be
fore noon. Losses of . to 6 points had
then been sustained by Republic com
NOR and preferred. Mexican Petrole.
UNI. siidvale, Liggett Myers B and
Lonllard Tobacco. Cali money opened
at ~ per cent.
Execution OF large buying orders
IN the equipment group which carried
them from one 10 two points beyond
yesterdays final prices intimidated
the short faction and an active cover
ing movement set in which eiiml-
natHd the greater portion of the fore
noon deolirs. National Biscuit was
buoyant. rising 8 to 4 points while
Loose-wiles gained sh, Pittsburgh
Coal. Gulf States Steel, Coca Cola.
United Retail Stores and Adams Elk
press registered advances Of between
/ and 5 points. Marking up of the
call money rate TO 5 per sent caused
a halt in the upward movement later
and sha der{fua was resf1mad