, 1923-05-16
NEWS AND QUOTATIONS By LEASED WIRE.
STOCKS RALLY
IN LATE SALES
Decline Wiped Out by
Afternoon Trading on New
York Exchange.

AbA a. MI aBaAA NdiioeNAAca ~
days stock market by heavy offer.
ings of the steel shares. most OF
which established new low prices fol
the year. Their failure to bring out
n extensive forced liquidation
however. led TO an active covering
movement which carried most OF tho
leaders back to around yesterday
closing prices. Sales approximated
$500. 900 shares.
NEW YORK. May 16.-Speculative
ointment continued unsettled at the
opening of today's market. While
fractional gnins were recorded by a
large number of shares on initial
sales. selling pressure was in evil
ience in several sections Of the list.
American writing paper preferred
dropped to n new low record for the
year n United States Steel com
mon duplicated its previous low price
Of 97L.
Gulf States Steel dropped n point
md Baldwin and a number OF do
nestle oil shares yielded fractiona,ly.
Studebaker and the Can shares open
ed slightly higher.
Inc WnOlo mhIhcI tuTHcQ hSoNs
after the first few minutes of trad
ng. Selling pressure was directed
against the oil. nteel, equipment,
Upper and metal shares and a
arge list OF spec.alt'es. Losses OF
one to two points were recorded by
California Petroleum, Standard on
# California, Bosch Magnetic. Punta
Aleyre Sugar, Jones Brothers tea.
Utah Copper. American Smelling
american Tobacco, Lorillard. Nation
al Enamol.ng. American Ice. Inter
national Harvester and famous Play
ers. There were a few exceptions to
he downward trend. notably Wool
worth, Republic Steel and American
Water Works. up l to . points. For
eign exchanges opened steady. De
mand sterling was unchanged at
s4.62X and French francs sold
around 6.67 cents.
Heavy selling of the steel shares
again unsettled the market and
caused prices to crumble throughout
he morning session. United States
steel broke to SEA. It's lowest price
his year, and was followed into new
ow ground by Bethlehem and
crucibie steels, Standard OH OF New
Jersey. Sears Roebuck, Internntiona
| Harvester, Famous Players. Worth
npton Pump, American Agricul
.ural common and preferred, Lori
lard Tobacco and Dome Mines,
losses ranging from one to five
points.
The only real buying support that
anne into the market was provided
by the covering operations on shori
interests. Canadian Pac fic, Am
erican Can. Hide and Leather pre-
ferred. Gulf States Steel. American
Sumatra Tobacco company. Union
Bag and Paper. Kelsey Wheel and
Dupont also were outstandingly
heavy. losing 2 TO 3h points.
United States Steel snapped back
above 81 and some Of the other
shares rallied slightly around noon
but the general tone was weak. Call
money opened at Az per cent.
A better lone .pervaded the mar
ket in the afternoon. Early losses
n,thc popular shares were wiped out
sully or reduced to small fractions
The rally had its inception in the
consistent buying OF Studebaker
which eventually sold 1% points
above yesterdays close. Baldwin,
American Locomotive. Corn Products
and Beechnut Packing also mounted
l to III above the previous close
Trading was quiet OF the rally. spec
ulators being uncertain as to whether
the upturn represented merely fash
in the pan OF the beginning of n re.
treat by the short interest which Is