, 1923-05-23

HALT IS CALLED
IN STOCK RALLY
Bull Interests Fail to Follow
Up Advantage in New
York Trading.

NEW YORK. May as.-A susges-
ton of the change in speculative
sentiment as n result Of the federal
reserve statement on credit and bust.
ness conditions was contained in the
comprehensive rise in prices in to-
days stock market. Short interest
Joined with spectators for the ad.
vance in bidding up prices. Late
selling. however. modified the early
gains which ran one TO i've points.
Sales Appropriated s25. 900.
NEW YORK. May 2s.-rhe rally
which set in during the latter part
of yesterdays stock market was con-
tinued at the opening today, initial
gains ranging from small fractions to
one point. Steess which had been
hammering necessarily during the re.
sent reaction made a good comeback,
Republic n Crucibie each opening
a point higher and United States
Steel common rising *. Good buying
also was noted in the equipment
group. American inc Baldwin Loco
motive each opening q Of a point
higher. Union Pacific. California Pc
troleum and Pan American "A" also
advanced a point each
French buying coupled with exten.
sive short covering resulted in some
excellent gains during the first half
hour. the advance covering the entire
list. The formal statement of the ad-
v!sory coucll OF the federal reserve
board setting forth that business con.
ditions were satisfactory INT that
there appeared to be no reason why
federal reserve bank rates should be
increased at this time, n q favora
bic effect on sentiment. Heavy pur.
chases of Shell Union OIL. which nd.
vanced WI points. was one of the ear.
ly features. American ice advanced
az and American Car "a.
Some OF the other OUTSTANDING
strong spots were Studebaker, Chan.
der, Mack Truck, Stewart Warner,
American Wooden. May Department
stores. Allied Chemical. Rock Island
Punta Allegro and Beechnut Packing
all up 1 to 2 points. Foreign ex
changes opened steady. demand ster
ling being quoted around s4.63M
French francs at 6.67 cents and Ger
mar marks at .001s cents.
The brisk manner in which stock,
rallied during tho forenoon confirmed
impressions that tho recent deciin,
had been overdone. While severn
outside influence. including the fed
eral reserve statement. had a favor
ubie effect on sentiment the chic
factor was a correction of the weak
ened technical position. E~xceptiona
strength in the California oils ant
! the merchandise shares served I,
stInen prices in the remainder of tn,
list and the short interest bid freely
in composition with outside buyers
California Petroleum, common anC
preferred advanced AZ points eacf
and Lorillard. Wooiworth. Associated
/ OIL. Kresse. U. g.. Realty, Contra
Leather. preferred and Dawson Chem
ical 2h to 3& points. Call money
opened at AZ.
with .ths immediate requirements
OF the short interest apparently salts
ned trading diminished in the after
noon and leaders relinquished som,
OF their earlier gains, especially Call
fornia Petroleum. Baldwin. Corr
Products and DUPONT. The extent Of
the recovery from tho recent low
levels and the failure of the earlier
buying movement TO follow prices UT
caused the traders to adopt a wait,
ing policy. Many of the less active
issues were marked up 2 TO 8 points
Montana Power responding TO the
higher dividend. Several of the low
priced oils were in demand. paritcu,
larly MARYLAND and Cosden.
The closing was irregular. innu.
enced by the good reception accorded
realizing sales. speculators for the
long account resumed bidding ur
prices. California Petroleum again
crossed 1o4. Associated OIL jumped Q
points. Underwood Typewriter 10h
Heavy offerings OF steels and equip.
ments in the last few minutes. how.
ever, again turned the list reaction.
airy.