, 1923-05-22
DIS = Stocks - Grains - Livestock - All Markets
STOCK SLUMP IS
HALTED IN PART
Leaders Recover In Late
Trading from Heavy Liquid
alton of Morning.

NEW YORK. May 22-The
tonary trend stock market prices
came to a sudden halt today, but not
until many of the leaders had es-
tablished new low records for the
year. The strong buying support
forthcoming at the lower levels in.
duced extensive short covering which
was accelerated by heavy purchases
by SO called bargain hunters'' clos.
ing prices of popular shares show
net gains OF 1 to 4 points. Sales
Appropriated 1900. 900 shares. F..
NEW YORK. May 22.-speculative
sentiment was still unsettled at the
opening OF today's stock market.
opening price changes being decidedly
Irregular. Coco buying support was
In evidence. however. in some sec.
lions of the list. gains of 1 to near.
ly 2 points being recorded by Kelly
Springfield. DUPONT and CONSOLIDATE
ed Gas. Selling pressure was effec-
tive in other quarters. particularly
in the rails, new low records for the
year being established by Reading.
Lackawanna and Missouri Pacific
Republic Steel sold at a new low
price.
Additional new low records for the
year were made by Northern Paci.
flc. Atchison. st. Paul. Katy" Pure
OIL. Montgomery Ward, American
Linseed. Chandler Motors. Butte and
Superior. Kennecott, Utah, Allis
Chalmers and Pierce Arrow preferred
and Prior preferred, the net losses
ranging from one to 4 points. Atlas
Powder broke Mint points. Other out
standing weak spots were Federal
Mining and Smelling preferred.
South Porto Rican Sugar, American
Agricultural Chemical preferred.
Sloss Sheffield and American Elk.
press off n to three points.
Several Of the usual leaders made
partial recovery from recent heavi
ness. gains of 1 to . points being
recorded by American Locomotive,
S~tudebaker. California Petroleum,
American Can, Corn Products. Post
um Cereal. and North American
Foreign exchanges opened irregular
the feature of the early trading be
ing a new low for German mark.
, at .Oo17%c. Demand sterling nd
vanced a of n cent to s4.s3% an,
French francs dropped two points L
6.65.
The buying support accorded to
number of influential shares was no
maintained and the whole marke
sagged again before noon in respons
to persistent hammering by bea
traders.
The volume OF sales indicated
continuance of liquidation by dis
Outraged holders of long stocks
United States Steel common agaii
established a new low for the thirt
successive day. touching 95.
Additional low records were mad
| by the following:
Bethlehem. Republic. Pacific OIL
Pan American A and b Studebnker
American Beet Sugar, American
| Wooden. Detroit Edison. Erie an,
Norfolk and Western.
Call money opened at 5H percent.
The downward movement in tn,
recognized leaders was arrested IL
the early afternoon. when huge buy
ing orders made their appearance
carrying active shares generally {
point or more above the forenoon low
levels. American Can, aClifornia Pc
.ro,eum. Crucible Steel. Corn Prod
let's, Studebaker. Allied Chemical
American Locomtive. Union Pacific
and New York Contra sold l to :
points above yesterdays final figures
Liquidation, however. continued ir
many high priced s%pecialties. which
dropped from 3 to 8 points.
Tho closing was strong. The un
wieldy dimensions of the short inter
est became apparent in the sharp raj
ly that took place in the final houl
as traders scrambled for stock. Many
OF the leaders cancelled their earlier
losses and rose as high as four point!
above yesterdays final figure.