Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-03-05
STOCK PRICE RALLY
HALTED BY BEARS
General Rise Abruptly Stops.
Large Scale Short Selling
Resumed.
BY the Associated Press.

NEW DIRK. March o.-1ne rally
in stock prices. which temporarily
bolstered Yesterdays market after
the preceding break. was abruptly
checked today when another series of
bear attacks was directed against
leading Industrial shares. opening the
way for a resumption OF short sell
ing on a large scale. a
Thrown into confusion by the
violent swings FROM one extreme g
the other. the market again faltered
under the weight of an enormeiss
volume of selling which extended
from the high priced specilfies7 to
more representative issues.
u. :. Steel was driven back more
than a point from last nights clos
ing and recessions of | TO points
took place in Pullman. Sears hoe
buck. Baldwin. SloSs Shcfneld steel.
Mack Trucks and Dodge brothers.
l.. s. Cast Iron Pipe tumbled almost
10 points.
General Electric was driven down
from ago to 1928; American Can, which
opened S% points higher at 81 = was
hammered down to BIZ, ana ftndsoh
Motors dropped from 1144 to llo12.
Rally Of Overs0ld Market.
Leaders in the business and bank
ing worlds say that probably for the
first time in the history of stock mar
ket upheavals they have been able
to watch the rapid shift of security
values without fears of consequent
dangers to business in general.
Yesterdays sharp recovery OF the
stock market from the sensational
drop of Tuesday and "Wednesday Is
said by financial experts To be due To
a natural rally in a technically over
sold market, the comparative cheap
ness of sound securities and optimistic
statements of Secretaries Mellon ana
Hoover.
The New York Times says: 1T was
doubted by bankers and business men
alike that the heavy stock Market
breaks of the last eight days would
seriously affect business in general
despite the fact that the market j:
regarded by many persons as an ac-
curate barometer of coming CONNER
cial events"
The Herald Tribune says: Behind
this three-day period of intensified in
terest business and banking leaders
see a significance which entirely over
shadows the magnified Importance of
the days happenings. They see the
event as a vivid illustration of the
fact that business has shaken off the
letters which, ina ginary in great part
as they undoubtedly We're, neverthe
less bound the Nations industry to
the vagaries of the Street"
Fraction Of Gain Wiped Out.
Good judges of the market are
divided in opinion as to what the
market will do next. Some believe
secondary reaction to yesterdays
big advance is due. while others feel
that the advance will be stable be-
cause gilt-edge securities We're driven
below actual value.
Compilation of yesterdays sales
varied from 1926 400 shares to 2,665.-
$50 as compared with Wednesdays
25 points were made in scores of
issues. The advance in averages was
almost points. although stocks are
still far below their years high.
Although the total paper loss has
been computed as anywhere from
one and a half to four billions and
up. only a mere fraction of the gain
of the last 80 months has been wiped
out.
The declines, however. were the
sharpest and were completed in the
shortest time in Wall Street history
Advance Is Checked.
The force of the selling checked
the advance in other quarters. pront-
taking on stocks bought for turn
swelling the volume of liquidation
While bids for many stocks were
lowered, there appeared to be large
back log of orders for the highgrade
issues, the decline in which was an
orderly one.
Ward Baking ''B" was pushed back
8 points under yesterdays final quo
tation and DUPONT, American Radia-
tor and Baldwin showed early losses
of 9 points or more. American Water
works Cancelled all its early gain of
80. points before the end of the first
hour, and Woolworth lost most of an
initial rise of Az points. United
States Steel common dropped from
1253s to 1924. where it met good sup
port
National Tea, ordinarily inactive
opened 25A points higher at l75.
Pere Marquette forfeited most of its
early 5-point gain, but there was no
early pressure on Nickel Plate. which
opened points higher.