The Waterbury Democrat., 1931-05-21
By ELMER Q. wALzER

To New York, May 21.-(UP)-A !sudden heavy buying wave struck the stock market shortly after 2 p. m. Ito-day, carrying prices of various in- ldustrial and railroad, shares up from lone to 10 points, The market held | in marrow range throughout the first four hours of trading but shorts took fright at strength in steel com mon and rushed to cover.
 New York, May 21.-(UP)-Reas- lsuring news from London, where the lfortnightly settlement of brokerage accounts passed with scarcely 8 rip- lple, steadied the stock market to- day.
 Although scattered selling of an character continued to drift into many of the higher grade stocks, the market developed no sinking spells that marked recent sessions. The main body of stocks settled into a narrow trading range through much of the session and Iselling in special shares failed to Idislodge liquidation of any impor- Itance.
 The street was considerably reas- sured by the firmness in steel com
 mon and many of the railroad shares land was less inclined to listen, to rumors of disturbing nature. The first important bull rumor in weeks made its appearance in the after moon trading.
 l This was to the effect that bank ling interests, satisfied with the clear l ing up of many weak situations, were planning buying campaign in steel common to steady the mar ket. These could not be confirmed
 but action of steel common in the
 last few sessions has indicated im- lportant support.
 Nevertheless, considerable large-
 scale liquidation proceeded in lead- ing issues under the cover of the firmness in steel. Allied Chemical
 was forced down cents to new
 low for the present shares on an-
 other flood of professional selling,
 while Western Union fell more than
 three points to par, the lowest it
 has reached since the post-war de- flation period. Selling of this irl- vestment issue was accompanied by
 reports of an impending reduction in
 the company's current $s annual
 dividend rate.
 Much of the "scarce selling in
 American Telephone disappeared af-
 ter the issue opened a point lower. By mid-afternoon, 1t had recovered
 to point above its previous closing
 level. Pool operations in Alaska
 Juneau were suspended temporarily,
 the group working in-this issue ap-
 parently being discouraged with
 the heavy profit-taking attracted by a move to a new high in the issue yesterday. J. l. Case also was un-
 der pressure. breaking to a new low
 on selling in anticipation of adverse dividend action at the directors
 meeting to be held after the close of the market. }, !s Ai l Texas Gulf Sulphur developed an improved tone on short covering fol- lowing reduction of the company's
 annual dividend from $4 to $3. Rails
 remained quiet and firm throughout apparently awaiting the outcome of
 several meetings being held by rail-
 road executives regarding pro- posed increase in freight rates.
 Rather favorable reports have come from these sources and has stemmed
 the heavy liquidation in shares of
 this class.
 | EARLY TRADING.
 l New York, May 21.-(UP)-Stocks
 moved narrowly in the initial trans
 actions on the stock exchange to-day. | Opening prices in many of the in-
 dustrial leaders, including steel com, i,
 mon, were unchanged, but renewal
 vorites caused some unsettlement.
 American Telephone. which broke half
 a dozen points at one time yesterday and then recovered, lost its improve
 ment and broke to around its low or l nas,,.. ,ro;r xyos exerted against