Evening star., 1933-07-23
MAELSTROM TURNS
MARKET UPWARD
M SHORT SESSION
Continued From First Pase)

SOS0tAlOCO 1IOm ~ SL o8S.J
Corporation have been working for q
very considerable length of time, and
particularly so in the last few days
the governing committee by resolution
this morning has determined that be-
ginning with Monday, July "a, 1888, and
until further notice, the exchange will
open at IL o'clock noon instead OF at
10 o'clock on full business days: and
furthermore, the governing committee
will determine next week, provided the
present activity continues, whether or
not the exchange will be closed next
Saturday"
Many Margin Calls.
Brokers had to send out large patches
Of margin calls last night and early to-
day, and selling from accounts Of Gus
toners who had failed to comply with
these demands was rather substantial
n natural aftermath Of three weak
markets.
Customers rooms Of commission
houses were thronged with men and
women who anxiouSly watched the
speeding tape or listened for reports OF
prices as telephoned from the exchange
floor since the ticker again ran behind.
However. its extreme hardness was only
about u minutes compared with lts
lapse Of half hour during the peak OF
Fridays crash.
Whether the corrective reaction
from bullish excesses had passed its
climax In yesterdays air-pocketed ses-
sion, Wall Street was hardly prepared
to say. After so sharp a smash as this
weeks. It was pointed out, considerable
time is usually required to clean up the
debris. and markets are frequently
nervous after the actual crest OF lqui-
dation has been passed. Many members
of the financial community expressed
hope that Quieter times were ahead.
Opening Very Active.
Todays opening was very active,
blocks of l 900 to 10 900 shares changing
hands at mostly higher prices; many
eains were 81 to 50. This Improvement
faded rapidly when fresh selling ap-
peared and most leaders sold under
Fridays close, but the late rally closed
or reduced the gaps.
United States Steel common, which
held above $50 against yesterdays low
of s49. finished at $5225, of 25 cents.
American Telephone was rather slug
gish, down so cents net at $1l9.50,
although its minimum was $115.75. Al
lied Chemical, also a bit heavy, lost 81
net to $113.
More prominent gamers included
Union Carbide, which closed at $42, up
So; youngstown Sheet & Tube $3.50,
up $3.50: Du Pont $675o. up $3.50;
General Motors $2562, up 81; National
Biscuit $3.50, up 81; International
Harvester $32, up SLIP; Texas Corp.
$2l, up $l50; Baltimore e. Ohio $25. rs.
up $1.87; Pennsylvania Railroad $3.50,
up $3.50; United States Steel preferred
SOS, up 81; Canadian Pacific 1857, up
$1.75; United States Smelling $68, up
s.; Owens Illinois Glass $70.75, up
$275; National Distillers $68, up 81;
Commercial Solvents $29, up $3.50;
Southern Railway $23.75. up 81; Stand
ard Brands $23.87. up 81; Celanese
$26. so, up $780, Illinois Central, $39 so,
up $3.50; Johns -Manville $43, up So.
Commodities Irregular.
Homestake Mining, thinly traded,
Topped $50 to 5000 Case lost $3.50,
closing at S72.50. Several less active
issues lost 81 to IS.
Such New York commodity markets
as are open on Saturdays during the
Summer were irregular Bar silver
weakened cents an ounce to ssh cents
while futures. after . strong opening.