SHARP DECLINE HITS BIG BIB BOARD Presidents President's Silver Message Proves Disappointing to Speculators By ELMER C. C United Press Financial Editor Edito NEW YORK May Thc 23 5 market broke out ot of its BaITO narrow 4 Tuesday with a sharp decline dent with release of President u velt's message on silver To the speculator the message va a distinct disappointment It n time lime for silver and provisions if made into law merely be permissive Traders loped hoped for definite action wj manda tory provisions To the conservative t. t message had a ray of hope In the the president already had begun j to discuss International monetary ment with other nations It wi hoped these discussions eventual would lead to return to a gold ard of the major nations no now of gold j Return to a definite standard would not involve inflation and hence the inflation traders dumped holdings of silver issues In the latter U. U S. S Smelting touched i American Smelting 38 8 3 off 3 7 Cerro de do Pasco 33 off 2 u j Howe Sound 48 8 5 off 4 1 13 H 1 issues rallied from lows before j C close 1 Silver metal behaved better thi than silver stocks The bar spot price let zt before the silver message was wa m changed while futures dropped lea than a half cent rallying later ou Other commodities behaved well Wi Wheat lost last early gains and closed lower but the decline was due more to weather conditions than silver talk Rubber and hides were down SlUt Silk advanced advance The whole market followed silvers to lower levels Los Losses in the wain list ranged to more than 3 points with leading issues participating generous generous- Iy ly U. U S. S Steel touched 40 8 5 off 2 8 5 before meager support devel American Can sold down to 53 93 off 2 Allied Chemical off American Telephone 8 7 off 1 8 1 Chrysler 38 8 1 off 2 3 8 Gen Gen- era cral Motors 31 8 5 off 1 Hi New York Central 27 8 1 oIL off 1 7 3 and year 27 off 2 2 J. J I. I Case was depressed to 48 off 2 Indications of labor disturbances ti in the steel industry worked against that group where prices were distinctly weak late in the session Stock sales approximated shares against shares Mon day Curb sales were shares against shares Monday