Show MARKET MARKH RALLIES AS SMAll LOTS ARE ARf TRADED I IN High Grade Rail and Industrial Industrial Industrial In In- Stocks Find Strong Banking Support HUGE VOLUME AT Ar START OF MARKET Theory Advanced That Coolidge May Have Tipped on Decision CLEVELAND 0 O. March 4 CAP CAPA AP APA A A rehearing will wilt be sought on the application to the interstate e commerce com corn merce commission for merger o of five railroads in the Van plan it was indicated today by Colonel W. W A. A C Colston iston general counsel of the Nickel Plate railroad Colston Colaton conferred with O. O P. P and M. M J J. J Van and John J. J Berney president of the road shortly after Colston's arrival from Washington NEW YORK March 4 By the ted Press Press Press-A A whirlwind rally today broke the force of one ne' ne neof neof of the most crushing waves of liquidation in stock market prices Strong support was rushed to the aid of many stocks staggering Under under under un un- der a weeks week's relentless hammering by bear traders and prices quickly rebounded one to almost twenty- twenty four points with an enthusiastic outburst of buying at the close With the equilibrium of the stock exchange restored trading proceeded pro pro- d at a more normal pace total sales approximating shares compared with yesterdays yesterday's record breaking volume of NEW YORK March 4 By the Associated Press The Press The reactionary reaction reaction- ary ry movement In sto stock k prices which continued uninterruptedly for tor over a week and has r reduced the quoted value of ot securities by over was checked at least temporarily today when strong banking support was pro- pro vRed ded for D. D long list of higI grade Tade rade d nd I shades CA A. A rally of one oneto to to sev seven n points fol tol followed lowed the in initial outburst of buyIng buyIng buying buy- buy Ing with trading again agahi In enormous enormous enormous enor enor- volume One hopeful sign seen by stock market observers was the fact that large blocks of ot stock were no longer long long- er pressed for tor sale regardless of ot bids and ancl that practically all the large individual transactions were were On the side of rising prices The Increasing number of small lots of ot i and shares representing the purchases of t what Wall Vall street I regards as bargain hunters also helped to restore In the marl market et WHEAT BREAKS A break of ot 2 2 1 to 3 cents a abush bushel bush l In wheat prices featured the I opening of ot the commodity markets Other commodities pointed upward rd cotton futures rallying ten points and coffee futures ten to sixty-four sixty points Rubber prices which were the only weak spots In the weeks week's commodity markets rallied 2 1 to 2 cents a pound The rally in stock prices It If sustained sustained sus sus- tamed proba probably bly will vill release new securities offerings totaling many million dollars which have been held in abe abeyance ance as a result of the drastic drop in the quotations of ot listed securities These offerings have been running at the rate rafe of ot over a a. week since the first of the year There were a afew afew few tew sizeable offerings this week but many others Including the financing of the new company ex- ex i Continued on page 8 MARKET RALLIES AS SMALL LOTS ARE TRADED IN Continued from page 1 1 petted to result from the combination combination tion of the Tidewater and Associated Associated Associated Oil companies have been withheld until the market quieted down Those which made their appearance appearance appearance ap ap- ap- ap this week were planned before the break took place tentative tentative tenta tenta- tive allotments having been made I in many cases a a. week or ten days ago i I Expert Views Are Optimistic NEW YORK March 4 AP AP Financial experts today were in inclined In- In aimed to view the sharp drop of or stocks with optimism The decline they felt was due iU to artificial l Inflation of many stocks which sooner or later was bound to result in a general levelIng levelIng level level- Ing log of the market The Tribune Herald-Tribune says The decline despite its suddenness suddenness suddenness sudden sudden- ness and volume was more than anything else a reaction from a technical position of the market emphasized of course by the influence of the merger Nickel Plate decision Says Say's the Times Just how long the decline will continue is of course ical Many students of the market believe that the selling has been so sudden and severe that the marketIs markets market Is s in a position to rally quickly on the first hint that it has been over over- sold On sheer earnings and prospects prospects pros pros- the shares of many companies companies companies compa compa- nies appear attractive to some of the most conservative Wall Vall street Investors The drop in stocks the Worlds World's observer says ays cannot be compared with the great panic days of the past Similar reactions from artificial artificial artificial arti arti- value structures have been seen repeatedly on Wall Nall street The collapse of ot the market in 1907 and 1921 were far greater in consequence con con- sequence MERE EPISODE As compared with these events the World says says the flare up of Tuesday and yesterday was a mere episode It was the windup of or a wild debauch and its worst consequences consequences consequences conse conse- will be a sick headache The descent becoming abrupt Just before the close of Tuesdays Tuesday trading an hour previous to the interstate commerce commissions commission's announcement of or Its disapproval of the Nickel Plate merger yesterday broke more rec rec- Sales were greater in volume than han on any day in the history of the New York stock exchange Tabulations varied from to shares The previous record was Six hundred and three fifty-three Issues were dealt in breaking Tuesdays Tuesday's record of ot The average decline for twenty- twenty five representative rails ralls was For the industrials it w was was s Losses for the day ranged from fractions to as high as fifty points The general average was seventeen and one half points below the years year's high reached February 13 Since that day stocks which had been climbing since the election of oC Coolidge had been gradually dropping dropping dropping drop drop- ping and the decline became sharp Tuesday estimates of or paper losses by the decline In quoted values vary Some place such losses as more than two billion dollars the last two days and ten billion dollars since February 13 Prospects of or railroad mergers came next to the interest In financial circles Although the Van maintain silence on the NickelPlate Nickel NickelPlate NickelPlate Plate decision Wall Nall street seems to be of the opinion that they will present a new consolidation plan with Uh the features objected to by tt Ute e commission changed l E. E N. N Brown chairman of the Pere Marquette railway one of the participating roads in the Nickel NickelPlate NickelPlate NickelPlate Plate merger is among among those entertaining en entertaining entertaining en- en en- en such a belief Speyer Co financial lal backers of the proposed Frisco Rock Frisco Rock Island merger find encouragement in th the fact that the commission favored the Nickel Plate merger from a transportation point of view They also note that the decision protects protects protects pro pro- minority interests and opposed opposed opposed op op- op- op posed monopoly of or transportation in the hands of a few Advance Theory Of Executive Tip NEW YORK March 4 AP APA AP-A A A theory that President Coolidge may In inadvertently have haye given a tip on the interstate commerce commissions commission's commissions commission's commissions commission's commis commis- sion's decision in the Nickel Plate merger Is advanced in a Washing Washing- Washington ton on dispatch to the New NeV York World today Because the current decline in stocks began about an hour before the decision was announced Tuesday Tues Tues Tues- day clay there have been suggestions that hat the news leaked but all authorities authorities authorities au au- au- au regard a a. leak as im im- im possible The World correspondent says that in a recent exposition of the presidents president's attitude on railroad consolidations mention was made of or a recent visit of or Professor ProCessor William Willam Wil- Wil liam lam Z Ripley the Harvard mist Professor Ripley originally sounded the alarm against the Is Issuance Issuance Is- Is issuance of of voting non stock to keep control in the hands of minority stockholders with voting stock As this was one of or the vital points in the Van enterprise enterprise enter- enter prise and one to which the commission commission commission com com- mission found objection the World correspondent suggests that quick witted operators sensed the unfavorable unfavorable un un- un favorable action Although it was not specifically stated that the president shared the he views of ot Professor Ripley the fact act that he had been summoned to Washington on the matter suggested suggested suggested sug sug- this possibility the World correspondent says WASHINGTON March 4 AP The The break in the stock market Is not regarded with alarm by Secretary Secretary Secre- Secre tary ary Mellon who believes it is the natural reaction of ot excessive lation TOKIO March 4 United Pr Press ss In In sympathy with the slump of or orthe the he New York stock market Yokohama Yoko Yoko- hama lama fell felI off yen today to a new low ow mark The Tokio exchange is Bearish |