| Show EAK OPENING I OF MARKET TURNED S T T. T I INTO STRENGTH Rally Is Technical and Due to Absence of Bad War t News m f By Wall YORK Ia 1 May 23 After Arter After a session NEW r In which weakness vas was displayed by the list stocks s sf nearly ever every Issue on today and amI closed I t suddenly turn turned strong stron f r with material net gains alm and at about the i best prices Steel was tho leader on this upturn but nil all tho the speculative Issues participated In n. n the tho morning a 0 report came caine am from Washington ton that t h the overn- overn steel in inthe would confiscate all the f the ment country country- and apportion It It This 3 was drilled In tho afternoon Earl Early hea nea l vl- vl the I duo due In a measure to also e s' s was industries board In action of or the thc war reusing refusing to raise the price Ice of or copper above 23 cents but this was exactly what the street expected Fear that congress s would pass tax legislation was also alo in the thc air A good many persons with the discharge were yere r also dl disgruntled of ot ot tho the railroad presidents b by Secretary McAdoo Restoration of ot ch cheerfulness In the afternoon afternoon aft aCt was due as much to an absence or of bad news new from the battle front as to anything else The Thc rail rally was also alo l large largely r ely y technical Leading interests ts a are arc still 11 waiting for more mon news from Washing Washing- ton One helpful Influence was as inc uio that the government had planned to caseI ease case I the monc money market during the income tax 1 paying period b by permitting the Immediate Immediate Imme Imme- diate r redeposit In banks of or all moneys drawn dran out for tax paying purposes In other words when a a. bank is drawn on onby onby b by a a depositor for that purpose a debit entry is to be made against the depositor de depositor do- do and a a. credit entry In tho the ac account account account ac- ac count of ot tho United d States government for Tor or the samo same amount Thus the tax payment p ment will disturb no funds and the money can n be gathered up b by tho government gov gov- ov- ov from the banks In installments as s needed This will have hao the same ef effect of- of on tho the mon money y market as though the public were ere permitted to pay taxes inIn in In Installments stall ni en ts Sumatra American-Sumatra made a a. new high record early earl earlIn in the da day and improved it in the afternoon Tobacco stocks as a arub arule rule rub were ere not active perhaps because of or the conference at Washington re regarding re- re garding prices Wilson stock was as one of or the most ac active ac- ac tIc tive Issues with witha a a gross froSi advance of or 4 points This rise is based on report that a dividend at the rate rote of S 8 p per r cent will wIH bo be announced soon Baldwin directors di directors dl- dl r rectors met but took no action on the 4 dividends Their stock suffered sharply as 55 a result Lackawanna Steel directors announced i an extra dividend of ot 2 2 per rC cent lIt This was known to enough h perSons persons per per- I sons ons in advance to make the stock a tron t strong feature in the last hour AllIs- AllIs Chalmers was another strong stock American Cotton OH Oil continued its upward upward upward up- up ward movement The statement can Con be made here on the the he authority of ot one ne of or the persons directly dl- dl I n concerned in the ne negotiations that the thc International Mercantile Marine Marino is Is ii really trying to sell its British ships shins In leaving tho the copper price at 21 cents the tho government did what tho the big producers expected would bo be done |
