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Show SUBSTANTIAL RALLIES ARE FEATURE OE STOCK MARKET At the High Levels Many Stocks Show Recover' From Recent Reversals, While Others Register Actual Gains. NEW YORK. Dee. 22 Rallies of three to ten points in active stocks, with eighteen eight-een for Gulf States Steel and twenty-six for P.ethlehem Steel, denoted the extent of today's re bo 11 nd of prices from tiie hysteria of the preceding .es-slon. At the high levels many stocks si 10 wed recovery from their reversal of that memorable period, and others registered actual gains over final prices of the midweek. Improvement besan at the outset, overnight over-night developments affecting the interim inter-im tional situation being a potent factor. The advance is Impartially distributed among standard shares no less than speculative Issues, and the shorts covered with far more alacrity than they had sold. Investment buying of the character charac-ter which waits for such opportunities as yesterday's market also helped, by the steady buying, to bring about a speedy readjustment. Prices Climb at Close. Realizing salos to effect quick profits and occasional but cautious selling caused reactions of one to three points before midday, but these were more than regained in the final hour, when tlie general gen-eral average of prices was highest. Total To-tal sales amounted to 1.77;,O0O shares, ; some 1,400,000 under yesterday's almost ' unprecedented tunrfiver, the difference, however, being wholly in favor of the constructive side. United Slates Steel led the recovery in creator measure than It lid yesterday yester-day s declhie. At the best quotation of tiie day lu7 it made an extreme gain of 6S4 points on transactions amount inu to abom 4"tv"io si.aivs. Allied stocks, like CruciHe, Lackawanna and Sloss-Shef Sloss-Shef field Steels and Republic Iron, regained re-gained live to seven points, the shipphm division, eicht to thirteen; equipments, five to thirteen ; Central I .eat her. eleven and three-eighths, with eUht for American Ameri-can Hide and Leather preferred, an aver-I aver-I age of live to twelve points for motors, , eight to twelve for oils, six for sugars, j and almost as much for American Wool- ; en. General Electric and various miseel- j laneous or unclassified stocks. Rails in Demand. ' ! Rails of virtually all descriptions dividend payers and low-priced issues, were higher by two to four points, the latter beihg In especial demand. International bonds made further pains, except Paris 6s, which forfeited some of yesterday's advance. Total sales, par value, $4,150,000. 1 'id ted States bonds were unchanged I on call. |