Salt Lake Tribune | 1918-05-23 | Page 14 | Stock Market Resumes Advance but Falls Back

jSTOCK MARKET RESUMES 1 ADVANCE BUT PALLS BACK! ! Shares Usually Dormant Are Active Early in the Day; General Setback in the Afternoon. NEW rOKK, May 22 .Disregarding the removal of the railroad presidents and fresh complications In the international situation, the stock market proceeded today to-day to resume its advance,, but fell back sharply later. The early rite differed radically from recent movement, however, in that stocks hitherto backward or dormant were most conspicuous. Low-priced specialties, such as Cotton Oil, Linseed, Virginia-Carolina Chemical, Agricultural Chemical, Corn Products and Hide and Leather, common and preferred, were 2 to r points higher at noon, after which the general setback began. Rails were the first to lose ground, though reacting only 1 to 2ft points. United States Steel surrendered 'its 2-point 2-point gain, closing at a net loss of 1 point, and most other industrials and equip ments replaced substantial advances with losses of 1 to 3 points. Shippings, coppers and allied metals, as well as motors, oils and an impressive array of unclassified issues, were carried down 2 to 4 points In the more extensive offerings of the last hour, short selling evidently playing no small part in the unsettlement. Sales amounted to 825,000 shares. Uncertainty attending the negotiations now pending between the government and the steel and copper producers was a factor fac-tor In the technical situation and supplied sup-plied the bear account with fresh ammunition, ammu-nition, in place of yesterday's belated advance, ad-vance, of call loans. Bonds of all descriptions were variably lower. Including Liberty Issues, the 4Vis making a new minimum on a cash sale at 97. 4S. Total sales, par value, aggregated aggre-gated S.", 350.000. United Slates bonds, old issues, were Unchanged on call.