Show I Wall Wal ii Streets Street's I. I Close Is Steady Markets at a Gl Glance NJ W Stock tork steady merger rails lead roll ri rally alter after collapse Bonds dull dul tight money causes CRuses decline deli Japan Japanese an Foreign c heavy ese cle yen Cn n drop drol 24 20 t PointS point Cotton otton oton lUH easy weather seather Sugar stI steadier Cuban buln markets markel Coffee higher better beter ChIC CHICAGO AGO Wheat heat firm GO large l export port sales Corn orn la eats easy beneficial rains Cattle Clile Irregular I hogs HogH firm I. I NEW YORK May 18 AP The AP-The The I stock market which has bas been moving I upward for several months in seeming disregard of outside news developments development finally finaly yielded today to general seln selling I pressure inspired by the marked tightening tight tight- ening of credit facilities Speculators for the advance advance- did not give ghe up without without without with with- out a struggle however marking up abou ta ta dozen sea issues to record high levels levels lev lev- els dc after the first batch batch of overnight selling orders had been leen absorbed a few of the gains ranging from 5 S to nearly 12 points Raising liaising of at the tho New ew York Federal Reserve Reserve Re Re- serve bang rc rediscount rate from 4 to 4 per cen cent t yesterday was followed today to today today to- to day by the marking up of the call cal money renewal rate from 5 5 to to- te 6 per cent and t the he stiffening of ot time money and bankers bankers' bankers bankers' bank bank- ers ers' acceptance rates Banks called cale about its t loans to strengthen their reserve position but there appeared to tobe tobe tobe be able a plentiful supply of ot call cal money avail Airplane stocks again furnished the Wildest widest gyrations Curtiss which closed yesterday at opened at 15 ran up to and ancl then broe to by early afternoon Wright toppled from 2 1 to 16 and General Motors showed a net loss Iou of 7 points at 11 and U. U S. S Steel common 3 at Selling of f motors and steel created more speculative specula specula- tive uneasiness than the decline in the airplane issues American International Radio Air Reduction Ludlum Steel Greene Cananea Copper and Victor Talking Talk Talk- Talt- Talt h ing ag Machine sold down 6 5 to 8 0 points The closing cosing was wa steady The list went up fast In th hour under the leadership of a boom in the merger rals rails Chesapeake Ohio Olio shot up 9 0 points and Delaware Hudson 8 S. of Pere Wabash abah the Nickel Plate Reading and New ew York Central sizzled as they mo ed up The recovery In volatile specialties was even en more violent Wright and Curtiss Aero selling a dozen points point or more above t their lr earlier earler lows lowe and Radio and American International broke more than thanS 5 S points each A A |