Show BIG BOARD BUARD PRICES Lj SWIFTlY J Upturn Short but Selling Sellin I Takes Ta e Place Only in Moderate Mod Mod- t erate Vol Volume me f NEW YORK M May My Y 18 Shar P Share JP-Share Shar rallies slipped sUpped away swiftly In J l Mon Mon- 0 la Hays Hay's ays s sto stock k market although selling ivas rc v ai n only moderate volume Tue iC general level of prices was de do depressed dc- dc pressed to t a n new low for br the te bear marLot maret mar mar- Lot et many leading Issues selling slig at thi th te lowest level In four years yer or more IVall VaU street continued to t hear rumor rumors f Important liquidation by London particularly in the te rails rals which hav ha ken been en favorite favorit Investments abroad I iVall VaU Wa street also alo was wa icle inclined to t viewS view Is l S bearish th the upholding of the In In- liana itana lana chain store tax ULc t law by the te su- su u- u reme court curt and chain store Issues ere li-ere liquidated An upturn during the lie afternoon was sort short lived and ad nal prices were generally close to tc the ic days day's lowest The turnover was wash wash h li the neighborhood of hares M American Telephone tumbled tumble 9 Joints int to t the te lowest lo et since sice 1927 U. U Steel Stel and American Can dropped through the mark with point 3 kes WAIL AIL SHARES DROP In the rails raUs Atchison lost 10 and ad sues off of 4 to t 6 included New York Southern Pacific New laven Iwen aven Union Pacific and Norfolk Western estern American Tobacco B tum- tum lied led nearly 8 points and leous IcuS issues losing's to t more than tan 4 Woolworth National Bis- Bis Bi- Bi Consolidated Gas Ga DuPont ad and Chemical Several of the lead lead- leac- leac ng rig industrials and ad utilities sagged se a point pint or two however Failure of the thc marl market et as measured measure ly Iy price averages to t meet met Important lipport around the bear market malet low Apri April 29 was a distinctly development so s far as a Wall Wal sentiment was concerned buthot but host hot of the te particular issues under pressure presure had been hg Fig new low ground gound for tor several days luch of the remainder of the list listas lit litI I las as held fairly fairl well wel The rails rails' rais' rais have ha tipped lipped below blow the bottom of the te bear of 1907 1901 1907 although still sUl held lation laUon the levels lc el of the postwar in- in i- i One of oL of the leading advisory ser- ser Ices in its it weekly aal analysis 1 expressed he ne opinion the deflation in i the carter crI carer cr- cr car car- I ter er er Issues was close clos to the extreme Imi ImIL t tI In connection with rumors of oC Im- Im I wit selling selig from abroad Wall Wan treet teet Is i awaiting the te monthly bi-monthly bi set set- lement in i London later this thi week Mth considerable int interest rest The Thesel sell sell- sellig tig ig of American Tobacco reflected In tart renewed price cutting by While the manufacturers' manufacturers trice irice remains unchanged the pros- pros i ct of long rumored advances advance in le quotations were Introduction of a bill in the Florida rate ate senate proposing a a cent 6 6 tax tac tl ci ei n each package of ot may have teen een ln a sentiment influence In con- con lection with recent selling of Amerlan Amen Amerl- an nu Telephone considerable doubt las la been expressed over maintenance r f r Western Wester Electrics Electric's dividend which I to swell Telephones Telephone's earnings A further futher cut In export copper rices to correspond with wih a cent 9 rr vr pound domestic price pric resulted in i argo arge sales of metal The unsettled U however pr Iee ced directors in defer defer- Ing ig their dividend meeting until uti I ext lext month |