Show u F I SECURITY J c PRICES 1 T IN NEW YORK ORE MARKETS MARKET HE- HE j TAKING PIT TA KI N I MUSES CAUSES LOSS LOSSES Market Slips Back After Early Gains in 1 Aler Busy Trading J I Associated run Br Iv s NEW YO YORK J Feb 19 19 Intermittent 19 ent taking during the remainder T of ci the thC session chipped away most oft ofa of or t O P te opening bulge in the stock stocket a ap et Friday The list lit closed cosed iry ir- ir y higher with wit some issues issue about 1 to 3 points but there were moderate lo losses es here and there there The market was irregular at the close The turnover mover approximated tto er ae e market shot snot up a at att t lie start as bears bear took fright at the te pew neW eW stock stack exchange rule on loaning tock stoCk to w short sellers but quickly lost bOut about abut to half hal the rise The Te list then I steadied and worked upward for a time alter ater midday but weakened dc- dc de t in the te last half hail hat hour hou After Mer rising 7 points Eastman Eatman closed up little more than 2 Auburn Aubur coed which was wa up 6 points in i the early trading turned decidedly weak and ad closed with a net loss los of nearly 4 1 American Can retained about half hail ha of offa ofra i fa ra point 4 rise Union Pacific and andSt p. p Santa pint Fe closed cosed up only fractions a af a tier ter St extreme gains gais of 5 and 3 He U. U S. S S Steel finished a point t higher after ater an early rise of 3 American Amer Amer- t ie ican Telephone after selling 3 8 5 I higher fell fel back to close cose with a net floss doss lo of ot nearly a point point Nearly one one- I J thud third of the te days day's turnover occurred t j in i the te first half hat hour Brokers Broke and t traders w were greatly ade l confused as to what the me ultimate c efi cf- cf i I k led feet of ot the new ruling would be b but t pic since it i does not take effect until f t April Apri 1 I several of the more traders who were short of or the market maket were verc said to be taking their t time tie about covering The stock exchanges exchange's ext ex- ex changes change's new fleW rule as announced last t night provides that brokers must se- se secure cure cu the te specific permission of trad- trad i er erelong long of the market before belore lending Indi lend lend- Ind- Ind jag ing i their stocks stock to short sellers It I i was wa-s wa acknowledged that this would I considerably reduce the amount of i stock st available for to bear operations e t It I Is notable however that it i docs does t I not nt affect aUed the out and out ant trader who covers covers er Co his short sale the same da day sice since his sale is covered before delivery delivery de- de I livery of the te stock sold would be due Some brokers felt fel that the new ruling rug might mean that shorts would have to pay pay substantial premiums to borrow borow at all aU times but felt fel that many my large holders of stocks would be glad gad to loan at profitable rates so that tat somewhat restricted bear activity activity ity It would continue LIST HELPED Aside from the somewhat artificial stimulus given the te market by the new newa bear a ruling the list was helped by Washington reports report that th t the G Glass Glass- las las- bill bi might be passed by the enate before the he end of the day fews news that the Reconstruction Finance Fiance corporation craton has already extended I about abut in loans so far this month continued strength of U. U S. S in the bond market market and anda a strengthening of the dollar dolar as against the French Frenc franc in i the foreign for for- eign ei exchange markets markets The Hie Te weekly mercantile reviews reported re reported Ie- Ie re- re ported little in the way of tangible improvement in i business and trade said sid While business in inmost inmost most mo cities cites throughout the country remains rais very cr much at a standstill re reports reports re- re ports pr from 55 leading cities reveal in ment mat some same cases cae more optimistic sentiment senti senti- ent- ent |