Show STOCKS CLOSE IN STEADY TONE Throw Off Of Early Weakness Caused by Overnight Liquidation NEW YORK May 28 1 J J The Te stock market succeeded in throwing off of early weakness Saturday and closed coed with wih a steady tone Net changes were Irregular but narrow A rather substantial volume of overnight liquidation reflecting Fridays Friday's Fridays Friday's Fr- Fr Fri Fri- days day's decline brought losses of 1 to 2 points for many leaders during the first half hal hour However covering in anticipation of the Monday holiday hol- hol holi hoil- day and a feeling that the tax tx bill bi would have made considerable progress progress ress by the time traders reconvened next week checked the sag and built bult up support for tor the recovery RECOVER LOSSES Tobacco utility and ad merchandising issues bore the brunt of ot early liquidation liquida tion ton but eventually joined other groups in retracing lost ground Trading Trad Trading Tad ing was fairly active in i view vic of the fact tact that many traders were away for tor nn an extended week weekend week end tr transactions lons approximating shares U. U S. S Steel about steady all al morn mornIng mornIng mor Ing closed cosed with a fractional gain and there were small smal net nel advances for National Dairy North American American Can New York Central Westinghouse Coca National Biscuit and ad American Telephone after dropping dropping dropping drop drop- ping 1 4 11 4 1 to a new low got back most of or its Is loss General Electric which dipped a point at the opening made virtually complete recovery Ameri Amen American can cn Tobacco B Liggett Ligget Myers B and other tobacco shares share showed narrow net losses although they had been 1 to 2 lower Penney was heavy off oU more than a point but Woolworth orth steadied NEWS LACKING Trade Tade news at the week end was rather inconclusive It I would not be surprising if i steel operations showed a further furter recession in i the immediate immedi immedi- ate future but it is understood that Fords Ford's June schedule calls call for tor a substantial substantial sub sub- expansion over May lIay which will vill wi help some makers of materials Foreign exchanges in dollar dolar terms were strong to firm sterling rising about aboul 3 cents cent while European gold golc currencies extended their gains above profitable gold shipping points |