Show WALL STREET TRADING GOOD Lower Money Rates In- In Influence Influence In Influence fluence Market Rails Make Gains NE NEW YORK TORK Ma May l 1 I Reduction tion of ot the rediscount rato rat proved a constructive factor In tOd toda tOcla S stock took market desp to varied In- In Interpretations In Interpretations of o lUi Ith ultimate ef- ef ef effect feet on business end and nd security prices A bear drive 0 against tho motor Shill es unsettled the th list temporarily In the th early part of oth the tho session but good e 10 power er de de eloped ana closing prices WN e around the th best bc t of ot the tho day SaIe approximated shares Reduction In tho the rates of o the Federal Reserve bank banko of New York from 4 2 to 4 per percent percent percent cent stimulated a vigorous rally In stock prices at the opening of toda's market U S Steel jump jump- jumped jumped I ed cd a point on Initial leading a ide variety of o Indus indus- industrial Industrial trial and nd railroad shares h rca Into higher ground I lIe II Heavy vy avy orders tot toi both accounts flowed Into the tho market aith short Interests bidding up themselves In an effort to retire commitments Nearly a 11 score core of ot popular r Indus indus- Ind industrials Industrials us- us trials advanced 1 I to 3 points American Can g two tso and boll Daison Chemical mountIng three pOInts Profit taking de at the th high hish levels however and was followed tollo by a renewal of o short hort selling activities e droe Baldwin Studebaker U 17 S Cast Iron Pipe Pip American Can and down don 1 to IVi 14 1 p point from their top prices opened firm D ARS InitIal strength o of 01 the tho market created by the cut In tho the rate filled failed to hold but blot the gen gen- general ren-eral ren eral list offered good resistance to professional bear operators ho ho directed attacks against os neak eak spotS spolS with Ith rene cd vigor Igor The argument that the change chance In the rate was official rl recognition of the let up In trade and was as made or of for tor the expressed purpose stimulating business encouraged ed short hort selling o of some of ot the mo- mo motors motorS tor mo-tor tors forcing forcine Chandler yellow Cab and O Overland Willys-Overland erland preferred do don n a point or so o whir hile several such a a and nd DuPont dropped more than t to 0 points General Motors unsettled ull by the sile s o of a 12 IS share block dropped to a n 1 low at 13 4 Action of ot ph pivotal otal howe er reflected the constructive constructive tiT tive Influence of the th new rate American Can and other Industrial leaders holding gains of better botter than a point Call Can money opened at 44 4 per per cent lUlLS IMPROVE The coppers and low priced railroads which had lagged las dur- dur durIng during dur during ing the th early arly burst of ot strength were given riven a n whirl upward up In Inthe Inthe the afternoon and Independent steel shares also came cam up strongly hen U S Steel mo moved moed ed u upi up to 98 With the exception of ol the th motors motor and a few tew specialties prices reco recovered ered Quite quito generally to about a parity with the high h figures of the fOI or above The closing was as as Short eo operations were ere again In evidence toward to ard the close Ameri Ameri- American American American can Can crossing and antI marked strength being shown hown by the to- to tobacco tobacco to tobacco bacco Issues |