The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1930-06-10
BEARS SEEK COVER
WHEN STOCK PRICES
STAGE SHARP RALLY
Market FIuctuates IN Early
Trading; Bounds Upward
as Pressure Lessons

New York. Jun 10.-tAP)-The
stock market experienced the brisk
that is the normal sequel to q selling
movement such as that which broke
late yesterday. Heavy liquidation Of
stock shaken loose. in yesterdays
trading, but the market turned dull
by midafternoon and shorts fastened
to sending a wide assortment
of shares up 3 to more h a 10 points.
The market rallied about 2 to 6
much around midday. but started up
ward during the early afternoon. and
closed around the best levels of the
day. Fears that liquidation OF weak:
ened margin accounts would be held
until the last proved unfounded. Dur
ing the midday selling several shares
including such issues as international
Telephone. International Nickel and
Bethlehem Steel. reached new lows for
Radio Kith. a weak feature yester-
day. regained most Of it's loss. Such
issues as T.. S. Steel. General Electric.
Consolidated Gas, Radio. Internationai
Warner Bros. gained about 2 to :
points. Electric power and light shot
UP ~. oJhns Manville. Eastman 10
dak. Vanadium. Worthington Pump
The market did not show sufficient
drive against the bear faction and
traders who bought at the low levels
In expectation of a sharp technical
Bears. on the other hand, were not
very successful in depressing the list
further.
Traders were inclined to fear con;
siderable distress liquidation may still
be hanging over the market.
tonnage figures for May at midday
promoted considerable short covering.
A decline of about 245,000 tons dur
ing May was about in keeping with
estimates and the seasonal trend.
Corporate and business news. how
ever. was unsatisfactory: Houdaille
Hershey cut it's dividend rate from
Chatillon and Durham Duplex omitted
the payments due at this time. Amer
lean Radiator and u. S. Radiator re-
duced their price snd me
a pound made by several sugar re-
timers was cancelled.
Gains Of 2 to s points in a fairly
wide assortment of shares were
around midday. only to be replaced
by other grains Of like extent In the
early afternoon. Several OF the high
priced shares, popular among profess
ington and Vanadium. shot up several
points. 40
Such shares as American Can. AL
lied Chemical. Loews, Eastman, Johns
Manville, American Tobacco B, Byers.
Electric Auto Lite and Radio Keith,
gained 3 to 5 points in the early aft
ernoon rally. and Y. s. steel, Gen
eral Electric. American Can. Chesa.
peake and Ohio. Colorado Fuel and
Macy moved up 2 or more. During
the selling around midday. Westing-
house Electric, Goodrich. DUPONT,
United Aircraft. Radio, North Alneri-
can and American Telephone lost 2 to
s points. mares selling at new lows
for the year included Internattonal
Nickel, International Telephone, Atchi-
son. Baltimore and Ohio, Bethlehem
Steel. S~tudebaker, Warner Bros. and
Allegheny corp.
Credit continued plentiful, with call
money at 3 per cent.
The bull forces brushed aside oppo-
sition in the late afternoon. pushing
several stocks, including U. s. Steel
3 to 4 points above Mondays close
he advance was made on a consider
able reduction in the volume OF trad
ing compared with turnover In the
earlier huors. J. I. Case and Worth
ington Pump Rose 10, n Houston
Oil. Allied Chemical. Columbian Car
bon. vanadium, Eastman KODAK
Johns-Manville, American TobaccC
"B" and Foster Wheeler 5 to 6. U. ;
steel was up 3 points. The close was
strong. Sales Appropriated 4,eoo,ool
| shares,